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  • IFRS 1 — Exemption from comparative IFRS 7 disclosures
    comparative IFRS 7 disclosures IFRS 1 Government loans IFRS 1 Replacement of fixed dates IFRS 1 Severe hyperinflation Info IFRS 1 Exemption from comparative IFRS 7 disclosures Background At the November 2009 IASB meeting the Board considered a proposed amendment to IFRS 1 First time Adoption of International Financial Reporting Standards to permit entities adopting IFRSs for the first time before 1 January 2010 to apply the transition provisions in paragraph 44G of IFRS 7 Financial Instruments Disclosures in their first IFRS financial statements The intention of the amendment is to give first time adopters the same transitional provisions that Improving Disclosures about Financial Instruments Amendments to IFRS 7 which was issued on 5 March 2009 provides to current IFRS preparers Current status of the project This project has been completed The IASB issued Limited Exemption from Comparative IFRS 7 Disclosures for First time Adopters Amendment to IFRS 1 on 28 January 2010 Project milestones Date Development Comments 26 November 2009 Exposure Draft ED 2009 13 Limited Exemption from Comparative IFRS 7 Disclosures for First time Adopters published Comment deadline 29 December 2009 28 January 2010 Limited Exemption from Comparative IFRS 7 Disclosures for First time Adopters Amendment to IFRS 1 issued Effective for annual periods beginning on or after 1 July 2010 Related Discussions Amendments to IFRS 7 05 Oct 2010 The Board reconsidered the transition requirements of forthcoming amendments to IFRS 7 related to derecognition of financial assets and based on limited time for implementation decided to provide the same relief in respect of comparative disclosures to all entities not only current IFRS users but also first time adopters All Related Quick links IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 7 Improved disclosures about financial instruments Related news IASB amends IFRS 1 to add

    Original URL path: http://www.iasplus.com/en/projects/completed/fta/project62 (2016-02-10)
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  • IFRS 1 — Government loans
    hyperinflation Info IFRS 1 Government loans Background This project seeks to amend the requirements for first time adoption to mirror the requirements for existing IFRS preparers in relation to the application of amendments made to IAS 20 Accounting for Government Grants and Disclosure of Government Assistance in relation to accounting for government loans The amendments to IAS 20 were made in 2008 as part of the annual improvements process requiring an entity to measure government loans with a below market rate of interest at fair value on initial recognition The proposed amendment to IFRS 1 First time Adoption of International Financial Reporting Standards would require that first time adopters apply this requirement in IAS 20 prospectively to loans entered into on or after the date of transition to IFRSs However if an entity obtained the information necessary to apply the requirements to a government loan as a result of a past transaction at the time of initially accounting for that loan then it may choose to apply IAS 20 retrospectively to that loan Current status of the project This project has been completed The IASB issued Government Loans Amendments to IFRS 1 on 13 March 2012 Project milestones Date Development Comments September 2011 Added to the IASB s agenda 20 October 2011 Exposure Draft ED 2011 5 Government Loans Proposed amendments to IFRS 1 published Comment deadline 5 January 2012 13 March 2012 Government Loans Amendments to IFRS 1 issued Effective for annual periods beginning on or after 1 January 2013 Earlier application is permitted Related Discussions IFRS 1 Government loans Comment letter analysis 27 Jan 2012 The staff presented an analysis of the comment letters received on the Board s exposure draft Government Loans Proposed amendment to IFRS 1 published in October 2011 The exposure draft includes a proposed amendment to amend IFRS 1 to provide the same relief to first time adopters as the same prospective application provisions in certain IFRSs granted to existing preparers of IFRS financial statements IFRS 1 Amendment for government loans 22 Sep 2011 The Board discussed IFRS Interpretations Committee recommendations that first time adopters of IFRSs should be permitted to apply paragraph 10A of IAS 20 dealing with government loans prospectively IFRS 1 Prospective application provisions for first time adopters new 08 Sep 2011 The IFRS Interpretations Committee considered whether prospective application of some recent annual improvements afforded to existing IFRS preparers should be extended to first time adopters focusing on recent amendments to IAS 20 regarding government loans All Related Quick links IFRS 1 First time Adoption of International Financial Reporting Standards IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Annual improvements 2006 2008 cycle Related news IASB issues amendment to IFRS 1 regarding government loans 13 Mar 2012 Deadline reminder IASB exposure drafts on investment entities and government loans 04 Jan 2012 Deloitte comment letters on the IIRC s integrated reporting discussion paper and IASB s amendments to IFRS 1 exposure draft 14 Dec 2011 EFRAG draft comment

    Original URL path: http://www.iasplus.com/en/projects/completed/fta/government-loans (2016-02-10)
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  • IFRS 1 — Items not added to the agenda
    IAS 16 Items not added to the agenda IAS 17 Items not added to the agenda IAS 18 Items not added to the agenda IAS 19 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 IFRS 1 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 IFRS 1 First time Adoption of International Financial Reporting Standards together with the Committee s public explanation of the reasons for not adding those items to its agenda Related Discussions IFRS 1 Repeat application of IFRS 1 01 Sep 2010 The Committee received a request identifying an entity that had previously reported in accordance with IFRSs to meet foreign listing requirements and had applied IFRS 1 First time Adoption of International Financial Reporting Standards The request asks the Committee to clarify how the entity should transition back to reporting in accordance with IFRSs and specifically whether it can apply IFRS 1 for a second time IFRS 1 Accounting for costs included in self constructed assets on transition 06 May 2010 The Committee received two requests concerning the application of IFRSs for an entity that capitalises certain costs including actuarial gains and losses as part of self constructed assets in accordance with its previous GAAP accounting policies On transition to IFRSs the entity changes its accounting policy for actuarial gains and

    Original URL path: http://www.iasplus.com/en/projects/not-added/ifrs-1-not-added (2016-02-10)
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  • IFRS 1 — Replacement of 'fixed dates'
    IFRS 1 First time Adoption of International Financial Reporting Standards requires a first time adopter to restate past derecognition transactions that occurred after 1 January 2004 This requirement was included in IFRS 1 as a result of the revision to IAS 39 Financial Instruments Recognition and Measurement in 2003 to place entities then adopting IFRSs for the first time in the same position as existing IFRS users at that time As time passes the fixed transition date of 1 January 2004 becomes more remote and increasingly less relevant to the financial reports of additional jurisdictions that will adopt IFRSs Accordingly this project was initiated to consider an amendment to IFRS 1 by replacing references to a fixed transition date of 1 January 2004 with the date of transition to IFRSs As a result entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs In addition first time adopters would also not have to recalculate day 1 differences on initial recognition of financial instruments where the transaction occurred before the date of transition to IFRSs Current status of the project This project has been completed The IASB issued Severe Hyperinflation and Removal of Fixed Dates for First time Adopters on 20 December 2010 Project milestones Date Development Comments July 2010 Added to the IASB s agenda Recommendation made by the IFRS Interpretations Committee 26 August 2010 Exposure Draft ED 2010 10 Removal of Fixed Dates for First time Adopters published Comment deadline 27 October 2010 20 December 2010 Severe Hyperinflation and Removal of Fixed Dates for First time Adopters issued Effective for annual periods beginning on or after 1 July 2011 Related Discussions IFRS 1 Removal of fixed dates 16 Nov 2010 The Board discussed the staff s analysis of the comment letters received on the exposure draft Removal of Fixed Dates for First time Adopters published in August 2010 Amendments to IFRS 1 Fixed dates 21 Jul 2010 The IASB discussed the recommendation made by the IFRS Interpretations Committee on replacing the fixed date of 1 January 2004 in IFRS 1 relating to the derecognition exception and the fair value measurement of financial assets or liabilities at initial recognition with a more relevant date IFRS 1 Fixed date in derecognition exception 08 Jul 2010 The IFRS Interpretations Committee agreed with the staff recommendation to replace the fixed date with the phrase date of transition to IFRSs as a separate project to amend IFRS 1 IFRS 1 Fixed date in the derecognition exemption 06 May 2010 The IFRS Interpretations Committee continued its discussion of an exception that IFRS 1 provides from full retrospective application of the requirements for derecognition of financial assets and financial liabilities in IAS 39 for transactions before 1 January 2004 IFRS 1 Hard wire dates 05 Mar 2010 The IFRIC discussed an exception that IFRS 1 provides from full retrospective application of the requirements for derecognition of financial assets and financial liabilities in IAS

    Original URL path: http://www.iasplus.com/en/projects/completed/fta/ifrs-1-fixed-dates (2016-02-10)
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  • IFRS 1 — Severe hyperinflation
    Removal of Fixed Dates for First time Adopters on 20 December 2010 Project milestones Date Development Comments September 2010 Added to the active agenda 30 September 2010 Exposure Draft ED 2010 12 Severe Hyperinflation Proposed amendment to IFRS 1 published Comment deadline 30 November 2010 20 December 2010 Severe Hyperinflation and Removal of Fixed Dates for First time Adopters issued Effective for annual periods beginning on or after 1 July 2011 Related Discussions IFRS 1 Severe hyperinflation 13 Dec 2010 The IASB considered an analysis of comment letters received on the exposure draft Severe Hyperinflation Matters discussed included the scope of the amendment whether it would be appropriate for an entity to have a short comparative period when the functional currency normalisation date falls within the comparative period and other comments Presenting IFRS financial statements after a period of severe hyperinflation 14 Sep 2010 The Board re discussed the issue related to the recommendation of the IFRS Interpretation Committee to amend IAS 29 Financial Reporting in Hyperinflationary Economies to clarify how an entity should resume presenting financial statements in accordance with IFRSs after a period of severe hyperinflation agreeing to issue an Exposure Draft proposing a limited amendment to IFRS 1 IAS 29 Reporting in accordance with IFRS after a period of chronic hyperinflation 22 Jul 2010 The IASB discussed the IFRS Interpretations Committee s request to consider clarifying how an entity should resume presenting financial statements in accordance with IFRSs after a period of severe hyperinflation during which it had been unable to comply with IAS 29 Financial Reporting in Hyperinflationary Economies IAS 29 Reporting in accordance with IFRS after a period of chronic hyperinflation 08 Jul 2010 The IFRS Interpretations Committee discussed issues related to 1 the preparation of the separate financial statements of an entity with a

    Original URL path: http://www.iasplus.com/en/projects/completed/fta/ifrs-1-hyperinflation (2016-02-10)
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  • IFRS 1/IAS 27 – Cost of a subsidiary in separate financial statements
    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 IFRS 1 IAS 27 Cost of a subsidiary in separate financial statements Background In March 2006 the IASB considered a proposal to prepare an amendment to IFRS 1 First time Adoption of IFRSs to address problems in the separate financial statements of the parent Initial cost In some cases it is difficult to determine the initial cost of an investment in a subsidiary in the separate financial statements of a parent in accordance with IAS 27 Consolidated and Separate Financial Statements when an entity adopts IFRS for the first time This difficulty has been highlighted by the use of merger relief accounting in the United Kingdom and other countries Under merger relief accounting any shares provided as consideration for the purchase of an investment in a subsidiary are recorded for the purposes of cost at their nominal value This nominal value is not cost in accordance with IAS 27 which requires that the cost be stated initially at the amount of consideration paid Post acquisition dividends IAS 27 requires that the initial cost is adjusted for any dividends paid out of pre acquisition reserves and impairments When the cost of investment is restated under IAS 27 on transition to IFRS the pre acquisition retained earnings would also need to be restated accordingly in order to determine which distributions are a recovery of the initial investment This would require a reconstruction of pre acquisition reserves under IFRS Constituents argue that the related compliance burden has led to many entities choosing to prepare the separate financial statements of parent entities in local GAAP rather than in accordance with IFRS These issues had been raised to the IFRIC The IFRIC referred them to the IASB on the grounds that this is not a matter of interpretation the standards are clear and do not provide any basis for granting the relief sought Current status of the project This project has been completed The IASB issued Cost of an Investment in a Subsidiary Jointly Controlled Entity or Associate Amendments to IFRS 1 and IAS 27 on 22 May 2008 Project milestones Date Development Comments March 2006 Added to the IASB s agenda 25 January 2007 Exposure Draft Cost of an Investment in a Subsidiary Proposed Amendments to IFRS 1 published Comment deadline 27 April 2007 13 December 2007 Revised Exposure Draft Cost of an Investment in a Subsidiary Jointly Controlled Entity or Associate Proposed Amendments to IFRS 1 and IAS 27 published Comment deadline 26 February 2008 22 May 2008 Cost of an Investment in a Subsidiary Jointly Controlled Entity or Associate Amendments to IFRS 1 and IAS 27 issued Effective for annual periods

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/project74 (2016-02-10)
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  • IFRS 2 — Changes in contributions to employee stock purchase plans (ESPPs)
    statements and disclosure First time adoption Income taxes Leases Liabilities Revenue Share based payments Other Items not added to the agenda IFRIC Navigation Share based payments IFRS 2 Changes in contributions to employee stock purchase plans ESPPs IFRS 2 Group cash settled share based payment arrangements IFRS 2 Scope of IFRS 2 IFRS 2 Vesting conditions and cancellations IFRS 2 Entity termination of an employee s employment IFRS 2 Treasury share transactions and group transactions IFRS 2 Vesting and non vesting conditions Share based payments Info IFRS 2 Changes in contributions to employee stock purchase plans ESPPs Background The IFRIC considered the accounting for employee contributions to employee share purchase plans ESPPs such as the save as you earn plans in the United Kingdom and for changes in those contributions Where an employee ceases to participate in a savings plan and therefore loses the right to exercise options there are two viable alternative treatments The first is to treat this as a cancellation and to recognise the remaining expense to be recognised immediately or the second to continue to recognise the expense over the previously determined vesting period Current status of the project IFRIC removed this topic from its agenda at its December 2005 meeting The IASB subsequently considered these issues in its project on vesting conditions and cancellations Project milestones Date Development Comments 16 December 2004 IFRIC Draft Interpretation D11 Changes in Contributions to Employee Share Purchase Plans ESPPs issued Comment deadline is 1 March 2005 Related Discussions IFRS Interpretations Committee issues 19 Feb 2014 The Director of Implementation Activities provided an update of the Interpretations Committee s work in progress In addition a number of suggested amendments were put before the Board for approval All Related Quick links IFRS 2 Share based Payment IFRS 2 Vesting conditions and

    Original URL path: http://www.iasplus.com/en/projects/completed/sbp/project147 (2016-02-10)
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  • IFRS 2 — Group cash-settled share-based payment arrangements
    of an entity that receives services from its employees similar arrangements that are cash settled are also within the scope of IFRS 2 For example how should the following arrangements be accounted for in the financial statements of a subsidiary that receives services from its employees Arrangement 1 the employees of the subsidiary will receive cash payments from the parent that are linked to the price of the equity instruments of the subsidiary Arrangement 2 the employees of the subsidiary will receive cash payments from the parent that are linked to the price of the equity instruments of the parent of the subsidiary Under either arrangement the parent has an obligation to make the required cash payments to the employees The subsidiary does not have any obligation to make such payments to its employees or provide them with its equity instruments This project began as an IFRIC project but was later removed from the IFRIC s agenda and handed over to the IASB for resolution Current status of the project This project has been completed The IASB issued Group Cash settled Share based Payment Transactions Amendments to IFRS 2 and withdrew IFRIC 8 and IFRIC 11 on 18 June 2009 Project milestones Date Development Comments 13 December 2007 Exposure Draft Proposed Amendments to IFRS 2 Share Based Payment and IFRIC 11 IFRS 2 Group and Treasury Share Transactions Group and Treasury Share Transactions published Comment deadline 17 March 2008 18 June 2009 Group Cash settled Share based Payment Transactions Amendments to IFRS 2 issued and IFRIC 8 and IFRIC 11 withdrawn Effective for annual periods beginning on or after 1 January 2010 Related Discussions IFRS 2 Classification and measurement of share based payment transactions Comment letter analysis 14 Jul 2015 The Committee discussed issues that had been raised in comment letters on the exposure draft published in November 2014 that proposed three amendments to IFRS 2 IFRS 2 Accounting for cash settled share based payment transactions that include a performance condition 12 Nov 2013 The Committee discussed a staff proposal to include a clarification of the accounting for cash settled share based payment transactions that include a performance condition as part of the annual improvements Exposure Draft of proposed amendments to IFRS 2 and IFRIC 11 10 Jul 2008 The IFRIC commenced its detailed redeliberation of the proposed amendments to IFRS 2 and IFRIC 11 Exposure Draft of proposed amendments to IFRS 2 and IFRIC 11 Preliminary comment letter analysis 08 May 2008 The IFRIC discussed comments received on the IASB s exposure draft of proposed amendments to IFRS 2 Share based Payment and IFRIC 11 IFRS 2 Group and Treasury Share Transactions Group Cash settled Share based Payment Transactions the ED IFRS 2 Group cash settled share based payment transactions 06 Sep 2007 After previously deciding not to add this issue to its agenda the IFRIC considered an alternative approach to amend IFRIC 11 to clarify that both arrangements in question are within the scope of IFRS 2 and

    Original URL path: http://www.iasplus.com/en/projects/completed/sbp/group-cash-settled (2016-02-10)
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