Changes to standards, however small, are time-consuming for the Board and burdensome for constituents. With the intention of easing the burden for all concerned, a process has been developed for dealing with non-urgent, minor amendments to standards (termed the ‘annual improvements process’). These amendments will focus on areas of inconsistency in standards or where clarification of wording is required.
The premise behind the non-urgent, minor amendments process is to streamline the standard setting process. If a number of minor amendments are processed collectively, there will be benefits to constituents and the IASB.
As a result, the Board will discuss proposals for improvements to standards throughout the year and make decisions about proposed solutions.
In October each year, an omnibus Exposure Draft (ED) will be issued for comment. This ED will have a comment period of 90 days. A final omnibus standard is to be issued on 1 April each year. The effective date of the amendments is expected to be 1 January of the following year.
The first Improvements to IFRSs were issued on 22 May 2008 with most amendments effective 1 January 2009.