IASB Policy on Technical Corrections

Technical corrections are minor amendments to an IFRS to deal with issues for which it is clear that the words in a standard do not properly convey the IASB's intention, even when considered with the basis for conclusions and any related guidance.

In June 2005 the IASB proposed a ‘fast track’ process to deal with those changes to standards that are labelled as ‘technical corrections’. The process will apply to issues for which it is clear that the words in a standard do not properly convey the IASB’s intention, even when considered with the basis for conclusions and any related guidance.

In September 2005 EFRAG published its final comment letter.