The Improvements in IFRS by IASB (2009-2011)

Monday, June 4, 2012 Print Email

IFRS has been improved by the IASB (the international accounting standards board) in their annual improvements cycle of years 2009 to 2011. This has been done as a result of the six issues that were pointed out in the period of these 3 years from 2009 to 2011. Thus, the International financial reporting standards has seen some changes done to it.

The annual improvement scheme is used by the international accounting standards board for different purposes. Like for the purpose of making changes in the IFRS which are although essential but not trivial or urgent so they can wait or be delayed without any damage. These are usually done to change the previously unseen consequences. Neither are they supposed to be incorporated as a part of some other project. These changes are as a result done in one go or at once instead of making it a whole series of changes which are segmented and are done bit by bit. By doing this the aim of the IASB is to relieve everyone who is concerned with the process of these changes and reduce their burden

These changes are reflective of the discussions about different issues by the International accounting standards board from when the period of this project cycle started in the year 2009. These discussions then narrowed down and eventually led to the evolvement of draft for the proposal of changes to be done in the IFRS in order to make improvements to it as a result of which the amendments were implemented in the publication of year 2011. These changes were to be effective from the annual period which is going to commence from or later than 1st of January 2013. Although that is the proposed date the changes or amendments are allowed to be used or applied earlier than 1st of January 2013 if wanted to be done so.

The annual improvements cycle of year 2009 to 2011 is available online. So for those who are interested in reviewing this annual improvements cycle of year 2009 to 2011 can visit the IFRS website in order to so by subscribing.

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