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New and revised pronouncements as at 30 September 2011

19 Dec 2011

The information on this page provides a high level overview of new and revised financial reporting requirements that need to be considered for financial reporting periods ending on 30 September 2011. This listing can be used to perform a quick check that all the new financial reporting requirements have been fully considered in the reporting close process.

The information below is organised as follows:

The information reflects developments to 19 December 2011 and will be updated through to December 2011 to reflect new and revised financial reporting requirements that need to be considered for financial reporting periods ending on 30 September 2011.

New or revised standards

New or revised pronouncementWhen effectiveApplication at 30 September 2011 to
1st qtrs2nd qtrs3rd qtrsFull yrs

IAS 24 Related Party Disclosures (2009)

Amends the requirements of the previous version of IAS 24 to:

  • Provide a partial exemption from related party disclosure requirements for government-related entities
  • Clarify the definition of a related party
  • Include an explicit requirement to disclose commitments involving related parties.
Applies to annual periods beginning on or after 1 January 2011 Mandatory Mandatory Mandatory Optional

IAS 27 Separate Financial Statements (2011)

Amended version of IAS 27 which now only deals with the requirements for separate financial statements, which have been carried over largely unchanged from IAS 27 Consolidated and Separate Financial Statements. Requirements for consolidated financial statements are now contained in IFRS 10 Consolidated Financial Statements.

The Standard requires that when an entity prepares separate financial statements, investments in subsidiaries, associates, and jointly controlled entities are accounted for either at cost, or in accordance with IFRS 9 Financial Instruments.

The Standard also deals with the recognition of dividends, certain group reorganisations and includes a number of disclosure requirements.

Note: Entities early adopting this standard must also adopt the other standards included in the 'suite of five' standards on consolidation, joint arrangements and disclosures: IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS 12 'Disclosure of Interests in Other Entities' and IAS 28 'Investments in Associates and Joint Ventures' (2011).

Applicable to annual reporting periods beginning on or after 1 January 2013
(see note regarding early adoption)
Optional Optional Optional Optional

IAS 28 Investments in Associates and Joint Ventures (2011)

This Standard supersedes IAS 28 Investments in Associates and prescribes the accounting for investments in associates and sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.

The Standard defines 'significant influence' and provides guidance on how the equity method of accounting is to be applied (including exemptions from applying the equity method in some cases). It also prescribes how investments in associates and joint ventures should be tested for impairment.

Note: Entities early adopting this standard must also adopt the other standards included in the 'suite of five' standards on consolidation, joint arrangements and disclosures: IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS 12 'Disclosure of Interests in Other Entities' and IAS 27 'Separate Financial Statements' (2011).

Applicable to annual reporting periods beginning on or after 1 January 2013
(see note regarding early adoption)
Optional Optional Optional Optional

IFRS 9 Financial Instruments (2009)

IFRS 9 introduces new requirements for classifying and measuring financial assets, as follows:

  • Debt instruments meeting both a 'business model' test and a 'cash flow characteristics' test are measured at amortised cost (the use of fair value is optional in some limited circumstances)
  • Investments in equity instruments can be designated as 'fair value through other comprehensive income' with only dividends being recognised in profit or loss
  • All other instruments (including all derivatives) are measured at fair value with changes recognised in the profit or loss
  • The concept of 'embedded derivatives' does not apply to financial assets within the scope of the Standard and the entire instrument must be classified and measured in accordance with the above guidelines.

Note: In October 2010, the IASB reissued IFRS 9 'Financial Instruments', including revised requirements for financial liabilities and carrying over the existing derecognition requirements from IAS 39 'Financial Instruments: Recognition and Measurement'. IFRS 9 (2010) supersedes IFRS 9 (2009). However, for annual reporting periods beginning before 1 January 2013, an entity may early adopt IFRS 9 (2009) instead of IFRS 9 (2010).

Note: On 16 December 2011, the IASB issued 'Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7)', which amended the effective date of IFRS 9 to annual periods beginning on or after 1 January 2015, and modified the relief from restating comparative periods and the associated disclosures in IFRS 7.

Applies on a modified retrospective basis to annual periods beginning on or after 1 January 2015
(see note)
Optional Optional Optional Optional

IFRS 9 Financial Instruments (2010)

A revised version of IFRS 9 incorporating revised requirements for the classification and measurement of financial liabilities, and carrying over the existing derecognition requirements from IAS 39 Financial Instruments: Recognition and Measurement.

The revised financial liability provisions maintain the existing amortised cost measurement basis for most liabilities. New requirements apply where an entity chooses to measure a liability at fair value through profit or loss – in these cases, the portion of the change in fair value related to changes in the entity's own credit risk is presented in other comprehensive income rather than within profit or loss.

Note: This Standard supersedes IFRS 9 (2009). However, for annual reporting periods beginning before 1 January 2013, an entity may early adopt IFRS 9 (2009) instead of applying this Standard.

Note: On 16 December 2011, the IASB issued 'Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7)', which amended the effective date of IFRS 9 to annual periods beginning on or after 1 January 2015, and modified the relief from restating comparative periods and the associated disclosures in IFRS 7.

Applies to annual periods beginning on or after 1 January 2015
(see note)
Optional Optional Optional Optional

IFRS 10 Consolidated Financial Statements

Requires a parent to present consolidated financial statements as those of a single economic entity, replacing the requirements previously contained in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation - Special Purpose Entities.

The Standard identifies the principles of control, determines how to identify whether an investor controls an investee and therefore must consolidate the investee, and sets out the principles for the preparation of consolidated financial statements.

The Standard introduces a single consolidation model for all entities based on control, irrespective of the nature of the investee (i.e. whether an entity is controlled through voting rights of investors or through other contractual arrangements as is common in 'special purpose entities'). Under IFRS 10, control is based on whether an investor has:

  • Power over the investee
  • Exposure, or rights, to variable returns from its involvement with the investee, and
  • The ability to use its power over the investee to affect the amount of the returns.

Note: Entities early adopting this standard must also adopt the other standards included in the 'suite of five' standards on consolidation, joint arrangements and disclosures: IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS 12 'Disclosure of Interests in Other Entities', IAS 27 'Separate Financial Statements' (2011) and IAS 28 'Investments in Associates and Joint Ventures' (2011).

Applicable to annual reporting periods beginning on or after 1 January 2013
(see note regarding early adoption)
Optional Optional Optional Optional

IFRS 11 Joint Arrangements

Replaces IAS 31 Interests in Joint Ventures. Requires a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and then account for those rights and obligations in accordance with that type of joint arrangement.

Joint arrangements are either joint operations or joint ventures:

  • A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operators recognise their assets, liabilities, revenue and expenses in relation to its interest in a joint operation (including their share of any such items arising jointly)
  • A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (joint venturers) have rights to the net assets of the arrangement. A joint venturer applies the equity method of accounting for its investment in a joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures (2011). Unlike IAS 31, the use of 'proportionate consolidation' to account for joint ventures is not permitted.

Note: Entities early adopting this standard must also adopt the other standards included in the 'suite of five' standards on consolidation, joint arrangements and disclosures: IFRS 10 'Consolidated Financial Statements', IFRS 12 'Disclosure of Interests in Other Entities', IAS 27 'Separate Financial Statements' (2011) and IAS 28 'Investments in Associates and Joint Ventures' (2011).

Applicable to annual reporting periods beginning on or after 1 January 2013
(see note regarding early adoption)
Optional Optional Optional Optional

IFRS 12 Disclosure of Interests in Other Entities

Requires the extensive disclosure of information that enables users of financial statements to evaluate the nature of, and risks associated with, interests in other entities and the effects of those interests on its financial position, financial performance and cash flows.

In high-level terms, the required disclosures are grouped into the following broad categories:

  • Significant judgements and assumptions - such as how control, joint control, significant influence has been determined
  • Interests in subsidiaries - including details of the structure of the group, risks associated with structured entities, changes in control, and so on
  • Interests in joint arrangements and associates - the nature, extent and financial effects of interests in joint arrangements and associates (including names, details and summarised financial information)
  • Interests in unconsolidated structured entities - information to allow an understanding of the nature and extent of interests in unconsolidated structured entities and to evaluate the nature of, and changes in, the risks associated with its interests in unconsolidated structured entities

IFRS 12 lists specific examples and additional disclosures which further expand upon each of these disclosure objectives, and includes other guidance on the extensive disclosures required.

Note: Entities are encouraged to voluntarily provide the information required by IFRS 12 prior to its adoption. Providing some of the disclosures required by IFRS 12 does not compel an entity to comply with all of the requirements of the IFRS or to also apply the other standards included in the 'suite of five' standards on consolidation, joint arrangements and disclosures: IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IAS 27 'Separate Financial Statements' (2011) and IAS 28 'Investments in Associates and Joint Ventures' (2011).

Applicable to annual reporting periods beginning on or after 1 January 2013
(see note regarding early adoption)
Optional Optional Optional Optional

IFRS 13 Fair Value Measurement

Replaces the guidance on fair value measurement in existing IFRS accounting literature with a single standard.

The IFRS is the result of joint efforts by the IASB and FASB to develop a converged fair value framework. The IFRS defines fair value, provides guidance on how to determine fair value and requires disclosures about fair value measurements. However, IFRS 13 does not change the requirements regarding which items should be measured or disclosed at fair value.

IFRS 13 applies when another IFRS requires or permits fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements). With some exceptions, the standard requires entities to classify these measurements into a 'fair value hierarchy' based on the nature of the inputs:

  • Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date
  • Level 2 - inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
  • Level 3 - unobservable inputs for the asset or liability

Entities are required to make various disclosures depending upon the nature of the fair value measurement (e.g. whether it is recognised in the financial statements or merely disclosed) and the level in which it is classified.

Applicable to annual reporting periods beginning on or after 1 January 2013
Optional Optional Optional Optional

 

Amendments

New or revised pronouncementWhen effectiveApplication at 30 September 2011 to
1st qtrs2nd qtrs3rd qtrsFull yrs

Improvements to IFRSs (2009)

Introduces amendments under the IASB's program of annual improvements.

First tranche. A number of the amendments in this tranche are technical changes to other pronouncements as the result of the issue of IFRS 3 Business Combinations (2008), to align the scope of the pronouncements or to implement other consequential amendments. A further amendment changes the restriction in IFRIC 16 Hedges of a Net Investment in a Foreign Operation on the entity that can hold hedging instruments.

Second tranche. A number of the amendments in this tranche are largely technical, clarifying particular terms, or eliminating unintended consequences. Other changes are more substantial, such as the current/non-current classification of convertible instruments, the classification of expenditures on unrecognised assets in the statement of cash flows and the classification of leases of land and buildings.

Note: The amendments made to the guidance to IAS 18 'Revenue' regarding determining whether an entity is acting as agent or principal have no explicit application date and are effectively taken to be immediately applicable.

First tranche - Applies to annual reporting periods beginning on or after 1 July 2009

Second tranche - Applies to annual reporting periods beginning on or after 1 January 2010

(see note in previous column regarding guidance in IAS 18)

[Note 1] [Note 1] [Note 1] [Note 4]

Group Cash-Settled Share-based Payment Transactions

Amends IFRS 2 Share-based Payment to clarify the accounting for group cash-settled share-based payment transactions. An entity receiving goods or services in a share-based payment arrangement must account for those goods or services no matter which entity in the group settles the transaction, and no matter whether the transaction is settled in shares or cash.

The amendments to IFRS 2 also incorporate guidance previously included in IFRIC 8 Scope of IFRS 2 and IFRIC 11 IFRS 2 - Group and Treasury Share Transactions and as a consequence these two Interpretations are superseded by the amendments.

Applies to annual periods beginning on or after 1 January 2010 and must be applied retrospectively [Note 1] [Note 1] [Note 1] Mandatory

Additional Exemptions for First-time Adopters

Provides additional exemptions and modifications on transition to IFRSs in relation to certain oil and gas assets in development or production, decommissioning, restoration and similar liabilities related to those assets, and IFRIC 4 lease assessments made under equivalent requirements of pre-transition GAAP.

Applies to annual reporting periods beginning on or after 1 January 2010 [Note 1] [Note 1] [Note 1] [Note 2]

Classification of Rights Issues

Amends IAS 32 Financial Instruments: Presentation to require a financial instrument that gives the holder the right to acquire a fixed number of the entity's own equity instruments for a fixed amount of any currency to be classified as an equity instrument if, and only if, the entity offers the financial instrument pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Prior to this amendment, rights issues (rights, options, or warrants) denominated in a currency other than the functional currency of the issuer were accounted for as derivative instruments.

Applies to annual reporting periods beginning on or after 1 February 2010 [Note 1] [Note 1] Mandatory Mandatory

Prepayments of a Minimum Funding Requirement

Makes limited-application amendments to IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The amendments apply when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements, permitting the benefit of such an early payment to be recognised as an asset.

Applies to annual periods beginning on or after 1 January 2011 (applied retrospectively from the beginning of the earliest comparative period presented) Mandatory Mandatory Mandatory Optional

Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters

Provides additional exemption on IFRS transition in relation to IFRS 7 Financial Instruments: Disclosures, to avoid the potential use of hindsight and to ensure that first-time adopters are not disadvantaged as compared with current IFRS preparers.

Applies to annual periods beginning on or after 1 July 2010 [Note 1] [Note 2] [Note 2] [Note 2]

Improvements to IFRSs (2010)

Amends seven pronouncements (plus consequential amendments to various others) as a result of the IASB's 2008-2010 cycle of annual improvements.

Key amendments include:

  • IFRS 1 - accounting policy changes in year of adoption and amendments to deemed cost (revaluation basis, regulatory assets)
  • IFRS 3/IAS 27 - clarification of transition requirements, measurement of non-controlling interests, unreplaced and voluntarily replaced share-based payment awards
  • Financial statement disclosures - clarification of content of statement of changes in equity (IAS 1), financial instrument disclosures (IFRS 7) and significant events and transactions in interim reports (IAS 34)
  • IFRIC 13 - fair value of award credits.
Generally effective for annual reporting periods beginning on or after 1 January 2011
(IFRS 3/IAS 27 transition clarifications apply to annual reporting periods beginning on or after 1 July 2010)
[Note 5]
Mandatory Mandatory [Note 6]

Amendments to IFRS 7 Financial Instruments: Disclosures

Makes amendments to IFRS 7 Financial Instruments: Disclosures resulting from the IASB's comprehensive review of off balance sheet activities.

The amendments introduce additional disclosures, designed to allow users of financial statements to improve their understanding of transfer transactions of financial assets (for example, securitisations), including understanding the possible effects of any risks that may remain with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period.

Note: In the first year of application, comparative information is not required.

Applies to annual periods beginning on or after 1 July 2011 Mandatory Optional Optional Optional

Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12)

Amends IAS 12 Income Taxes to provide a presumption that recovery of the carrying amount of an asset measured using the fair value model in IAS 40 Investment Property will, normally, be through sale.

As a result of the amendments, SIC-21 Income Taxes — Recovery of Revalued Non-Depreciable Assets would no longer apply to investment properties carried at fair value. The amendments also incorporate into IAS 12 the remaining guidance previously contained in SIC-21, which is accordingly withdrawn.

Applicable to annual periods beginning on or after 1 January 2012 Optional Optional Optional Optional

Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1)

Amends IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRSs) to:

  • Replace references to a fixed date of '1 January 2004' with 'the date of transition to IFRSs', thus eliminating the need for companies adopting IFRSs for the first time to restate derecognition transactions that occurred before the date of transition to IFRSs
  • Provide guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
Applicable to annual periods beginning on or after 1 July 2011 [Note 2] [Note 3] [Note 3] [Note 3]

IAS 19 Employee Benefits (2011)

An amended version of IAS 19 Employee Benefits with revised requirements for pensions and other postretirement benefits, termination benefits and other changes.

The key amendments include:

  • Requiring the recognition of changes in the net defined benefit liability (asset) including immediate recognition of defined benefit cost, disaggregation of defined benefit cost into components, recognition of remeasurements in other comprehensive income, plan amendments, curtailments and settlements (eliminating the 'corridor approach' permitted by the existing IAS 19)
  • Introducing enhanced disclosures about defined benefit plans
  • Modifying accounting for termination benefits, including distinguishing benefits provided in exchange for service and benefits provided in exchange for the termination of employment and affect the recognition and measurement of termination benefits
  • Clarifying various miscellaneous issues, including the classification of employee benefits, current estimates of mortality rates, tax and administration costs and risk-sharing and conditional indexation features
  • Incorporating other matters submitted to the IFRS Interpretations Committee.
Applicable to annual reporting periods beginning on or after 1 January 2013 Optional Optional Optional Optional

Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)

Amends IAS 1 Presentation of Financial Statements to revise the way other comprehensive income is presented.

The amendments:

  • Preserve the amendments made to IAS 1 in 2007 to require profit or loss and OCI to be presented together, i.e. either as a single 'statement of profit or loss and comprehensive income', or a separate 'statement of profit or loss' and a 'statement of comprehensive income' – rather than requiring a single continuous statement as was proposed in the exposure draft
  • Require entities to group items presented in OCI based on whether they are potentially reclassifiable to profit or loss subsequently. i.e. those that might be reclassified and those that will not be reclassified
  • Require tax associated with items presented before tax to be shown separately for each of the two groups of OCI items (without changing the option to present items of OCI either before tax or net of tax).
Applicable to annual reporting periods beginning on or after 1 July 2012 Optional Optional Optional Optional

[NEW] Disclosures — Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)

Amends the disclosure requirements in IFRS 7 Financial Instruments: Disclosure to require information about all recognised financial instruments that are set off in accordance with paragraph 42 of IAS 32 Financial Instruments: Presentation.

The amendments also require disclosure of information about recognised financial instruments subject to enforceable master netting arrangements and similar agreements even if they are not set off under IAS 32. The IASB believes that these disclosures will allow financial statement users to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with an entity's recognised financial assets and recognised financial liabilities, on the entity's financial position.

Applicable to annual periods beginning on or after 1 January 2013 and interim periods within those periods Optional Optional Optional Optional

[NEW] Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)

Amends IAS 32 Financial Instruments: Presentation to clarify certain aspects because of diversity in application of the requirements on offsetting, focused on four main areas:

  • the meaning of 'currently has a legally enforceable right of set-off'
  • the application of simultaneous realisation and settlement
  • the offsetting of collateral amounts
  • the unit of account for applying the offsetting requirements.
Applicable to annual periods beginning on or after 1 January 2014 Optional Optional Optional Optional

Editorial Corrections (various)

The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements. Since July 2010, such corrections have been made in August 2010, October 2010, December 2010, February 2011, March 2011, April 2011, May 2011, June 2011 (revised October 2011) and November 2011.

As minor editorial corrections, these changes are effectively immediately applicable under IFRS See comment in previous column

 

New and revised Interpretations

New or revised pronouncementWhen effectiveApplication at 30 September 2011 to
1st qtrs2nd qtrs3rd qtrsFull yrs

IFRIC 19 Extinguishing Liabilities with Equity Instruments

Requires the extinguishment of a financial liability by the issue of equity instruments to be measured at fair value (preferably using the fair value of the equity instruments issued) with the difference between the fair value of the instrument issued and the carrying value of the liability extinguished being recognised in profit or loss. The Interpretation does not apply where the conversion terms were included in the original contract (such as in the case of convertible debt) or to common control transactions.

Applies to annual periods beginning on or after 1 July 2010 (applied retrospectively from the beginning of the earliest comparative period presented) [Note 1] Mandatory Mandatory Mandatory

[NEW] IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

Clarifies the requirements for accounting for stripping costs associated with waste removal in surface mining, including when production stripping costs should be recognised as an asset, how the asset is initially recognised, and subsequent measurement.

The Interpretation requires stripping activity costs which provide improved access to ore are recognised as a non-current 'stripping activity asset' when certain criteria are met. The stripping activity asset is depreciated or amortised on a systematic basis, over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity, using the units of production method unless another method is more appropriate.

Applies to annual periods beginning on or after 1 January 2013 Optional Optional Optional Optional

 

Other pronouncements

New or revised pronouncementWhen effectiveApplication at 30 September 2011 to
1st qtrs2nd qtrs3rd qtrsFull yrs

International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)

This Standard provides an alternative framework that can be applied by eligible entities in place of the full set of International Financial Reporting Standards (IFRSs) on issue.

The IFRS for SMEs is a self-contained Standard, incorporating accounting principles that are based on full IFRSs but that have been simplified to suit the entities within its scope (known as SMEs). By removing some accounting treatments permitted under full IFRSs, eliminating topics and disclosure requirements that are not generally relevant to SMEs, and simplifying requirements for recognition and measurement, the IFRS for SMEs reduces the volume of accounting requirements applicable to SMEs by more than 90 per cent when compared with the full set of IFRSs.

The IASB has not set an effective date for the Standard because the decision as to whether to adopt the IFRS for SMEs (and also, therefore, the timing for adoption) is a matter for each jurisdiction Jurisdiction specific Jurisdiction specific Jurisdiction specific Jurisdiction specific

Conceptual Framework for Financial Reporting

First phase of the IASB and FASB joint project to develop an improved revised conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (US GAAP).

The first phase deals with the objective and qualitative characteristics of financial reporting, incorporating the following chapters:

  • Chapter 1 The objective of financial reporting
  • Chapter 3 Qualitative characteristics of useful financial information
  • Chapter 4 The 1989 Framework: the remaining text.

Note: The Conceptual Framework project is being conducted in phases. As a chapter is finalised, the relevant paragraphs in the 'Framework for the Preparation and Presentation of Financial Statements' that was published in 1989 will be replaced. Chapter 2 will deal with the reporting entity concept.

The Conceptual Framework is not an IFRS and hence does not define standards for any particular measurement or disclosure issue. Nothing in the Conceptual Framework overrides any specific IFRS Effectively applicable on issue

International Financial Reporting Standard (IFRS) Practice Statement Management Commentary

A broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs.

Note: The Practice Statement is not an IFRS. Consequently, entities applying IFRSs are not required to comply with the Practice Statement, unless specifically required by their jurisdiction. Furthermore, non-compliance with the Practice Statement will not prevent an entity's financial statements from complying with IFRSs, if they otherwise do so.

An entity may apply the Practice Statement to management commentary presented prospectively from 8 December 2010 Optional Optional Optional Optional

 

Notes

Note 1. This pronouncement has already been implemented in previous periods by entities with this reporting date (where it applied to the entity).

Note 2. This pronouncement only applies to first-time adopters of IFRSs and must be applied by such entities on a mandatory basis.

Note 3. This pronouncement only applies to first-time adopters of IFRSs and can be optionally applied by such entities.

Note 4. The first tranche has already been implemented, the second tranche must be mandatorily applied for the first time.

Note 5. The amendments to IFRS 3/IAS 27 have already been implemented, the remaining amendments are mandatory.

Note 6. The amendments to IFRS 3/IAS 27 are mandatory, the remaining amendments are optional.

Related Topics

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