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  • Global publications
    full functionality of our site is not supported on your browser version or you may have compatibility mode selected Please turn off compatibility mode upgrade your browser to at least Internet Explorer 9 or try using another browser such as Google Chrome or Mozilla Firefox IAS Plus IAS plus Canada English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Welcome My account Logout IAS Plus Canada English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home About CFR News Publications Standards Projects Resources Toggle navigation Search site Info Global publications Contact us Acknowledgment About CFR Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities See Legal for additional copyright and other legal information Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by guarantee DTTL its network of member firms and their related entities DTTL and each of its member firms are legally separate and independent entities DTTL also referred to as Deloitte Global does not provide

    Original URL path: http://www.iasplus.com/en-ca/publications/global?set_language=en-ca (2016-02-10)
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  • Global publications
    charge par votre version de navigateur ou vous avez peut être sélectionné le mode de compatibilité Veuillez désactiver le mode de compatibilité télécharger Internet Explorer 9 ou une version plus récente ou essayer d utiliser un autre navigateur tel que Google Chrome ou Mozilla Firefox IAS Plus IAS plus Canada Français International English International Deutsch Canada English Canada Français États Unis English Royaume Uni English Bienvenue Mon compte Quitter IAS Plus Canada Français International English International Deutsch Canada English Canada Français États Unis English Royaume Uni English Toggle navigation Search site Toggle navigation Accueil À propos de CIF Nouvelles Publications Normes Projets Ressources Toggle navigation Search site Info Global publications Communiquez avec nous Reconnaissance À propos de CIF Juridique Confidentialité Le contenu du présent site Web est la propriété exclusive de Deloitte Global Services Limited ou d un cabinet membre de Deloitte Touche Tohmatsu Limited ou de l une de leurs entités liées 2015 Pour toute information juridique y compris sur les droits d auteur reportez vous à l avis juridique Deloitte désigne une ou plusieurs entités parmi Deloitte Touche Tohmatsu Limited société fermée à responsabilité limitée par garanties du Royaume Uni DTTL ainsi que son réseau de cabinets membres

    Original URL path: http://www.iasplus.com/fr-ca/publications/global?set_language=fr-ca (2016-02-10)
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  • 2015
    may have compatibility mode selected Please turn off compatibility mode upgrade your browser to at least Internet Explorer 9 or try using another browser such as Google Chrome or Mozilla Firefox IAS Plus IAS plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Login or Register Deloitte User Login Login Name Password Login Register Forgot password Welcome My account Logout IAS Plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info 2015 About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities See Legal for additional copyright and other legal information Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by guarantee DTTL its network of member firms and their related entities DTTL and each of its member firms are legally separate and independent entities DTTL also referred to as Deloitte Global

    Original URL path: http://www.iasplus.com/en-gb/publications/global/models-checklists/2015?set_language=en-gb (2016-02-10)
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  • IFRS model financial statements 2015
    site Toggle navigation Home News Publications Standards Projects Resources My US GAAP Plus Topics Communications Toggle navigation Search site Publication Directory U S publications Global publications A closer look Deloitte IFRS podcasts Deloitte IFRS webcasts Deloitte Point of View Deloitte comment letters IAASB Deloitte comment letters IASB IFRIC IFRSF Deloitte comment letters Other Guides to pronouncements IFRS in Focus IFRS in your pocket IFRS industry insights IFRS on point IFRS project insights iGAAP Implementing IFRS 15 Model financial statements and checklists Other global publications Robert Bruce interviews Surveys Analysis and opinion Info IFRS model financial statements 2015 Published on Sep 23 2015 Deloitte s Global IFRS Office has released International GAAP Holdings Limited Model financial statements for the year ended 31 December 2015 These financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended December 31 2015 by an entity that is not a first time adopter of IFRSs They illustrate the impact of the application of IFRSs that are mandatorily effective for the annual period beginning on January 1 2015 The publication includes Section 1 New and revised IFRSs for 2015 annual financial statements and beyond An overview of new and revised IFRSs that are mandatorily effective for the year ended December 31 2015 An overview of new and revised IFRSs that are not yet mandatorily effective but allow early application for the year ended December 31 2015 Section 2 Model financial statements of International GAAP Holdings Limited for the year ended December 31 2015 Download Related Topics Publication series Model financial statements and checklists Quick links Global publications Related Publications IFRS compliance presentation and disclosure checklist 2015 Sep 29 2015 IAS 34 compliance checklist 2015 Sep 29 2015 IAS 34 compliance checklist 2014 Oct 20 2014 IFRS compliance presentation and disclosure checklist 2014 Oct

    Original URL path: http://www.iasplus.com/en-us/publications/global/models-checklists/2015/ifrs-mfs-2015?set_language=en-us (2016-02-10)
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  • New and revised pronouncements
    Per Share requires basic and diluted EPS to be adjusted for the impacts of adjustments result from changes in accounting policies accounted for retrospectively and IAS 8 requires the disclosure of the amount of any such adjustments Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS 34 Interim Financial Reporting some disclosures are required e g description of the nature and effect of any change in accounting policies and methods of computation New or revised standards New or revised pronouncement When effective Application at 31 December 2014 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs IFRS 9 Financial Instruments 2009 IFRS 9 introduces new requirements for classifying and measuring financial assets as follows Debt instruments meeting both a business model test and a cash flow characteristics test are measured at amortised cost the use of fair value is optional in some limited circumstances Investments in equity instruments can be designated as fair value through other comprehensive income with only dividends being recognised in profit or loss All other instruments including all derivatives are measured at fair value with changes recognised in the profit or loss The concept of embedded derivatives does not apply to financial assets within the scope of the Standard and the entire instrument must be classified and measured in accordance with the above guidelines IFRS 9 2014 was issued on 24 July 2014 and supersedes IFRS 9 2009 but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015 Issued 12 November 2009 Article Newsletter Effective date No stated effective date see notes in previous column see notes above First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional IFRS 9 Financial Instruments 2010 A revised version of IFRS 9 incorporating revised requirements for the classification and measurement of financial liabilities and carrying over the existing derecognition requirements from IAS 39 Financial Instruments Recognition and Measurement The revised financial liability provisions maintain the existing amortised cost measurement basis for most liabilities New requirements apply where an entity chooses to measure a liability at fair value through profit or loss in these cases the portion of the change in fair value related to changes in the entity s own credit risk is presented in other comprehensive income rather than within profit or loss IFRS 9 2014 was issued on 24 July 2014 and supersedes IFRS 9 2010 but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015 Issued 28 October 2010 Article Newsletter Effective date No stated effective date see notes in previous column see notes above First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional IFRS 9 Financial Instruments Hedge Accounting and amendments to IFRS 9 IFRS 7 and IAS 39 2013 A revised version of IFRS 9 which Introduces a new chapter to IFRS 9 on hedge accounting putting in place a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non financial risk exposures Permits an entity to apply only the requirements introduced in IFRS 9 2010 for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss without applying the other requirements of IFRS 9 meaning the portion of the change in fair value related to changes in the entity s own credit risk can be presented in other comprehensive income rather than within profit or loss Removes the mandatory effective date of IFRS 9 2013 IFRS 9 2010 and IFRS 9 2009 leaving the effective date open pending the finalisation of the impairment and classification and measurement requirements Notwithstanding the removal of an effective date each standard remains available for application IFRS 9 2014 was issued on 24 July 2014 and supersedes IFRS 9 2013 but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015 Issued 19 November 2013 Article Newsletter Effective date No stated effective date see notes in previous column see notes above First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional IFRS 9 Financial Instruments 2014 A finalised version of IFRS 9 which contains accounting requirements for financial instruments replacing IAS 39 Financial Instruments Recognition and Measurement The standard contains requirements in the following areas Classification and measurement Financial assets are classified by reference to the business model within which they are held and their contractual cash flow characteristics The 2014 version of IFRS 9 introduces a fair value through other comprehensive income category for certain debt instruments Financial liabilities are classified in a similar manner to under IAS 39 however there are differences in the requirements applying to the measurement of an entity s own credit risk Impairment The 2014 version of IFRS 9 introduces an expected credit loss model for the measurement of the impairment of financial assets so it is no longer necessary for a credit event to have occurred before a credit loss is recognised Hedge accounting Introduces a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non financial risk exposures Derecognition The requirements for the derecognition of financial assets and liabilities are carried forward from IAS 39 Note Depending on the chosen approach to applying IFRS 9 the transition can involve one or more than one date of initial application for different requirements Note IFRS 9 2014 supersedes IFRS 9 2009 IFRS 9 2010 and IFRS 9 2013 but these standards remain available for application if the relevant date of initial application is before 1 February 2015 Issued 19 November 2013 Summary of IFRS 9 Article Newsletter Effective date Effective for annual periods beginning on or after 1 January 2018 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional IFRS 14 Regulatory Deferral Accounts IFRS 14 permits an entity which is a first time adopter of International Financial Reporting Standards to continue to account with some limited changes for regulatory deferral account balances in accordance with its previous GAAP both on initial adoption of IFRS and in subsequent financial statements Note Entities which are eligible to apply IFRS 14 are not required to do so and so can chose to apply only the requirements of IFRS 1 First time Adoption of International Financial Reporting Standards when first applying IFRSs However an entity that elects to apply IFRS 14 in its first IFRS financial statements must continue to apply it in subsequent financial statements IFRS 14 cannot be applied by entities that have already adopted IFRSs Issued 30 January 2014 Summary of IFRS 14 Article Newsletter Effective date Applicable to an entity s first annual IFRS financial statements for a period beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional IFRS 15 Revenue from Contracts with Customers IFRS 15 provides a single principles based five step model to be applied to all contracts with customers The five steps in the model are as follows Identify the contract with the customer Identify the performance obligations in the contract Determine the transaction price Allocate the transaction price to the performance obligations in the contracts Recognise revenue when or as the entity satisfies a performance obligation Guidance is provided on topics such as the point in which revenue is recognised accounting for variable consideration costs of fulfilling and obtaining a contract and various related matters New disclosures about revenue are also introduced Issued 28 May 2014 Summary of IFRS 15 Article Newsletter Revenue resources Effective date Applicable to an entity s first annual IFRS financial statements for a period beginning on or after 1 January 2017 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Amendments New or revised pronouncement When effective Application at 31 December 2014 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs Offsetting Financial Assets and Financial Liabilities Amendments to IAS 32 Amends IAS 32 Financial Instruments Presentation to clarify certain aspects because of diversity in application of the requirements on offsetting focused on four main areas the meaning of currently has a legally enforceable right of set off the application of simultaneous realisation and settlement the offsetting of collateral amounts the unit of account for applying the offsetting requirements Issued 16 December 2011 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Mandatory Annual periods ending 31 December 2014 Mandatory Investment Entities Amendments to IFRS 10 IFRS 12 and IAS 27 Amends IFRS 10 Consolidated Financial Statements IFRS 12 Disclosure of Interests in Other Entities and IAS 27 Separate Financial Statements to provide investment entities as defined an exemption from the consolidation of particular subsidiaries and instead require that an investment entity measure the investment in each eligible subsidiary at fair value through profit or loss in accordance with IFRS 9 Financial Instruments or IAS 39 Financial Instruments Recognition and Measurement require additional disclosure about why the entity is considered an investment entity details of the entity s unconsolidated subsidiaries and the nature of relationship and certain transactions between the investment entity and its subsidiaries require an investment entity to account for its investment in a relevant subsidiary in the same way in its consolidated and separate financial statements or to only provide separate financial statements if all subsidiaries are unconsolidated Issued 31 October 2012 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Mandatory Annual periods ending 31 December 2014 Mandatory Recoverable Amount Disclosures for Non Financial Assets Amendments to IAS 36 Amends IAS 36 Impairment of Assets to reduce the circumstances in which the recoverable amount of assets or cash generating units is required to be disclosed clarify the disclosures required and to introduce an explicit requirement to disclose the discount rate used in determining impairment or reversals where recoverable amount based on fair value less costs of disposal is determined using a present value technique Issued 29 May 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Mandatory Annual periods ending 31 December 2014 Mandatory Novation of Derivatives and Continuation of Hedge Accounting Amendments to IAS 39 Amends IAS 39 Financial Instruments Recognition and Measurement to make it clear that there is no need to discontinue hedge accounting if a hedging derivative is novated provided certain criteria are met A novation indicates an event where the original parties to a derivative agree that one or more clearing counterparties replace their original counterparty to become the new counterparty to each of the parties In order to apply the amendments and continue hedge accounting novation to a central counterparty CCP must happen as a consequence of laws or regulations or the introduction of laws or regulations Issued 27 June 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Mandatory Annual periods ending 31 December 2014 Mandatory Defined Benefit Plans Employee Contributions Amendments to IAS 19 Amends IAS 19 Employee Benefits to clarify the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service In addition it permits a practical expedient if the amount of the contributions is independent of the number of years of service in that contributions can but are not required to be recognised as a reduction in the service cost in the period in which the related service is rendered Issued 21 November 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Annual Improvements 2010 2012 Cycle Makes amendments to the following standards IFRS 2 Amends the definitions of vesting condition and market condition and adds definitions for performance condition and service condition IFRS 3 Require contingent consideration that is classified as an asset or a liability to be measured at fair value at each reporting date IFRS 8 Requires disclosure of the judgements made by management in applying the aggregation criteria to operating segments clarify reconciliations of segment assets only required if segment assets are reported regularly IFRS 13 Clarify that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure certain short term receivables and payables on an undiscounted basis amends basis for conclusions only IAS 16 and IAS 38 Clarify that the gross amount of property plant and equipment is adjusted in a manner consistent with a revaluation of the carrying amount IAS 24 Clarify how payments to entities providing management services are to be disclosed Issued 12 December 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Annual Improvements 2011 2013 Cycle Makes amendments to the following standards IFRS 1 Clarify which versions of IFRSs can be used on initial adoption amends basis for conclusions only IFRS 3 Clarify that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself IFRS 13 Clarify the scope of the portfolio exception in paragraph 52 IAS 40 Clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as investment property or owner occupied property Issued 12 December 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Accounting for Acquisitions of Interests in Joint Operations Amendments to IFRS 11 Amends IFRS 11 Joint Arrangements to require an acquirer of an interest in a joint operation in which the activity constitutes a business as defined in IFRS 3 Business Combinations to apply all of the business combinations accounting principles in IFRS 3 and other IFRSs except for those principles that conflict with the guidance in IFRS 11 disclose the information required by IFRS 3 and other IFRSs for business combinations The amendments apply both to the initial acquisition of an interest in joint operation and the acquisition of an additional interest in a joint operation in the latter case previously held interests are not remeasured Note The amendments apply prospectively to acquisitions of interests in joint operations in which the activities of the joint operations constitute businesses as defined in IFRS 3 for those acquisitions occurring from the beginning of the first period in which the amendments apply Amounts recognised for acquisitions of interests in joint operations occurring in prior periods are not adjusted Issued 6 May 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 see note in previous column see note above First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to IAS 16 and IAS 38 Amends IAS 16 Property Plant and Equipment and IAS 38 Intangible Assets to clarify that a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate for property plant and equipment introduce a rebuttable presumption that an amortisation method that is based on the revenue generated by an activity that includes the use of an intangible asset is inappropriate which can only be overcome in limited circumstances where the intangible asset is expressed as a measure of revenue or when it can be demonstrated that revenue and the consumption of the economic benefits of the intangible asset are highly correlated add guidance that expected future reductions in the selling price of an item that was produced using an asset could indicate the expectation of technological or commercial obsolescence of the asset which in turn might reflect a reduction of the future economic benefits embodied in the asset Issued 12 May 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 Amends IAS 16 Property Plant and Equipment and IAS 41 Agriculture to include bearer plants within the scope of IAS 16 rather than IAS 41 allowing such assets to be accounted for a property plant and equipment and measured after initial recognition on a cost or revaluation basis in accordance with IAS 16 introduce a definition of bearer plants as a living plant that is used in the production or supply of agricultural produce is expected to bear produce for more than one period and has a remote likelihood of being sold as agricultural produce except for incidental scrap sales clarify that produce growing on bearer plants remains within the scope of IAS 41 Issued 30 June 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Equity Method in Separate Financial Statements Amendments to IAS 27 Amends IAS 27 Separate Financial Statements to permit investments in subsidiaries joint ventures and associates to be optionally accounted for using the equity method in separate financial statements Issued 18 August 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28 Amends IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures 2011 to clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture as follows require full recognition in the investor s financial statements of gains and losses arising on the sale or contribution of assets that constitute a business as defined in IFRS 3 Business Combinations require the partial recognition of gains and losses where the assets do not constitute a business i e a gain or loss is recognised only to the extent of the unrelated investors interests in that associate or joint venture These requirements apply regardless of the legal form of the transaction e g whether the sale or contribution of assets occurs by an investor transferring shares in an subsidiary that holds the assets resulting in loss of control of the subsidiary or by the direct sale of the assets themselves Issued 11 September 2014 Article Newsletter Effective date Applicable on a prospective basis to a sale or contribution of assets occurring in annual periods beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Annual Improvements 2012 2014 Cycle Makes amendments to the following standards IFRS 5 Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held for distribution accounting is discontinued IFRS 7 Additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset and clarification on offsetting disclosures in condensed interim financial statements IAS 9 Clarify that the high quality corporate bonds used in estimating the discount rate for post employment benefits should be denominated in the same currency as the benefits to be paid IAS 34 Clarify the meaning of elsewhere in the interim report and require a cross reference Issued 25 September 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Disclosure Initiative Amendments to IAS 1 Amends IAS 1 Presentation of Financial Statements to address perceived impediments to preparers exercising their judgement in presenting their financial reports by making the following changes clarification that information should not be obscured by aggregating or by providing immaterial information materiality considerations apply to the all parts of the financial statements and even when a standard requires a specific disclosure materiality considerations do apply clarification that the list of line items to be presented in these statements can be disaggregated and aggregated as relevant and additional guidance on subtotals in these statements and clarification that an entity s share of OCI of equity accounted associates and joint ventures should be presented in aggregate as single line items based on whether or not it will subsequently be reclassified to profit or loss additional examples of possible ways of ordering the notes to clarify that understandability and comparability should be considered when determining the order of the notes and to demonstrate that the notes need not be presented in the order so far listed in paragraph 114 of IAS 1 Issued 18 December 2014 Article Newsletter Effective date Effective for annual periods beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Investment Entities Applying the Consolidation Exception Amendments to IFRS 10 IFRS 12 and IAS 28 Amends IFRS 10 Consolidated Financial Statements IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures 2011 to address issues that have arisen in the context of applying the consolidation exception for investment entities by clarifying the following points The exemption from preparing consolidated financial statements for an intermediate parent entity is available to a parent entity that is a subsidiary of an investment entity even if the investment entity measures all of its subsidiaries at fair value A subsidiary that provides services related to the parent s investment activities should not be consolidated if the subsidiary itself is an investment entity When applying the equity method to an associate or a joint venture a non investment entity investor in an investment entity may retain the fair value measurement applied by the associate or joint venture to its interests in subsidiaries An investment entity measuring all of its subsidiaries at fair value provides the disclosures relating to investment entities required by IFRS 12 Issued 18 December 2014 Article Newsletter Effective date Effective for annual periods beginning on or after 1 January 2016 First quarters ending 31 December 2014 Optional Second quarters ending 31 December 2014 Optional Third quarters ending 31 December 2014 Optional Annual periods ending 31 December 2014 Optional Editorial Corrections various The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements Since the beginning of calendar 2012 such corrections have been made in February 2012 July 2012 March 2013 September 2013 November 2013 March 2014 September 2014 and December 2014 Note For details of these editorial corrections see our IASB editorial corrections page Effective date As minor editorial corrections these changes are effectively immediately applicable under IFRS See comment in previous column New and revised Interpretations New or revised pronouncement When effective Application at 31 December 2014 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs IFRIC 21 Levies Provides guidance on when to recognise a liability for a levy imposed by a government both for levies that are accounted for in accordance with IAS 37 Provisions Contingent Liabilities and Contingent Assets and those where the timing and amount of the levy is certain The Interpretation identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in accordance with the relevant legislation It provides the following guidance on recognition of a liability to pay levies The liability is recognised progressively if the obligating event occurs over a period of time If an obligation is triggered on reaching a minimum threshold the liability is recognised when that minimum threshold is reached Issued 20 May 2013 Summary of IFRIC 21 Article Newsletter Effective date Applies to annual periods beginning on or after 1 January 2014 First quarters ending 31 December 2014 Mandatory Second quarters ending 31 December 2014 Mandatory Third quarters ending 31 December 2014 Mandatory Annual periods ending 31 December 2014 Mandatory Pronouncements where the European Union has adopted an mandatory application date later than the IASB Entities applying IFRSs as promulgated by the IASB have already applied the standards listed in the table below in previous reporting periods with the exception of IFRIC 21 Levies Furthermore this table does not include pronouncements that have not yet been endorsed for use within the EU New or revised pronouncement When effective in EU Application in EU at 31 December 2014 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs IFRS 10 Consolidated Financial Statements Requires a parent to present consolidated financial statements as those of a single economic entity replacing the requirements previously contained in IAS 27 Consolidated and Separate Financial Statements and SIC 12 Consolidation Special Purpose Entities The Standard identifies the principles of control determines how to identify whether an investor controls an investee and therefore must consolidate the investee and sets out the principles for the preparation of consolidated financial statements The Standard introduces a single consolidation model for all entities based on control irrespective of the nature of the investee i e whether an entity is controlled through voting rights of investors or through other contractual arrangements as is common in special purpose entities Under IFRS 10 control is based on whether an investor has Power over the investee Exposure or rights to variable returns from its involvement with the investee and The ability to use its power over the investee to affect the amount of the returns Issued 12 May 2011 Summary of IFRS 10 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 IASB 1 January 2013 First quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Second quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Third quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Annual periods ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 IFRS 11 Joint Arrangements Replaces IAS 31 Interests in Joint Ventures Requires a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and then account for those rights and obligations in accordance with that type of joint arrangement Joint arrangements are either joint operations or joint ventures A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement joint operators have rights to the assets and obligations for the liabilities relating to the arrangement Joint operators recognise their assets liabilities revenue and expenses in relation to its interest in a joint operation including their share of any such items arising jointly A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement joint venturers have rights to the net assets of the arrangement A joint venturer applies the equity method of accounting for its investment in a joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures 2011 Unlike IAS 31 the use of proportionate consolidation to account for joint ventures is not permitted Issued 12 May 2011 Summary of IFRS 11 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 IASB 1 January 2013 First quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Second quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Third quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Annual periods ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 IFRS 12 Disclosure of Interests in Other Entities Requires the extensive disclosure of information that enables users of financial statements to evaluate the nature of and risks associated with interests in other entities and the effects of those interests on its financial position financial performance and cash flows In high level terms the required disclosures are grouped into the following broad categories Significant judgements and assumptions such as how control joint control significant influence has been determined Interests in subsidiaries including details of the structure of the group risks associated with structured entities changes in control and so on Interests in joint arrangements and associates the nature extent and financial effects of interests in joint arrangements and associates including names details and summarised financial information Interests in unconsolidated structured entities information to allow an understanding of the nature and extent of interests in unconsolidated structured entities and to evaluate the nature of and changes in the risks associated with its interests in unconsolidated structured entities IFRS 12 lists specific examples and additional disclosures which further expand upon each of these disclosure objectives and includes other guidance on the extensive disclosures required Note No consequential amendments were made to IAS 34 Interim Financial Reporting on the issuance of IFRS 12 and as such the requirements of IFRS 12 do not directly apply to interim financial statements However entities should consider whether any details of interests in other entities should be disclosed as part of the general requirement of paragraph 15 of IAS 34 to disclose significant events and transactions in the period Issued 12 May 2011 Summary of IFRS 12 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 IASB 1 January 2013 First quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Second quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Third quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Annual periods ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 IAS 27 Separate Financial Statements 2011 Amended version of IAS 27 which now only deals with the requirements for separate financial statements which have been carried over largely unchanged from IAS 27 Consolidated and Separate Financial Statements Requirements for consolidated financial statements are now contained in IFRS 10 Consolidated Financial Statements The Standard requires that when an entity prepares separate financial statements investments in subsidiaries associates and jointly controlled entities are accounted for either at cost or in accordance with IFRS 9 Financial Instruments IAS 39 Financial Instruments Recognition and Measurement The Standard also deals with the recognition of dividends certain group reorganisations and includes a number of disclosure requirements Issued 12 May 2011 Summary of IAS 27 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 IASB 1 January 2013 First quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Second quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Third quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Annual periods ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 IAS 28 Investments in Associates and Joint Ventures 2011 This Standard supersedes IAS 28 Investments in Associates and prescribes the accounting for investments in associates and sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures The Standard defines significant influence and provides guidance on how the equity method of accounting is to be applied including exemptions from applying the equity method in some cases It also prescribes how investments in associates and joint ventures should be tested for impairment Issued 12 May 2011 Summary of IAS 28 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 IASB 1 January 2013 First quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Second quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Third quarters ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Annual periods ending 31 December 2014 Mandatory in EU Entities applying IFRSs as promulgated by the IASB have already applied this pronouncement in previous reporting periods Note 2 Consolidated Financial Statements Joint Arrangements and Disclosure of Interests in

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  • IASB publishes editorial corrections to reflect deferred September 2014 amendments to IAS 28 and IFRS 10
    June July August September October November December 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Info IASB publishes editorial corrections to reflect deferred September 2014 amendments to IAS 28 and IFRS 10 16 Dec 2015 In August 2015 the IASB issued exposure draft ED 2015 7 Effective Date of Amendments to IFRS 10 and IAS 28 On 15 December 2015 the staff sought permission to publish the final amendment resulting from the exposure draft which defers the effective date of the September 2014 amendment for an indefinite period In the Board meeting the IASB gave a unanimous permission to publish the final amendment There was no indication of dissent amongst Board members Consequently the staff of the IASB has compiled a document that shows how to adjust the text of the 2016 Blue Book to remove those deferred September 2014 amendments which are not now required for annual reporting periods beginning on 1 January 2016 The Blue Book s publication is expected soon Please click to access the editorial corrections on the editorial corrections page of the IASB s website Related Topics Resources IASB editorial corrections Standards Effective dates of IFRSs and amendments Related news IASB defers the effective date of September 2014 amendments to IFRS 10 and IAS 28 17 Dec 2015 New and revised pronouncements as at 31 December 2015 11 Dec 2015 IASB publishes editorial corrections 08 Dec 2015 A Guide through IFRS 2015 Green Book is now available 22 Sep 2015 IASB publishes editorial corrections 22 Sep 2015 New and revised pronouncements as at 30 September 2015 21 Sep 2015 All Related Related Publications IFRS in Focus IASB defers effective date of amendment Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 18 Dec

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  • A Guide through IFRS 2015 ('Green Book') is now available
    Interpretations and accompanying documents such as the Basis for Conclusions issued by the IASB as of 1 July 2015 with extensive cross references and other annotations This edition does not contain documents that are being replaced or superseded but remain applicable if a reporting entity chooses not to adopt the newer versions early The new requirements since 1 July 2014 include revised IFRS 9 amendments to IFRS 10 IFRS 12 IAS 1 IAS 27 and IAS 28 Annual Improvements to IFRSs 2012 2014 Cycle which contains separate amendments to IFRS 5 IFRS 7 IAS 19 and IAS 34 and consequential amendments to other Standards and Interpretations The Green Book can be purchased for 96 plus shipping for the two book set academic developing country and volume discounts apply Click for more information and ordering details Related Topics Resources IASB finalised pronouncements IFRS Foundation International Accounting Standards Board IASB Standards Effective dates of IFRSs and amendments Effective dates of Interpretations Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 Deloitte comment letter on

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  • New and revised pronouncements as at 30 June 2015
    in Other Entities and IAS 27 Separate Financial Statements to provide investment entities as defined an exemption from the consolidation of particular subsidiaries and instead require that an investment entity measure the investment in each eligible subsidiary at fair value through profit or loss in accordance with IFRS 9 Financial Instruments or IAS 39 Financial Instruments Recognition and Measurement require additional disclosure about why the entity is considered an investment entity details of the entity s unconsolidated subsidiaries and the nature of relationship and certain transactions between the investment entity and its subsidiaries require an investment entity to account for its investment in a relevant subsidiary in the same way in its consolidated and separate financial statements or to only provide separate financial statements if all subsidiaries are unconsolidated Issued 31 October 2012 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 30 June 2015 Note 1 Second quarters ending 30 June 2015 Note 1 Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Recoverable Amount Disclosures for Non Financial Assets Amendments to IAS 36 Amends IAS 36 Impairment of Assets to reduce the circumstances in which the recoverable amount of assets or cash generating units is required to be disclosed clarify the disclosures required and to introduce an explicit requirement to disclose the discount rate used in determining impairment or reversals where recoverable amount based on fair value less costs of disposal is determined using a present value technique Issued 29 May 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 30 June 2015 Note 1 Second quarters ending 30 June 2015 Note 1 Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Novation of Derivatives and Continuation of Hedge Accounting Amendments to IAS 39 Amends IAS 39 Financial Instruments Recognition and Measurement to make it clear that there is no need to discontinue hedge accounting if a hedging derivative is novated provided certain criteria are met A novation indicates an event where the original parties to a derivative agree that one or more clearing counterparties replace their original counterparty to become the new counterparty to each of the parties In order to apply the amendments and continue hedge accounting novation to a central counterparty CCP must happen as a consequence of laws or regulations or the introduction of laws or regulations Issued 27 June 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2014 First quarters ending 30 June 2015 Note 1 Second quarters ending 30 June 2015 Note 1 Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Defined Benefit Plans Employee Contributions Amendments to IAS 19 Amends IAS 19 Employee Benefits to clarify the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service In addition it permits a practical expedient if the amount of the contributions is independent of the number of years of service in that contributions can but are not required to be recognised as a reduction in the service cost in the period in which the related service is rendered Issued 21 November 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2014 First quarters ending 30 June 2015 Mandatory Second quarters ending 30 June 2015 Mandatory Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Annual Improvements 2010 2012 Cycle Makes amendments to the following standards IFRS 2 Amends the definitions of vesting condition and market condition and adds definitions for performance condition and service condition IFRS 3 Require contingent consideration that is classified as an asset or a liability to be measured at fair value at each reporting date IFRS 8 Requires disclosure of the judgements made by management in applying the aggregation criteria to operating segments clarify reconciliations of segment assets only required if segment assets are reported regularly IFRS 13 Clarify that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure certain short term receivables and payables on an undiscounted basis amends basis for conclusions only IAS 16 and IAS 38 Clarify that the gross amount of property plant and equipment is adjusted in a manner consistent with a revaluation of the carrying amount IAS 24 Clarify how payments to entities providing management services are to be disclosed Issued 12 December 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2014 First quarters ending 30 June 2015 Mandatory Second quarters ending 30 June 2015 Mandatory Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Annual Improvements 2011 2013 Cycle Makes amendments to the following standards IFRS 1 Clarify which versions of IFRSs can be used on initial adoption amends basis for conclusions only IFRS 3 Clarify that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself IFRS 13 Clarify the scope of the portfolio exception in paragraph 52 IAS 40 Clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as investment property or owner occupied property Issued 12 December 2013 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2014 First quarters ending 30 June 2015 Mandatory Second quarters ending 30 June 2015 Mandatory Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Accounting for Acquisitions of Interests in Joint Operations Amendments to IFRS 11 Amends IFRS 11 Joint Arrangements to require an acquirer of an interest in a joint operation in which the activity constitutes a business as defined in IFRS 3 Business Combinations to apply all of the business combinations accounting principles in IFRS 3 and other IFRSs except for those principles that conflict with the guidance in IFRS 11 disclose the information required by IFRS 3 and other IFRSs for business combinations The amendments apply both to the initial acquisition of an interest in joint operation and the acquisition of an additional interest in a joint operation in the latter case previously held interests are not remeasured Note The amendments apply prospectively to acquisitions of interests in joint operations in which the activities of the joint operations constitute businesses as defined in IFRS 3 for those acquisitions occurring from the beginning of the first period in which the amendments apply Amounts recognised for acquisitions of interests in joint operations occurring in prior periods are not adjusted Issued 6 May 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 see note in previous column see note above Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to IAS 16 and IAS 38 Amends IAS 16 Property Plant and Equipment and IAS 38 Intangible Assets to clarify that a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate for property plant and equipment introduce a rebuttable presumption that an amortisation method that is based on the revenue generated by an activity that includes the use of an intangible asset is inappropriate which can only be overcome in limited circumstances where the intangible asset is expressed as a measure of revenue or when it can be demonstrated that revenue and the consumption of the economic benefits of the intangible asset are highly correlated add guidance that expected future reductions in the selling price of an item that was produced using an asset could indicate the expectation of technological or commercial obsolescence of the asset which in turn might reflect a reduction of the future economic benefits embodied in the asset Issued 12 May 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 Amends IAS 16 Property Plant and Equipment and IAS 41 Agriculture to include bearer plants within the scope of IAS 16 rather than IAS 41 allowing such assets to be accounted for a property plant and equipment and measured after initial recognition on a cost or revaluation basis in accordance with IAS 16 introduce a definition of bearer plants as a living plant that is used in the production or supply of agricultural produce is expected to bear produce for more than one period and has a remote likelihood of being sold as agricultural produce except for incidental scrap sales clarify that produce growing on bearer plants remains within the scope of IAS 41 Issued 30 June 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Equity Method in Separate Financial Statements Amendments to IAS 27 Amends IAS 27 Separate Financial Statements to permit investments in subsidiaries joint ventures and associates to be optionally accounted for using the equity method in separate financial statements Issued 18 August 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 January 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28 Amends IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures 2011 to clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture as follows require full recognition in the investor s financial statements of gains and losses arising on the sale or contribution of assets that constitute a business as defined in IFRS 3 Business Combinations require the partial recognition of gains and losses where the assets do not constitute a business i e a gain or loss is recognised only to the extent of the unrelated investors interests in that associate or joint venture These requirements apply regardless of the legal form of the transaction e g whether the sale or contribution of assets occurs by an investor transferring shares in an subsidiary that holds the assets resulting in loss of control of the subsidiary or by the direct sale of the assets themselves Issued 11 September 2014 Article Newsletter Effective date Applicable on a prospective basis to a sale or contribution of assets occurring in annual periods beginning on or after 1 January 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Annual Improvements 2012 2014 Cycle Makes amendments to the following standards IFRS 5 Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held for distribution accounting is discontinued IFRS 7 Additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset and clarification on offsetting disclosures in condensed interim financial statements IAS 9 Clarify that the high quality corporate bonds used in estimating the discount rate for post employment benefits should be denominated in the same currency as the benefits to be paid IAS 34 Clarify the meaning of elsewhere in the interim report and require a cross reference Issued 25 September 2014 Article Newsletter Effective date Applicable to annual periods beginning on or after 1 July 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Disclosure Initiative Amendments to IAS 1 Amends IAS 1 Presentation of Financial Statements to address perceived impediments to preparers exercising their judgement in presenting their financial reports by making the following changes clarification that information should not be obscured by aggregating or by providing immaterial information materiality considerations apply to the all parts of the financial statements and even when a standard requires a specific disclosure materiality considerations do apply clarification that the list of line items to be presented in these statements can be disaggregated and aggregated as relevant and additional guidance on subtotals in these statements and clarification that an entity s share of OCI of equity accounted associates and joint ventures should be presented in aggregate as single line items based on whether or not it will subsequently be reclassified to profit or loss additional examples of possible ways of ordering the notes to clarify that understandability and comparability should be considered when determining the order of the notes and to demonstrate that the notes need not be presented in the order so far listed in paragraph 114 of IAS 1 Issued 18 December 2014 Article Newsletter Effective date Effective for annual periods beginning on or after 1 January 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Investment Entities Applying the Consolidation Exception Amendments to IFRS 10 IFRS 12 and IAS 28 Amends IFRS 10 Consolidated Financial Statements IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures 2011 to address issues that have arisen in the context of applying the consolidation exception for investment entities by clarifying the following points The exemption from preparing consolidated financial statements for an intermediate parent entity is available to a parent entity that is a subsidiary of an investment entity even if the investment entity measures all of its subsidiaries at fair value A subsidiary that provides services related to the parent s investment activities should not be consolidated if the subsidiary itself is an investment entity When applying the equity method to an associate or a joint venture a non investment entity investor in an investment entity may retain the fair value measurement applied by the associate or joint venture to its interests in subsidiaries An investment entity measuring all of its subsidiaries at fair value provides the disclosures relating to investment entities required by IFRS 12 Issued 18 December 2014 Article Newsletter Effective date Effective for annual periods beginning on or after 1 January 2016 Not yet endorsed for use in the EU First quarters ending 30 June 2015 Optional Second quarters ending 30 June 2015 Optional Third quarters ending 30 June 2015 Optional Annual periods ending 30 June 2015 Optional Editorial Corrections various The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements Since the beginning of calendar 2013 such corrections have been made in March 2013 September 2013 November 2013 March 2014 September 2014 December 2014 and March 2015 Note For details of these editorial corrections see our IASB editorial corrections page Effective date As minor editorial corrections these changes are effectively immediately applicable under IFRS See comment in previous column New and revised Interpretations New or revised pronouncement When effective Application at 30 June 2015 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs IFRIC 21 Levies Provides guidance on when to recognise a liability for a levy imposed by a government both for levies that are accounted for in accordance with IAS 37 Provisions Contingent Liabilities and Contingent Assets and those where the timing and amount of the levy is certain The Interpretation identifies the obligating event for the recognition of a liability as the activity that triggers the payment of the levy in accordance with the relevant legislation It provides the following guidance on recognition of a liability to pay levies The liability is recognised progressively if the obligating event occurs over a period of time If an obligation is triggered on reaching a minimum threshold the liability is recognised when that minimum threshold is reached Issued 20 May 2013 Summary of IFRIC 21 Article Newsletter Effective date Applies to annual periods beginning on or after 1 January 2014 First quarters ending 30 June 2015 Note 1 Second quarters ending 30 June 2015 Note 1 Third quarters ending 30 June 2015 Mandatory Annual periods ending 30 June 2015 Mandatory Pronouncements where the European Union has adopted an mandatory application date later than the IASB Entities applying IFRSs as promulgated by the IASB have already applied the standards listed in the table below in previous reporting periods This table does not include pronouncements that have not yet been endorsed for use within the EU this includes IFRS 9 IFRS 14 and IFRS 15 Note that earlier application of the pronouncements below is permitted in the EU so EU companies can adopt in accordance with the IASB effective date New or revised pronouncement When effective in EU Application in EU at 30 June 2015 to 1st qtrs 2nd qtrs 3rd qtrs Full yrs IFRS 10 Consolidated Financial Statements Requires a parent to present consolidated financial statements as those of a single economic entity

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