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IFRS 14, Regulatory Deferral Accounts [Completed]

Effective date:  January 1 2016.  Earlier adoption is permitted.

Transitional provisions:

Effective January 1 2016.  Earlier adoption is permitted.

Last updated:

January 2014

Overview

The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities. IFRS does not provide any specific guidance for rate-regulated activities.  The IASB has a project to consider the broad issues of rate regulation and plans to publish a Discussion Paper on this subject in 2014.  (See separate item.) Pending the outcome of this comprehensive Rate-regulated Activities project, the IASB decided to develop IFRS 14 as an interim measure.

IFRS 14 permits first-time adopters to continue to recognize amounts related to rate regulation in accordance with their previous GAAP requirements when they adopt IFRS. However, to enhance comparability with entities that already apply IFRS and do not recognize such amounts, the Standard requires that the effect of rate regulation must be presented separately from other items. An entity that already presents IFRS financial statements is not eligible to apply the Standard.

Other developments

January 2014

On January 30, 2014, the IASB issued IFRS 14, Regulatory Deferral Accounts.

Correction list for hyphenation

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