IASB Published Annual Improvements to IFRSs 2009 – 2011 Cycle

IASB Published Annual Improvements to IFRSs 2009 – 2011 Cycle

This Accounting Alert aims to provide the more significant changes to the accounting standards arising from the 2009 to 2011 annual improvements project of the International Accounting Standards Board (IASB).
 
Overview
The IASB has published Annual Improvements 2009-2011 Cycle.  The publication is a collection of amendments to IFRSs resulting from issues that were discussed by the IASB during the project cycle for making annual improvements that began in 2009, and which were subsequently included in an exposure draft published in June 2011.
 
The IASB uses the Annual Improvements process to make necessary, but non-urgent amendments to IFRSs that will not be included as part of any other project.  By presenting the amendments in a single document rather than as a series of piecemeal changes, the IASB aims to ease the burden of change for all concerned.

Effective date
The amendments to IFRSs contained in Annual Improvements 2009-2011 Cycle are effective for annual periods beginning on or after January 1, 2013, although entities are permitted to apply them earlier.

IFRS Affected
The following are the existing accounting standards affected by the amendments.

IFRS 1, First-time Adoption of IFRSs
IAS 1, Presentation of Financial Statements
IAS 16, Property, Plant and Equipment
IAS 32, Financial Instruments: Presentation
IAS 34, Interim Financial Reporting

Please read the attached copy of this Accounting Alert for the discussion of the amendments, the issue addressed and a brief description of the change.