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Adoption of IFRSs by Entities with Rate-regulated Activities (Amendment to Introduction to Part I) [Completed]

Effective date: Fiscal years commencing on or after January 1, 2015.

Transitional provisions:

Eligible qualifying entities are permitted by the AcSB to defer mandatory adoption of IFRSs until fiscal years commencing on or after January 1, 2015.

Last updated:

January 2015

Overview

Note that these optional deferrals in respect of the adoption of IFRSs apply to the consolidated financial statements of the parent company of a qualifying entity that is subject to rate regulation and to the qualifying rate-regulated subsidiary itself but not to the stand alone financial statements of other subsidiaries of the parent which do not, themselves, qualify for the deferral. 

As a reminder, a qualifying entity is an entity that is subject to cost of service rate regulation that has recognized regulatory assets or regulatory liabilities in its financial statements as a result of rate regulation.  These entities will also have made the appropriate disclosures required under AcG-19 Disclosures by Entities Subject to Rate Regulation.

The AcSB requires that an entity choosing to defer its IFRS changeover date disclose that fact, and when it will first present financial statements in accordance with IFRSs.

Other developments

January 2014

The interim standard (IFRS 14, Regulatory Deferral Accounts) was issued by the IASB on January 30, 2014.

November 2013

In November 2013, the AcSB decided, subject to the expected interim standard being issued by the IASB in early 2014, against further extending its deferral of the mandatory date for first-time adoption of IFRSs by rate-regulated entities.

February 2013

In February 2013, noting the IASB’s intention to issue an interim standard by the end of 2013, the AcSB decided to extend the existing deferral of the mandatory IFRS changeover date for entities with qualifying rate-regulated activities by an additional year to January 1, 2015 (from January 1, 2014).

September 2012

In September 2012, AcSB decided to extend the deferral of the mandatory IFRS changeover date for entities with rate-regulated activities by an additional year to January 1, 2014.

March 2012

In March 2012, the AcSB decided to extend the deferral of the mandatory IFRS changeover date for entities with rate-regulated activities by a further year to January 1, 2013.

September 2010

In September 2010 meeting, the AcSB decided to require entities with rate-regulated activities to adopt IFRSs for the first time no later than annual periods beginning on or after January 1, 2012.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.