The International Accounting Standards Board (IASB) today issued Annual Improvements 2009–2011 Cycle, a collection of amendments to International Financial Reporting Standards (IFRSs), in response to six issues addressed during the 2009–2011 cycle, as its latest set of annual improvements.
The IASB uses the Annual Improvements process to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of any other project. By presenting the amendments in a single document rather than as a series of piecemeal changes, the IASB aims to ease the burden of change for all concerned.
The amendments reflect issues discussed by the IASB during the project cycle that began in 2009, and that were subsequently included in the exposure draft of proposed amendments to IFRSs, Improvements to IFRSs (published June 2011). The amendments are effective for annual periods beginning on or after 1 January 2013, although entities are permitted to apply them earlier.