Criteria for annual improvements
The IFRIC considered the criteria for assessing issues for inclusion within the Annual Improvements process. The IFRIC agreed to retain the IASB's current criteria, which are 'non-urgent but necessary amendment to IFRSs', but suggested clarifying the interaction between criteria for Interpretation and Annual Improvements. The IFRIC agreed with a suggestion that the Annual Improvement process should be used when the change of wording of the Standard is necessary but such changes do not change the principle in the Standard or develop a new principle.
Some IFRIC members were concerned that the criteria proposed by the staff were too similar to the IFRIC's Interpretation criteria and did not reflect the above-mentioned reasoning. Moreover, some IFRIC members noted that the proposed criteria might be internally inconsistent and should be clarified.
The IFRIC will continue to consider this discussion at its next meeting.