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IAS plus update

September 2009


IASB releases omnibus exposure draft of annual improvements

On 26 August 2009, the International Accounting Standards Board (IASB) published for public comment an omnibus exposure draft (ED) ED/2009/11 Improvements to IFRSs (Proposed amendments to International Financial Reporting Standards). The IASB has requested comments on the proposals by 24 November 2009.

The IASB’s annual improvements process is designed to deal with non-urgent but necessary amendments to Standards, focussing on areas of inconsistency in Standards and where clarification of wording is required.

The ED includes proposals for 15 separate amendments which would affect 10 different Standards and one IFRIC Interpretation, as summarised in the table in attached PDF.

The most significant proposals address:

  • measurement of non-controlling interests that are not currently entitled to a proportionate share of the acquiree’s net assets;
  • impairment of investments in subsidiaries, associates and jointly controlled entities in the separate financial statements of the parent/investor/joint venturer;
  • the disclosure principles for interim reporting; and
  • the classification of investment property held for sale.



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