Annual improvements — 2009-2011 cycle


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:


Pronouncement Amendments
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

Date Development Comments
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

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