Exposure Draft and comment letters—Annual Improvements to IFRSs 2010-2012 Cycle


On 3 May 2012 the International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to eleven International Financial Reporting Standards (IFRSs) under its annual improvements project. The project provides a streamlined process for dealing efficiently with a collection of narrow-scope amendments to IFRSs.

The proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2010. These amendments meet the criteria for the annual improvements process that were approved by the IFRS Foundation Trustees in February 2011 as part of a revision to the Due Process Handbook for the IASB.

The proposed effective date for the amendments is for annual periods beginning on or after 1 January 2014, while the amendment to IFRS 3 Business Combinations and the proposed consequential amendment to IFRS 9 Financial Instruments are for annual periods beginning on or after 1 January 2015. Early adoption is permitted for all the proposed amendments.

The Exposure Draft was open for comment until 5 September 2012.

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Comment letters are public and all comment letters received on the due process document can be accessed below.

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