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  • IAS 23 – US GAAP convergence project
    Financial instruments Financial statements and disclosure First time adoption Income taxes Leases Liabilities Revenue Share based payments Other Items not added to the agenda IFRIC Navigation Other Effective dates and transition Fair value measurement Government grants IAS 23 US GAAP convergence project IAS 29 First time adoption of IAS 29 IAS 34 Interaction with IAS 36 and IAS 39 IAS 8 Effective dates and transition methods IASB FASB convergence Insurance contracts Phase I Preface to International Financial Reporting Standards Service concession arrangements IFRS 13 Unit of account Info IAS 23 US GAAP convergence project Background This short term IASB FASB convergence project considered whether and how to converge IAS 23 Borrowing Costs and SFAS 34 Capitalization of Interest Cost IAS 23 and SFAS 34 prescribe different accounting treatments for borrowing costs IAS 23 permits two possible treatments either the capitalisation of borrowing costs to the extent that are directly attributable to the acquisition construction or production of a qualifying asset as defined or alternatively immediately expensing the borrowing costs FAS 34 requires the capitalisation of borrowing costs that are directly attributable to the acquisition construction or production of a qualifying asset as defined Immediate expensing is not an option Not only is the fundamental approach different between IFRS and US GAAP how the two sets of standards define a qualifying asset is quite different Current status of the project This project has been completed A revised IAS 23 Borrowing Costs was issued on 29 March 2007 Project milestones Date Development Comments 25 May 2006 Exposure Draft Proposed Amendments to IAS 23 Borrowing Costs published Comment deadline 29 September 2006 29 March 2007 IAS 23 Borrowing Costs issued Effective for annual periods beginning on or after 1 January 2009 Quick links IAS 23 Borrowing Costs IASB FASB convergence Related news Revised

    Original URL path: http://www.iasplus.com/en/projects/completed/other/ias-23-convergence (2016-02-10)
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  • IAS 23 — Items not added to the agenda
    the agenda IAS 26 Items not added to the agenda IAS 27 Items not added to the agenda IAS 28 Items not added to the agenda IAS 29 Items not added to the agenda IAS 31 Items not added to the agenda IAS 32 Items not added to the agenda IAS 33 Items not added to the agenda IAS 34 Items not added to the agenda IAS 36 Items not added to the agenda IAS 37 Items not added to the agenda IAS 38 Items not added to the agenda IAS 39 Items not added to the agenda IAS 40 Items not added to the agenda IAS 41 Items not added to the agenda IFRS 1 Items not added to the agenda IFRS 2 Items not added to the agenda IFRS 3 Items not added to the agenda IFRS 4 Items not added to the agenda IFRS 5 Items not added to the agenda IFRS 6 Items not added to the agenda IFRS 7 Items not added to the agenda IFRS 8 Items not added to the agenda IFRS 9 Items not added to the agenda IFRS 10 Items not added to the agenda IFRS 11 Items not added to the agenda IFRS 12 Items not added to the agenda IFRS 13 Items not added to the agenda IFRS 14 Items not added to the agenda IFRIC 21 Items not added to the agenda IFRS Interpretations Committee agenda discussions Info IAS 23 Items not added to the agenda Background This page presents a summary of items not added to the IFRS Interpretations Committee s agenda in relation to IAS 23 Borrowing Costs together with the Committee s public explanation of the reasons for not adding those items to its agenda Related Discussions IFRS 10 IFRS 11 Transition provisions in respect

    Original URL path: http://www.iasplus.com/en/projects/not-added/ias-23-not-added (2016-02-10)
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  • IAS 24 — Items not added to the agenda
    IAS 20 Items not added to the agenda IAS 21 Items not added to the agenda IAS 23 Items not added to the agenda IAS 24 Items not added to the agenda IAS 26 Items not added to the agenda IAS 27 Items not added to the agenda IAS 28 Items not added to the agenda IAS 29 Items not added to the agenda IAS 31 Items not added to the agenda IAS 32 Items not added to the agenda IAS 33 Items not added to the agenda IAS 34 Items not added to the agenda IAS 36 Items not added to the agenda IAS 37 Items not added to the agenda IAS 38 Items not added to the agenda IAS 39 Items not added to the agenda IAS 40 Items not added to the agenda IAS 41 Items not added to the agenda IFRS 1 Items not added to the agenda IFRS 2 Items not added to the agenda IFRS 3 Items not added to the agenda IFRS 4 Items not added to the agenda IFRS 5 Items not added to the agenda IFRS 6 Items not added to the agenda IFRS 7 Items not added to the agenda IFRS 8 Items not added to the agenda IFRS 9 Items not added to the agenda IFRS 10 Items not added to the agenda IFRS 11 Items not added to the agenda IFRS 12 Items not added to the agenda IFRS 13 Items not added to the agenda IFRS 14 Items not added to the agenda IFRIC 21 Items not added to the agenda IFRS Interpretations Committee agenda discussions Info IAS 24 Items not added to the agenda Background This page presents a summary of items not added to the IFRS Interpretations Committee s agenda in relation to IAS 24

    Original URL path: http://www.iasplus.com/en/projects/not-added/ias-24-not-added (2016-02-10)
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  • IAS 24 — State controlled entities and definition of 'related party'
    Definition of discontinued operations IFRS for small and medium sized entities IFRS for SMEs Comprehensive review 2012 2014 Management commentary Reporting comprehensive income performance reporting Segment reporting Convergence issues Info IAS 24 State controlled entities and definition of related party Background The main objectives of this project is to address The requirements in IAS 24 Related Party Disclosures for entities with significant state ownership when they transact with similar entities Whether when an associate of an entity is preparing its own financial statements the requirements of IAS 24 should include as related party transactions transactions between the associate and a subsidiary of the associate s significant investor State controlled entities Prior to a revision of IAS 24 in 2003 state controlled entities were exempted from the related party disclosures That exemption was removed in the 2003 revision which took effect in 2005 and continues in force today Therefore profit oriented state controlled entities that use IFRSs must disclose transactions with other state controlled entities In those jurisdictions such as China where state controlled entities are a major segment of the economy the volume of disclosures under the requirements of the current IAS 24 has become burdensome and unwieldy impairing understandability and usefulness of the financial statements Current status of the project This project has been completed The IASB issued a revised IAS 24 Related Party Disclosures on 4 November 2009 Project milestones Date Development Comments July 2006 Added to the IASB s agenda 22 February 2007 Exposure Draft State controlled Entities and the Definition of a Related Party published Comment deadline 25 May 2007 11 December 2008 Exposure Draft Relationships with the State Proposed amendments to IAS 24 published Comment deadline 13 March 2009 4 November 2009 IAS 24 Related Party Disclosures issued Effective for annual periods beginning on or

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/project66 (2016-02-10)
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  • IAS 26 — Items not added to the agenda
    IAS 20 Items not added to the agenda IAS 21 Items not added to the agenda IAS 23 Items not added to the agenda IAS 24 Items not added to the agenda IAS 26 Items not added to the agenda IAS 27 Items not added to the agenda IAS 28 Items not added to the agenda IAS 29 Items not added to the agenda IAS 31 Items not added to the agenda IAS 32 Items not added to the agenda IAS 33 Items not added to the agenda IAS 34 Items not added to the agenda IAS 36 Items not added to the agenda IAS 37 Items not added to the agenda IAS 38 Items not added to the agenda IAS 39 Items not added to the agenda IAS 40 Items not added to the agenda IAS 41 Items not added to the agenda IFRS 1 Items not added to the agenda IFRS 2 Items not added to the agenda IFRS 3 Items not added to the agenda IFRS 4 Items not added to the agenda IFRS 5 Items not added to the agenda IFRS 6 Items not added to the agenda IFRS 7 Items not added to the agenda IFRS 8 Items not added to the agenda IFRS 9 Items not added to the agenda IFRS 10 Items not added to the agenda IFRS 11 Items not added to the agenda IFRS 12 Items not added to the agenda IFRS 13 Items not added to the agenda IFRS 14 Items not added to the agenda IFRIC 21 Items not added to the agenda IFRS Interpretations Committee agenda discussions Info IAS 26 Items not added to the agenda Background This page presents a summary of items not added to the IFRS Interpretations Committee s agenda in relation to IAS 26

    Original URL path: http://www.iasplus.com/en/projects/not-added/ias-26-not-added (2016-02-10)
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  • IAS 27 – Control by a fiduciary
    projects Post implementation reviews Agenda consultations Completed projects Annual improvements Assets Conceptual framework Consolidation and business combinations Employee benefits Financial instruments Financial statements and disclosure First time adoption Income taxes Leases Liabilities Revenue Share based payments Other Items not added to the agenda IFRIC Navigation Consolidation and business combinations Business combinations Combinations by contract alone or involving mutual entities Business combinations Phase I Business combinations Phase II application of the purchase method Consolidation Comprehensive project Consolidation Investment entities IAS 27 Control by a fiduciary IAS 27 Non cash distributions IAS 28 Reflecting other net asset changes when applying the equity method of accounting IFRS 1 IAS 27 Cost of a subsidiary in separate financial statements IFRS 10 Transitional requirements IFRS 11 Acquisition of an interest in a joint operation Joint arrangements SIC 12 Scope exemption for equity compensation benefits IAS 27 Equity method in separate financial statements IFRS 10 IAS 28 Sales or contributions of assets between an investor and its associate joint venture IFRS 10 IAS 28 Investment entity amendments IAS 28 Elimination of gains arising from downstream transactions Info IAS 27 Control by a fiduciary Background There are no specific requirements in IFRS that address accounting for investments by venture capital organisations mutual funds unit trusts and similar entities that hold investments in a fiduciary capacity As a result depending on whether an entity has control joint control or significant influence over an investee one of the following Standards is applied IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates or IAS 31 Interests in Joint Ventures IFRIC is considering whether the resulting presentations are the most appropriate and related issues Current status of the project This project has been discontinued IFRIC removed this issue from its agenda at its May 2004 meeting as the

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/project138 (2016-02-10)
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  • IAS 27 — Equity method in separate financial statements
    the use of one of three methods to measure these investments the cost method the equity method or as available for sale financial assets in accordance with IAS 39 Financial Instruments Recognition and Measurement As part of its improvements process in preparation for the adoption of IFRS in Europe and other countries from 2005 the IASB amended and renamed these standards and consolidated the requirements for the measurement of investments in separate financial statements within IAS 27 Consolidated and Separate Financial Statements In doing so the IASB removed the option to use the equity method of accounting in measuring investments in subsidiaries joint ventures and associates in the separate financial statements of the investor Accordingly such investments can be measured either at cost IFRS 5 Non current Assets Held for Sale and Discontinued Operations where relevant or in accordance with IAS 39 or IFRS 9 Financial Instruments These requirements were carried over into IAS 27 Separate Financial Statements 2011 Constituent feedback in the Agenda consultation 2011 revealed that in some countries corporate law requires the use of the equity method in separate financial statements to measure investments in subsidiaries joint ventures and associates Accordingly in these countries two sets of financial statements are required to be prepared to meet the requirements of both IAS 27 and local laws In response to feedback the IASB agreed to add a project to its active agenda to consider reinstating the option to use the equity method to measure investments in subsidiaries joint ventures and associates and to also clarify some matters related to balances with subsidiaries and joint arrangements Current status of the project This project has been completed The IASB issued Equity Method in Separate Financial Statements Amendments to IAS 27 on 12 August 2014 The amendments reinstate the equity method as an accounting option for investments in subsidiaries joint ventures and associates in an entity s separate financial statements Project milestones Date Development Comments December 2012 Project added to the IASB s active agenda 2 December 2013 ED 2013 10 Equity Method in Separate Financial Statements Proposed amendments to IAS 27 published Comment deadline 3 February 2014 12 August 2014 Equity Method in Separate Financial Statements Amendments to IAS 27 issued The amendments are effective for annual periods beginning on or after 1 January 2016 Earlier application is permitted The amendments are to be applied retrospectively in accordance with IAS 8 Accounting Policies Changes in Accounting Estimates and Errors Related Discussions Equity method in separate financial statements 23 Apr 2014 The staff recommended several amendments to the exposure draft to address issues raised by respondents The Board rejected all staff recommendations with reference to the significance of the proposed amendments The Board was concerned that the amendments had unintended consequences that would not be discovered without re exposure The Board confirmed that all due process steps had been met and none of the IASB members indicated a dissent from the final amendments The final amendments are expected in Q3 of 2014

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/ias-27-equity-method-in-separate-financial-statements (2016-02-10)
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  • IAS 27 — Items not added to the agenda
    IFRS 8 Items not added to the agenda IFRS 9 Items not added to the agenda IFRS 10 Items not added to the agenda IFRS 11 Items not added to the agenda IFRS 12 Items not added to the agenda IFRS 13 Items not added to the agenda IFRS 14 Items not added to the agenda IFRIC 21 Items not added to the agenda IFRS Interpretations Committee agenda discussions Info IAS 27 Items not added to the agenda Background This page presents a summary of items not added to the IFRS Interpretations Committee s agenda in relation to IAS 27 Separate Financial Statements 2011 and IAS 27 Consolidated and Separate Financial Statements together with the Committee s public explanation of the reasons for not adding those items to its agenda Related Discussions IAS 27 IAS 28 Impairment of investments in associates in separate financial statements 23 Jan 2013 The IFRS Interpretations Committee considered the issue of whether in its separate financial statements an entity should apply the provisions of IAS 36 Impairment of Assets or IAS 39 Financial Instruments Recognition and Measurement to test its investments in subsidiaries joint ventures and associates carried at cost for impairment IAS 27 IFRS 10 Non cash acquisition of a non controlling interest NCI by a controlling shareholder in the consolidated financial statements 23 Jan 2013 The Interpretations Committee received a request for guidance on the accounting for the purchase of a non controlling interest NCI by the controlling shareholder when the consideration includes non cash items More specifically the submitter asked the Interpretations Committee to clarify whether the difference between the fair value of the consideration given and the carrying amount of such consideration should be recognised in equity or in profit or loss IAS 27 Group organisations in separate financial statements 07 Sep 2011 The Interpretations Committee received a request asking for clarification of whether paragraphs 38B and 38C of IAS 27 amended 2008 or paragraphs 13 and 14 of IAS 27 revised 2011 apply either directly or by analogy to reorganisations of groups that result in the new intermediate parent having more than one direct subsidiary IAS 27 Put options written over non controlling interests 01 Sep 2010 The Committee received a request for guidance on how an entity should account for changes in the carrying amount of a financial liability for a put option written over shares held by a non controlling interest shareholder NCI put in the consolidated financial statements of a parent entity IAS 27 Combined financial statements and redefining the reporting entity 07 Jan 2010 The IFRIC received a request for guidance on whether a reporting entity may in accordance with IFRSs present financial statements that include a selection of entities that are under common control rather than being restricted to a parent subsidiary relationship as defined by IAS 27 The IFRIC also received a request for guidance on whether a reporting entity may in accordance with IFRSs be redefined to exclude from comparative periods entities businesses

    Original URL path: http://www.iasplus.com/en/projects/not-added/ias-27-not-added (2016-02-10)
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