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Description :
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Changes to standards, however small, are time-consuming for the IASB and burdensome for constituents. With the intention of easing the burden for all concerned, a process has been developed for dealing with non-urgent amendments to standards, the so called, Annual Improvements Project. These amendments will focus on areas of inconsistency in standards or where clarification of wording is required.
The premise behind the non-urgent 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. However, from next year on, the IASB will besides publishing the issues as part of one ED, publish each issue on its website when ready.
The ED on Improvemnets to IFRSs 2008 was published in August 2008. EFRAG submitted its Final Comment Letter to the IASB on 15 December 2008.
The standard on the Improvements to IFRS was published in April 2009.
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