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Annual Improvements to FRSs

Annual Improvements to IFRSs contain amendments to IFRSs as a result of the International Accounting Standards Board (IASB) initiative to start an annual improvements project to address necessary but non-urgent amendments to existing IFRSs. These amendments meet all criteria for the annual improvements process. The criteria for assessing annual improvements are as follows:

1. The proposed amendment has one or both of the following characteristics:
 

(i) clarifying – the proposed amendment would improve IFRSs by:

  • clarifying unclear wording in existing IFRSs, or
  • providing guidance where an absence of guidance is causing concern.

A clarifying amendment maintains consistency with the existing principles within the applicable IFRSs. It does not propose a new principle, or a change to an existing principle.

X  

(ii) correcting – the proposed amendment would improve IFRSs by: 

  • resolving a conflict between existing requirements of IFRSs and providing a straightforward rationale for which existing requirement should be applied, or
  • addressing an oversight or relatively minor unintended consequence of the existing requirements of IFRSs.

A correcting amendment does not propose a new principle or a change to an existing principle.

2. The proposed amendment is well-defined and sufficiently narrow in scope such that the consequences of the proposed change have been considered.
3. It is probable that the IASB will reach conclusion on the issue on a timely basis. Inability to reach a conclusion on a timely basis may indicate that the cause of the issue is more fundamental than can be resolved within annual improvements.
4. It is probable that the IASB will reach conclusion on the issue on a timely basis. Inability to reach a conclusion on a timely basis may indicate that the cause of the issue is more fundamental than can be resolved within annual improvements.
5. If the proposed amendment would amend IFRSs that are the subject of a current or planned IASB project, there must be a need to make the amendment sooner than the project would.

 

Improvements to IFRSs issued by the IASB and the status of adoption in Malaysia are as follows:

IASB Improvements to IFRSs issued in
Status of adoption in Malaysia
May 2008 Adopted and issued in September 2009 and January 2010 except for amendments to IAS 41.
April 2009 Adopted and issued in September 2009 and January 2010.
May 2010 Adopted and issued in November 2010.
July 2012 Adopted and issued in July 2012.
November 2013

Adopted and issued in February 2014

September 2014

Adopted and issued in November 2014.

December 2016

Adopted and issued in December 2016.