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The Annual Improvements Project considers the narrow in scope amendements to IFRSs in areas which needs clarifying or correcting. Those amandements does not propose a new principle or a change to the existing pronciple.Issues submitted by constituents for consideration within the annual improvements process are considered and discussed by the IFRS Interpretations Committee and by the IASB.The IASB intends to publish an omnibus ED once a year. In June 2011 IASB published the Exposure Draft Improvements to IFRSs with amandements proposed to IFRS 1 First-time Adoption of IFRSs, IAS 1 Presentation of Financial Statements, IAS 16 Property, Plant and Equipment, IAS 32 Financial Instruments: Presentation and IAS 34 Interim Financial Reporting. EFRAG issued its Draft Comment Letter to the ED on 20 July 2011. EFRAG agrees with all proposals in the ED. However, regarding the amendment relating to accounting for taxes on distributions to owners, EFRAG believes that the IASB should also address the internal inconsistency in IAS 12 Income Tax rather than just amending IAS 32 Financial Instruments: Presentation. The comment period is 30 September 2011.
EFRAG has issued its Final Comment Letter to the IASB on the Exposure Draft 'Improvements to IFRSs'.
EFRAG agrees with most proposals in the ED, except for the amendment to:
· IAS 1 to reflect the Conceptual Framework for Financial Reporting 2010
· IAS 32 relating to distributions to holders of equity instruments
EFRAG is concerned about the increasing complexity of IFRS 1 and recommends the Board to consider the longer term development of IFRS 1.
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