INTERNATIONAL ACCOUNTING STANDARD 1 Presentation of Financial Statements
OBJECTIVE
SCOPE
PURPOSE OF FINANCIAL STATEMENTS
COMPONENTS OF FINANCIAL STATEMENTS
DEFINITIONS
OVERALL CONSIDERATIONS
Fair Presentation and Compliance with IFRSs
Going Concern
Accrual Basis of Accounting
Consistency of Presentation
Materiality and Aggregation
Offsetting
Comparative Information
STRUCTURE AND CONTENT
Introduction
Identification of the Financial Statements
Reporting Period
Balance Sheet
Current/Non-current Distinction
Current Assets
Current Liabilities
Information to be Presented on the Face of the Balance...
Information to be Presented either on the Face of the...
Income Statement
Profit or Loss for the Period
Information to be Presented on the Face of the Income...
Information to be Presented either on the Face of the...
Statement of Changes in Equity
Cash Flow Statement
Notes
Structure
Disclosure of Accounting Policies
Key Sources of Estimation Uncertainty
Capital
Other Disclosures
EFFECTIVE DATE
WITHDRAWAL OF IAS 1 (REVISED 1997)
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD 2 Inventories
OBJECTIVE
SCOPE
DEFINITIONS
MEASUREMENT OF INVENTORIES
Cost of Inventories
Costs of Purchase
Costs of Conversion
Other Costs
Cost of Inventories of a Service Provider
Cost of Agricultural Produce Harvested from Biological Assets
Techniques for the Measurement of Cost
Cost Formulas
Net Realisable Value
RECOGNITION AS AN EXPENSE
DISCLOSURE
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD IAS 7 (REVISED 1992)
Cash flow statements
CONTENTS
OBJECTIVE
SCOPE
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BENEFITS OF CASH FLOW INFORMATION
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DEFINITIONS
6. The following terms are used in this Standard with the...
Cash and cash equivalents
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PRESENTATION OF A CASH FLOW STATEMENT
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Operating activities
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14. Cash flows from operating activities are primarily derived from the...
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Investing activities
16. The separate disclosure of cash flows arising from investing activities...
Financing activities
17. The separate disclosure of cash flows arising from financing activities...
REPORTING CASH FLOWS FROM OPERATING ACTIVITIES
18. An enterprise should report cash flows from operating activities using...
19. Enterprises are encouraged to report cash flows from operating activities...
20. Under the indirect method, the net cash flow from operating...
REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES
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REPORTING CASH FLOWS ON A NET BASIS
22. Cash flows arising from the following operating, investing or financing...
23. Examples of cash receipts and payments referred to in paragraph...
24. Cash flows arising from each of the following activities of...
FOREIGN CURRENCY CASH FLOWS
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EXTRAORDINARY ITEMS
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INTEREST AND DIVIDENDS
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TAXES ON INCOME
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INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
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ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND OTHER BUSINESS UNITS
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40. An enterprise should disclose, in aggregate, in respect of both...
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NON-CASH TRANSACTIONS
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44. Many investing and financing activities do not have a direct...
COMPONENTS OF CASH AND CASH EQUIVALENTS
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OTHER DISCLOSURES
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50. Additional information may be relevant to users in understanding the...
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EFFECTIVE DATE
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INTERNATIONAL ACCOUNTING STANDARD 8 Accounting Policies, Changes in Accounting Estimates and Errors
OBJECTIVE
SCOPE
DEFINITIONS
ACCOUNTING POLICIES
Selection and Application of Accounting Policies
Consistency of Accounting Policies
Changes in Accounting Policies
Applying Changes in Accounting Policies
Retrospective application
Limitations on retrospective application
Disclosure
CHANGES IN ACCOUNTING ESTIMATES
Disclosure
ERRORS
Limitations on Retrospective Restatement
Disclosure of Prior Period Errors
IMPRACTICABILITY IN RESPECT OF RETROSPECTIVE APPLICATION AND RETROSPECTIVE RESTATEMENT
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD 10 Events after the Balance Sheet Date
OBJECTIVE
SCOPE
DEFINITIONS
RECOGNITION AND MEASUREMENT
Adjusting Events after the Balance Sheet Date
Non-adjusting Events after the Balance Sheet Date
Dividends
GOING CONCERN
DISCLOSURE
Date of Authorisation for Issue
Updating Disclosure about Conditions at the Balance Sheet Date
Non-adjusting Events after the Balance Sheet Date
EFFECTIVE DATE
WITHDRAWAL OF IAS 10 (REVISED 1999)
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD IAS 11 (REVISED 1993)
Construction Contracts
CONTENTS
OBJECTIVE
SCOPE
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DEFINITIONS
3. The following terms are used in this Standard with the...
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5. For the purposes of this Standard, construction contracts include:
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COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS
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8. When a contract covers a number of assets, the construction...
9. A group of contracts, whether with a single customer or...
10. A contract may provide for the construction of an additional...
CONTRACT REVENUE
11. Contract revenue should comprise:
12. Contract revenue is measured at the fair value of the...
13. A variation is an instruction by the customer for a...
14. A claim is an amount that the contractor seeks to...
15. Incentive payments are additional amounts paid to the contractor if...
CONTRACT COSTS
16. Contract costs should comprise:
17. Costs that relate directly to a specific contract include:
18. Costs that may be attributable to contract activity in general...
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20. Costs that cannot be attributed to contract activity or cannot...
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RECOGNITION OF CONTRACT REVENUE AND EXPENSES
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23. In the case of a fixed price contract, the outcome...
24. In the case of a cost plus contract, the outcome...
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29. An enterprise is generally able to make reliable estimates after...
30. The stage of completion of a contract may be determined...
31. When the stage of completion is determined by reference to...
32. When the outcome of a construction contract cannot be estimated...
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34. Contract costs that are not probable of being recovered are...
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RECOGNITION OF EXPECTED LOSSES
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37. The amount of such a loss is determined irrespective of:...
CHANGES IN ESTIMATES
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DISCLOSURE
39. An enterprise should disclose:
40. An enterprise should disclose each of the following for contracts...
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42. An enterprise should present:
43. The gross amount due from customers for contract work is...
44. The gross amount due to customers for contract work is...
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EFFECTIVE DATE
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INTERNATIONAL ACCOUNTING STANDARD IAS 12 (REVISED 2000)
Income taxes
INTRODUCTION
1. The original IAS 12 required an enterprise to account for...
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3. The original IAS 12 required that:
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5. The original IAS 12 required that taxes payable on undistributed...
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8. The tax consequences of recovering the carrying amount of certain...
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12. The original IAS 12 required disclosure of an explanation of...
13. New disclosures required by IAS 12 (revised) include:
CONTENTS
OBJECTIVE
SCOPE
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DEFINITIONS
5. The following terms are used in this Standard with the...
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Tax base
7. The tax base of an asset is the amount that...
Examples
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8. The tax base of a liability is its carrying amount,...
Examples
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RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS
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RECOGNITION OF DEFERRED TAX LIABILITIES AND DEFERRED TAX ASSETS
Taxable temporary differences
15. A deferred tax liability should be recognised for all taxable...
16. It is inherent in the recognition of an asset that...
Example
17. Some temporary differences arise when income or expense is included...
18. Temporary differences also arise when:
Business combinations
19. . . . . . . . . . ....
Assets carried at fair value
20. International Accounting Standards permit certain assets to be carried at...
Goodwill
21. . . . . . . . . . ....
Initial recognition of an asset or liability
22. A temporary difference may arise on initial recognition of an...
23. In accordance with IAS 32, financial instruments: disclosure and presentation,...
Example illustrating paragraph 22(c)
Deductible temporary differences
24. A deferred tax asset should be recognised for all deductible...
25. It is inherent in the recognition of a liability that...
Example
26. The following are examples of deductible temporary differences which result...
27. . . . . . . . . . ....
28. It is probable that taxable profit will be available against...
29. When there are insufficient taxable temporary differences relating to the...
30. Tax planning opportunities are actions that the enterprise would take...
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Negative goodwill
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Initial recognition of an asset or liability
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Unused tax losses and unused tax credits
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36. An enterprise considers the following criteria in assessing the probability...
Reassessment of unrecognised deferred tax assets
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Investments in subsidiaries, branches and associates and interests in joint...
38. Temporary differences arise when the carrying amount of investments in...
39. An enterprise should recognise a deferred tax liability for all...
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44. An enterprise should recognise a deferred tax asset for all...
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MEASUREMENT
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52. In some jurisdictions, the manner in which an enterprise recovers...
Example A
Example B
Example C
52A. . . . . . . . . . ....
52B. In the circumstances described in paragraph 52A, the income tax...
Example illustrating paragraphs 52A and 52B
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RECOGNITION OF CURRENT AND DEFERRED TAX
57. . . . . . . . . . ....
Income statement
58. Current and deferred tax should be recognised as income or...
59. Most deferred tax liabilities and deferred tax assets arise where...
60. The carrying amount of deferred tax assets and liabilities may...
Items credited or charged directly to equity
61. . . . . . . . . . ....
62. International Accounting Standards require or permit certain items to be...
63. In exceptional circumstances it may be difficult to determine the...
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65A. . . . . . . . . . ....
Deferred tax arising from a business combination
66. . . . . . . . . . ....
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68. When an acquirer did not recognise a deferred tax asset...
Example
PRESENTATION
Tax assets and tax liabilities
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Offset
71. An enterprise should offset current tax assets and current tax...
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74. An enterprise should offset deferred tax assets and deferred tax...
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Tax expense
Tax expense (income) related to profit or loss from ordinary...
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Exchange differences on deferred foreign tax liabilities or assets
78. . . . . . . . . . ....
DISCLOSURE
79. . . . . . . . . . ....
80. Components of tax expense (income) may include:
81. The following should also be disclosed separately:
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88. An enterprise discloses any tax-related contingent liabilities and contingent assets...
Example illustrating paragraph 85
EFFECTIVE DATE
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INTERNATIONAL ACCOUNTING STANDARD IAS 14 (REVISED 1997)
Segment reporting
INTRODUCTION
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9. The original IAS 14 required four principal items of information...
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CONTENTS
OBJECTIVE
SCOPE
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DEFINITIONS
Definitions from other international accounting standards
8. The following terms are used in this Standard with the...
Definitions of business segment and geographical segment
9. The terms business segment and geographical segment are used in...
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13. The predominant sources of risks affect how most enterprises are...
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Definitions of segment revenue, expense, result, assets, and liabilities
16. The following additional terms are used in this Standard with...
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IDENTIFYING REPORTABLE SEGMENTS
Primary and secondary segment reporting formats
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27. An enterprise's internal organisational and management structure and its system...
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Business and geographical segments
31. . . . . . . . . . ....
32. If an enterprise's internal organisational and management structure and its...
33. . . . . . . . . . ....
Reportable segments
34. Two or more internally reported business segments or geographical segments...
35. A business segment or geographical segment should be identified as...
36. If an internally reported segment is below all of the...
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SEGMENT ACCOUNTING POLICIES
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DISCLOSURE
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Primary reporting format
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Secondary segment information
68. Paragraphs 50 to 67 identify the disclosure requirements to be...
69. If an enterprise's primary format for reporting segment information is...
70. If an enterprise's primary format for reporting segment information is...
71. . . . . . . . . . ....
72. If an enterprise's primary format for reporting segment information is...
Illustrative segment disclosures
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Other disclosure matters
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EFFECTIVE DATE
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INTERNATIONAL ACCOUNTING STANDARD IAS 15 (REFORMATTED 1994)
Information reflecting the effects of changing prices
CONTENTS
BOARD STATEMENT OCTOBER 1989
SCOPE
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EXPLANATION
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RESPONDING TO CHANGING PRICES
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General purchasing power approach
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Current cost approach
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Current status
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MINIMUM DISCLOSURES
21. The items to be presented are:
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OTHER DISCLOSURES
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EFFECTIVE DATE
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INTERNATIONAL ACCOUNTING STANDARD 16 Property, Plant and Equipment
OBJECTIVE
SCOPE
DEFINITIONS
RECOGNITION
Initial Costs
Subsequent Costs
MEASUREMENT AT RECOGNITION
Elements of Cost
Measurement of Cost
MEASUREMENT AFTER RECOGNITION
Cost Model
Revaluation Model
Depreciation
Depreciable Amount and Depreciation Period
Depreciation Method
Impairment
Compensation for Impairment
DERECOGNITION
DISCLOSURE
TRANSITIONAL PROVISIONS
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD 17 Leases
OBJECTIVE
SCOPE
DEFINITIONS
CLASSIFICATION OF LEASES
LEASES IN THE FINANCIAL STATEMENTS OF LESSEES
Finance Leases
Initial Recognition
Subsequent Measurement
Operating Leases
LEASES IN THE FINANCIAL STATEMENTS OF LESSORS
Finance Leases
Initial Recognition
Subsequent Measurement
Operating Leases
SALE AND LEASEBACK TRANSACTIONS
TRANSITIONAL PROVISIONS
EFFECTIVE DATE
WITHDRAWAL OF IAS 17 (REVISED 1997)
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD IAS 18 (REVISED 1993)
Revenue
CONTENTS
OBJECTIVE
SCOPE
1. This Standard should be applied in accounting for revenue arising...
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5. The use by others of enterprise assets gives rise to...
6. This Standard does not deal with revenue arising from:
DEFINITIONS
7. The following terms are used in this Standard with the...
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MEASUREMENT OF REVENUE
9. . . . . . . . . . ....
10. . . . . . . . . . ....
11. In most cases, the consideration is in the form of...
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IDENTIFICATION OF THE TRANSACTION
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SALE OF GOODS
14. Revenue from the sale of goods should be recognised when...
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16. If the enterprise retains significant risks of ownership, the transaction...
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RENDERING OF SERVICES
20. When the outcome of a transaction involving the rendering of...
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23. An enterprise is generally able to make reliable estimates after...
24. The stage of completion of a transaction may be determined...
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INTEREST, ROYALTIES AND DIVIDENDS
29. Revenue arising from the use by others of enterprise assets...
30. Revenue should be recognised on the following bases:
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DISCLOSURE
35. An enterprise should disclose:
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EFFECTIVE DATE
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INTERNATIONAL ACCOUNTING STANDARD IAS 19 (REVISED 2002)
Employee Benefits
INTRODUCTION
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2. The Standard identifies five categories of employee benefits:
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6. All other post-employment benefit plans are defined benefit plans. Defined...
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8. Termination benefits are employee benefits payable as a result of...
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CONTENTS
OBJECTIVE
SCOPE
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3. This Standard applies to all employee benefits, including those provided:...
4. Employee benefits include:
5. . . . . . . . . . ....
6. . . . . . . . . . ....
DEFINITIONS
7. The following terms are used in this Standard with the...
SHORT-TERM EMPLOYEE BENEFITS
8. Short-term employee benefits include items such as:
9. . . . . . . . . . ....
Recognition and measurement
All short-term employee benefits
10. When an employee has rendered service to an enterprise during...
Short-term compensated absences
11. An enterprise should recognise the expected cost of short-term employee...
12. An enterprise may compensate employees for absence for various reasons...
13. . . . . . . . . . ....
14. . . . . . . . . . ....
15. The method specified in the previous paragraph measures the obligation...
Example illustrating paragraphs 14 and 15
16. . . . . . . . . . ....
Profit-sharing and bonus plans
17. An enterprise should recognise the expected cost of profit-sharing and...
18. Under some profit-sharing plans, employees receive a share of the...
Example illustrating paragraph 18
19. . . . . . . . . . ....
20. An enterprise can make a reliable estimate of its legal...
21. . . . . . . . . . ....
22. . . . . . . . . . ....
Disclosure
23. . . . . . . . . . ....
POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT...
24. Post-employment benefits include, for example:
25. Post-employment benefit plans are classified as either defined contribution plans...
26. Examples of cases where an enterprise's obligation is not limited...
27. Under defined benefit plans:
28. . . . . . . . . . ....
Multi-employer plans
29. An enterprise should classify a multi-employer plan as a defined...
30. When sufficient information is not available to use defined benefit...
31. One example of a defined benefit multi-employer plan is one...
32. Where sufficient information is available about a multi-employer plan which...
32A. There may be a contractual agreement between the multi-employer plan...
32B. IAS 37 Provisions, contingent liabilities and contingent assets requires an...
33. . . . . . . . . . ....
Defined benefit plans that share risks between various entities under...
34. . . . . . . . . . ....
34A. . . . . . . . . . ....
34B. Participation in such a plan is a related party transaction...
35. IAS 37, provisions, contingent liabilities and contingent assets, requires an...
State plans
36. . . . . . . . . . ....
37. . . . . . . . . . ....
38. . . . . . . . . . ....
Insured benefits
39. An enterprise may pay insurance premiums to fund a post-employment...
40. . . . . . . . . . ....
41. Where an enterprise funds a post-employment benefit obligation by contributing...
42. . . . . . . . . . ....
POST-EMPLOYMENT BENEFITS: DEFINED CONTRIBUTION PLANS
43. . . . . . . . . . ....
Recognition and measurement
44. When an employee has rendered service to an enterprise during...
45. . . . . . . . . . ....
Disclosure
46. . . . . . . . . . ....
47. . . . . . . . . . ....
POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS
48. . . . . . . . . . ....
Recognition and measurement
49. . . . . . . . . . ....
50. Accounting by an enterprise for defined benefit plans involves the...
51. . . . . . . . . . ....
Accounting for the constructive obligation
52. . . . . . . . . . ....
53. . . . . . . . . . ....
Balance sheet
54. The amount recognised as a defined benefit liability should be...
55. . . . . . . . . . ....
56. . . . . . . . . . ....
57. . . . . . . . . . ....
58. The amount determined under paragraph 54 may be negative (an...
58A. The application of paragraph 58 should not result in a...
58B. . . . . . . . . . ....
59. An asset may arise where a defined benefit plan has...
60. The limit in paragraph 58(b) does not over-ride the delayed...
Example illustrating paragraph 60
Profit or loss
61. An entity shall recognise the net total of the following...
62. . . . . . . . . . ....
Recognition and measurement: present value of defined benefit obligations and...
63. The ultimate cost of a defined benefit plan may be...
Actuarial valuation method
64. . . . . . . . . . ....
65. . . . . . . . . . ....
66. An enterprise discounts the whole of a post-employment benefit obligation,...
Example illustrating paragraph 65
Attributing benefit to periods of service
67. In determining the present value of its defined benefit obligations...
68. The projected unit credit method requires an enterprise to attribute...
Examples illustrating paragraph 68
1. A defined benefit plan provides a lump-sum benefit of 100...
2. A plan provides a monthly pension of 0,2 % of...
69. Employee service gives rise to an obligation under a defined...
Examples illustrating paragraph 69
1. A plan pays a benefit of 100 for each year...
2. A plan pays a benefit of 100 for each year...
70. The obligation increases until the date when further service by...
Examples illustrating paragraph 70
1. A plan pays a lump-sum benefit of 1 000 that...
2. A plan pays a lump-sum retirement benefit of 2 000...
3. A post-employment medical plan reimburses 40 % of an employee's...
4. A post-employment medical plan reimburses 10 % of an employee's...
71. Where the amount of a benefit is a constant proportion...
Example illustrating paragraph 71
Actuarial assumptions
72. . . . . . . . . . ....
73. Actuarial assumptions are an enterprise's best estimates of the variables...
74. . . . . . . . . . ....
75. . . . . . . . . . ....
76. . . . . . . . . . ....
77. . . . . . . . . . ....
Actuarial assumptions: discount rate
78. . . . . . . . . . ....
79. . . . . . . . . . ....
80. . . . . . . . . . ....
81. . . . . . . . . . ....
82. . . . . . . . . . ....
Actuarial assumptions: salaries, benefits and medical costs
83. Post-employment benefit obligations should be measured on a basis that...
84. . . . . . . . . . ....
85. If the formal terms of a plan (or a constructive...
86. Actuarial assumptions do not reflect future benefit changes that are...
87. . . . . . . . . . ....
88. . . . . . . . . . ....
89. . . . . . . . . . ....
90. . . . . . . . . . ....
91. . . . . . . . . . ....
Actuarial gains and losses
92. In measuring its defined benefit liability in accordance with paragraph...
93. . . . . . . . . . ....
93A. If, as permitted by paragraph 93, an entity adopts a...
93B. . . . . . . . . . ....
93C. . . . . . . . . . ....
93D. . . . . . . . . . ....
94. Actuarial gains and losses may result from increases or decreases...
95. . . . . . . . . . ....
Past service cost
96. . . . . . . . . . ....
97. Past service cost arises when an enterprise introduces a defined...
Example illustrating paragraph 97
98. Past service cost excludes:
99. . . . . . . . . . ....
100. . . . . . . . . . ....
101. . . . . . . . . . ....
Recognition and measurement: plan assets
Fair value of plan assets
102. . . . . . . . . . ....
103. . . . . . . . . . ....
104. . . . . . . . . . ....
Reimbursements
104A. . . . . . . . . . ....
104B. . . . . . . . . . ....
104C. When an insurance policy is not a qualifying insurance policy,...
Example illustrating paragraphs 104A-C
104D. . . . . . . . . . ....
Return on plan assets
105. . . . . . . . . . ....
106. . . . . . . . . . ....
107. In determining the expected and actual return on plan assets,...
Example illustrating paragraph 106
Business combinations
108. In a business combination that is an acquisition, an enterprise...
Curtailments and settlements
109. An enterprise should recognise gains or losses on the curtailment...
110. . . . . . . . . . ....
111. A curtailment occurs when an enterprise either:
112. . . . . . . . . . ....
113. . . . . . . . . . ....
114. . . . . . . . . . ....
115. Where a curtailment relates to only some of the employees...
Example illustrating paragraph 115
Presentation
Offset
116. An enterprise should offset an asset relating to one plan...
117. . . . . . . . . . ....
Current/non-current distinction
118. . . . . . . . . . ....
Financial components of post-employment benefit costs
119. . . . . . . . . . ....
Disclosure
120. . . . . . . . . . ....
120A. An entity shall disclose the following information about defined benefit...
121. . . . . . . . . . ....
122. When an enterprise has more than one defined benefit plan,...
123. . . . . . . . . . ....
124. Where required by IAS 24, related party disclosures, an enterprise...
125. . . . . . . . . . ....
OTHER LONG-TERM EMPLOYEE BENEFITS
126. Other long-term employee benefits include, for example:
127. The measurement of other long-term employee benefits is not usually...
Recognition and measurement
128. The amount recognised as a liability for other long-term employee...
129. For other long-term employee benefits, an enterprise should recognise the...
130. . . . . . . . . . ....
Disclosure
131. . . . . . . . . . ....
TERMINATION BENEFITS
132. . . . . . . . . . ....
Recognition
133. An enterprise should recognise termination benefits as a liability and...
134. An enterprise is demonstrably committed to a termination when, and...
135. An enterprise may be committed, by legislation, by contractual or...
136. . . . . . . . . . ....
137. . . . . . . . . . ....
138. . . . . . . . . . ....
Measurement
139. . . . . . . . . . ....
140. . . . . . . . . . ....
Disclosure
141. . . . . . . . . . ....
142. . . . . . . . . . ....
143. . . . . . . . . . ....
EQUITY COMPENSATION BENEFITS
144. Equity compensation benefits include benefits in such forms as:
Recognition and measurement
145. . . . . . . . . . ....
Disclosure
146. The disclosures required below are intended to enable users of...
147. An enterprise should disclose:
148. An enterprise should also disclose:
149. . . . . . . . . . ....
150. . . . . . . . . . ....
151. The disclosures required by paragraphs 147 and 148 are intended...
152. . . . . . . . . . ....
TRANSITIONAL PROVISIONS
153. . . . . . . . . . ....
154. On first adopting this Standard, an enterprise should determine its...
155. If the transitional liability is more than the liability that...
156. On the initial adoption of the Standard, the effect of...
Example illustrating paragraphs 154 to 156
EFFECTIVE DATE
157. . . . . . . . . . ....
158. . . . . . . . . . ....
159. The following become operative for annual financial statements covering periods...
159A. . . . . . . . . . ....
159B. . . . . . . . . . ....
159C. . . . . . . . . . ....
160. . . . . . . . . . ....
APPENDIX F Amendments to other Standards
A1. . . . . . . . . . ....
96. . . . . . . . . . ....
A2. . . . . . . . . . ....
20. . . . . . . . . . ....
A3. . . . . . . . . . ....
20A. . . . . . . . . . ....
INTERNATIONAL ACCOUNTING STANDARD IAS 20 (REFORMATTED 1994)
Accounting for government grants and disclosure of government assistance
CONTENTS
SCOPE
1. . . . . . . . . . ....
2. This Standard does not deal with:
DEFINITIONS
3. The following terms are used in this Standard with the...
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. . . . . . . . . . ....
GOVERNMENT GRANTS
7. Government grants, including non-monetary grants at fair value, should not...
8. . . . . . . . . . ....
9. . . . . . . . . . ....
10. . . . . . . . . . ....
11. . . . . . . . . . ....
12. . . . . . . . . . ....
13. . . . . . . . . . ....
14. Those in support of the capital approach argue as follows:...
15. Arguments in support of the income approach are as follows:...
16. . . . . . . . . . ....
17. . . . . . . . . . ....
18. . . . . . . . . . ....
19. . . . . . . . . . ....
20. . . . . . . . . . ....
21. . . . . . . . . . ....
22. . . . . . . . . . ....
Non-monetary government grants
23. . . . . . . . . . ....
Presentation of grants related to assets
24. . . . . . . . . . ....
25. . . . . . . . . . ....
26. . . . . . . . . . ....
27. . . . . . . . . . ....
28. . . . . . . . . . ....
Presentation of grants related to income
29. . . . . . . . . . ....
30. . . . . . . . . . ....
31. . . . . . . . . . ....
Repayment of government grants
32. . . . . . . . . . ....
33. . . . . . . . . . ....
GOVERNMENT ASSISTANCE
34. . . . . . . . . . ....
35. . . . . . . . . . ....
36. . . . . . . . . . ....
37. . . . . . . . . . ....
38. . . . . . . . . . ....
DISCLOSURE
39. The following matters should be disclosed:
TRANSITIONAL PROVISIONS
40. An enterprise adopting the Standard for the first time should:...
EFFECTIVE DATE
41. . . . . . . . . . ....
INTERNATIONAL ACCOUNTING STANDARD 21 The Effects of Changes in Foreign Exchange Rates
OBJECTIVE
SCOPE
DEFINITIONS
Elaboration on the Definitions
Functional Currency
Net Investment in a Foreign Operation
Monetary Items
SUMMARY OF THE APPROACH REQUIRED BY THIS STANDARD
REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY
Initial Recognition
Reporting at Subsequent Balance Sheet Dates
Recognition of Exchange Differences
Change in Functional Currency
USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY...
Translation to the Presentation Currency
Translation of a Foreign Operation
Disposal of a Foreign Operation
TAX EFFECTS OF ALL EXCHANGE DIFFERENCES
DISCLOSURE
EFFECTIVE DATE AND TRANSITION
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations
OBJECTIVE
SCOPE
Identifying a business combination
Business combinations involving entities under common control
METHOD OF ACCOUNTING
APPLICATION OF THE PURCHASE METHOD
Identifying the acquirer
Cost of a business combination
Adjustments to the cost of a business combination contingent on...
Allocating the cost of a business combination to the assets...
Acquiree’s identifiable assets and liabilities
Acquiree’s intangible assets
Acquiree’s contingent liabilities
Goodwill
Excess of acquirer’s interest in the net fair value of...
Business combination achieved in stages
Initial accounting determined provisionally
Adjustments after the initial accounting is complete
Recognition of deferred tax assets after the initial accounting is...
DISCLOSURE
TRANSITIONAL PROVISIONS AND EFFECTIVE DATE
Previously recognised goodwill
Previously recognised negative goodwill
Previously recognised intangible assets
Equity accounted investments
Limited retrospective application
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX A Defined terms
APPENDIX B Application supplement
Reverse acquisitions
Cost of the business combination
Preparation and presentation of consolidated financial statements
Minority interest
Earnings per share
Allocating the cost of a business combination
APPENDIX C Amendments to other IFRSs
INTERNATIONAL FINANCIAL REPORTING STANDARD 4 Insurance contracts
OBJECTIVE
SCOPE
Embedded derivatives
Unbundling of deposit components
RECOGNITION AND MEASUREMENT
Temporary exemption from some other IFRSs
Liability adequacy test
Impairment of reinsurance assets
Changes in accounting policies
Current market interest rates
Continuation of existing practices
Prudence
Future investment margins
Shadow accounting
Insurance contracts acquired in a business combination or portfolio transfer...
Discretionary participation features
Discretionary participation features in insurance contracts
Discretionary participation features in financial instruments
DISCLOSURE
Explanation of recognised amounts
Amount, timing and uncertainty of cash flows
EFFECTIVE DATE AND TRANSITION
Disclosure
Redesignation of financial assets
APPENDIX A Defined terms
APPENDIX B Definition of an insurance contract
Uncertain future event
Payments in kind
Distinction between insurance risk and other risks
Examples of insurance contracts
Significant insurance risk
Changes in the level of insurance risk
APPENDIX C Amendments to other IFRSs
Amendments to IAS 32 and IAS 39
Amendments to other IFRSs
INTERNATIONAL ACCOUNTING STANDARD IAS 23 (REVISED 1993)
Borrowing costs
CONTENTS
OBJECTIVE
SCOPE
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
DEFINITIONS
4. The following terms are used in this Standard with the...
5. Borrowing costs may include:
6. . . . . . . . . . ....
BORROWING COSTS — BENCHMARK TREATMENT
Recognition
7. . . . . . . . . . ....
8. . . . . . . . . . ....
Disclosure
9. . . . . . . . . . ....
BORROWING COSTS — ALLOWED ALTERNATIVE TREATMENT
Recognition
10. . . . . . . . . . ....
11. . . . . . . . . . ....
12. . . . . . . . . . ....
Borrowing costs eligible for capitalisation
13. . . . . . . . . . ....
14. . . . . . . . . . ....
15. . . . . . . . . . ....
16. . . . . . . . . . ....
17. . . . . . . . . . ....
18. . . . . . . . . . ....
Excess of the carrying amount of the qualifying asset over...
19. . . . . . . . . . ....
Commencement of capitalisation
20. The capitalisation of borrowing costs as part of the cost...
21. . . . . . . . . . ....
22. . . . . . . . . . ....
Suspension of capitalisation
23. . . . . . . . . . ....
24. . . . . . . . . . ....
Cessation of capitalisation
25. . . . . . . . . . ....
26. . . . . . . . . . ....
27. . . . . . . . . . ....
28. . . . . . . . . . ....
DISCLOSURE
29. The financial statements should disclose:
TRANSITIONAL PROVISIONS
30. . . . . . . . . . ....
EFFECTIVE DATE
31. . . . . . . . . . ....
INTERNATIONAL ACCOUNTING STANDARD 24 Related Party Disclosures
OBJECTIVE
SCOPE
PURPOSE OF RELATED PARTY DISCLOSURES
DEFINITIONS
DISCLOSURE
EFFECTIVE DATE
WITHDRAWAL OF IAS 24 (REFORMATTED 1994)
APPENDIX Amendment to IAS 30
INTERNATIONAL ACCOUNTING STANDARD IAS 26 (REFORMATTED 1994)
Accounting and reporting by retirement benefit plans
CONTENTS
SCOPE
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
DEFINITIONS
8. The following terms are used in this Standard with the...
9. . . . . . . . . . ....
10. . . . . . . . . . ....
11. . . . . . . . . . ....
12. . . . . . . . . . ....
DEFINED CONTRIBUTION PLANS
13. . . . . . . . . . ....
14. . . . . . . . . . ....
15. . . . . . . . . . ....
16. The objective of reporting by a defined contribution plan is...
DEFINED BENEFIT PLANS
17. The report of a defined benefit plan should contain either:...
18. . . . . . . . . . ....
19. . . . . . . . . . ....
20. . . . . . . . . . ....
21. . . . . . . . . . ....
22. The objective of reporting by a defined benefit plan is...
Actuarial present value of promised retirement benefits
23. . . . . . . . . . ....
24. The reasons given for adopting a current salary approach include:...
25. Reasons given for adopting a projected salary approach include:
26. . . . . . . . . . ....
Frequency of actuarial valuations
27. . . . . . . . . . ....
Report content
28. For defined benefit plans, information is presented in one of...
29. . . . . . . . . . ....
30. . . . . . . . . . ....
31. . . . . . . . . . ....
ALL PLANS
Valuation of plan assets
32. . . . . . . . . . ....
33. . . . . . . . . . ....
Disclosure
34. The report of a retirement benefit plan, whether defined benefit...
35. Reports provided by retirement benefit plans include the following, if...
36. The report of a retirement benefit plan contains a description...
EFFECTIVE DATE
37. . . . . . . . . . ....
INTERNATIONAL ACCOUNTING STANDARD 27 Consolidated and Separate Financial Statements
SCOPE
DEFINITIONS
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION PROCEDURES
ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES...
DISCLOSURE
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD 28 Investments in Associates
SCOPE
DEFINITIONS
Significant Influence
Equity Method
APPLICATION OF THE EQUITY METHOD
Impairment Losses
Separate Financial Statements
DISCLOSURE
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD IAS 29 (REFORMATTED 1994)
Financial reporting in hyperinflationary economies
CONTENTS
SCOPE
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. This Standard does not establish an absolute rate at which...
4. . . . . . . . . . ....
THE RESTATEMENT OF FINANCIAL STATEMENTS
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. . . . . . . . . . ....
10. . . . . . . . . . ....
Historical cost financial statements
Balance sheet
11. . . . . . . . . . ....
12. . . . . . . . . . ....
13. . . . . . . . . . ....
14. . . . . . . . . . ....
15. . . . . . . . . . ....
16. . . . . . . . . . ....
17. . . . . . . . . . ....
18. . . . . . . . . . ....
19. . . . . . . . . . ....
20. . . . . . . . . . ....
21. . . . . . . . . . ....
22. . . . . . . . . . ....
23. . . . . . . . . . ....
24. . . . . . . . . . ....
25. . . . . . . . . . ....
Income statement
26. . . . . . . . . . ....
Gain or loss on net monetary position
27. . . . . . . . . . ....
28. . . . . . . . . . ....
Current cost financial statements
Balance sheet
29. . . . . . . . . . ....
Income statement
30. . . . . . . . . . ....
Gain or loss on net monetary position
31. . . . . . . . . . ....
Taxes
32. . . . . . . . . . ....
Cash flow statement
33. . . . . . . . . . ....
Corresponding figures
34. . . . . . . . . . ....
Consolidated financial statements
35. . . . . . . . . . ....
36. . . . . . . . . . ....
Selection and use of the general price index
37. . . . . . . . . . ....
ECONOMIES CEASING TO BE HYPERINFLATIONARY
38. . . . . . . . . . ....
DISCLOSURES
39. The following disclosures should be made:
40. . . . . . . . . . ....
EFFECTIVE DATE
41. . . . . . . . . . ....
INTERNATIONAL FINANCIAL REPORTING STANDARD 7 Financial Instruments: Disclosures
OBJECTIVE
SCOPE
CLASSES OF FINANCIAL INSTRUMENTS AND LEVEL OF DISCLOSURE
SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE
Balance sheet
Categories of financial assets and financial liabilities
Financial assets or financial liabilities at fair value through profit...
Reclassification
Derecognition
Collateral
Allowance account for credit losses
Compound financial instruments with multiple embedded derivatives
Defaults and breaches
Income statement and equity
Items of income, expense, gains or losses
Other disclosures
Accounting policies
Hedge accounting
Fair value
NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
Qualitative disclosures
Quantitative disclosures
Credit risk
Financial assets that are either past due or impaired
Collateral and other credit enhancements obtained
Liquidity risk
Market risk
Sensitivity analysis
Other market risk disclosures
EFFECTIVE DATE AND TRANSITION
WITHDRAWAL OF IAS 30
APPENDIX A Defined terms
APPENDIX B Application guidance
CLASSES OF FINANCIAL INSTRUMENTS AND LEVEL OF DISCLOSURE (PARAGRAPH 6)...
SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE
Financial liabilities at fair value through profit or loss (paragraphs...
Other disclosure — accounting policies (paragraph 21)
NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (PARAGRAPHS...
Quantitative disclosures (paragraph 34)
Maximum credit risk exposure (paragraph 36(a))
Contractual maturity analysis (paragraph 39(a))
Market risk — sensitivity analysis (paragraphs 40 and 41)
Interest rate risk
Currency risk
Other price risk
APPENDIX C Amendments to other IFRSs
APPENDIX D Amendments to IFRS 7 if the Amendments to IAS 39...
INTERNATIONAL ACCOUNTING STANDARD 31 Interests in Joint Ventures
SCOPE
DEFINITIONS
Forms of Joint Venture
Joint Control
Contractual Arrangement
JOINTLY CONTROLLED OPERATIONS
JOINTLY CONTROLLED ASSETS
JOINTLY CONTROLLED ENTITIES
Financial Statements of a Venturer
Proportionate Consolidation
Equity Method
Exceptions to Proportionate Consolidation and Equity Method
Separate Financial Statements of a Venturer
TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE
REPORTING INTERESTS IN JOINT VENTURES IN THE FINANCIAL STATEMENTS OF...
OPERATORS OF JOINT VENTURES
DISCLOSURE
EFFECTIVE DATE
WITHDRAWAL OF IAS 31 (REVISED 2000)
APPENDIX Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD 32 Financial Instruments: Disclosure and Presentation
OBJECTIVE
SCOPE
DEFINITIONS (see also paragraphs AG3-AG24)
PRESENTATION
Liabilities and Equity (see also paragraphs AG25-AG29)
No Contractual Obligation to Deliver Cash or Another Financial Asset...
Settlement in the Entity’s Own Equity Instruments (paragraph 16(b))
Contingent Settlement Provisions
Settlement Options
Compound Financial Instruments (see also paragraphs AG30-AG35 and Illustrative Examples...
Treasury Shares (see also paragraph AG36)
Interest, Dividends, Losses and Gains (see also paragraph AG37)
Offsetting a Financial Asset and a Financial Liability (see also...
DISCLOSURE
Format, Location and Classes of Financial Instruments
Risk Management Policies and Hedging Activities
Terms, Conditions and Accounting Policies
Interest Rate Risk
Credit Risk
Fair Value
Other Disclosures
Derecognition
Collateral
Compound financial instruments with multiple embedded derivatives
Financial assets and financial liabilities at fair value through profit...
Reclassification
Income statement and equity
Impairment
Defaults and breaches
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX A Application Guidance IAS 32 Financial Instruments: Disclosure and Presentation
Definitions (paragraphs 11-14)
Financial Assets and Financial Liabilities
Equity Instruments
Derivative Financial Instruments
Contracts to Buy or Sell Non-Financial Items (paragraphs 8-10)
Presentation
Liabilities and Equity (paragraphs 15-27)
No Contractual Obligation to Deliver Cash or Another Financial Asset...
Settlement in the Entity’s Own Equity Instruments (paragraphs 21-24)
Contingent Settlement Provisions (paragraph 25)
Treatment in Consolidated Financial Statements
Compound Financial Instruments (paragraphs 28-32)
Treasury Shares (paragraphs 33 and 34)
Interest, Dividends, Losses and Gains (paragraphs 35-41)
Offsetting a Financial Asset and a Financial Liability (paragraphs 42-50)...
Disclosure
Financial Assets and Financial Liabilities at Fair Value Through Profit...
INTERNATIONAL ACCOUNTING STANDARD 33 Earnings per Share
OBJECTIVE
SCOPE
DEFINITIONS
MEASUREMENT
Basic Earnings per Share
Earnings
Shares
Diluted Earnings per Share
Earnings
Shares
Dilutive Potential Ordinary Shares
Options, warrants and their equivalents
Convertible instruments
Contingently issuable shares
Contracts that may be settled in ordinary shares or cash...
Purchased options
Written put options
RETROSPECTIVE ADJUSTMENTS
PRESENTATION
DISCLOSURE
EFFECTIVE DATE
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX A Application Guidance
Profit or Loss Attributable to the Parent Entity
Rights Issues
Control Number
Average Market Price of Ordinary Shares
Options, Warrants and Their Equivalents
Written Put Options
Instruments of Subsidiaries, Joint Ventures or Associates
Participating Equity Instruments and Two-Class Ordinary Shares . . . . . . . . . ....
Partly Paid Shares . . . . . . . . . ....
APPENDIX B Amendments to Other Pronouncements
INTERNATIONAL ACCOUNTING STANDARD IAS 34
Interim financial reporting
INTRODUCTION
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. This Standard:
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. . . . . . . . . . ....
CONTENTS
OBJECTIVE
SCOPE
1. This Standard does not mandate which enterprises should be required...
2. . . . . . . . . . ....
3. . . . . . . . . . ....
DEFINITIONS
4. The following terms are used in this Standard with the...
CONTENT OF AN INTERIM FINANCIAL REPORT
5. IAS 1 defines a complete set of financial statements as...
6. . . . . . . . . . ....
7. . . . . . . . . . ....
Minimum components of an interim financial report
8. An interim financial report should include, at a minimum, the...
Form and content of interim financial statements
9. . . . . . . . . . ....
10. . . . . . . . . . ....
11. . . . . . . . . . ....
12. . . . . . . . . . ....
13. . . . . . . . . . ....
14. . . . . . . . . . ....
Selected explanatory notes
15. . . . . . . . . . ....
16. An enterprise should include the following information, as a minimum,...
17. Examples of the kinds of disclosures that are required by...
18. . . . . . . . . . ....
Disclosure of compliance with IAS
19. . . . . . . . . . ....
Periods for which interim financial statements are required to be...
20. Interim reports should include interim financial statements (condensed or complete)...
21. . . . . . . . . . ....
22. . . . . . . . . . ....
Materiality
23. . . . . . . . . . ....
24. . . . . . . . . . ....
25. . . . . . . . . . ....
DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS
26. . . . . . . . . . ....
27. . . . . . . . . . ....
RECOGNITION AND MEASUREMENT
Same accounting policies as annual
28. . . . . . . . . . ....
29. . . . . . . . . . ....
30. To illustrate:
31. . . . . . . . . . ....
32. . . . . . . . . . ....
33. . . . . . . . . . ....
34. . . . . . . . . . ....
35. . . . . . . . . . ....
36. . . . . . . . . . ....
Revenues received seasonally, cyclically, or occasionally
37. . . . . . . . . . ....
38. . . . . . . . . . ....
Costs incurred unevenly during the financial year
39. . . . . . . . . . ....
Applying the recognition and measurement principles
40. . . . . . . . . . ....
Use of estimates
41. . . . . . . . . . ....
42. . . . . . . . . . ....
RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS
43. A change in accounting policy, other than one for which...
44. . . . . . . . . . ....
45. . . . . . . . . . ....
EFFECTIVE DATE
46. . . . . . . . . . ....
INTERNATIONAL FINANCIAL REPORTING STANDARD 5 Non-current assets held for sale and discontinued operations
OBJECTIVE
SCOPE
CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR...
Non-current assets that are to be abandoned
MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED AS HELD...
Measurement of a non-current asset(or disposal group)
Recognition of impairment losses and reversals
Changes to a plan of sale
PRESENTATION AND DISCLOSURE
Presenting discontinued operations
Gains or losses relating to continuing operations
Presentation of a non-current asset or disposal group classified as...
Additional disclosures
TRANSITIONAL PROVISIONS
EFFECTIVE DATE
WITHDRAWAL OF IAS 35
APPENDIX A Defined terms
APPENDIX B Application supplement
EXTENSION OF THE PERIOD REQUIRED TO COMPLETE A SALE
APPENDIX C Amendments to other IFRSs
INTERNATIONAL ACCOUNTING STANDARD 36 Impairment of assets
OBJECTIVE
SCOPE
DEFINITIONS
IDENTIFYING AN ASSET THAT MAY BE IMPAIRED
MEASURING RECOVERABLE AMOUNT
Measuring the Recoverable Amount of an Intangible Asset with an...
Fair Value less Costs to Sell
Value in Use
Basis for Estimates of Future Cash Flows
Composition of Estimates of Future Cash Flows
Foreign Currency Future Cash Flows
Discount Rate
RECOGNISING AND MEASURING AN IMPAIRMENT LOSS
CASH-GENERATING UNITS AND GOODWILL
identifying the cash-generating unit to which an asset belongs
Recoverable Amount and Carrying Amount of a Cash-generating Unit
Goodwill
Allocating Goodwill to Cash-generating Units
Testing Cash-generating Units with Goodwill for Impairment
Minority Interest
Timing of Impairment Tests
Corporate Assets
Impairment Loss for a Cash-generating Unit
REVERSING AN IMPAIRMENT LOSS
Reversing an Impairment Loss for an Individual Asset
Reversing an Impairment Loss for a Cash-generating Unit
Reversing an Impairment Loss for Goodwill
DISCLOSURE
Estimates used to Measure Recoverable Amounts of Cash-generating Units Containing...
TRANSITIONAL PROVISIONS AND EFFECTIVE DATE
WITHDRAWAL OF IAS 36 (ISSUED 1998)
APPENDIX A Using PresentValue Techniques to Measure Value in Use
The Components of a Present Value Measurement
General Principles
Traditional and Expected Cash Flow Approaches to Present Value
Traditional Approach
Expected Cash Flow Approach
Discount Rate
APPENDIX B Amendment to IAS 16
INTERNATIONAL ACCOUNTING STANDARD IAS 37
Provisions, contingent liabilities and contingent assets
INTRODUCTION
1. IAS 37 prescribes the accounting and disclosure for all provisions,...
Provisions
2. The Standard defines provisions as liabilities of uncertain timing or...
3. The Standard defines a constructive obligation as an obligation that...
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. The Standard requires that an enterprise should, in measuring a...
7. An enterprise may expect reimbursement of some or all of...
8. . . . . . . . . . ....
9. . . . . . . . . . ....
Provisions — specific applications
10. . . . . . . . . . ....
11. . . . . . . . . . ....
12. . . . . . . . . . ....
13. The Standard defines a restructuring as a programme that is...
14. A provision for restructuring costs is recognised only when the...
15. A management or board decision to restructure does not give...
16. . . . . . . . . . ....
17. A restructuring provision should include only the direct expenditures arising...
Contingent liabilities
18. The Standard supersedes the parts of IAS 10, contingencies and...
19. . . . . . . . . . ....
Contingent assets
20. . . . . . . . . . ....
21. . . . . . . . . . ....
22. . . . . . . . . . ....
Effective date
23. . . . . . . . . . ....
CONTENTS
OBJECTIVE
SCOPE
1. This Standard should be applied by all enterprises in accounting...
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. Where another International Accounting Standard deals with a specific type...
6. . . . . . . . . . ....
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. . . . . . . . . . ....
DEFINITIONS
10. The following terms are used in this Standard with the...
Provisions and other liabilities
11. Provisions can be distinguished from other liabilities such as trade...
Relationship between provisions and contingent liabilities
12. . . . . . . . . . ....
13. This Standard distinguishes between:
RECOGNITION
Provisions
14. A provision should be recognised when:
Present obligation
15. . . . . . . . . . ....
16. In almost all cases it will be clear whether a...
Past event
17. A past event that leads to a present obligation is...
18. . . . . . . . . . ....
19. . . . . . . . . . ....
20. . . . . . . . . . ....
21. . . . . . . . . . ....
22. . . . . . . . . . ....
Probable outflow of resources embodying economic benefits
23. . . . . . . . . . ....
24. . . . . . . . . . ....
Reliable estimate of the obligation
25. . . . . . . . . . ....
26. . . . . . . . . . ....
Contingent liabilities
27. . . . . . . . . . ....
28. . . . . . . . . . ....
29. . . . . . . . . . ....
30. . . . . . . . . . ....
Contingent assets
31. . . . . . . . . . ....
32. . . . . . . . . . ....
33. . . . . . . . . . ....
34. . . . . . . . . . ....
35. . . . . . . . . . ....
MEASUREMENT
Best estimate
36. . . . . . . . . . ....
37. . . . . . . . . . ....
38. . . . . . . . . . ....
39. . . . . . . . . . ....
Example
40. . . . . . . . . . ....
41. . . . . . . . . . ....
Risks and uncertainties
42. . . . . . . . . . ....
43. . . . . . . . . . ....
44. . . . . . . . . . ....
Present value
45. . . . . . . . . . ....
46. . . . . . . . . . ....
47. . . . . . . . . . ....
Future events
48. . . . . . . . . . ....
49. . . . . . . . . . ....
50. . . . . . . . . . ....
Expected disposal of assets
51. . . . . . . . . . ....
52. . . . . . . . . . ....
REIMBURSEMENTS
53. . . . . . . . . . ....
54. . . . . . . . . . ....
55. . . . . . . . . . ....
56. . . . . . . . . . ....
57. . . . . . . . . . ....
58. . . . . . . . . . ....
CHANGES IN PROVISIONS
59. . . . . . . . . . ....
60. . . . . . . . . . ....
USE OF PROVISIONS
61. . . . . . . . . . ....
62. . . . . . . . . . ....
APPLICATION OF THE RECOGNITION AND MEASUREMENT RULES
Future operating losses
63. . . . . . . . . . ....
64. . . . . . . . . . ....
65. . . . . . . . . . ....
Onerous contracts
66. . . . . . . . . . ....
67. . . . . . . . . . ....
68. . . . . . . . . . ....
69. . . . . . . . . . ....
Restructuring
70. The following are examples of events that may fall under...
71. . . . . . . . . . ....
72. A constructive obligation to restructure arises only when an enterprise:...
73. . . . . . . . . . ....
74. . . . . . . . . . ....
75. A management or board decision to restructure taken before the...
76. . . . . . . . . . ....
77. . . . . . . . . . ....
78. . . . . . . . . . ....
79. . . . . . . . . . ....
80. A restructuring provision should include only the direct expenditures arising...
81. A restructuring provision does not include such costs as:
82. . . . . . . . . . ....
83. . . . . . . . . . ....
DISCLOSURE
84. For each class of provision, an enterprise should disclose:
85. An enterprise should disclose the following for each class of...
86. Unless the possibility of any outflow in settlement is remote,...
87. . . . . . . . . . ....
88. . . . . . . . . . ....
89. . . . . . . . . . ....
90. . . . . . . . . . ....
91. . . . . . . . . . ....
92. . . . . . . . . . ....
TRANSITIONAL PROVISIONS
93. . . . . . . . . . ....
94. . . . . . . . . . ....
EFFECTIVE DATE
95. . . . . . . . . . ....
96. . . . . . . . . . ....
INTERNATIONAL ACCOUNTING STANDARD 38 Intangible assets
OBJECTIVE
SCOPE
DEFINITIONS
Intangible Assets
Identifiability
Control
Future Economic Benefits
RECOGNITION AND MEASUREMENT
Separate Acquisition
Acquisition as Part of a Business Combination
Measuring the Fair Value of an Intangible Asset Acquired in...
Subsequent Expenditure on an Acquired In-process Research and Development Project...
Acquisition by way of a Government Grant
Exchanges of Assets
Internally Generated Goodwill
Internally Generated Intangible Assets
Research Phase
Development Phase
Cost of an Internally Generated Intangible Asset
RECOGNITION OF AN EXPENSE
Past Expenses not to be Recognised as an Asset
MEASUREMENT AFTER RECOGNITION
Cost Model
Revaluation Model
USEFUL LIFE
INTANGIBLE ASSETS WITH FINITE USEFUL LIVES
Amortisation Period and Amortisation Method
Residual Value
Review of Amortisation Period and Amortisation Method
INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES
Review of Useful Life Assessment
RECOVERABILITY OF THE CARRYING AMOUNT - IMPAIRMENT LOSSES
RETIREMENTS AND DISPOSALS
DISCLOSURE
General
Intangible Assets Measured after Recognition using the Revaluation Model
Research and Development Expenditure
Other Information
TRANSITIONAL PROVISIONS AND EFFECTIVE DATE
Exchanges of Similar Assets
Early Application
WITHDRAWAL OF IAS 38 (ISSUED 1998)
INTERNATIONAL ACCOUNTING STANDARD 39 Financial Instruments: Recognition and Measurement
OBJECTIVE
SCOPE
DEFINITIONS
EMBEDDED DERIVATIVES
RECOGNITION AND DERECOGNITION
Initial Recognition
Derecognition of a Financial Asset
Transfers that Qualify for Derecognition (see paragraph 20(a) and (c)(i))
Transfers that Do Not Qualify for Derecognition (see paragraph 20(b))
Continuing Involvement in Transferred Assets (see paragraph 20(c)(ii))
All Transfers
Regular Way Purchase or Sale of a Financial Asset
Derecognition of a Financial Liability
MEASUREMENT
Initial Measurement of Financial Assets and Financial Liabilities
Subsequent Measurement of Financial Assets
Subsequent Measurement of Financial Liabilities
Fair Value Measurement Considerations
Reclassifications
Gains and Losses
Impairment and Uncollectibility of Financial Assets
Financial Assets Carried at Amortised Cost
Financial Assets Carried at Cost
Available-for-Sale Financial Assets
HEDGING
Hedging Instruments
Qualifying Instruments
Designation of Hedging Instruments
Hedged Items
Qualifying Items
Designation of Financial Items as Hedged Items
Designation of Non-Financial Items as Hedged Items
Designation of Groups of Items as Hedged Items
Hedge Accounting
Fair Value Hedges
Cash Flow Hedges
Hedges of a Net Investment
EFFECTIVE DATE AND TRANSITIONAL PROVISIONS
WITHDRAWAL OF OTHER PRONOUNCEMENTS
APPENDIX A Application Guidance
Scope (paragraphs 2-7)
Definitions (paragraphs 8-9)
Effective Interest Rate
Derivatives
Transaction Costs
Financial Assets and Financial Liabilities Held for Trading
Held-to-Maturity Investments
Loans and Receivables
Embedded Derivatives (paragraphs 10-13)
Recognition and Derecognition (paragraphs 14-42)
Initial Recognition (paragraph 14)
Derecognition of a Financial Asset (paragraphs 15-37)
Transfers that Qualify for Derecognition
Transfers that Do Not Qualify for Derecognition
Continuing Involvement in Transferred Assets
All Transfers
Examples
Regular Way Purchase or Sale of a Financial Asset (paragraph...
Derecognition of a Financial Liability (paragraphs 39-42)
Measurement (paragraphs 43-70)
Initial Measurement of Financial Assets and Financial Liabilities (paragraph 43)...
Subsequent Measurement of Financial Assets (paragraphs 45 and 46)
Fair Value Measurement Considerations (paragraphs 48 and 49)
Active Market: Quoted Price
No Active Market: Valuation Technique
No Active Market: Equity Instruments
Inputs to Valuation Techniques
Gains and Losses (paragraphs 55-57)
Impairment and Uncollectibility of Financial Assets (paragraphs 58-70)
Financial Assets Carried at Amortised Cost (paragraphs 63-65)
Interest Income After Impairment Recognition
Hedging (paragraphs 71-102)
Hedging Instruments (paragraphs 72-77)
Qualifying Instruments (paragraphs 72 and 73)
Hedged Items (paragraphs 78-84)
Qualifying Items (paragraphs 78-80)
Designation of Financial Items as Hedged Items (paragraphs 81 and...
Designation of Non-Financial Items as Hedged Items (paragraph 82)
Designation of Groups of Items as Hedged Items (paragraphs 83...
Hedge Accounting (paragraphs 85-102)
Assessing Hedge Effectiveness
Fair Value Hedge Accounting for a Portfolio Hedge of Interest...
APPENDIX B Amendments to Other Pronouncements
Amendments to IFRS 1
APPENDIX A
Amendments to IAS 12
Amendments to IAS 18
Amendments to IAS 19
Amendments to IAS 30
Amendments to IAS 32
Amendments to IAS 36
Amendments to IAS 37
Amendments to SIC 27
AMENDMENTS TO INTERNATIONAL ACCOUNTING STANDARD 39 Financial Instruments: Recognition and Measurement
DEFINITIONS
9. . . . . . . . . . ....
Definitions of Four Categories of Financial Instruments
EMBEDDED DERIVATIVES
11A. . . . . . . . . . ....
12. . . . . . . . . . ....
13. . . . . . . . . . ....
FAIR VALUE MEASUREMENT CONSIDERATIONS
48A. . . . . . . . . . ....
EFFECTIVE DATE AND TRANSITION
105. . . . . . . . . . ....
105A. . . . . . . . . . ....
105B. . . . . . . . . . ....
105C. . . . . . . . . . ....
105D. . . . . . . . . . ....
. . . . . . . . . ....
APPENDIX A Application Guidance
DEFINITIONS (paragraphs 8 and 9)
Designation as at Fair Value through Profit or Loss
AG4B. . . . . . . . . . ....
AG4C. . . . . . . . . . ....
Paragraph 9(b)(i): Designation eliminates or significantly reduces a measurement or...
AG4D. . . . . . . . . . ....
AG4E. . . . . . . . . . ....
AG4F. . . . . . . . . . ....
AG4G. . . . . . . . . . ....
Paragraph 9(b)(ii): A group of financial assets, financial liabilities or...
AG4H. . . . . . . . . . ....
AG4I. . . . . . . . . . ....
AG4J. . . . . . . . . . ....
AG4K. . . . . . . . . . ....
Instruments containing Embedded Derivatives
AG33A. . . . . . . . . . ....
AG33B. . . . . . . . . . ....
INTERNATIONAL ACCOUNTING STANDARD 40 Investment Property
OBJECTIVE
SCOPE
DEFINITIONS
RECOGNITION
MEASUREMENT AT RECOGNITION
MEASUREMENT AFTER RECOGNITION
Accounting Policy
Fair Value Model
Inability to Determine Fair Value Reliably
Cost Model
TRANSFERS
DISPOSALS
DISCLOSURE
Fair Value Model and Cost Model
Fair Value Model
Cost Model
TRANSITIONAL PROVISIONS
Fair Value Model
Cost Model
EFFECTIVE DATE
WITHDRAWAL OF IAS 40 (2000)
INTERNATIONAL ACCOUNTING STANDARD IAS 41
Agriculture
INTRODUCTION
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. . . . . . . . . . ....
CONTENTS
OBJECTIVE
SCOPE
1. This Standard should be applied to account for the following...
2. This Standard does not apply to:
3. . . . . . . . . . ....
4. . . . . . . . . . ....
DEFINITIONS
Agriculture-related definitions
5. The following terms are used in this Standard with the...
6. Agricultural activity covers a diverse range of activities; for example,...
7. Biological transformation results in the following types of outcomes:
General definitions
8. The following terms are used in this Standard with the...
9. . . . . . . . . . ....
RECOGNITION AND MEASUREMENT
10. An enterprise should recognise a biological asset or agricultural produce...
11. . . . . . . . . . ....
12. . . . . . . . . . ....
13. . . . . . . . . . ....
14. . . . . . . . . . ....
15. . . . . . . . . . ....
16. . . . . . . . . . ....
17. . . . . . . . . . ....
18. If an active market does not exist, an enterprise uses...
19. . . . . . . . . . ....
20. . . . . . . . . . ....
21. . . . . . . . . . ....
22. . . . . . . . . . ....
23. . . . . . . . . . ....
24. Cost may sometimes approximate fair value, particularly when:
25. . . . . . . . . . ....
Gains and losses
26. . . . . . . . . . ....
27. . . . . . . . . . ....
28. . . . . . . . . . ....
29. . . . . . . . . . ....
Inability to measure fair value reliably
30. . . . . . . . . . ....
31. . . . . . . . . . ....
32. . . . . . . . . . ....
33. . . . . . . . . . ....
GOVERNMENT GRANTS
34. . . . . . . . . . ....
35. . . . . . . . . . ....
36. . . . . . . . . . ....
37. . . . . . . . . . ....
38. . . . . . . . . . ....
PRESENTATION AND DISCLOSURE
Presentation
39. . . . . . . . . . ....
Disclosure
General
40. . . . . . . . . . ....
41. . . . . . . . . . ....
42. . . . . . . . . . ....
43. . . . . . . . . . ....
44. . . . . . . . . . ....
45. . . . . . . . . . ....
46. If not disclosed elsewhere in information published with the financial...
47. . . . . . . . . . ....
48. . . . . . . . . . ....
49. An enterprise should disclose:
50. An enterprise should present a reconciliation of changes in the...
51. . . . . . . . . . ....
52. . . . . . . . . . ....
53. . . . . . . . . . ....
Additional disclosures for biological assets where fair value cannot be...
54. If an enterprise measures biological assets at their cost less...
55. If, during the current period, an enterprise measures biological assets...
56. If the fair value of biological assets previously measured at...
Government grants
57. An enterprise should disclose the following related to agricultural activity...
EFFECTIVE DATE AND TRANSITION
58. . . . . . . . . . ....
59. . . . . . . . . . ....
INTERNATIONAL FINANCIAL REPORTING STANDARD 2 Share-based Payment
OBJECTIVE
SCOPE
RECOGNITION
EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTIONS
Overview
Transactions in which services are received
Transactions measured by reference to the fair value of the...
Determining the fair value of equity instruments granted
Treatment of vesting conditions
Treatment of a reload feature
After vesting date
If the fair value of the equity instruments cannot be...
Modifications to the terms and conditions on which equity instruments...
CASH-SETTLED SHARE-BASED PAYMENT TRANSACTIONS
SHARE-BASED PAYMENT TRANSACTIONS WITH CASH ALTERNATIVES
Share-based payment transactions in which the terms of the arrangement...
Share-based payment transactions in which the terms of the arrangement...
DISCLOSURES
TRANSITIONAL PROVISIONS
EFFECTIVE DATE
APPENDIX A Defined terms
APPENDIX B Application Guidance
Estimating the fair value of equity instruments granted
Shares
Share options
Inputs to option pricing models
Expected early exercise
Expected volatility
Newly listed entities
Unlisted entities
Expected dividends
Risk-free interest rate
Capital structure effects
Modifications to equity-settled share-based payment arrangements
APPENDIX C Amendments to other IFRSs
INTERNATIONAL FINANCIAL REPORTING STANDARD 6 Exploration for and evaluation of mineral resources
OBJECTIVE
1. . . . . . . . . . ....
2. In particular, the IFRS requires:
SCOPE
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. An entity shall not apply the IFRS to expenditures incurred:...
RECOGNITION OF EXPLORATION AND EVALUATION ASSETS Temporary exemption from IAS 8 paragraphs 11 and 12
6. . . . . . . . . . ....
7. . . . . . . . . . ....
MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS
Measurement at recognition
8. . . . . . . . . . ....
Elements of cost of exploration and evaluation assets
9. An entity shall determine a policy specifying which expenditures are...
10. . . . . . . . . . ....
11. . . . . . . . . . ....
Measurement after recognition
12. . . . . . . . . . ....
Changes in accounting policies
13. . . . . . . . . . ....
14. . . . . . . . . . ....
PRESENTATION
Classification of exploration and evaluation assets
15. . . . . . . . . . ....
16. . . . . . . . . . ....
Reclassification of exploration and evaluation assets
17. . . . . . . . . . ....
IMPAIRMENT
Recognition and measurement
18. . . . . . . . . . ....
19. . . . . . . . . . ....
20. One or more of the following facts and circumstances indicate...
Specifying the level at which exploration and evaluation assets are...
21. . . . . . . . . . ....
22. . . . . . . . . . ....
DISCLOSURE
23. . . . . . . . . . ....
24. To comply with paragraph 23, an entity shall disclose:
25. . . . . . . . . . ....
EFFECTIVE DATE
26. . . . . . . . . . ....
TRANSITIONAL PROVISIONS
27. . . . . . . . . . ....
APPENDIX A Defined terms
APPENDIX B Amendments to other IFRSs
B1. . . . . . . . . . ....
Exemption from the requirement to provide comparative disclosures for IFRS...
36B . . . . . . . . . ....
B2. . . . . . . . . . ....
3. . . . . . . . . . ....
B3. . . . . . . . . . ....
2. . . . . . . . . . ....
INTERNATIONAL FINANCIAL REPORTING STANDARDS 8 Operating Segments
CORE PRINCIPLE
1. . . . . . . . . . ....
SCOPE
2. This IFRS shall apply to:
3. . . . . . . . . . ....
4. . . . . . . . . . ....
OPERATING SEGMENTS
5. An operating segment is a component of an entity:
6. . . . . . . . . . ....
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. . . . . . . . . . ....
10. . . . . . . . . . ....
REPORTABLE SEGMENTS
11. An entity shall report separately information about each operating segment...
Aggregation criteria
12. Operating segments often exhibit similar long-term financial performance if they...
Quantitative thresholds
13. An entity shall report separately information about an operating segment...
14. . . . . . . . . . ....
15. . . . . . . . . . ....
16. . . . . . . . . . ....
17. . . . . . . . . . ....
18. . . . . . . . . . ....
19. . . . . . . . . . ....
DISCLOSURE
20. . . . . . . . . . ....
21. To give effect to the principle in paragraph 20, an...
General information
22. An entity shall disclose the following general information:
Information about profit or loss, assets and liabilities
23. An entity shall report a measure of profit or loss...
24. An entity shall disclose the following about each reportable segment...
MEASUREMENT
25. . . . . . . . . . ....
26. . . . . . . . . . ....
27. An entity shall provide an explanation of the measurements of...
Reconciliations
28. An entity shall provide reconciliations of all of the following:...
Restatement of previously reported information
29. . . . . . . . . . ....
30. . . . . . . . . . ....
ENTITY-WIDE DISCLOSURES
31. . . . . . . . . . ....
Information about products and services
32. . . . . . . . . . ....
Information about geographical areas
33. An entity shall report the following geographical information, unless the...
Information about major customers
34. . . . . . . . . . ....
TRANSITION AND EFFECTIVE DATE
35. . . . . . . . . . ....
36. . . . . . . . . . ....
WITHDRAWAL OF IAS 14
37. . . . . . . . . . ....
APPENDIX A Defined term
APPENDIX B Amendments to other IFRSs
B1 References to IAS 14 Segment Reporting are amended to IFRS...
B2 In IFRS 5 Non-current Assets Held for Sale and Discontinued...
B3 In IFRS 6 Exploration for and Evaluation of Mineral Resources,...
B4 In IAS 2 Inventories, paragraphs 26 and 29 are amended...
B5 In IAS 7 Cash Flow Statements, paragraph 50 is amended...
B6 In IAS 19 Employee Benefits, the example illustrating paragraph 115...
B7 In IAS 33 Earnings per Share, paragraph 2 is replaced...
B8 In IAS 34 Interim Financial Reporting, paragraph 16 is amended...
B9 IAS 36 Impairment of Assets is amended as described below....
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-1
Consistency — different cost formulas for inventories
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
Consensus
3. An enterprise should use the same cost formula for all...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-2
Consistency — capitalisation of borrowing costs
Issue
1. IAS 23.07 and 23.11 allow the choice of either:
2. . . . . . . . . . ....
Consensus
3. Where an enterprise adopts the allowed alternative treatment, that treatment...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-3
Elimination of unrealised profits and losses on transactions with associates...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
Consensus
3. . . . . . . . . . ....
4. Unrealised losses should not be eliminated to the extent that...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-6
Costs of modifying existing software
Issue
1. . . . . . . . . . ....
2. The issues are:
3. . . . . . . . . . ....
Consensus
4. . . . . . . . . . ....
Disclosure
5. A need for major software modifications may give rise to...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-7
Introduction of the euro
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
Consensus
3. . . . . . . . . . ....
4. This means that, in particular:
IFRS 1 — FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARD...
INTRODUCTION
Reasons for issuing the IFRS
IN1. The IFRS replaces SIC-8 First-time Application of IASs as the...
Main features of the IFRS
IN2. . . . . . . . . . ....
IN3. In general, the IFRS requires an entity to comply with...
IN4. . . . . . . . . . ....
IN5. . . . . . . . . . ....
IN6. . . . . . . . . . ....
Changes from previous requirements
IN7. Like SIC-8, the IFRS requires retrospective application in most areas....
INTERNATIONAL FINANCIAL REPORTING STANDARD 1
First-time adoption of International Financial Reporting Standards
OBJECTIVE
1. The objective of this IFRS is to ensure that an...
SCOPE
2. An entity shall apply this IFRS in:
3. An entity's first IFRS financial statements are the first annual...
4. This IFRS applies when an entity first adopts IFRSs. It...
5. This IFRS does not apply to changes in accounting policies...
RECOGNITION AND MEASUREMENT
Opening IFRS balance sheet
6. . . . . . . . . . ....
Accounting policies
7. . . . . . . . . . ....
8. . . . . . . . . . ....
Example: Consistent application of latest version of IFRSs
BACKGROUND
APPLICATION OF REQUIREMENTS
9. . . . . . . . . . ....
10. Except as described in paragraphs 13 to 34, an entity...
11. . . . . . . . . . ....
12. This IFRS establishes two categories of exceptions to the principle...
Exemptions from other IFRSs
13. An entity may elect to use one or more of...
14. . . . . . . . . . ....
Business combinations
15. . . . . . . . . . ....
Fair value or revaluation as deemed cost
16. . . . . . . . . . ....
17. A first-time adopter may elect to use a previous GAAP...
18. The elections in paragraphs 16 and 17 are also available...
19. . . . . . . . . . ....
Employee benefits
20. . . . . . . . . . ....
20A. . . . . . . . . . ....
Cumulative translation differences
21. IAS 21 The Effects of Changes in Foreign Exchange Rates...
22. However, a first-time adopter need not comply with these requirements...
Compound financial instruments
23. . . . . . . . . . ....
Assets and liabilities of subsidiaries, associates and joint ventures
24. If a subsidiary becomes a first-time adopter later than its...
25. . . . . . . . . . ....
LEASES
IFRIC 4 Determining whether an arrangement contains a lease
25F. . . . . . . . . . ....
Exceptions to retrospective application of other IFRSs
26. This IFRS prohibits retrospective application of some aspects of other...
Derecognition of financial assets and financial liabilities
27. A first-time adopter shall apply the derecognition requirements in IAS...
Hedge accounting
28. As required by IAS 39 Financial Instruments: Recognition and Measurement,...
29. . . . . . . . . . ....
30. . . . . . . . . . ....
Estimates
31. . . . . . . . . . ....
32. . . . . . . . . . ....
33. . . . . . . . . . ....
34. . . . . . . . . . ....
PRESENTATION AND DISCLOSURE
35. . . . . . . . . . ....
Comparative information
36. . . . . . . . . . ....
Exemption from the requirement to present comparative information for IFRS...
36B. . . . . . . . . . ....
37. Some entities present historical summaries of selected data for periods...
Explanation of transition to IFRSs
38. . . . . . . . . . ....
Reconciliations
39. To comply with paragraph 38, an entity's first IFRS financial...
40. . . . . . . . . . ....
41. . . . . . . . . . ....
42. . . . . . . . . . ....
43. . . . . . . . . . ....
Use of fair value as deemed cost
44. If an entity uses fair value in its opening IFRS...
Interim financial reports
45. To comply with paragraph 38, if an entity presents an...
46. . . . . . . . . . ....
EFFECTIVE DATE
47. . . . . . . . . . ....
APPENDIX A Defined terms
APPENDIX B Business combinations
B1. . . . . . . . . . ....
B2. If a first-time adopter does not apply IAS 22 retrospectively...
B3. . . . . . . . . . ....
B4. . . . . . . . . . ....
APPENDIX C Amendments to other IFRSs
C1 . . . . . . . . . ....
C2 This IFRS amends paragraph 172(h) of IAS 39 Financial Instruments:...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-9
Business combinations — classification either as acquisitions or unitings of...
ISSUE
1. . . . . . . . . . ....
2. The issues are:
3. . . . . . . . . . ....
Consensus
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. All business combinations under IAS 22 are either an ‘acquisition’...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-10
Government assistance — no specific relation to operating activities
Issue
1. In some countries government assistance to enterprises may be aimed...
2. . . . . . . . . . ....
Consensus
3. Government assistance to enterprises meets the definition of government grants...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-11
Foreign exchange — capitalisation of losses resulting from severe currency...
Issue
1. . . . . . . . . . ....
2. The issues are:
Consensus
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. ‘Recent’ acquisitions of assets are acquisitions within 12 months prior...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-12
Consolidation — special purpose entities
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
Consensus
8. . . . . . . . . . ....
9. . . . . . . . . . ....
10. In addition to the situations described in IAS 27.12, the...
11. Predetermination of the ongoing activities of an SPE by an...
International Financial Reporting Interpretations Committee IFRIC
IFRIC AMENDMENT TO SIC-12 Scope of SIC-12 Consolidation — Special Purpose Entities REFERENCES ....Consolidation — Special Purpose Entities REFERENCES . . . ....
REFERENCES
BACKGROUND
1. . . . . . . . . . ....
2. IFRS 2 is effective for annual periods beginning on or...
3. . . . . . . . . . ....
ISSUES
4. . . . . . . . . . ....
5. . . . . . . . . . ....
AMENDMENT
6. Paragraph 6 of SIC-12 is amended as follows.
EFFECTIVE DATE
7. . . . . . . . . . ....
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-13
Jointly controlled entities — non-monetary contributions by venturers
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. The issues are:
4. . . . . . . . . . ....
Consensus
5. In applying IAS 31.39 to non-monetary contributions to a JCE...
6. . . . . . . . . . ....
7. Unrealised gains or losses on non-monetary assets contributed to JCEs...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-14
Property, plant and equipment — compensation for the impairment or...
Issue
1. . . . . . . . . . ....
2. Examples of such cases may include:
3. The issue is how an enterprise should account for:
Consensus
4. Impairments or losses of items of property, plant and equipment,...
Disclosure
5. Monetary or non-monetary compensation recognised for the impairment or loss...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-15
Operating leases — incentives
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
Consensus
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. Costs incurred by the lessee, including costs in connection with...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-18
Consistency — alternative methods
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
Consensus
3. . . . . . . . . . ....
4. Once the appropriate initial policy has been selected under the...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-19
Reporting currency — measurement and presentation of financial statements under...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. The issues are:
4. . . . . . . . . . ....
Consensus
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. If the measurement currency, determined in accordance with paragraph 5...
8. . . . . . . . . . ....
9. . . . . . . . . . ....
Disclosure
10. The following should be disclosed:
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-20
Equity accounting method — recognition of losses
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. In applying the equity method, the issues are:
4. . . . . . . . . . ....
Consensus
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. . . . . . . . . . ....
Disclosure
10. If an investor discontinues recognition of its share of losses...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-21
Income taxes — recovery of revalued non-depreciable assets
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
Consensus
5. The deferred tax liability or asset that arises from the...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-22
Business combinations — subsequent adjustment of fair values and goodwill...
Issue
1. . . . . . . . . . ....
2. IAS 22.71 (revised 1998) indicates that in accounting for a...
3. The issues are, in making adjustments in the limited circumstances...
4. This interpretation does not apply to the following items as...
Consensus
5. . . . . . . . . . ....
6. . . . . . . . . . ....
7. . . . . . . . . . ....
Disclosure
8. Adjustments to the carrying amounts of identifiable assets or liabilities...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-23
Property, plant and equipment — major inspection or overhaul costs...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
Consensus
5. The cost of a major inspection or overhaul of an...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-24
Earnings per share — financial instruments and other contracts that...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
Consensus
4. All financial instruments or other contracts that may result in...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-25
Income taxes — changes in the tax status of an...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
Consensus
4. A change in the tax status of an enterprise or...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-27
Evaluating the substance of transactions involving the legal form of...
Issue
1. . . . . . . . . . ....
2. When an arrangement with an investor involves the legal form...
Consensus
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. IAS 17 applies when the substance of an arrangement includes...
6. The definitions and guidance in paragraphs 49 to 64 of...
7. . . . . . . . . . ....
8. The criteria in paragraph 20 of IAS 18 should be...
9. . . . . . . . . . ....
Disclosure
10. All aspects of an arrangement that does not, in substance,...
11. The disclosures required in accordance with paragraph 10 of this...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-28
Business combinations — ‘date of exchange’ and fair value of...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. The issues are:
4. . . . . . . . . . ....
Consensus
5. . . . . . . . . . ....
6. . . . . . . . . . ....
Disclosure
7. When a published price of an equity instrument issued as...
8. When an equity instrument issued as purchase consideration does not...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-29
Disclosure — service concession arrangements
Issue
1. . . . . . . . . . ....
2. A service concession arrangement generally involves the concession provider conveying...
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
Consensus
6. All aspects of a service concession arrangement should be considered...
7. The disclosures required in accordance with paragraph 6 of this...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-30
Reporting currency — translation from measurement currency to presentation currency...
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. The issues are:
5. . . . . . . . . . ....
Consensus
6. When financial statements are presented in a currency other than...
7. When financial statements are presented in a currency other than...
Disclosure
8. . . . . . . . . . ....
9. . . . . . . . . . ....
10. When additional information not required by International Accounting Standards is...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-31
Revenue — barter transactions involving advertising services
Issue
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
Consensus
5. Revenue from a barter transaction involving advertising cannot be measured...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-32
Intangible assets — web site costs
Issue
1. . . . . . . . . . ....
2. The stages of a web site's development can be described...
3. . . . . . . . . . ....
4. When accounting for internal expenditure on the development and operation...
5. . . . . . . . . . ....
6. . . . . . . . . . ....
Consensus
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. Any internal expenditure on the development and operation of an...
10. A web site that is recognised as an intangible asset...
STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-33
Consolidation and equity method — potential voting rights and allocation...
Issue
1. . . . . . . . . . ....
2. The issues are:
Consensus
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
6. When applying the consolidation and the equity method of accounting,...
IFRIC INTERPRETATION 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
REFERENCES
BACKGROUND
SCOPE
ISSUE
CONSENSUS
EFFECTIVE DATE
TRANSITION
APPENDIX Amendments to IFRS 1 First-time Adoption of International Financial Reporting...
Changes in existing decommissioning, restoration and similar liabilities included in...
IFRIC INTERPRETATION 2 Members’ Shares in Cooperative Entities and Similar Instruments
REFERENCES
BACKGROUND
1 . . . . . . . . . ....
2 . . . . . . . . . ....
SCOPE
3 . . . . . . . . . ....
ISSUE
4 . . . . . . . . . ....
CONSENSUS
5 . . . . . . . . . ....
6 . . . . . . . . . ....
7 . . . . . . . . . ....
8 . . . . . . . . . ....
9 . . . . . . . . . ....
10 . . . . . . . . . ....
11 . . . . . . . . . ....
12 . . . . . . . . . ....
DISCLOSURE
13 . . . . . . . . . ....
EFFECTIVE DATE
14 . . . . . . . . . ....
APPENDIX
EXAMPLES OF APPLICATION OF THE CONSENSUS
This appendix is an integral part of the Interpretation.
A1 . . . . . . . . . ....
UNCONDITIONAL RIGHT TO REFUSE REDEMPTION (paragraph 7)
Example 1
Facts
A2 . . . . . . . . . ....
Classification
A3 The entity has the unconditional right to refuse redemption and...
Example 2
Facts
A4 . . . . . . . . . ....
Classification
A5 The entity does not have the unconditional right to refuse...
PROHIBITIONS AGAINST REDEMPTION (paragraphs 8 and 9)
Example 3
Facts
A6 A cooperative entity has issued shares to its members at...
A7 . . . . . . . . . ....
Classification
Before the governing charter is amended
A8 . . . . . . . . . ....
A9 . . . . . . . . . ....
After the governing charter is amended
A10 . . . . . . . . . ....
Example 4
Facts
A11 . . . . . . . . . ....
Classification
A12 In this case, CU 750 000 would be classified as...
A13 . . . . . . . . . ....
Example 5
Facts
A14 . . . . . . . . . ....
Classification
A15 . . . . . . . . . ....
Example 6
Facts
A16 . . . . . . . . . ....
Classification
A17 . . . . . . . . . ....
Example 7
Facts
A18 . . . . . . . . . ....
Classification
A19 . . . . . . . . . ....
IFRIC INTERPRETATION 4 Determining whether an arrangement contains a lease
REFERENCES
BACKGROUND
1. An entity may enter into an arrangement, comprising a transaction...
2. . . . . . . . . . ....
3. . . . . . . . . . ....
SCOPE
4. . . . . . . . . . ....
ISSUES
5. The issues addressed in this Interpretation are:
CONSENSUS
Determining whether an arrangement is, or contains, a lease
6. Determining whether an arrangement is, or contains, a lease shall...
Fulfilment of the arrangement is dependent on the use of...
7. . . . . . . . . . ....
8. . . . . . . . . . ....
Arrangement conveys a right to use the asset
9. An arrangement conveys the right to use the asset if...
Assessing or reassessing whether an arrangement is, or contains, a...
10. The assessment of whether an arrangement contains a lease shall...
11. A reassessment of an arrangement shall be based on the...
Separating payments for the lease from other payments
12. . . . . . . . . . ....
13. . . . . . . . . . ....
14. . . . . . . . . . ....
15. If a purchaser concludes that it is impracticable to separate...
EFFECTIVE DATE
16. . . . . . . . . . ....
TRANSITION
17. . . . . . . . . . ....
APPENDIX Amendments to IFRS 1 first-time adoption of International Financial Reporting...
A1. . . . . . . . . . ....
LEASES
IFRIC 4 Determining whether an arrangement contains a lease
25F . . . . . . . . . ....
IFRIC INTERPRETATION 5 (incorporating an Amendment to IAS 39) Rights to Interests arising from decommissioning, restoration and environmental rehabilitation...
REFERENCES
BACKGROUND
1. . . . . . . . . . ....
2. Contributions to these funds may be voluntary or required by...
3. Such funds generally have the following features:
SCOPE
4. This Interpretation applies to accounting in the financial statements of...
5. . . . . . . . . . ....
ISSUES
6. The issues addressed in this interpretation are:
CONSENSUS
Accounting for an interest in a fund
7. . . . . . . . . . ....
8. . . . . . . . . . ....
9. If a contributor does not have control, joint control or...
Accounting for obligations to make additional contributions
10. . . . . . . . . . ....
Disclosure
11. . . . . . . . . . ....
12. . . . . . . . . . ....
13. . . . . . . . . . ....
EFFECTIVE DATE
14. . . . . . . . . . ....
TRANSITION
15. . . . . . . . . . ....
APPENDIX Amendment to IAS 39 Financial instruments: recognition and measurement
A1. . . . . . . . . . ....
2. . . . . . . . . . ....
IFRIC INTERPRETATION 6 Liabilities arising from Participating in a Specific Market — Waste...
REFERENCES
BACKGROUND
SCOPE
ISSUE
CONSENSUS
EFFECTIVE DATE
TRANSITION
IFRIC INTERPRETATION 7
Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
REFERENCES
BACKGROUND
1 . . . . . . . . . ....
ISSUES
2 The questions addressed in this Interpretation are:
CONSENSUS
3 . . . . . . . . . ....
4 At the closing balance sheet date, deferred tax items are...
5 . . . . . . . . . ....
EFFECTIVE DATE
6 . . . . . . . . . ....
IFRIC INTERPRETATION 8 Scope of IFRS 2
REFERENCES
BACKGROUND
1. . . . . . . . . . ....
2. . . . . . . . . . ....
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
SCOPE
6. . . . . . . . . . ....
ISSUE
7. . . . . . . . . . ....
CONSENSUS
8. . . . . . . . . . ....
9. . . . . . . . . . ....
10. . . . . . . . . . ....
11. . . . . . . . . . ....
12. . . . . . . . . . ....
EFFECTIVE DATE
13. . . . . . . . . . ....
TRANSITION
14. . . . . . . . . . ....
IFRIC INTERPRETATION 9 Reassessment of Embedded Derivatives
REFERENCES
BACKGROUND
1. . . . . . . . . . ....
2. IAS 39 paragraph 11 requires an embedded derivative to be...
SCOPE
3. . . . . . . . . . ....
4. . . . . . . . . . ....
5. . . . . . . . . . ....
ISSUE
6. IAS 39 requires an entity, when it first becomes a...
CONSENSUS
7. . . . . . . . . . ....
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EFFECTIVE DATE AND TRANSITION
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IFRIC INTERPRETATION 10 Interim Financial Reporting and Impairment
REFERENCES
BACKGROUND
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ISSUE
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7. The Interpretation addresses the following issue:
CONSENSUS
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EFFECTIVE DATE AND TRANSITION
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IFRIC INTERPRETATION 11 IFRS 2 — Group and Treasury Share Transactions
REFERENCES
ISSUES
1. This Interpretation addresses two issues. The first is whether the...
2. The second issue concerns share-based payment arrangements that involve two...
3. Therefore, the second issue addresses the following share-based payment arrangements:...
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CONSENSUS
Share-based payment arrangements involving an entity’s own equity instruments (paragraph...
7. Share-based payment transactions in which an entity receives services as...
SHARE-BASED PAYMENT ARRANGEMENTS INVOLVING EQUITY INSTRUMENTS OF THE PARENT
A parent grants rights to its equity instruments to the...
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A subsidiary grants rights to equity instruments of its parent...
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EFFECTIVE DATE
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TRANSITION
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