Annual Improvements to IFRSs 2012–2014 Cycle

The International Accounting Standards Board (IASB) has published this Exposure Draft of the proposed amendments to International Financial Standards (IFRSs) as part of its Annual Improvements project. The project provides a streamlined process for dealing efficiently with a collection of non-urgent amendments to IFRSs. These amendments meet the criteria for the IASB’s Annual Improvements process and which are included in the IFRS Foundation Due Process Handbook published in February 2013.

The Exposure Draft includes a chapter for each Standard for which an amendment is proposed. Each chapter includes:

• an explanation of the proposed amendment;
• when necessary, any specific additional questions that are unique to that proposed amendment;
• the paragraphs of the Standard or Implementation Guidance that are affected by the proposed amendment;
• the proposed effective date of each proposed amendment; and
• the basis for the IASB’s conclusions in proposing the amendment.

Invitation to comment

ASB invites comments on the Exposure Draft from the public.

Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than January 28, 2014. Comments can also be sent by e-mail at asb@icai.in or commentsasb@icai.in.