This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Annual improvements — 2009-2011 cycle

Background

The IASB's annual improvements project provides a streamlined process for dealing efficiently with a collection of amendments to IFRSs. The primary objective of the process is to enhance the quality of standards, by amending existing IFRSs to clarify guidance and wording, or to correct for relatively minor unintended consequences, conflicts or oversights. Amendments are made through the annual improvements process when the amendment is considered non-urgent but necessary.

In order to be included in the annual improvements process, the proposed amendments must meet the criteria published in the Due Process Handbook. Once this assessment is made, the proposed amendments follow the same due process as other IASB projects.

 

Current status of the project

This project has been completed. The IASB issued Annual Improvements 2009–2011 Cycle on 17 May 2012, amending the following pronouncements:

 

PronouncementAmendments
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

 

Project milestones

DateDevelopmentComments
22 June 2011 Exposure Draft ED/2011/2 Improvements to IFRSs published Comment deadline 21 October 2011
17 May 2012 Annual Improvements 2009–2011 Cycle issued Effective for annual periods beginning on or after 1 January 2013

Related Discussions

  • Annual improvements — 2009-2011 cycle

  • Mar 02, 2012

  • The IASB considered the finalisation of a number of amendments included in the June 2011 exposure draft of annual improvements, discussing: (1) Repeated application of IFRS 1 (2) IFRS 1 — Exemption for borrowing costs (3) IAS 1 — Comparative information (4) IAS 16 — Classification of servicing equipment (5) IAS 32 — Tax effect of distribution to holders of equity instruments (6) IAS 34 — Interim financial reporting and segment information (7) Proposed changes to IAS 1 derived from the Conceptual Framework for Financial Reporting.

  • Annual improvements — comment letter analysis

  • Jan 18, 2012

  • The IFRS Interpretations Committee met to redeliberate and decide on the Committee's revised recommendations on the Improvements to International Financial Reporting Standards (ED), discussing issues related to IFRS 1, IAS 1, IAS 16, IAS 32 (IAS 12) and IAS 34.

  • Annual improvements — comment letter analysis

  • Jan 18, 2012

  • The IFRS Interpretations Committee met to redeliberate and decide on the Committee's revised recommendations on the Improvements to International Financial Reporting Standards (ED), discussing issues related to IFRS 1, IAS 1, IAS 16, IAS 32 (IAS 12) and IAS 34.

  • Annual improvements – comment period

  • Jun 15, 2011

  • The Board considered the comment period for the upcoming exposure draft on the 2009-2011 cycle of 'Improvements to IFRSs', agreeing to a 120 day comment period.

  • Annual improvements – 2009-2011 and 2010-2012 cycles

  • May 19, 2011

  • The IASB considered reassessed the items included in the 2010-2012 cycle of annual improvements against the revised criteria developed by the Trustees and added an additional item in relation to IAS 1, and as part of the 2010-2012 cycle, agreed not to propose amendments on five issues related to IFRS 3, IAS 8, IAS 36 and IAS 41.

  • Annual improvements to IFRSs - 2009-2011

  • Oct 19, 2010

  • The IASB considered a number of potential annual improvements topics, including IFRS 1 (repeat application of IFRS 1), IFRS 3 (regrouping and consistency of contingent consideration guidance), IAS 24 (key management personnel), IAS 40 (transfers from investment property). The IASB also confirmed the assessment against the proposed annual improvement criteria and considered other matters where no amendment will be proposed.

  • Annual improvements to IFRSs - 2009-2011

  • Sep 14, 2010

  • The IASB discussed the recommendation of the IFRS Interpretation Committee to include in the Annual Improvements Project an issue to clarify the requirements for comparative information when an entity provides individual financial statements beyond the minimum comparative information.

  • Annual Improvements 2009-2010

  • May 19, 2010

  • 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'.

  • IFRS 1 — Repeat application of IFRS 1

  • May 06, 2010

  • The IFRS Interpretations Committee considered a request to clarify whether an entity can apply IFRS 1 First-time adoption of the IFRSs more than once in a situation that an entity previously applied IFRS 1 and reported in accordance with the IFRSs in order to comply with foreign listing requirements.

  • 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.

  • Annual Improvements

  • Apr 08, 2010

  • The Board discussed the package of decisions on the Annual Improvements Project that will be published in April 2010.

  • Annual Improvements

  • Mar 18, 2010

  • The Board finalized amendments to IFRS 1, IAS 1, IAS 27 and IFRIC 13. The board discussed IFRS 3, IFRS 5, IAS 8, and IAS 40.

  • IFRS 8/IAS 34 — Consistency in disclosure of total segment assets

  • Mar 05, 2010

  • The IFRIC discussed the potential conflict between IFRS 8 and IAS 34. Some constituents read the IAS 34 requirement to provide a measure of segment assets in interim financial statements even if that amount was not provided to the chief operating decision maker.

  • IAS 21 — CTA recycling in IAS 27 (revised) transactions

  • Mar 05, 2010

  • The IFRIC held an initial discussion on whether the separate foreign currency equity reserve related to the translation of the net assets of an investor's net investment in a subsidiary (often referred to as the cumulative translation adjustment, or 'CTA') should be recycled and if so, when such recycling is appropriate.

  • IFRS 8 — Scope of IFRS 8

  • Mar 05, 2010

  • The IFRIC discussed a potential clarification of the applicability of IFRS 8 to entities that issue debt and equity instruments to the public, but those instruments are not traded on a 'public market'.

  • IFRS 3 — Contingent consideration and first-time adoption

  • Mar 05, 2010

  • The IFRIC discussed a potential amendment of IFRS 3 to clarify accounting treatment for contingent consideration from a business combination that occurred before the effective date of IFRS 3(2008) for first time adopters.

  • IFRS 1 — Hard-wire dates

  • Mar 05, 2010

  • The IFRIC discussed an exception that IFRS 1 provides from full retrospective application of the requirements for derecognition of financial assets and financial liabilities in IAS 39 for transactions before 1 January 2004.