Showing posts with label IFRIC. Show all posts
Showing posts with label IFRIC. Show all posts

Sunday, 12 January 2014

List of improvements to the IFRS Cycles, issue and effective dates and new IFRIC


Improvements
Issue Date
Effective date
Amendments
2011–2013 Cycle
12 December 2013
Effective for annual periods beginning on or after 1 July 2014.
IFRS 1 First-time Adoption of International Financial Reporting Standards(changes to the Basis for Conclusions only) Meaning of effective IFRSs
IFRS 3 Business Combinations Scope of exception for joint ventures
IFRS 13 Fair Value Measurement Scope of of paragraph 52 (portfolio exception)
IAS 40 Investment Property Clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property
2010–2012 Cycle
12 December 2013
Effective for annual periods beginning on or after 1 July 2014.
IFRS 2 Share-based Payment Definition of 'vesting condition'
IFRS 3 Business Combinations (with consequential amendments to other standards) Accounting for contingent consideration in a business combination
IFRS 8 Operating Segments 1.Aggregation of operating segments
2.Reconciliation of the total of the reportable segments' assets to the entity's assets

IFRS 13 Fair Value Measurement
(amendments to the basis of conclusions only, with consequential amendments to the bases of conclusions of other standards) Short-term receivables and payables
IAS 16 Property, Plant and Equipment Revaluation method - proportionate restatement of accumulated depreciation
IAS 24 Related Party Disclosures Key management personnel
IAS 38 Intangible Assets Revaluation method - proportionate restatement of accumulated amortisation
2009–2011 Cycle
17 May 2012
Effective for annual periods beginning on or after 1 January 2013
IFRS 1 First-time Adoption of International Financial Reporting Standards 1.Permit the repeated application of IFRS 1
2.Borrowing costs relating to qualifying assets for which the commencement date for capitalisation is before the date of transition to IFRSs
IAS 1 Presentation of Financial Statements Clarification of the requirements for comparative information
IAS 16 Property, Plant and Equipment Classification of servicing equipment
IAS 32 Financial Instruments: Presentation Tax effect of a distribution to holders of equity instruments
IAS 34 Interim Financial Reporting Clarify interim reporting of segment information for total assets in order to enhance consistency with IFRS 8
2008-2010 cycle

6 May 2010
Most of the amendments are effective for annual periods beginning on or after 1 January 2011
IFRS 1 First-time Adoption of International Financial Reporting Standards 1.Accounting policy changes in the year of adoption
2.Revaluation basis as deemed cost
3.Use of deemed cost for operations subject to rate regulation
IFRS 3 Business Combinations 1.Measurement of non-controlling interests (NCI)
2.Unreplaced and voluntarily replaced share-based payment awards
3.Transitional requirements for contingent consideration from a business combination that occurred before the effective date of IFRS 3 (2008)
IFRS 7 Financial Instruments: Disclosures   Clarification of disclosures
IAS 1 Presentation of Financial Statements Clarification of statement of changes in equity
IAS 27 Consolidated and Separate Financial Statements Transitional requirements for consequential amendments as a result of IAS 27 (2008)
IAS 34 Interim Financial Reporting Significant events and transactions
IFRIC 13 Customer Loyalty Programmes Fair value of award credits
2007-2009 cycle

16 April 2009
Effective for annual periods beginning on or after either 1 July 2009 or 1 January 2010
IFRS 2 Share-based Payment Scope of IFRS 2 and revised IFRS 3
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Disclosures of non-current assets (or disposal groups) classified as held for sale or discontinued operations
IFRS 8 Operating Segments Disclosure of information about segment assets
IAS 1 Presentation of Financial Statements Current/non-current classification of convertible instruments
IAS 7 Statement of Cash Flows Classification of expenditures on unrecognised assets
IAS 17 Leases Classification of leases of land and buildings
IAS 18 Revenue Determining whether an entity is acting as a principal or as an agent
IAS 36 Impairment of Assets Unit of accounting for goodwill impairment test
IAS 38 Intangible Assets Additional consequential amendments arising from revised IFRS 3
 Measuring the fair value of an intangible asset acquired in a business combination
IAS 39 Financial Instruments: Recognition and Measurement 1.Treating loan prepayment penalties as closely related embedded derivatives
2.Scope exemption for business combination contracts
3.Cash flow hedge accounting
IFRIC 9 Reassessment of Embedded Derivatives Scope of IFRIC 9 and revised IFRS 3
IFRIC 16 Hedges of a Net Investment in a Foreign Operation Amendment to the restriction on the entity the entity that can hold hedging instruments
2006-2008 cycle
22 May 2008
Effective for annual periods beginning on or after either 1 January 2009 or 1 July 2009
IAS 1 — Presentation of Financial Statements
IAS 10 — Events After the Reporting Period
IAS 16 — Property, Plant and Equipment
IAS 18 — Revenue
IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance
IAS 23 — Borrowing Costs
IAS 27 — Consolidated and Separate Financial Statements (2008)
IAS 28 — Investments in Associates (2003)
IAS 29 — Financial Reporting in Hyperinflationary Economies
IAS 31 — Interests In Joint Ventures
IAS 32 — Financial Instruments: Presentation
IAS 34 — Interim Financial Reporting
IAS 36 — Impairment of Assets
IAS 38 — Intangible Assets
IAS 39 — Financial Instruments: Recognition and Measurement
IAS 40 — Investment Property
IAS 41 — Agriculture
IAS 7 — Statement of Cash Flows
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors
IFRS 5 — Non-current Assets Held for Sale and Discontinued Operations
IFRS 7 — Financial Instruments: Disclosures
IAS 19 — Employee Benefits (1998) (superseded)

IFRIC



IFRIC 21 — Levies
20 May 2013
Effective for annual periods beginning on or after 1 January 2014
IFRIC 21 provides guidance on when to recognise a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and those where the timing and amount of the levy is certain.
IFRIC 20 — Stripping Costs in the Production Phase of a Surface Mine


Effective date: annual periods beginning on or after 1 January 2013 (earlier application permitted)
In surface mining operations, entities may find it necessary to remove mine waste materials ('overburden') to gain access to mineral ore deposits. This waste removal activity is known as 'stripping'.