On 20 November 2012 the International Accounting Standards Board (IASB) published for public comment an Exposure Draft of proposed amendments to four 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 2011. These amendments meet the criteria for the annual improvements process set out in the Due Process Handbook for the IASB. The criteria help in deciding whether a matter relating to the clarification or correction of IFRSs should be addressed using the annual improvements process.
The proposed effective date for the amendments is for annual periods beginning on or after 1 January 2014, although entities are permitted to adopt them earlier.
The Exposure Draft was open for comment until 18 February 2013.