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Annual Improvements 2009-2010

Date recorded:

Revised criteria for annual improvements

Based on the request from the Trustees, the Board considered revised criteria for the annual improvements process different from the current definition of 'non-urgent but necessary amendments to IFRSs'.

The suggested criteria would emphasise the fact that the annual improvements should neither change existing principles, nor introduce new ones, but should clarify the wording or address apparent conflicts. Some Board members expressed their concerns that such wording would not encompass possible exceptions to the current principles.

Some Board members questioned whether conflict between principles should be addressed by the Interpretations committee (as an Interpretation) or should warrant a separate project.

Several Board members suggested that the criteria for annual improvements should be considered together with the criteria for the Interpretations Committee agenda decisions so that these criteria are consistent. Other Board members warned against being too prescriptive in defining the details. In general the Board agreed that the Annual Improvements should be very narrow amendments and broader amendments have to warrant a separate Board project.

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