The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has published for public comment proposed enhancements to the criteria for the IASB’s annual improvements process.
The annual improvements process provides a mechanism for non-urgent but necessary amendments to International Financial Reporting Standards (IFRSs) to be grouped together and issued in one package. Such amendments may clarify guidance and wording, or make relatively minor amendments to the standards that address unintended consequences, conflicts or oversights.
The proposals recommend modifications to the IASB’s Due Process Handbook by enhancing the criteria for determining whether a matter relating to the clarification or correction of IFRSs should be addressed using the annual improvements process.
The IFRS Foundation seeks responses on whether the proposed criteria provide a sufficient and appropriate basis for assessing whether matters relating to the clarification or correction of IFRSs should be addressed using the annual improvements process.
The consultation document is open for comment until 30 November 2010.