Global Standards for the world economy

Wednesday 24 February 2021

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Standard-setting process

Criteria for annual improvements

 Criteria for Annual Improvements

The Annual Improvements process provides a mechanism for non urgent but necessary amendments to International Financial Reporting Standards (IFRS) 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.

During 2010, the Trustees of the IFRS Foundation consulted on enhanced criteria for Annual Improvements. At their 10-11 February 2011 meeting, following consideration of the comments received, the Trustees approved the establishment of enhanced criteria to assess whether a matter should be amended through the Annual Improvements process.

Read more about the enhanced criteria for assessing Annual Improvements included in the IASB Due Process Handbook.