The International Accounting Standards Board (IASB) issued today Improvements to IFRSs - a collection of amendments to International Financial Reporting Standards (IFRSs). These amendments are the result of conclusions the Board reached on proposals made in its annual improvements project.

The IASB decided to initiate an annual improvements project in 2007 as a method of making necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

The IASB’s objective was to ease the burden for all concerned by presenting the amendments in a single document rather than as a series of piecemeal changes. The amendments issued today are presented in two parts:

• those that involve accounting changes for presentation, recognition or measurement purposes (a list of standards affected by these amendments and the issues addressed is included in the notes following), and
• those involving terminology or editorial changes with minimal effect on accounting.

Unless otherwise specified the amendments are effective for annual periods beginning on or after 1 January 2009, although entities are permitted to adopt them earlier.

During its deliberations of comments received on the exposure draft of proposals published in October 2007, the IASB decided to postpone reconsideration of some of the proposals until more analysis could be completed. The Board also decided to issue separately the amendment to restructure IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendments issued today do not include those proposals.

Improvements to IFRSs is available for eIFRS subscribers from today. Those wishing to subscribe to eIFRSs should visit the Web Shop or contact:

IASC Foundation Publications Department
30 Cannon Street
London EC4M 6XH
United Kingdom

Telephone:  +44 (0)20 7332 2730       
Fax +44 (0)20 7332 2749
Email: publications@iasb.org

Printed copies (ISBN 978-1-905590-66-7) will be available shortly, at £15.00 plus shipping, from the IASC Foundation Publications Web Shop.

Press enquiries

• Mark Byatt, Director of Corporate Communications, IASB
  Telephone:  +44 (0)20 7246 6472       
  Email: mbyatt@iasb.org
• Sonja Horn, Communications Adviser, IASB
  Telephone:  +44 (0)20 7246 6463       
  Email: shorn@iasb.org

Technical enquiries

• Tricia O’Malley, Director of Implementation Activities, IASB
  Telephone: +44 (0)20 7246 6929       
  Email: tomalley@iasb.org
• Dora Cheung, Project Manager, IASB
  Telephone:  +44 (0)20 7246 6919       
  Email: dcheung@iasb.org