IASB concludes the 2009-2011 Annual Improvements cycle
17 May 2012
The IASB issued 'Annual Improvements 2009-2011 cycle', a collection of amendments to IFRSs, in response to issues addressed during the 2009–2011 cycle. Five standards are primarily affected by the amendments, with consequential amendments to numerous others.
Annual Improvements 2009–2011 Cycle makes amendments to the following standards:
|IFRS 1 First-time Adoption of International Financial Reporting Standards||Permit the repeated application of IFRS 1|
|Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs|
|IAS 1 Presentation of Financial Statements||Clarification of the requirements for comparative information|
|IAS 16 Property, Plant and Equipment||Classification of servicing equipment|
|IAS 32 Financial Instruments: Presentation||Clarify that tax effect of a distribution to holders of equity instruments should be accounted for in accordance with IAS 12 Income Taxes|
|IAS 34 Interim Financial Reporting||Clarify interim reporting of segment information for total assets in order to enhance consistency with the requirements in IFRS 8 Operating Segments|
The amendments are effective for annual periods beginning on or after 1 January 2013, but can be applied earlier. For more information, please see the press release on the IASB's website or our Annual improvements page.