Global Standards for the world economy

Sunday 28 February 2021

Banner graphic

Annual Improvements

 Annual Improvements cycle 2015-2017

Project objective


Changes to standards, however small, are time-consuming for the International Accounting Standards Board (the Board) and burdensome for others. The Board has adopted the Annual Improvements process to deal efficiently with a collection of minor amendments to IFRS Standards even though the amendments are unrelated. The IFRS Interpretations Committee reviews the proposed amendments within the annual improvements process and makes recommendations to the Board before they are issued.


Each year the Board discusses and decides upon proposed improvements to IFRS Standards as they have arisen throughout the year. Issues dealt with in this process arise from matters raised by the IFRS Interpretations Committee and suggestions from staff or practitioners, and focus on areas of inconsistency in IFRS Standards or where clarification of wording is required. Annual Improvements follow the same due process as other amendments to IFRS Standards except that unrelated amendments can be exposed together, rather than separately. The exposure draft for Annual Improvements is normally published for comment for 90 days; this is shorter than the normal comment period for an exposure draft (120 days), reflecting the nature of Annual Improvements, i.e. they are clarifying or correcting in nature, and do not propose new principles or changes to existing ones.


Rather than separately publishing a series of piecemeal changes, the publication of the proposals in a single exposure draft is intended to streamline the standard-setting process, with benefits both for interested parties and for the Board.


Annual improvements Status
Cycle 2015-2017


The issues included in this cycle are:

Next Steps
The Board has published proposed amendments for public consultation. Click here to view or comment on the Exposure Draft: Annual Improvements to IFRS Standards 2015-2017 Cycle.