Effective date of IFRS 12
On 12 May 2011, the IASB issued IFRS 11 Disclosure of Involvement with Other Entities.
Concurrent with IFRS 12, the IASB also issued IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IAS 27 Separate Financial Statements (2011) and IAS 28 Investments in Associates and Joint Arrangements.
Each of the standards in the 'package of five' has an effective date for annual reporting periods beginning on or after 1 January 2013, with earlier application permitted so long as each of the other standards in the 'package of five' is also early applied. However, entities are permitted to incorporate any of the disclosure requirements in IFRS 12 into their financial statements without early adopting IFRS 12 (and thereby the other standards in the 'package of five').
