IASB Annual Improvements Project 2009
- Completed
- Published in the Official Journal
- Rasmus Sommer
Description
Changes to standards, however small, are time-consuming for the IASB and burdensome for constituents. With the intention of easing the burden for all concerned, a process has been developed for dealing with non-urgent amendments to standards, the so called, Annual Improvements Project.
These amendments will focus on areas of inconsistency in standards or where clarification of wording is required.
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These amendments will focus on areas of inconsistency in standards or where clarification of wording is required.
The IASB published an omnibus ED Improvements to IFRSs in August 2009. EFRAG issued its final Comment Letter to the ED in November 2009. EFRAG agreed in principle with most of the proposals in the ED, although EFRAG raised some detailed issues or saw a need for some rewording or for additional amendments to make the issue clearer.
Imprvements to IFRSs were issued by the IASB in May 2010, including 11 amendements to seven standards (IFRS1, IFRS 3, IFRS7, IAS 1, IAS 27, IAS 34 and IFRIC 13).
EFRAG submitted its Endorsement Advice Letter and Effects Study Report to the European Commission in July 2010. EFRAG believed that the amandements satisfied the criteria for endorsement.
