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At the International Accounting Standards Board (Board), developing new IFRS® Standards to improve financial accounting and reporting is our stock in trade. However, no matter how comprehensive the development process is, for a variety of reasons there may be a need to make subsequent amendments.
Mostly these amendments have been either narrow in scope or transaction-specific in nature and come to us from a variety of sources such as recommendations from our IFRS Interpretations Committee. But we also stand back and take a holistic look at an entire Standard after it has been in use for some time. We call this activity a Post-implementation Review (PIR).
These are a relatively new process for us. To date, we have completed PIRs on IFRS 3 Business Combinations and on IFRS 8 Operating Segments. Currently, we are asking stakeholders to provide information to our third PIR, which is on IFRS 13 Fair Value Measurement, with comments and other input due on 22 September.
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