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  • March 2016 IASB meeting (education session)
    Search site Navigation IASB meetings 2011 2012 2013 2014 2015 2016 April 2016 IASB meeting April 2016 IASB meeting education session February 2016 IASB meeting January 2016 IASB meeting March 2016 IASB meeting March 2016 IASB meeting education session Info March 2016 IASB meeting education session When 11 Mar 2016 from 09 00 AM to 05 00 PM Timezone UTC Where London Add event to calendar vCal iCal The International Accounting Standards Board IASB will meet at its offices in London on 14 18 March 2016 Prior to the meeting there will be an education session on 11 March 2016 More information about this event Related Topics Date type IASB meetings Resources International Accounting Standards Board IASB 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 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 All Related Related Dates February 2016 IASB meeting 16 Feb 2016 17 Feb 2016 London Comment deadline on ED 2015 10 17 Feb 2016

    Original URL path: http://www.iasplus.com/en/events/iasb-meetings/2016/march-ed (2016-02-10)
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  • March 2016 IASB meeting
    Toggle navigation Search site Navigation IASB meetings 2011 2012 2013 2014 2015 2016 April 2016 IASB meeting April 2016 IASB meeting education session February 2016 IASB meeting January 2016 IASB meeting March 2016 IASB meeting March 2016 IASB meeting education session Info March 2016 IASB meeting When 14 Mar 2016 09 00 AM to 18 Mar 2016 05 00 PM Timezone UTC Where London Add event to calendar vCal iCal The International Accounting Standards Board IASB will meet at its offices in London on 14 18 March 2016 More information about this event Related Topics Date type IASB meetings Resources International Accounting Standards Board IASB 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 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 All Related Related Dates February 2016 IASB meeting 16 Feb 2016 17 Feb 2016 London Comment deadline on ED 2015 10 17 Feb 2016 Comment deadline on ED 2015 8 26 Feb 2016 March 2016 GPF

    Original URL path: http://www.iasplus.com/en/events/iasb-meetings/2016/march (2016-02-10)
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  • Comment deadline on ED/2015/9
    2 Comment deadline on ED 2015 8 Comment deadline on ED 2015 9 Comment deadline on ED 2015 10 Comment deadline on ED 2015 11 Comment deadline on Proposed IFRS Taxonomy 2016 1 Comment deadline on proposed amendments to the IFRS taxonomy due process Info Comment deadline on ED 2015 9 When 18 Mar 2016 from 01 00 AM to 10 00 PM Add event to calendar vCal iCal On 19 November 2015 the IASB published ED 2015 9 Transfers of Investment Property Proposed amendment to IAS 40 Comments are requested by 18 March 2016 Related Topics Date type Comment letter deadline Resources IASB exposure drafts International Accounting Standards Board IASB Projects IAS 40 Transfers of investment property Standards IAS 40 Investment Property 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 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 All Related Related Dates February 2016 IASB meeting 16 Feb 2016 17 Feb 2016 London Comment deadline on

    Original URL path: http://www.iasplus.com/en/events/deadlines/2016/comment-deadline-on-ed-2015-9 (2016-02-10)
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  • IASB finalises amendments to IAS 7 under its disclosure initiative
    financial statements about an entity s financing activities and liquidity In October 2015 the IASB decided to split the liquidity part of project off which would need additional and broader analysis and to proceed only with the liabilities reconciliation for the time being This part of the project has now been completed Changes The amendments in Disclosure Initiative Amendments to IAS 7 come with the objective that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities To achieve this objective the IASB requires that the following changes in liabilities arising from financing activities are disclosed to the extent necessary i changes from financing cash flows ii changes arising from obtaining or losing control of subsidiaries or other businesses iii the effect of changes in foreign exchange rates iv changes in fair values and v other changes The IASB defines liabilities arising from financing activities as liabilities for which cash flows were or future cash flows will be classified in the statement of cash flows as cash flows from financing activities It also stresses that the new disclosure requirements also relate to changes in financial assets if they meet the same definition The amendments state that one way to fulfil the new disclosure requirement is to provide a reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities This is a departure from the December 2014 exposure draft that had proposed that such a reconciliation should be required Finally the amendments state that changes in liabilities arising from financing activities must be disclosed separately from changes in other assets and liabilities Dissenting opinion One Board member voted against the publication of the amendments as this Board member believes that i the amendments may provide incomplete information about an entity s management of liquidity ii the amendments do not meet the needs of users of financial statements and iii the costs of preparing the disclosure will be considerable and may outweigh the benefits Effective date and transition requirements The amendments are effective for annual periods beginning on or after 1 January 2017 Earlier application is permitted Since the amendments are being issued less than one year before the effective date entities need not provide comparative information when they first apply the amendments Additional information Please click for IASB press release link to IASB website Access to the amendments on the IASB website IFRS in Focus newsletter Our IAS Plus project page on Disclosure initiative Net debt Related Topics Resources IASB finalised pronouncements International Accounting Standards Board IASB Projects Disclosure initiative Net debt Standards IAS 7 Statement of Cash Flows 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

    Original URL path: http://www.iasplus.com/en/news/2016/01/ias-7 (2016-02-10)
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  • IASB issues "Investor Perspectives" article on leases
    on leases 29 Jan 2016 The IASB has issued the latest issue of Investor Perspectives In this edition Sue Lloyd IASB board member discusses the key features in the new leases standard This issue features A discussion on why there was a change in the accounting for leases and what these changes mean to investors A comparison between the requirements in IFRS 16 previous IFRS guidance and future US GAAP requirements Illustrative examples For more in for ma tion see the press release and Investor Per spec tives article on the IASB s Web site Related Topics Resources International Accounting Standards Board IASB Projects Leases IFRS 16 Standards IFRS 16 Leases Other IASB Investor Perspectives 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 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 IFRS industry insights Telecommunications sector Implications of the new leasing standard 21 Jan 2016 All Related Related Discussions Leases 20 Oct 2015 Insurance contracts 20 May 2015 Leases 17 Mar 2015 Leases 19 Feb 2015 All Related Related Dates February

    Original URL path: http://www.iasplus.com/en/news/2016/01/investor-perspectives (2016-02-10)
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  • IFRS model financial statements 2015
    IFRS e learning Info IFRS model financial statements 2015 Published on 23 Sep 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 31 December 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 1 January 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 31 December 2015 An overview of new and revised IFRSs that are not yet mandatorily effective but allow early application for the year ended 31 December 2015 Section 2 Model financial statements of International GAAP Holdings Limited for the year ended 31 December 2015 Download Related Topics Publication series Models and checklists Standards Effective dates of IFRSs and amendments Effective dates of Interpretations Quick links Models and checklists Effective dates of IFRSs and amendments New and revised pronouncements Related news IASB defers the effective date of September 2014 amendments to IFRS 10 and IAS 28 17 Dec 2015 IASB publishes editorial corrections to reflect deferred September 2014 amendments to IAS 28 and IFRS 10 16 Dec 2015 New and revised pronouncements as at 31 December 2015 11 Dec 2015 A Guide through IFRS 2015 Green Book is now available 22 Sep 2015 New and revised pronouncements as at 30 September 2015 21 Sep 2015 New and revised pronouncements as at 30 June 2015 30 Jun 2015 All Related Related Publications IFRS in Focus IASB defers effective date of amendment Sale or Contribution

    Original URL path: http://www.iasplus.com/en/publications/global/models-checklists/2015/ifrs-mfs-2015 (2016-02-10)
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  • IAS 16 — Property, Plant and Equipment
    also applies to investment property accounted for using the cost model under IAS 40 Investment Property IAS 16 5 The standard does apply to bearer plants but it does not apply to the produce on bearer plants IAS 16 3 Note Bearer plants were brought into the scope of IAS 16 by Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 which applies to annual periods beginning on or after 1 January 2016 Recognition Items of property plant and equipment should be recognised as assets when it is probable that IAS 16 7 it is probable that the future economic benefits associated with the asset will flow to the entity and the cost of the asset can be measured reliably This recognition principle is applied to all property plant and equipment costs at the time they are incurred These costs include costs incurred initially to acquire or construct an item of property plant and equipment and costs incurred subsequently to add to replace part of or service it IAS 16 does not prescribe the unit of measure for recognition what constitutes an item of property plant and equipment IAS 16 9 Note however that if the cost model is used see below each part of an item of property plant and equipment with a cost that is significant in relation to the total cost of the item must be depreciated separately IAS 16 43 IAS 16 recognises that parts of some items of property plant and equipment may require replacement at regular intervals The carrying amount of an item of property plant and equipment will include the cost of replacing the part of such an item when that cost is incurred if the recognition criteria future benefits and measurement reliability are met The carrying amount of those parts that are replaced is derecognised in accordance with the derecognition provisions of IAS 16 67 72 IAS 16 13 Also continued operation of an item of property plant and equipment for example an aircraft may require regular major inspections for faults regardless of whether parts of the item are replaced When each major inspection is performed its cost is recognised in the carrying amount of the item of property plant and equipment as a replacement if the recognition criteria are satisfied If necessary the estimated cost of a future similar inspection may be used as an indication of what the cost of the existing inspection component was when the item was acquired or constructed IAS 16 14 Initial measurement An item of property plant and equipment should initially be recorded at cost IAS 16 15 Cost includes all costs necessary to bring the asset to working condition for its intended use This would include not only its original purchase price but also costs of site preparation delivery and handling installation related professional fees for architects and engineers and the estimated cost of dismantling and removing the asset and restoring the site see IAS 37 Provisions Contingent Liabilities and Contingent Assets IAS 16 16 17 If payment for an item of property plant and equipment is deferred interest at a market rate must be recognised or imputed IAS 16 23 If an asset is acquired in exchange for another asset whether similar or dissimilar in nature the cost will be measured at the fair value unless a the exchange transaction lacks commercial substance or b the fair value of neither the asset received nor the asset given up is reliably measurable If the acquired item is not measured at fair value its cost is measured at the carrying amount of the asset given up IAS 16 24 Measurement subsequent to initial recognition IAS 16 permits two accounting models Cost model The asset is carried at cost less accumulated depreciation and impairment IAS 16 30 Revaluation model The asset is carried at a revalued amount being its fair value at the date of revaluation less subsequent depreciation and impairment provided that fair value can be measured reliably IAS 16 31 The revaluation model Under the revaluation model revaluations should be carried out regularly so that the carrying amount of an asset does not differ materially from its fair value at the balance sheet date IAS 16 31 If an item is revalued the entire class of assets to which that asset belongs should be revalued IAS 16 36 Revalued assets are depreciated in the same way as under the cost model see below If a revaluation results in an increase in value it should be credited to other comprehensive income and accumulated in equity under the heading revaluation surplus unless it represents the reversal of a revaluation decrease of the same asset previously recognised as an expense in which case it should be recognised in profit or loss IAS 16 39 A decrease arising as a result of a revaluation should be recognised as an expense to the extent that it exceeds any amount previously credited to the revaluation surplus relating to the same asset IAS 16 40 When a revalued asset is disposed of any revaluation surplus may be transferred directly to retained earnings or it may be left in equity under the heading revaluation surplus The transfer to retained earnings should not be made through profit or loss IAS 16 41 Depreciation cost and revaluation models For all depreciable assets The depreciable amount cost less residual value should be allocated on a systematic basis over the asset s useful life IAS 16 50 The residual value and the useful life of an asset should be reviewed at least at each financial year end and if expectations differ from previous estimates any change is accounted for prospectively as a change in estimate under IAS 8 IAS 16 51 The depreciation method used should reflect the pattern in which the asset s economic benefits are consumed by the entity IAS 16 60 a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset

    Original URL path: http://www.iasplus.com/en/standards/ias/ias16 (2016-02-10)
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  • IAS 1 — Presentation of Financial Statements
    All financial statements are required to be presented with equal prominence IAS 1 10 When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements or when it reclassifies items in its financial statements it must also present a statement of financial position balance sheet as at the beginning of the earliest comparative period Reports that are presented outside of the financial statements including financial reviews by management environmental reports and value added statements are outside the scope of IFRSs IAS 1 14 Fair presentation and compliance with IFRSs The financial statements must present fairly the financial position financial performance and cash flows of an entity Fair presentation requires the faithful representation of the effects of transactions other events and conditions in accordance with the definitions and recognition criteria for assets liabilities income and expenses set out in the Framework The application of IFRSs with additional disclosure when necessary is presumed to result in financial statements that achieve a fair presentation IAS 1 15 IAS 1 requires an entity whose financial statements comply with IFRSs to make an explicit and unreserved statement of such compliance in the notes Financial statements cannot be described as complying with IFRSs unless they comply with all the requirements of IFRSs which includes International Financial Reporting Standards International Accounting Standards IFRIC Interpretations and SIC Interpretations IAS 1 16 Inappropriate accounting policies are not rectified either by disclosure of the accounting policies used or by notes or explanatory material IAS 1 18 IAS 1 acknowledges that in extremely rare circumstances management may conclude that compliance with an IFRS requirement would be so misleading that it would conflict with the objective of financial statements set out in the Framework In such a case the entity is required to depart from the IFRS requirement with detailed disclosure of the nature reasons and impact of the departure IAS 1 19 21 Going concern The Conceptual Framework notes that financial statements are normally prepared assuming the entity is a going concern and will continue in operation for the foreseeable future Conceptual Framework paragraph 4 1 IAS 1 requires management to make an assessment of an entity s ability to continue as a going concern If management has significant concerns about the entity s ability to continue as a going concern the uncertainties must be disclosed If management concludes that the entity is not a going concern the financial statements should not be prepared on a going concern basis in which case IAS 1 requires a series of disclosures IAS 1 25 Accrual basis of accounting IAS 1 requires that an entity prepare its financial statements except for cash flow information using the accrual basis of accounting IAS 1 27 Consistency of presentation The presentation and classification of items in the financial statements shall be retained from one period to the next unless a change is justified either by a change in circumstances or a requirement of a new IFRS IAS 1 45 Materiality and aggregation Each material class of similar items must be presented separately in the financial statements Dissimilar items may be aggregated only if the are individually immaterial IAS 1 29 However 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 IAS 1 30A 31 Added by Disclosure Initiative Amendments to IAS 1 effective 1 January 2016 Offsetting Assets and liabilities and income and expenses may not be offset unless required or permitted by an IFRS IAS 1 32 Comparative information IAS 1 requires that comparative information to be disclosed in respect of the previous period for all amounts reported in the financial statements both on the face of the financial statements and in the notes unless another Standard requires otherwise Comparative information is provided for narrative and descriptive where it is relevant to understanding the financial statements of the current period IAS 1 38 An entity is required to present at least two of each of the following primary financial statements IAS 1 38A statement of financial position statement of profit or loss and other comprehensive income separate statements of profit or loss where presented statement of cash flows statement of changes in equity related notes for each of the above items A third statement of financial position is required to be presented if the entity retrospectively applies an accounting policy restates items or reclassifies items and those adjustments had a material effect on the information in the statement of financial position at the beginning of the comparative period IAS 1 40A Where comparative amounts are changed or reclassified various disclosures are required IAS 1 41 Structure and content of financial statements in general IAS 1 requires an entity to clearly identify IAS 1 49 51 the financial statements which must be distinguished from other information in a published document each financial statement and the notes to the financial statements In addition the following information must be displayed prominently and repeated as necessary IAS 1 51 the name of the reporting entity and any change in the name whether the financial statements are a group of entities or an individual entity information about the reporting period the presentation currency as defined by IAS 21 The Effects of Changes in Foreign Exchange Rates the level of rounding used e g thousands millions Reporting period There is a presumption that financial statements will be prepared at least annually If the annual reporting period changes and financial statements are prepared for a different period the entity must disclose the reason for the change and state that amounts are not entirely comparable IAS 1 36 Statement of financial position balance sheet Current and non current classification An entity must normally present a classified statement of financial position separating current and non current assets and liabilities unless presentation based on liquidity provides information that is reliable IAS 1 60 In either case if an asset liability category combines amounts that will be received settled after 12 months with assets liabilities that will be received settled within 12 months note disclosure is required that separates the longer term amounts from the 12 month amounts IAS 1 61 Current assetsare assets that are IAS 1 66 expected to be realised in the entity s normal operating cycle held primarily for the purpose of trading expected to be realised within 12 months after the reporting period cash and cash equivalents unless restricted All other assets are non current IAS 1 66 Current liabilitiesare those IAS 1 69 expected to be settled within the entity s normal operating cycle held for purpose of trading due to be settled within 12 months for which the entity does not have an unconditional right to defer settlement beyond 12 months settlement by the issue of equity instruments does not impact classification Other liabilities are non current When a long term debt is expected to be refinanced under an existing loan facility and the entity has the discretion to do so the debt is classified as non current even if the liability would otherwise be due within 12 months IAS 1 73 If a liability has become payable on demand because an entity has breached an undertaking under a long term loan agreement on or before the reporting date the liability is current even if the lender has agreed after the reporting date and before the authorisation of the financial statements for issue not to demand payment as a consequence of the breach IAS 1 74 However the liability is classified as non current if the lender agreed by the reporting date to provide a period of grace ending at least 12 months after the end of the reporting period within which the entity can rectify the breach and during which the lender cannot demand immediate repayment IAS 1 75 Line items The line items to be included on the face of the statement of financial position are IAS 1 54 a property plant and equipment b investment property c intangible assets d financial assets excluding amounts shown under e h and i e investments accounted for using the equity method f biological assets g inventories h trade and other receivables i cash and cash equivalents j assets held for sale k trade and other payables l provisions m financial liabilities excluding amounts shown under k and l n current tax liabilities and current tax assets as defined in IAS 12 o deferred tax liabilities and deferred tax assets as defined in IAS 12 p liabilities included in disposal groups q non controlling interests presented within equity r issued capital and reserves attributable to owners of the parent Additional line items headings and subtotals may be needed to fairly present the entity s financial position IAS 1 55 When an entity presents subtotals those subtotals shall be comprised of line items made up of amounts recognised and measured in accordance with IFRS be presented and labelled in a clear and understandable manner be consistent from period to period and not be displayed with more prominence than the required subtotals and totals IAS 1 55A Added by Disclosure Initiative Amendments to IAS 1 effective 1 January 2016 Further sub classifications of line items presented are made in the statement or in the notes for example IAS 1 77 78 classes of property plant and equipment disaggregation of receivables disaggregation of inventories in accordance with IAS 2 Inventories disaggregation of provisions into employee benefits and other items classes of equity and reserves Format of statement IAS 1 does not prescribe the format of the statement of financial position Assets can be presented current then non current or vice versa and liabilities and equity can be presented current then non current then equity or vice versa A net asset presentation assets minus liabilities is allowed The long term financing approach used in UK and elsewhere fixed assets current assets short term payables long term debt plus equity is also acceptable Share capital and reserves Regarding issued share capital and reserves the following disclosures are required IAS 1 79 numbers of shares authorised issued and fully paid and issued but not fully paid par value or that shares do not have a par value a reconciliation of the number of shares outstanding at the beginning and the end of the period description of rights preferences and restrictions treasury shares including shares held by subsidiaries and associates shares reserved for issuance under options and contracts a description of the nature and purpose of each reserve within equity Additional disclosures are required in respect of entities without share capital and where an entity has reclassified puttable financial instruments IAS 1 80 80A Statement of profit or loss and other comprehensive income Concepts of profit or loss and comprehensive income Profit or loss is defined as the total of income less expenses excluding the components of other comprehensive income Other comprehensive income is defined as comprising items of income and expense including reclassification adjustments that are not recognised in profit or loss as required or permitted by other IFRSs Total comprehensive income is defined as the change in equity during a period resulting from transactions and other events other than those changes resulting from transactions with owners in their capacity as owners IAS 1 7 Comprehensive income for the period Profit or loss Other comprehensive income All items of income and expense recognised in a period must be included in profit or loss unless a Standard or an Interpretation requires otherwise IAS 1 88 Some IFRSs require or permit that some components to be excluded from profit or loss and instead to be included in other comprehensive income Examples of items recognised outside of profit or loss Changes in revaluation surplus where the revaluation method is used under IAS 16 Property Plant and Equipment and IAS 38 Intangible Assets Remeasurements of a net defined benefit liability or asset recognised in accordance with IAS 19 Employee Benefits 2011 Exchange differences from translating functional currencies into presentation currency in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates Gains and losses on remeasuring available for sale financial assets in accordance with IAS 39 Financial Instruments Recognition and Measurement The effective portion of gains and losses on hedging instruments in a cash flow hedge under IAS 39 or IFRS 9 Financial Instruments Gains and losses on remeasuring an investment in equity instruments where the entity has elected to present them in other comprehensive income in accordance with IFRS 9 The effects of changes in the credit risk of a financial liability designated as at fair value through profit and loss under IFRS 9 In addition IAS 8 Accounting Policies Changes in Accounting Estimates and Errors requires the correction of errors and the effect of changes in accounting policies to be recognised outside profit or loss for the current period IAS 1 89 Choice in presentation and basic requirements An entity has a choice of presenting a single statement of profit or loss and other comprehensive income with profit or loss and other comprehensive income presented in two sections or two statements a separate statement of profit or loss a statement of comprehensive income immediately following the statement of profit or loss and beginning with profit or loss IAS 1 10A The statement s must present IAS 1 81A profit or loss total other comprehensive income comprehensive income for the period an allocation of profit or loss and comprehensive income for the period between non controlling interests and owners of the parent Profit or loss section or statement The following minimum line items must be presented in the profit or loss section or separate statement of profit or loss if presented IAS 1 82 82A revenue gains and losses from the derecognition of financial assets measured at amortised cost finance costs share of the profit or loss of associates and joint ventures accounted for using the equity method certain gains or losses associated with the reclassification of financial assets tax expense a single amount for the total of discontinued items Expenses recognised in profit or loss should be analysed either by nature raw materials staffing costs depreciation etc or by function cost of sales selling administrative etc IAS 1 99 If an entity categorises by function then additional information on the nature of expenses at a minimum depreciation amortisation and employee benefits expense must be disclosed IAS 1 104 Other comprehensive income section The other comprehensive income section is required to present line items which are classified by their nature and grouped between those items that will or will not be reclassified to profit and loss in subsequent periods IAS 1 82A An entity s share of OCI of equity accounted associates and joint ventures is presented in aggregate as single line items based on whether or not it will subsequently be reclassified to profit or loss IAS 1 82A Clarified by Disclosure Initiative Amendments to IAS 1 effective 1 January 2016 When an entity presents subtotals those subtotals shall be comprised of line items made up of amounts recognised and measured in accordance with IFRS be presented and labelled in a clear and understandable manner be consistent from period to period not be displayed with more prominence than the required subtotals and totals and reconciled with the subtotals or totals required in IFRS IAS 1 85A 85B Added by Disclosure Initiative Amendments to IAS 1 effective 1 January 2016 Other requirements Additional line items may be needed to fairly present the entity s results of operations IAS 1 85 Items cannot be presented as extraordinary items in the financial statements or in the notes IAS 1 87 Certain items must be disclosed separately either in the statement of comprehensive income or in the notes if material including IAS 1 98 write downs of inventories to net realisable value or of property plant and equipment to recoverable amount as well as reversals of such write downs restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring disposals of items of property plant and equipment disposals of investments discontinuing operations litigation settlements other reversals of provisions Statement of cash flows Rather than setting out separate requirements for presentation of the statement of cash flows IAS 1 111 refers to IAS 7 Statement of Cash Flows Statement of changes in equity IAS 1 requires an entity to present a separate statement of changes in equity The statement must show IAS 1 106 total comprehensive income for the period showing separately amounts attributable to owners of the parent and to non controlling interests the effects of any retrospective application of accounting policies or restatements made in accordance with IAS 8 separately for each component of other comprehensive income reconciliations between the carrying amounts at the beginning and the end of the period for each component of equity separately disclosing profit or loss other comprehensive income transactions with owners showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control An analysis of other comprehensive income by item is required to be presented either in the statement or in the notes IAS 1 106A The following amounts may also be presented on the face of the statement of changes in equity or they may be presented in the notes IAS 1 107 amount of dividends recognised as distributions the related amount per share Notes to the financial statements The notes must IAS 1 112 present information about the basis of preparation of the financial statements and the specific accounting policies used disclose any information required by IFRSs that is not presented elsewhere in the financial statements and provide additional information that is not presented elsewhere in the financial statements but is relevant to an understanding of any

    Original URL path: http://www.iasplus.com/en/standards/ias/ias1 (2016-02-10)
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