AMENDMENTS TO IFRS 1First-time Adoption of International Financial Reporting Standards PRESENTATION AND DISCLOSURE Explanation of transition to IFRSs Use of deemed cost after severe hyperinflation 31CIf an entity elects to measure assets and liabilities at...Appendix BExceptions to the retrospective application of other IFRSs Derecognition of financial assets and financial liabilities B2Except as permitted by paragraph B3, a first-time adopter shall...Appendix DExemptions from other IFRSs D1An entity may elect to use one or more of...Fair value measurement of financial assets or financial liabilities at...D20Notwithstanding the requirements of paragraphs 7 and 9, an entity...Severe hyperinflation D26If an entity has a functional currency that was, or...D27The currency of a hyperinflationary economy is subject to severe...D28The functional currency of an entity ceases to be subject...D29When an entity’s date of transition to IFRSs is on,...D30When the functional currency normalisation date falls within a 12-month...EFFECTIVE DATE 39HSevere Hyperinflation and Removal of Fixed Dates for First-time Adopters...AMENDMENTS TO IFRS 9 IFRS 9 Financial Instruments (issued November 2009) IFRS 9 Financial Instruments (issued October 2010) Amendments to IAS 12Income Taxes DEFINITIONS Tax base 10Where the tax base of an asset or liability is...MEASUREMENT 51AIn some jurisdictions, the manner in which an entity recovers...Example A Example B Example C 51BIf a deferred tax liability or deferred tax asset arises...51CIf a deferred tax liability or asset arises from investment...Example illustrating paragraph 51C 51DThe rebuttable presumption in paragraph 51C also applies when a...51EParagraphs 51B–51D do not change the requirements to apply the...EFFECTIVE DATE 98Paragraph 52 was renumbered as 51A, paragraph 10 and the...WITHDRAWAL OF SIC-21 99The amendments made by Deferred Tax: Recovery of Underlying Assets,...INTERNATIONAL FINANCIAL REPORTING STANDARD 13Fair Value Measurement OBJECTIVE 1This IFRS: 2Fair value is a market-based measurement, not an entity-specific measurement....3When a price for an identical asset or liability is...4The definition of fair value focuses on assets and liabilities...SCOPE 5This IFRS applies when another IFRS requires or permits fair...6The measurement and disclosure requirements of this IFRS do not...7The disclosures required by this IFRS are not required for...8The fair value measurement framework described in this IFRS applies...MEASUREMENT Definition of fair value 9This IFRS defines fair value as the price that would...10Paragraph B2 describes the overall fair value measurement approach. The asset or liability 11A fair value measurement is for a particular asset or...12The effect on the measurement arising from a particular characteristic...13The asset or liability measured at fair value might be...14Whether the asset or liability is a stand-alone asset or...The transaction 15A fair value measurement assumes that the asset or liability...16A fair value measurement assumes that the transaction to sell...17An entity need not undertake an exhaustive search of all...18If there is a principal market for the asset or...19The entity must have access to the principal (or most...20Although an entity must be able to access the market,...21Even when there is no observable market to provide pricing...Market participants 22An entity shall measure the fair value of an asset...23In developing those assumptions, an entity need not identify specific...The price 24Fair value is the price that would be received to...25The price in the principal (or most advantageous) market used...26Transaction costs do not include transport costs. If location is...Application to non-financial assets Highest and best use for non-financial assets 27A fair value measurement of a non-financial asset takes into...28The highest and best use of a non-financial asset takes...29Highest and best use is determined from the perspective of...30To protect its competitive position, or for other reasons, an...Valuation premise for non-financial assets 31The highest and best use of a non-financial asset establishes...32The fair value measurement of a non-financial asset assumes that...33Paragraph B3 describes the application of the valuation premise concept...Application to liabilities and an entity’s own equity instruments General principles 34A fair value measurement assumes that a financial or non-financial...35Even when there is no observable market to provide pricing...36In all cases, an entity shall maximise the use of...Liabilities and equity instruments held by other parties as assets...37When a quoted price for the transfer of an identical...38In such cases, an entity shall measure the fair value...39An entity shall adjust the quoted price of a liability...Liabilities and equity instruments not held by other parties as...40When a quoted price for the transfer of an identical...41For example, when applying a present value technique an entity...Non-performance risk 42The fair value of a liability reflects the effect of...43When measuring the fair value of a liability, an entity...44The fair value of a liability reflects the effect of...Restriction preventing the transfer of a liability or an entity’s...45When measuring the fair value of a liability or an...46For example, at the transaction date, both the creditor and...Financial liability with a demand feature 47The fair value of a financial liability with a demand...Application to financial assets and financial liabilities with offsetting positions...48An entity that holds a group of financial assets and...49An entity is permitted to use the exception in paragraph...50The exception in paragraph 48 does not pertain to financial...51An entity shall make an accounting policy decision in accordance...52The exception in paragraph 48 applies only to financial assets...Exposure to market risks 53When using the exception in paragraph 48 to measure the...54When using the exception in paragraph 48, an entity shall...55Similarly, the duration of the entity’s exposure to a particular...Exposure to the credit risk of a particular counterparty 56When using the exception in paragraph 48 to measure the...Fair value at initial recognition 57When an asset is acquired or a liability is assumed...58In many cases the transaction price will equal the fair...59When determining whether fair value at initial recognition equals the...60If another IFRS requires or permits an entity to measure...Valuation techniques 61An entity shall use valuation techniques that are appropriate in...62The objective of using a valuation technique is to estimate...63In some cases a single valuation technique will be appropriate...64If the transaction price is fair value at initial recognition...65Valuation techniques used to measure fair value shall be applied...66Revisions resulting from a change in the valuation technique or...Inputs to valuation techniques General principles 67Valuation techniques used to measure fair value shall maximise the...68Examples of markets in which inputs might be observable for...69An entity shall select inputs that are consistent with the...Inputs based on bid and ask prices 70If an asset or a liability measured at fair value...71This IFRS does not preclude the use of mid-market pricing...Fair value hierarchy 72To increase consistency and comparability in fair value measurements and...73In some cases, the inputs used to measure the fair...74The availability of relevant inputs and their relative subjectivity might...75If an observable input requires an adjustment using an unobservable...Level 1 inputs 76Level 1 inputs are quoted prices (unadjusted) in active markets...77A quoted price in an active market provides the most...78A Level 1 input will be available for many financial...79An entity shall not make an adjustment to a Level...80If an entity holds a position in a single asset...Level 2 inputs 81Level 2 inputs are inputs other than quoted prices included...82If the asset or liability has a specified (contractual) term,...83Adjustments to Level 2 inputs will vary depending on factors...84An adjustment to a Level 2 input that is significant...85Paragraph B35 describes the use of Level 2 inputs for...Level 3 inputs 86Level 3 inputs are unobservable inputs for the asset or...87Unobservable inputs shall be used to measure fair value to...88Assumptions about risk include the risk inherent in a particular...89An entity shall develop unobservable inputs using the best information...90Paragraph B36 describes the use of Level 3 inputs for...DISCLOSURE 91An entity shall disclose information that helps users of its...92To meet the objectives in paragraph 91, an entity shall...93To meet the objectives in paragraph 91, an entity shall...94An entity shall determine appropriate classes of assets and liabilities...95An entity shall disclose and consistently follow its policy for...96If an entity makes an accounting policy decision to use...97For each class of assets and liabilities not measured at...98For a liability measured at fair value and issued with...99An entity shall present the quantitative disclosures required by this...Appendix ADefined terms Appendix BApplication guidance B1The judgements applied in different valuation situations may be different....THE FAIR VALUE MEASUREMENT APPROACH B2The objective of a fair value measurement is to estimate...VALUATION PREMISE FOR NON-FINANCIAL ASSETS (PARAGRAPHS 31–33) B3When measuring the fair value of a non-financial asset used...FAIR VALUE AT INITIAL RECOGNITION (PARAGRAPHS 57–60) B4When determining whether fair value at initial recognition equals the...VALUATION TECHNIQUES (PARAGRAPHS 61–66) Market approach B5The market approach uses prices and other relevant information generated...B6For example, valuation techniques consistent with the market approach often...B7Valuation techniques consistent with the market approach include matrix pricing....Cost approach B8The cost approach reflects the amount that would be required...B9From the perspective of a market participant seller, the price...Income approach B10The income approach converts future amounts (eg cash flows or...B11Those valuation techniques include, for example, the following: Present value techniques B12Paragraphs B13–B30 describe the use of present value techniques to...The components of a present value measurement B13Present value (ie an application of the income approach) is...General principles B14Present value techniques differ in how they capture the elements...Risk and uncertainty B15A fair value measurement using present value techniques is made...B16Market participants generally seek compensation (ie a risk premium) for...B17Present value techniques differ in how they adjust for risk...Discount rate adjustment technique B18The discount rate adjustment technique uses a single set of...B19The discount rate adjustment technique requires an analysis of market...B20To illustrate a build-up approach, assume that Asset A is...B21On the basis of the timing of the contractual payments...B22When the discount rate adjustment technique is applied to fixed...Expected present value technique B23The expected present value technique uses as a starting point...B24In making an investment decision, risk-averse market participants would take...B25Method 1 of the expected present value technique adjusts the...B26In contrast, Method 2 of the expected present value technique...B27To illustrate Methods 1 and 2, assume that an asset...B28In this simple illustration, the expected cash flows (CU780) represent...B29In theory, the present value (ie the fair value) of...B30When using an expected present value technique to measure fair...APPLYING PRESENT VALUE TECHNIQUES TO LIABILITIES AND AN ENTITY’S OWN...B31When using a present value technique to measure the fair...B32For example, a non-financial liability does not contain a contractual...B33An entity can include a risk premium in the fair...INPUTS TO VALUATION TECHNIQUES (PARAGRAPHS 67–71) B34Examples of markets in which inputs might be observable for...FAIR VALUE HIERARCHY (PARAGRAPHS 72–90) Level 2 inputs (paragraphs 81–85) B35Examples of Level 2 inputs for particular assets and liabilities...Level 3 inputs (paragraphs 86–90) B36Examples of Level 3 inputs for particular assets and liabilities...MEASURING FAIR VALUE WHEN THE VOLUME OR LEVEL OF ACTIVITY...B37The fair value of an asset or a liability might...B38If an entity concludes that there has been a significant...B39This IFRS does not prescribe a methodology for making significant...B40If there has been a significant decrease in the volume...B41Even when there has been a significant decrease in the...B42Estimating the price at which market participants would be willing...Identifying transactions that are not orderly B43The determination of whether a transaction is orderly (or is...B44An entity shall consider all the following when measuring fair...Using quoted prices provided by third parties B45This IFRS does not preclude the use of quoted prices...B46If there has been a significant decrease in the volume...B47Furthermore, the nature of a quote (eg whether the quote...Appendix CEffective date and transition C1An entity shall apply this IFRS for annual periods beginning...C2This IFRS shall be applied prospectively as of the beginning...C3The disclosure requirements of this IFRS need not be applied...Appendix DAmendments to other IFRSs CHANGE IN DEFINITION D1In IFRSs 1, 3–5 and 9 (issued in October 2010)...IFRS 1First-time Adoption of International Financial Reporting Standards (as amended at...D2Paragraph 19 is deleted. D3Paragraph 39J is added as follows: D4Paragraphs D15 and D20 are amended as follows: IFRS 2Share-based Payment D5Paragraph 6A is added as follows: IFRS 3Business Combinations D6Paragraphs 20, 29, 33 and 47 are amended as follows:...D7Paragraph 64F is added as follows: D8In Appendix B paragraphs B22 and B40, B43–B46, B49 and...IFRS 4Insurance Contracts D9Paragraph 41E is added as follows: IFRS 5Non-current Assets Held for Sale and Discontinued Operations D10Paragraph 44H is added as follows: IFRS 7Financial Instruments: Disclosures (as amended at October 2009) D11[Not applicable to requirements] D12Paragraph 3 is amended as follows: D13Paragraphs 27–27B are deleted. D14Paragraph 28 is amended as follows: D15Paragraph 29 is amended as follows: D16Paragraph 44P is added as follows: D17In Appendix A the definition of other price risk is...IFRS 9Financial Instruments (issued November 2009) D18Paragraph 5.1.1 is amended as follows: D19Paragraph 5.1.1A is added as follows: D20Paragraphs 5.2.1, 5.3.2, 8.2.5 and 8.2.11 are amended as follows:...D21Paragraph 8.1.3 is added as follows: D22In Appendix A the introductory text is amended as follows:...D23In Appendix B paragraph B5.1, the heading above paragraph B5.5...Investments in equity instruments (and contracts on those investments) B5.5… That may be the case if insufficient more recent...B5.7… In such cases, the entity must measure fair value....D24In Appendix C, in paragraph C8 the amendments to paragraph...D25In paragraph C20 the amendments to paragraph 1 of IAS...D26In paragraph C22 the amendments to paragraph 1 of IAS...D27In paragraph C27 the amendments to paragraphs 9, 13 and...D28In paragraph C28 the amendments to paragraphs AG64, AG80, AG81...IFRS 9Financial Instruments (issued October 2010) D29[Not applicable to requirements] D30Paragraphs 3.2.14, 4.3.7 and 5.1.1 are amended as follows: D31Paragraph 5.1.1A is added as follows: D32Paragraph 5.2.1 is amended as follows: D33The heading above paragraph 5.4.1 and paragraphs 5.4.1–5.4.3 are deleted....D34Paragraphs 5.6.2, 7.2.5, 7.2.11 and 7.2.12 are amended as follows:...D35Paragraph 7.1.3 is added as follows: D36In Appendix B paragraphs B3.2.11, B3.2.17, B5.1.1 and B5.2.2 are...D37Paragraphs B5.1.2A and B5.2.2A are added as follows: D38Paragraphs B5.4.1–B5.4.13 and their related headings are deleted. D39The heading above paragraph B5.4.14 and paragraphs B5.4.14, B5.4.16 and...Investments in equity instruments (and contracts on those investments) B5.4.14… That may be the case if insufficient more recent...B5.4.16… To the extent that any such relevant factors exist,...B5.7.20As with all fair value measurements, an entity’s measurement method...D40In Appendix C, in paragraph C3 the amendments to paragraphs...D41In paragraph C11 the amendments to paragraph 28 of IFRS...D42In paragraph C26 the amendments to paragraph 1 of IAS...D43In paragraph C28 the amendments to paragraph 1 of IAS...D44In paragraph C30 the amendments to paragraph 23 of IAS...D45In paragraph C49 the amendments to paragraph A8 of IFRIC...D46In paragraph C53 the amendments to paragraph 7 of IFRIC...IAS 1Presentation of Financial Statements D47Paragraphs 128 and 133 are amended as follows: D48Paragraph 139I is added as follows: IAS 2Inventories D49Paragraph 7 is amended as follows: D50Paragraph 40C is added as follows: IAS 8Accounting Policies, Changes in Accounting Estimates and Errors D51Paragraph 52 is amended as follows: D52Paragraph 54C is added as follows: IAS 10Events after the Reporting Period D53Paragraph 11 is amended as follows: D54Paragraph 23A is added as follows: IAS 16Property, Plant and Equipment D55Paragraph 26 is amended as follows: D56Paragraphs 32 and 33 are deleted. D57Paragraphs 35 and 77 are amended as follows: D58Paragraph 81F is added as follows: IAS 17Leases D59Paragraph 6A is added as follows: IAS 18Revenue D60Paragraph 42 is added as follows: IAS 19Employee Benefits D61[Not applicable to requirements] D62Paragraphs 50 and 102 are amended as follows: D63Paragraph 162 is added as follows: IAS 20Accounting for Government Grants and Disclosure of Government Assistance D64Paragraph 45 is added as follows: IAS 21The Effects of Changes in Foreign Exchange Rates D65Paragraph 23 is amended as follows: D66Paragraph 60G is added as follows: IAS 28Investments in Associates (as amended at October 2009) D67Paragraphs 1 and 37 are amended as follows: D68Paragraph 41G is added as follows: IAS 31Interests in Joint Ventures (as amended at October 2009) D69Paragraph 1 is amended as follows: D70Paragraph 58F is added as follows: IAS 32Financial Instruments: Presentation (as amended at September 2010) D71Paragraph 23 is amended as follows: D72Paragraph 97J is added as follows: D73In the Application Guidance paragraph AG31 is amended as follows:...IAS 33Earnings per Share D74Paragraphs 8 and 47A are amended as follows: D75Paragraph 74C is added as follows: D76In Appendix A paragraph A2 is amended as follows: IAS 34Interim Financial Reporting (as amended at May 2010) D77[Not applicable to requirements] D78Paragraph 16A(j) is added as follows: D79Paragraph 50 is added as follows: IAS 36Impairment of Assets D80Paragraph 5 is amended as follows: D81Paragraph 6 is amended as follows (as a consequence of...D82Paragraphs 12, 20 and 22 are amended as follows: D83Paragraphs 25–27 are deleted. D84Paragraph 28 is amended as follows: D85Paragraph 53A is added as follows: D86Paragraphs 78, 105, 111, 130 and 134 are amended as...D87Paragraph 140I is added as follows: IAS 38Intangible Assets D88Paragraph 8 is amended as follows: D89Paragraph 33 is amended as follows: D90The heading above paragraph 35 is amended as follows: Intangible asset acquired in a business combination D91Paragraphs 39–41 are deleted. D92Paragraphs 47, 50, 75, 78, 82, 84 and 100 are...D93Paragraph 124 is amended as follows: D94Paragraph 130E is deleted. D95Paragraph 130G is added as follows: IAS 39Financial Instruments: Recognition and Measurement (as amended at October 2009)...D96[Not applicable to requirements] D97Paragraph 9 is amended as follows: D98Paragraphs 13 and 28 are amended as follows: D99Paragraph 43A is added. D100Paragraph 47 is amended as follows: D101Paragraphs 48–49 are deleted. D102Paragraph 88 is amended as follows: D103Paragraph 103Q is added as follows: D104In Appendix A paragraphs AG46, AG52 and AG64 are amended...D105Paragraph AG64 is amended as follows: D106Paragraphs AG69–AG75 and their related headings are deleted. D107Paragraph AG76 is amended as follows: D108Paragraph AG76A is amended as follows: D109Paragraphs AG77–AG79 are deleted. D110Paragraphs AG80 and AG81 are amended as follows: D111The heading above paragraph AG82 and paragraph AG82 are deleted....D112Paragraph AG96 is amended as follows: IAS 40Investment Property D113[Not applicable to requirements] D114Paragraphs 26, 29 and 32 are amended as follows: D115Paragraphs 36–39 are deleted. D116Paragraph 40 is amended as follows: D117Paragraphs 42–47, 49, 51 and 75(d) are deleted. D118Paragraph 48 is amended as follows: D119The heading above paragraph 53 and paragraphs 53 and 53B...Inability to measure fair value reliably 53There is a rebuttable presumption that an entity can reliably...53B… An entity that has measured an item of investment...D120Paragraph 75(d) is deleted. D121Paragraphs 78–80 are amended as follows: D122Paragraph 85B is amended as follows: D123Paragraph 85C is added as follows: IAS 41Agriculture D124-125[Not applicable to requirements] D126Paragraphs 8, 15 and 16 are amended as follows: D127Paragraphs 9, 17–21 and 23 are deleted. D128Paragraphs 25 and 30 are amended as follows: D129Paragraphs 47 and 48 are deleted. D130Paragraph 61 is added as follows: IFRIC 2Members’ Shares in Co-operative Entities and Similar Instruments (as amended...D131[Not applicable to requirements] D132Below the heading ‘References’ a reference to IFRS 13 Fair...D133Paragraph 16 is added as follows: D134In the Appendix paragraph A8 is amended as follows: IFRIC 4Determining whether an Arrangement contains a Lease D135Below the heading ‘References’ a reference to IFRS 13 Fair...D136In paragraph 15(a) ‘fair value’ is footnoted as follows: IFRIC 13Customer Loyalty Programmes D137Below the heading ‘References’ a reference to IFRS 13 Fair...D138Paragraph 6 is amended as follows: D139Paragraph 10B is added as follows: D140In the Application Guidance paragraphs AG1–AG3 are amended as follows:...IFRIC 17Distributions of Non-cash Assets to Owners D141[Not applicable to requirements] D142Below the heading ‘References’ a reference to IFRS 13 Fair...D143Paragraph 17 is amended as follows: D144Paragraph 20 is added as follows: IFRIC 19Extinguishing Financial Liabilities with Equity Instruments (as amended at September...D145[Not applicable to requirements] D146Below the heading ‘References’ a reference to IFRS 13 Fair...D147Paragraph 7 is amended as follows: D148Paragraph 15 is added as follows: IFRIC INTERPRETATION 20Stripping Costs in the Production Phase of a Surface Mine...REFERENCES BACKGROUND 1In surface mining operations, entities may find it necessary to...2During the development phase of the mine (before production begins),...3A mining entity may continue to remove overburden and to...4The material removed when stripping in the production phase will...5This Interpretation considers when and how to account separately for...SCOPE 6This Interpretation applies to waste removal costs that are incurred...ISSUES 7This Interpretation addresses the following issues: CONSENSUS Recognition of production stripping costs as an asset 8To the extent that the benefit from the stripping activity...9An entity shall recognise a stripping activity asset if, and...10The stripping activity asset shall be accounted for as an...11The stripping activity asset’s classification as a tangible or intangible...Initial measurement of the stripping activity asset 12The entity shall initially measure the stripping activity asset at...13When the costs of the stripping activity asset and the...Subsequent measurement of the stripping activity asset 14After initial recognition, the stripping activity asset shall be carried...15The stripping activity asset shall be depreciated or amortised on...16The expected useful life of the identified component of the...Appendix AEffective date and transition A1An entity shall apply this Interpretation for annual periods beginning...A2An entity shall apply this Interpretation to production stripping costs...A3As at the beginning of the earliest period presented, any...A4If there is no identifiable component of the ore body...Appendix BThe amendments in this appendix shall be applied for annual...Amendments to IFRS 1 First-time Adoption of International Financial Reporting...B1In Appendix D, paragraph D1 is amended as follows: B2After paragraph D31 a heading and paragraph D32 are added:...Stripping costs in the production phase of a surface mine...D32A first-time adopter may apply the transitional provisions set out...B3After paragraph 39L paragraph 39M is added:
Commission Regulation (EU) No 1255/2012
of 11 December 2012
amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 12, International Financial Reporting Standards 1 and 13, and Interpretation 20 of the International Financial Reporting Interpretations Committee
(Text with EEA relevance) (revoked)
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations:
Amendments (Textual)
Regulation revoked (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 2 para. 34 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)