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:
Pronouncement | Amendments |
---|---|
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
Date | Development | Comments |
---|---|---|
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 |