IFRIC 19 — Extinguishing Financial Liabilities with Equity Instruments
Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application of Part I was permitted. |
Published by the IASB: |
November 2009 |
Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
This Interpretations clarifies the accounting requirements when an entity renegotiates the terms of a financial liability with its creditor and the creditor agrees to accept the entity’s shares or other equity instruments to settle the financial liability fully or partially. It does not address the accounting by the creditor.
History of IFRIC 19
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2 |
January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
Related Standards
- IFRS 2, Share-based Payment
- IFRS 3, Business Combinations
- IAS 1, Presentation of Financial Statements
- IAS 32, Financial Instruments: Presentation
- IAS 39, Financial Instruments: Recognition and Measurement
Amendments under consideration
- None