The International Accounting Standards Board (IASB) has concluded its first annual improvements project, which was initiated in 2007.

The project's output, Improvements to IFRSs, includes a compilation of necessary, but non-urgent, amendments to International Financial Reporting Standards (IFRSs).

The amendments are presented in two parts:

• those involving accounting changes for presentation, recognition or measurement purposes
• others which involve terminology or editorial changes with minimal effect on accounting

The amendments are effective for annual periods beginning on or after 1 January 2009, although entities are permitted to early adopt them.

The Australian Accounting Standards Board (AASB) considered these amendments at its meeting on 25 and 26 June. The AASB will issue the amendments out-of-session.

Further information

• read Improvements to IFRSs and a press release on the IASB website (some documents are only available to eIFRS subscribers)
• visit the AASB website
• read Submission on proposed improvements to IFRSs and Australian accounting standards on the CPA