[Opinion] Detailed Discussion on Annual Improvements to IFRS Standards

Dr. T.P. Ghosh – [2024] 164 taxmann.com 545 (Article)

1. Executive summary

International Accounting standards Board has issued Annual Improvement to IFRS accounting standards –Volume 11 on 18th July 2024. The following standards are amended:

1. IFRS 1 First-time Adoption of International Financial Reporting Standards;
2. IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
3. IFRS 9 Financial Instruments;
4. IFRS 10 Consolidated Financial Statements; and
5. IAS 7 Statement of Cash Flows.

A summary of the amendments is presented in the Table below:

2. Introduction

The IASB uses annual improvements to IFRSs as a mechanism to issue a collection of minor amendments to the Accounting Standards. In accordance with the IASB’s due process, annual improvements are limited to:

• changes that either clarify the wording in an Accounting Standard; or
• correct relatively minor unintended consequences, oversights, or conflicts between the requirements in the Accounting Standards.

On 18th July, the International Accounting Standards Board (IASB) has issued narrow amendments to IFRS Standards and accompanying guidance as part of its regular maintenance of the Standards which has been published in a single document Annual Improvements to IFRSAccounting Standards—Volume 11. The changes are tabulated in the Executive Summary.

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