IASB concludes first annual improvements project

The International Accounting Standards Board (IASB) has issued Improvements to IFRS - a collection of amendments to International Financial Reporting Standards (IFRS). These amendments are the result of conclusions the Board reached on proposals made in its annual improvements project. The IASB decided to initiate an annual improvements project in 2007 as a method of making necessary, but non-urgent, amendments to IFRS that will not be included as part of another major project. (Read the IASB Press Release.)