Annual improvements — 2007-2009 cycle


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:


Pronouncement Amendment
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 that can hold hedging instruments


Project milestones

Date Development Comments
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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.