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Annual Improvements

Date recorded:

The Board briefly discussed the package of decisions on the Annual Improvements Project that will be published later this month. The Board clarified a few minor issues that were raised by the staff when drafting the Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards related to the use of deemed cost for operations subject to rate regulation. In particular, the Board agreed to require the entity to disclose the use of this deemed cost exemption, and explained in the basis for conclusion that the exemption was not conditional on the nature of the differences between previous GAAPs and IFRSs, but on the fact that the asset was subject to rate regulation and the carrying amount was determined in accordance with previous GAAP.

The Board also assessed the package of Annual Improvements against the current criteria for inclusion in Annual Improvements Project ('non urgent but necessary amendments to IFRSs'). On this basis the Board agreed with all the Amendments as agreed at the February and March meetings.

The Board also noted that it would develop a new set of criteria for inclusion in the Annual Improvements and apply them for the 2009-2011 cycle.

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