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Annual improvements — 2007-2009 cycle

Background

The annual improvements project provides a vehicle for making non-urgent but necessary amendments to IFRSs.

This page deals with the finalisation of a number of proposed amendments included in exposure drafts of proposed amendments to IFRSs published in October 2007, August 2008, and January 2009.

Consequently, at the completion of this project, all the issues included in the three exposure drafts will be finalised or removed from the IASB's agenda.

 

Current status of the project

This project has been completed. The IASB issued Improvements to IFRSs on 16 April 2009, amending the following pronouncements:

 

PronouncementAmendment
IFRS 2 Share-based Payment Scope of IFRS 2 and revised IFRS 3
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Disclosures of non-current assets (or disposal groups) classified as held for sale or discontinued operations
IFRS 8 Operating Segments Disclosure of information about segment assets
IAS 1 Presentation of Financial Statements Current/non-current classification of convertible instruments
IAS 7 Statement of Cash Flows Classification of expenditures on unrecognised assets
IAS 17 Leases Classification of leases of land and buildings
IAS 18 Revenue Determining whether an entity is acting as a principal or as an agent
IAS 36 Impairment of Assets Unit of accounting for goodwill impairment test
IAS 38 Intangible Assets Additional consequential amendments arising from revised IFRS 3
Measuring the fair value of an intangible asset acquired in a business combination
IAS 39 Financial Instruments: Recognition and Measurement Treating loan prepayment penalties as closely related embedded derivatives
Scope exemption for business combination contracts
Cash flow hedge accounting
IFRIC 9 Reassessment of Embedded Derivatives Scope of IFRIC 9 and revised IFRS 3
IFRIC 16 Hedges of a Net Investment in a Foreign Operation Amendment to the restriction on the entity the entity that can hold hedging instruments

 

Project milestones

DateDevelopmentComments
11 October 2007 Exposure Draft Improvements to International Financial Reporting Standards published Comment deadline 11 January 2008
7 August 2008 Exposure draft Improvements to IFRSs published Comment deadline 7 November 2008
30 January 2009 Exposure Draft ED/2009/1 Post-implementation Revisions to IFRIC Interpretations (Proposed amendments to IFRIC 9 and IFRIC 16) issued Comment deadline 3 March 2009
16 April 2009 Improvements to IFRSs issued Effective for annual periods beginning on or after either 1 July 2009 or 1 January 2010

Related Discussions

  • Annual Improvements Project (AIP) 2009

  • Dec 18, 2008

  • The Board discussed 2007 AIP issues (IAS 1, IAS 17 and IAS 39) and new 2009 issues (IAS 18, IAS 40 and customer-related intangible assets).

  • IAS 7 — Classification of expenditures as investing or operating

  • Mar 06, 2008

  • The IFRIC considered comment letters received on its proposals not to address the criteria for classifying expenditures as 'operating' or 'investing' in the statement of cash flows, but instead refer the issue to the IASB as IAS 7 was considered ambiguous in this respect.

  • IAS 39 — Scope of IAS 39 paragraph 2(g)

  • Nov 02, 2007

  • IFRIC considered a request for it to provide guidance on the appropriate interpretation of IAS 39 paragraph 2(g), which exempts from the scope of IAS 39 'contracts between the acquirer and a vendor in a business combination to buy or sell an acquiree at a future date'.

  • IAS 39 — Scope of IAS 39 paragraph 11A and AG 33(d)(iii)

  • Nov 01, 2007

  • The IFRIC considered how to proceed with two scope issues related to IAS 39: (1) assessing the economic environment in which the transaction takes place in the context of determining whether a currency is commonly used in contracts to buy or sell non-financial items and thus is not an embedded foreign currency derivative requiring separation (2) whether the fair value option in in paragraph 11A can be applied to all contractual arrangements with one or more embedded derivatives, including contractual arrangements with hosts outside the scope of IAS 39.

  • IFRS 5 — Disclosures

  • Jul 12, 2007

  • IFRIC continued discussing whether it should provide guidance to clarify whether the disclosure requirements of IFRS 7 'Financial Instruments: Disclosures' and IAS 19 'Employee Benefits' apply to non-current assets (or disposal groups) classified as held for sale or discontinued operations under IFRS 5.

  • IFRS 5 — Disclosures

  • May 04, 2007

  • The IFRIC discussed whether it should provide guidance to clarify whether the disclosure requirements of IFRS 7 'Financial Instruments: Disclosures' and IAS 19 'Employee Benefits' apply to non-current assets (or disposal groups) classified as held for sale or discontinued operations under IFRS 5.