The Board discussed three issues that were originally part of the Annual Improvements ED published in August 2008:

• bifurcation of embedded foreign currency derivatives;
• application of fair value option; and
• impairment of investments in subsidiaries, jointly controlled entities, and associates in the separate financial statements of the investor.

The Board felt the proposed amendments are too narrow in scope and do not address situations that exist in practice. The Board also concluded that those issues should be considered as part of the wider project to replace IAS 39 and, therefore, confirmed the IFRIC's recommendation to formally remove these items from the annual improvement project.