On 11 December 2013 the International Accounting Standards Board (IASB) published for public comment an Exposure Draft of five 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 2012.

These amendments meet the criteria for the annual improvements process set out in the IASB Due Process Handbook. 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 2016, although the IASB proposes that entities would be permitted to apply them earlier.

The Exposure Draft was open for comment until 13 March 2014.

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