As the result of its first improvement project, the IASB
has 'tweaked' a number of standards including IAS 16, 38
and 40.
The IASB has recently issued revisions to a number of IFRS as a
consequence of completing its first annual improvements project.
The IASB views the project as an efficient way to make non-urgent
but necessary amendments to IFRS.
The amendments, which are all contained in one document, were
published in two parts. Part I contains the amendments that result
in accounting changes to presentation, recognition or measurement,
while Part II contains terminology or editorial changes only.
The majority of the changes in Part I deal with inconsistencies
in some of the less widely applied aspects of standards and may
therefore be of little relevance to most preparers. However, three
of the improvements are likely to have wider application.
