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Annual improvements — 2008-2010 cycle

Background

Each year the Board considers minor amendments to IFRSs in an annual improvements project. The amendments are proposed in an omnibus Exposure Draft.

This project page covers the annual improvements cycle which commenced in 2008.  A number of issues were dealt with in the annual improvements 2007-2009 project.

 

Current status of the project

This project has been completed. The IASB issued Improvements to IFRSs on 6 May 2010, amending the following pronouncements:

 

PronouncementAmendments
IFRS 1 First-time Adoption of International Financial Reporting Standards Accounting policy changes in the year of adoption
Revaluation basis as deemed cost
Use of deemed cost for operations subject to rate regulation
IFRS 3 Business Combinations Measurement of non-controlling interests (NCI)
Unreplaced and voluntarily replaced share-based payment awards
Transitional requirements for contingent consideration from a business combination that occurred before the effective date of IFRS 3 (2008)
IFRS 7 Financial Instruments: Disclosures Clarification of disclosures
IAS 1 Presentation of Financial Statements Clarification of statement of changes in equity
IAS 27 Consolidated and Separate Financial Statements Transitional requirements for consequential amendments as a result of IAS 27 (2008)
IAS 34 Interim Financial Reporting Significant events and transactions
IFRIC 13 Customer Loyalty Programmes Fair value of award credits

 

Project milestones

DateDevelopmentComments
26 August 2009 Exposure Draft ED/2009/11 Improvements to IFRSs published Comment deadline 24 November 2009
6 May 2010 Improvements to IFRSs issued Most of the amendments are effective for annual periods beginning on or after 1 January 2011

Related Discussions

  • IAS 40 — Change from fair value model to cost model

  • Jul 08, 2010

  • At the request of the IASB, the IFRS Interpretations Committee discussed a number of issues related to the amendment to IAS 40 paragraphs 57-60, proposed in Exposure Draft ED/2009/11 'Improvements to IFRS'.

  • IAS 40 — Transfers from investment property

  • May 06, 2010

  • The Committee discussed the issue resulting from the annual improvements cycle 2008-2010 related to classification and measurement of an investment property when the management intends to sell the asset.

  • IFRS 3 — Measurement of non-controlling interest (NCI)

  • Mar 04, 2010

  • The IFRIC considered including illustrative examples related to the amendments to IFRS 3 to clarify that the option to measure NCI at the proportionate share of the acquiree's identifiable net assets should be applied only to those NCI components that are present ownership instruments and entitle their holders to a pro-rata share on the entity's net assets.

  • Annual improvements — 2008-2010 cycle — Comment letter analysis on minor issues

  • Mar 04, 2010

  • The IFRIC considered the comment letters received to the proposed amendments to IFRS 1 related to 'Accounting policy changes in the year of adoption', to IAS 27 related to 'Transition requirements for amendments made as result of IAS 27 (2008) to IAS 21, IAS 28 and IAS 31' and to IFRIC 13 related to the 'Fair value of award credit'.

  • Annual Improvements 2008-2009

  • Feb 10, 2010

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

  • IAS 28 — Partial use of fair value for measurement of associates

  • Jan 07, 2010

  • The IFRIC discussed the comment letters received in response to the IASB proposals to allow partial use of fair value for measurement of associates in consolidated financial statements, and also considered the possible impacts on IAS 31 and the IASB's joint arrangements project.

  • IFRS 3 — Measurement of non-controlling interests

  • Jan 07, 2010

  • The IFRIC considered the comment letters received to the proposed amendments of IFRS 3 to clarify that the option to measure NCI at the proportionate share of the acquiree's identifiable net assets should be applied only to those NCI components that are present ownership instruments and entitle their holders to a pro-rata share on the entity's net assets.

  • IFRS 1 — Revaluation basis as deemed cost

  • Jan 07, 2010

  • The IFRIC considered the comment letters received to the proposed amendments to IFRS 1 related to event-driven revaluations after the transition date but before the end of the entity's first IFRS reporting period.

All Related