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  • IFRIC 7 — Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
    Distributions of Non cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine IFRIC 21 Levies Info IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies Quick Article Links References IAS 29 Financial Reporting in Hyperinflationary Economies History Date Development Comments 11 March 2004 IFRIC D5 Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time published Comment deadline 14 May 2004 24 November 2005 IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies issued Effective for annual periods beginning on or after 1 March 2006 IAS Plus Newsletter September 2005 Special Global Edition IFRIC 7 on Applying the Restatement Approach under IAS 29 PDF 51k Summary of IFRIC 7 IAS 29 requires that the financial statements of an entity that reports in the currency of a hyperinflationary economy should be stated in terms of the measuring unit current at the balance sheet date Comparative figures for prior period s should be restated into the same current measuring unit IFRIC 7 contains guidance on how an entity would restate its financial statements in the first year it identifies the existence of hyperinflation in the economy of its functional currency The restatement approach on which IAS 29 is based distinguishes between monetary and non monetary items However in practice there has been uncertainty about how an entity goes about restating its financial statements for the first time especially deferred tax balances and comparatives The main requirements of the Interpretation are In the period in which the economy of an entity s functional currency becomes hyperinflationary the entity shall apply the requirements of IAS 29 as though the economy

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric7 (2016-02-10)
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  • IFRIC 8 — Scope of IFRS 2
    Equipment IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies IFRIC 8 Scope of IFRS 2 IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 11 IFRS 2 Group and Treasury Share Transactions IFRIC 12 Service Concession Arrangements IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine IFRIC 21 Levies Info IFRIC 8 Scope of IFRS 2 Quick Article Links References IFRS 2 Share based Payment History Date Development Comments 19 May 2005 IFRIC D16 Scope of IFRS 2 published Comment deadline 18 July 2005 12 January 2006 IFRIC 8 Scope of IFRS 2 issued Effective for annual periods beginning on or after 1 May 2006 18 June 2009 Withdrawn by Group Cash settled Share based Payment Transactions Amendments to IFRS 2 Effective for annual periods beginning on or after 1 January 2010 Summary of IFRIC 8 IFRIC 8 Scope of IFRS 2 clarifies that IFRS 2 applies to arrangements where an entity makes share based payments for apparently nil or inadequate consideration IFRIC 8 explains that if the identifiable consideration given appears to be less than the fair value of the equity instruments granted or liability incurred this situation typically indicates that other consideration has been or will be received IFRS 2 therefore applies IFRIC 8 was effective for annual periods beginning on or after 1 May 2006 and superseded

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric8 (2016-02-10)
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  • IFRIC 9 — Reassessment of Embedded Derivatives
    an assessment to be made only when the entity first becomes a party to the hybrid contract or whether the assessment be reconsidered throughout the life of the contract whether a first time adopter of IFRSs should make its assessment on the basis of the conditions that existed when the entity first became a party to the contract or those prevailing when the entity adopts IFRSs for the first time IFRIC 9 concludes that an entity must assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract in which case reassessment is required A first time adopter must assess whether an embedded derivative is required to be separated on the basis of the conditions that existed at the date it first became a party to the contract unless there was a subsequent change in terms of the contract that significantly modified the cash flows IFRIC 9 is effective for annual periods beginning on or after 1 June 2006 Earlier application is encouraged Discussion at the December 2008 IASB Meeting The Board agreed to propose a fast track amendment to IFRIC 9 to make clear that on Reclassification an entity is required to assess whether an embedded derivative must be separately accounted for under IAS 39 The amendment will be effective for periods ending on or after 15 December 2008 December 2008 IASB exposure draft on embedded derivatives On 22 December 2008 the IASB proposed to amend IFRIC 9 and IAS 39 Financial Instruments Recognition and Measurement to clarify the accounting treatment for embedded derivatives The proposals are set out in an exposure draft Embedded Derivatives on which the IASB invites comments by 21 January 2009 The exposure draft can be downloaded from the IASB s Website The IASB is issuing this ED to prevent any diversity in practice developing as a result of the amendments made to IAS 39 in October 2008 to permit the reclassification of particular financial assets The proposals published today would require all embedded derivatives to be assessed including those embedded in reclassified instruments and if necessary separately accounted for in financial statements Click for Press Release PDF 44k Amendment to IFRIC 9 Proposed at IASB January 2009 Meeting Reassessment of Embedded Derivatives The Board agreed that an amendment to paragraph 5 of IFRIC 9 Reassessment of Embedded Derivatives was necessary to clarify that the scope of IFRIC 9 excludes contracts with embedded derivatives acquired in a combination between entities under common control or in the formation of a joint venture With the revised definition of a business in IFRS 3 2008 the formation of a joint venture was brought within the scope of IFRIC 9 something that the Board had not addressed specifically as it developed

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric9 (2016-02-10)
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  • IFRIC 10 — Interim Financial Reporting and Impairment
    of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 11 IFRS 2 Group and Treasury Share Transactions IFRIC 12 Service Concession Arrangements IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine IFRIC 21 Levies Info IFRIC 10 Interim Financial Reporting and Impairment Quick Article Links References IAS 34 Interim Financial Reporting IAS 36 Impairment of Assets IAS 39 Financial Instruments Recognition and Measurement IFRS 9 Financial Instruments History Date Development Comments 12 January 2006 IFRIC D18 Interim Financial Reporting and Impairment published Comment deadline 31 March 2006 20 July 2006 IFRIC 10 Interim Financial Reporting and Impairment issued Effective for annual periods beginning on or after 1 November 2006 IAS Plus Newsletter August 2006 Special Edition IFRIC 10 Interim Financial Reporting and Impairment PDF 49k Summary of IFRIC 10 The Interpretation addresses an apparent conflict between the requirements of IAS 34 and those in other standards on the recognition and reversal in financial statements of impairment losses on goodwill and certain financial assets IFRIC 10 concludes that An entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost An entity shall not extend this consensus by analogy to other areas of potential conflict between IAS 34 and other standards Note Consequential amendments have been made to IFRIC

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric10 (2016-02-10)
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  • IFRIC 11 — IFRS 2: Group and Treasury Share Transactions
    IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine IFRIC 21 Levies Info IFRIC 11 IFRS 2 Group and Treasury Share Transactions Quick Article Links References IAS 8 Accounting Policies Changes in Accounting Estimates and Errors IAS 32 Financial Instruments Presentation IFRS 2 Share based Payment History Date Development Comments 19 May 2005 IFRIC D17 IFRS 2 Group and Treasury Share Transactions published Comment deadline 18 July 2005 2 November 2006 IFRIC 11 IFRS 2 Group and Treasury Share Transactions issued Effective for annual periods beginning on or after 1 March 2007 18 June 2009 Superseded by Group Cash settled Share based Payment Transactions see IFRS 2 Share based Payment Effective for annual periods beginning on or after 1 January 2010 Summary of IFRIC 11 IFRIC 11 provides guidance on applying IFRS 2 in three circumstances Share based payment involving an entity s own equity instruments in which the entity chooses or is required to buy its own equity instruments treasury shares to settle the share based payment obligation is this an equity settled or cash settled transaction A parent grants rights to its equity instruments to employees of its subsidiary how to account in the individual entities financial statements A subsidiary grants rights to equity instruments of its parent to its employees how to account in the individual entities financial statements Share based payment involving an entity s own equity instruments in which the entity chooses or is required to buy its own equity instruments treasury shares to settle the share based payment obligation These should always be accounted for as equity settled share based payment transactions under IFRS 2 A parent grants rights to its equity instruments to employees of its subsidiary Assuming the transaction is accounted for as equity settled in the consolidated financial statements the subsidiary must measure the services received using the requirements for equity settled transactions in IFRS 2 and must recognise a corresponding increase in equity as a contribution from the parent A subsidiary grants rights to equity instruments of its parent to its employees The subsidiary accounts for the transaction as a cash settled share based payment transaction Therefore in the subsidiary s individual financial statements the accounting treatment of transactions in which a subsidiary s employees are granted rights to equity instruments of its parent would differ depending on whether the parent or the subsidiary granted those rights to the subsidiary s employees This is because the IFRIC concluded that in the former situation the subsidiary has not incurred a liability to transfer cash or other assets of the entity to its employees whereas it has incurred

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric11 (2016-02-10)
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  • IFRIC 12 — Service Concession Arrangements
    literature are to be applied to service concession arrangements Two types of service concession arrangements IFRIC 12 draws a distinction between two types of service concession arrangement In one the operator receives a financial asset specifically an unconditional contractual right to receive a specified or determinable amount of cash or another financial asset from the government in return for constructing or upgrading a public sector asset and then operating and maintaining the asset for a specified period of time This category includes guarantees by the government to pay for any shortfall between amounts received from users of the public service and specified or determinable amounts In the other the operator receives an intangible asset a right to charge for use of a public sector asset that it constructs or upgrades and then must operate and maintain for a specified period of time A right to charge users is not an unconditional right to receive cash because the amounts are contingent on the extent to which the public uses the service IFRIC 12 allows for the possibility that both types of arrangement may exist within a single contract to the extent that the government has given an unconditional guarantee of payment for the construction of the public sector asset the operator has a financial asset to the extent that the operator has to rely on the public using the service in order to obtain payment the operator has an intangible asset Accounting Financial asset model The operator recognises a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services The operator has an unconditional right to receive cash if the grantor contractually guarantees to pay the operator a specified or determinable amounts or b the shortfall if any between amounts received from users of the public service and specified or determinable amounts even if payment is contingent on the operator ensuring that the infrastructure meets specified quality or efficiency requirements The operator measures the financial asset at fair value Accounting Intangible asset model The operator recognises an intangible asset to the extent that it receives a right a licence to charge users of the public service A right to charge users of the public service is not an unconditional right to receive cash because the amounts are contingent on the extent that the public uses the service The operator measures the intangible asset at fair value Operating revenue The operator of a service concession arrangement recognises and measures revenue in accordance with IASs 11 and 18 for the services it performs Accounting by the government grantor IFRIC 12 does not address accounting for the government side of service concession arrangements IFRSs are not designed to apply to not for profit activities in the private sector or the public sector However the International Public Sector Accounting Standards Board IPSASB has started its own project on service concession arrangements which will give

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric12 (2016-02-10)
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  • IFRIC 13 — Customer Loyalty Programmes
    2 IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 11 IFRS 2 Group and Treasury Share Transactions IFRIC 12 Service Concession Arrangements IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine IFRIC 21 Levies Info IFRIC 13 Customer Loyalty Programmes Quick Article Links Note IFRIC 13 will be superseded by IFRS 15 Revenue from Contracts with Customers as of 1 January 2018 References IAS 18 Revenue IAS 37 Provisions Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets History Date Development Comments 7 September 2006 IFRIC D20 Customer Loyalty Programmes published Comment deadline 6 November 2006 28 June 2007 IFRIC 13 Customer Loyalty Programmes issued Effective for annual periods beginning on or after 1 January 2008 6 May 2010 Amended by Improvements to IFRSs fair value of award credits Effective for annual periods beginning on or after 1 January 2011 28 May 2014 Superseded by IFRS 15 Revenue from Contracts with Customers Effective for an entity s first annual IFRS financial statements for periods beginning on or after 1 January 2018 Summary of IFRIC 13 IFRIC 13 addresses accounting by entities that grant loyalty award credits such as points or travel miles to customers who buy other goods or services Specifically it explains how such entities should account for their obligations to provide free or discounted goods or services awards to customers who redeem award credits Key provisions An entity that grants loyalty award credits shall allocate some of the proceeds of the initial sale to the award credits as a liability its obligation to provide the awards In effect the award is accounted for as a separate component of the sale transaction The amount of proceeds allocated to the award credits is measured by reference to their fair value that is the amount for which the award credits could have been sold separately The entity shall recognise the deferred portion of the proceeds as revenue only when it has fulfilled its obligations It may fulfil its obligations either by supplying the awards itself or by engaging and paying a third party to do so If at any time the expected costs of meeting the obligation exceed the consideration received the entity has an onerous contract for which IAS 37 would require recognition of a liability If IFRIC 13 causes an entity to change its accounting policy for customer loyalty awards IAS 8 Accounting Policies Changes in Accounting Estimates and Errors applies Effective date IFRIC 13 is effective for annual periods beginning on or after 1 July 2008 Earlier application is permitted Quick links IFRIC

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric13 (2016-02-10)
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  • IFRIC 14 — IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
    This is because the contributions once paid become plan assets and the additional net liability would be nil However paragraph 64 of IAS 19 Employee Benefits 2011 limits the measurement of the defined benefit asset to the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan IFRIC 14 addresses the interaction between a minimum funding requirement and the limit placed by paragraph 64 of IAS 19 on the measurement of the defined benefit asset or liability When determining the limit on a defined benefit asset in accordance with IAS 19 64 under IFRIC 14 entities are required to measure any economic benefits available to them in the form of refunds or reductions in future contributions at the maximum amount that is consistent with the terms and conditions of the plan and any statutory requirements in the jurisdiction of the plan The entity s intentions on how to use a surplus for instance whether the entity intends to improve benefits rather than reduce contributions or get a refund must be disregarded Such economic benefits are regarded as available to an entity if the entity has an unconditional right to realise them at some point during the life of the plan or when the plan is settled even if they are not realisable immediately at the balance sheet date Such an unconditional right would not exist when the availability of the refund or the reduction in future contribution would be contingent upon factors beyond the entity s control for example approval by third parties such as plan trustees To the extent the right is contingent no asset would be recognised Economic benefits available as a refund If an entity has an unconditional right to a refund during the life of the plan without assuming that the plan liabilities must be settled in order to obtain the refund or assuming the gradual settlement of the plan liabilities over time until all members have left the plan or assuming the full settlement of the plan liabilities in a single event i e as a plan wind up it recognises an asset measured as the amount of the surplus at the balance sheet date that it has a right to receive as a refund This is the fair value of the plan assets less the present value of the defined benefit obligation less any associated costs such as taxes If the refund is determined as the full amount or a proportion of the surplus rather than a fixed amount the amount shall be calculated without further adjustment for the time value of money even if the refund is realisable only at a future date as both the defined benefit obligation and the fair value of plan assets are already measured on a present value basis Economic benefits available as a reduction in contributions In the absence of a minimum funding requirement IFRIC 14 requires entities to determine economic benefits available as a

    Original URL path: http://www.iasplus.com/en/standards/ifric/ifric14 (2016-02-10)
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