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On 17 May 2012, the IASB issued Annual Improvements 2009–2011 Cycle (the Amendments), a collection of amendments to IFRSs, in response to six issues addressed during the 2009-2011 cycle.
The Amendments reflect issues discussed by the IASB during the project cycle that began in 2009, and that were published in June 2011 in the Exposure Draft ED/2011/2 Improvements to IFRSs. The amendments are effective for annual periods beginning on or after 1 January 2013, although entities are permitted to apply them earlier.
EFRAG is issuing an Invitation to Comment relating to the endorsement of the Amendments for use in the European Union and European Economic Area. It is consulting both on its assessment of the amendments against the technical criteria for the endorsement in the EU, and on its initial assessment of the costs and benefits that would arise from the implementation and application of the Amendments in the EU.
EFRAG’s initial assessment is that the Amendments satisfy the technical criteria for EU endorsement and EFRAG should therefore recommend their endorsement.