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Annual Improvements

Annual Improvements

Annual Improvements

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Project milestones



2009-2011 cycle



2010 - 2012 cycle

2011 - 2013 cycle


About the project

Changes to standards, however small, are time-consuming for the Board and burdensome for others. The IASB has adopted the annual improvements process to deal efficiently with a collection of narrow scope amendments to IFRSs.

In February 2011 the Trustees of the IFRS Foundation approved enhanced criteria for the IASB’s annual improvements process, click here for details.

Rather than involving 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 IASB.

This is not a joint project.

  Read more 


Project news

17 May 2012 The IASB finalise its annual improvements publication corresponding to the 2009-2011 cycle including six amendments to five IFRSs. Click here for more information.

3 May 2012 The IASB published for public comment an exposure draft of proposed amendments to eleven IFRSs. Click here for more information. 

22 June 2011 The IASB published an exposure draft of proposed amendments to five IFRSs under the annual improvements project. For more information, please click here.

Click here to see all previous news on this project.


Last meeting update

IASB meeting: Thursday 27 September 2012

Annual improvements - IFRS 13 Fair Value Measurement: Scope of paragraph 52 (portfolio exception)

The IASB discussed a proposed amendment that aims to clarify the scope of the portfolio exception as set out in paragraph 52 of IFRS 13 Fair Value Measurement.
To address this issue, the IASB tentatively agreed to amend paragraph 52 to clarify that the portfolio exception applies to all contracts within the scope of IAS 39 or IFRS 9, regardless of whether they meet the definitions of financial assets or financial liabilities as defined in IAS 32. This amendment will be exposed within the 2011-2013 Annual Improvements cycle. 

Read the full meeting update and all previous updates and observer notes for this project.

Click here to listen to the IASB meeting audio playback.

IFRS Interpretations Committee meeting:  Tuesday 13 and Wednesday 14 March 2012

Annual Improvements 2011-2013 cycle

The IFRS Interpretations Committee discussed a proposal to amend IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets. The Committee decided to recommend to the Board that it should amend IAS 16 and IAS 38 to prohibit the use of a depreciation and/or amortisation method that reflects the pattern of generation of economic benefits from operating the business instead of a pattern of consumption of expected future economic benefits of the asset. This amendment is proposed for inclusion within the Annual Improvements to IFRSs 2011-2013 cycle.

Issues that are not recommended for addition to Annual Improvements

The Interpretations Committee deliberated an issue for consideration within Annual Improvements. The Committee decided not to recommend that the Board should add the following issue to Annual Improvements. 

  •  IAS 39 Financial Instruments: Recognition and Measurement—Term-extending options in fixed rate-debt instruments.

Read the full meeting update and all previous updates and observer notes for this project.


Next discussions by the IASB and the IFRS Interpretations Committee

The Interpretations Committee will discuss an analysis of the comment letters received on the exposure draft ED/2012/1 Improvements to IFRSs issued on 3 May 2012 at a future meeting. The Board will discuss the Interpretations Committee’s recommendation and comment letter analysis at a future meeting.


Page last updated: 4 October 2012

Related information

Listen for details of the podcast introducing the ED Annual Improvements to IFRSs 2010-2012 cycle document


Click here to view a list of issues to be included in Annual Improvements to IFRSs 2009-2011 cycle to 2011-2013 cycle

Click here to view a list of issues considered but not included within Annual Improvements to IFRSs 2009-2011 cycle to 2011-2013 cycle

Click here to read Criteria for annual improvements. This includes all comment letters

Click here to view a list of subjects discussed as part of the 2008-2010 cycle

Listen for details of the podcast introducing the final Annual Improvements to IFRSs (2009-2011 cycle) document

Annual Improvements to IFRSs 2009-2011 Cycle. (To access you must be an eIFRS Basic required)

Click here to read the project history

Project contact

Leonardo Piombino
(for the 2011-2013 cycle)


Thomas Harzheim
(for the 2010-2012 cycle)


Denise Durant
(for the 2009-2011 cycle)