Global Standards for the world economy

Monday 01 March 2021

Banner graphic

Annual Improvements

Annual Improvements

 Annual Improvements cycle 2012-2014

Project objective


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 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 IASB before they are issued.


Each year the IASB 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 IASB.


Annual improvements Status
Cycle 2012-2014

On 11 December 2013 the IASB published an Exposure Draft for the 2012-2014 Annual Improvements Cycle. The Exposure Draft was open for comment until 13 March 2014. Redeliberations on the proposed amendments to IFRS Standards finalised in Q2 2014.



The issue included in this cycle is:


Due process steps

At its June 2014 meeting all the IASB members confirmed that they were satisfied that the IASB has completed all of the necessary due process steps on the project to date. They also agreed with the mandatory effective date of 1 January 2016. The IASB members do not intend to dissent from the publication of Annual Improvements to IFRSs 2012-2014 Cycle. They therefore instructed the staff to commence the balloting process for those amendments.

Next steps

The IASB finalised the Annual Improvements to IFRSs 2012–2014 Cycle in September 2014.