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IFRS 12 — Disclosure of Interests in Other Entities

Effective date:

Fiscal years beginning on or after January 1, 2013, except for subsequent amendments. Earlier application of IFRS 12 is permitted if IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IAS 27  Separate Financial Statements (as amended in 2011) and IAS 28 Investments in Associates and Joint Ventures (as amended in 2011) are applied at the same time.

Published by the IASB:

May 2011

Included in Part I of CPA Canada Handbook:

September 2011

Overview

IFRS 12 Disclosure of Interests in Other Entities is a consolidated disclosure standard requiring a wide range of disclosures about an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated 'structured entities'. Disclosures are presented as a series of objectives, with detailed guidance on satisfying those objectives. The objective of IFRS 12 is to require the disclosure of information that enables users of financial statements to evaluate: the nature of, and risks associated with, its interests in other entities the effects of those interests on its financial position, financial performance and cash flows.

History of IFRS 12

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

May 12, 2011

IFRS 12, Disclosure of Interests in Other Entities issued

 

This new standard provides enhanced disclosures about an entity's interest in subsidiaries, joint arrangements, associates and unconsolidated structured entities.

This new standard is effective for annual periods beginning on or after January 1, 2013. Earlier application of IFRS 12 is permitted if IFRS 10, IFRS 11, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) are applied at the same time. An entity is encouraged to provide information required by IFRS 12 earlier than annual periods beginning on or after January 1, 2013.

September 2011

June 28, 2012

Amended by Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance

 

Paragraphs C2A-C2B have been added to not require the application of the disclosure requirements for some comparative periods, including the disclosure requirements relating to unconsolidated structured entities.

These amendments are effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted.

September 2012

October 31, 2012

Amended by Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)

 

The amendments add disclosure requirements for investment entities.

The amendments are effective for annual periods beginning on or after January 1, 2014. Earlier application is permitted.

January 2013

December 18, 2014

Amended by Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28) (project history)

 

This narrow scope project involves a number of potential amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) to address issues that have arisen in relation to the exemption from consolidation for investment entities

The amendments are effective for annual periods beginning on or after January 1, 2016. Early application is permitted.

April 2015

De­cem­ber 8, 2016

Amended by Annual Improvements to IFRSs 2014-2016 Cycle  

The amendments clarify the scope of the standard by specifying that the disclosure requirements in the standard, except for those in paragraphs B10–B16, apply to an entity’s interests listed in paragraph 5 that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations

The amend­ments apply retrospectively and are ef­fec­tive for an­nual pe­ri­ods beginning on or after January 1, 2017.

March 2017

Notes

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. 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 Interpretations

  • None

Related IFRIC Agenda Rejection Notices

  • None

AcSB’s IFRS Discussion Group meetings

  • October 5, 2017 - IAS 8 and IAS 12: Change in Tax Rate for Indefinite Life Intangible Assets and Interest and Penalties Related to Income Taxes
  • September 10, 2015 - IFRS 3 and IAS 12: Uncertain Tax Positions Acquired in a Business Combination

Amendments under consideration

  • The IASB has signaled an intention to conduct a post-implementation review of IFRS 12, commencing in 2016.

Correction list for hyphenation

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