The International Accounting Standards Board (IASB) issued this week, Improvements to IFRSs -a collection of amendments to twelve International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements.
The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. The amendments included in the latest publication reflect issues that were included in exposure drafts of proposed amendments to IFRSs published in October 2007, August 2008 and January 2009.
Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2010, although entities are permitted to adopt them earlier.
During its deliberations of comments received on the exposure draft of Proposed Improvements to IFRSs published in August 2008, the IASB decided to postpone reconsideration of two issues until more analysis could be completed. Consequently, with the document published today, all the other issues included in the three exposure drafts have been finalised or removed from the IASB's agenda.