Part I — International Financial Reporting Standards (IFRS) | Deloitte CFR
You can find more about each of the standards that form part of Part I - IFRS by selecting the standard you are interested in from the following table or from the left navigation where we have categorized the standards by financial statement captions.
| Title | Description | Effective Date |
|---|---|---|
| IAS 33 — Earnings Per Share | IAS 33 "Earnings Per Share" sets out how to calculate both basic earnings per share (EPS) and diluted EPS. The calculation of Basic EPS is based on the weighted average number of ordinary shares outstanding during the period, whereas diluted EPS also includes dilutive potential ordinary shares (such as options and convertible instruments) if they meet certain criteria. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IAS 34 — Interim Financial Reporting | IAS 34 "Interim Financial Reporting" applies when an entity prepares an interim financial report, without mandating when an entity should prepare such a report. Permitting less information to be reported than in annual financial statements (on the basis of providing an update to those financial statements), the standard outlines the recognition, measurement and disclosure requirements for interim reports. | The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted. |
| IAS 36 — Impairment of Assets | IAS 36 "Impairment of Assets" seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. the higher of fair value less costs of disposal and value in use). With the exception of goodwill and certain intangible assets for which an annual impairment test is required, entities are required to conduct impairment tests where there is an indication of impairment of an asset, and the test may be conducted for a 'cash-generating unit' where an asset does not generate cash inflows that are largely independent of those from other assets. | The amendments are effective for annual periods beginning on or after January 1, 2014. Earlier application is permitted if the amendments to IAS 36 and IFRS 13 Fair Value Measurement are applied at the same time. |
| IAS 37 — Provisions, Contingent Liabilities and Contingent Assets | IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, earlier application is permitted. The amendments are effective for annual periods beginning on or after January 1, 2022. Early application is permitted. |
| IAS 38 — Intangible Assets | IAS 38 "Intangible Assets" outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortized on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortized). | The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted. |
| IAS 39 — Financial Instruments: Recognition and Measurement | IAS 39 "Financial Instruments: Recognition and Measurement" outlines the requirements for the recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell non-financial items. Financial instruments are initially recognized when an entity becomes a party to the contractual provisions of the instrument, and are classified into various categories depending upon the type of instrument, which then determines the subsequent measurement of the instrument (typically amortized cost or fair value). Special rules apply to embedded derivatives and hedging instruments. | Effective January 1, 2011, earlier application is permitted. The amendments are effective for annual periods beginning on or after January 1, 2020. Earlier application is permitted. |
| IAS 40 — Investment Property | IAS 40 "Investment Property" applies to the accounting for property (land and/or buildings) held to earn rentals or for capital appreciation (or both). Investment properties are initially measured at cost and, with some exceptions may be subsequently measured using a cost model or fair value model, with changes in the fair value under the fair value model being recognized in profit or loss. | The amendments are effective for annual periods beginning on or after July 1, 2014. Earlier application is permitted. |
| IAS 41 — Agriculture | IAS 41 "Agriculture" sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). The standard generally requires biological assets to be measured at fair value less costs to sell. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, earlier application is permitted. The amendments are effective for annual periods beginning on or after January 1, 2022. Early application is permitted. |
| IASB Conceptual Framework for Financial Reporting | The Conceptual Framework for Financial Reporting describes the objective of and concepts for general purpose financial reporting. | The IASB’s revised Conceptual Framework does not have a stated effective date and the IASB will start using it immediately from its date of issue on March 29, 2018. |
| IFRIC 1 — Changes in Existing Decommissioning, Restoration and Similar Liabilities | IFRIC 1 contains guidance on accounting for changes in decommissioning, restoration and similar liabilities that have previously been recognized both as part of the cost of an item of property, plant and equipment under IAS 16 and as a provision (liability) under IAS 37. The interpretation addresses subsequent changes to the amount of the liability that may arise from (a) a revision in the timing or amount of the estimated decommissioning or restoration costs or from (b) a change in the current market-based discount rate. | 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. |
| IFRIC 2 — Members' Shares in Co-operative Entities and Similar Instruments | Members' shares in co-operative entities have some characteristics of equity. They also give the holder the right to request redemption for cash, although that right may be subject to certain limitations. IFRIC 2 gives guidance on how those redemption terms should be evaluated in determining whether the shares should be classified as financial liabilities or as equity. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 4 — Determining Whether an Arrangement Contains a Lease | An entity may enter into an arrangement, comprising a transaction or a series of related transactions, that does not take the legal form of a lease but conveys a right to use an asset (e.g., an item of property, plant or equipment) in return for a payment or series of payments. Examples of arrangements in which one entity (the supplier) may convey such a right to use an asset to another entity (the purchaser), often together with related services, include: • outsourcing arrangements (e.g., the outsourcing of the data processing functions of an entity). • arrangements in the telecommunications industry, in which suppliers of network capacity enter into contracts to provide purchasers with rights to capacity. • take-or-pay and similar contracts, in which purchasers must make specified payments regardless of whether they take delivery of the contracted products or services (e.g., a take-or-pay contract to acquire substantially all of the output of a supplier's power generator). This Interpretation provides guidance for determining whether such arrangements are, or contain, leases that should be accounted for in accordance with IAS 17. It does not provide guidance for determining how such a lease should be classified under that Standard. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 5 — Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | The purpose of decommissioning, restoration and environmental rehabilitation funds, hereafter referred to as 'decommissioning funds' or 'funds', is to segregate assets to fund some or all of the costs of decommissioning plant (such as a nuclear plant) or certain equipment (such as cars), or in undertaking environmental rehabilitation (such as rectifying pollution of water or restoring mined land), together referred to as 'decommissioning'. Contributions to these funds may be voluntary or required by regulation or law. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 6 — Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment | IFRIC 6 clarifies when certain producers of electrical goods are required to recognise a liability under IAS 37 for the cost of waste management relating to the decommissioning of waste electrical and electronic equipment supplied to private households. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 7 — Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies | This Interpretation provides guidance on how to apply the requirements of IAS 29 in a reporting period in which an entity identifies the existence of hyperinflation in the economy of its functional currency, when that economy was not hyperinflationary in the prior period, and the entity therefore restates its financial statements in accordance with IAS 29. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 9 — Reassessment of Embedded Derivatives | IFRIC 9 concludes that an entity must assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract, in which case reassessment is required. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 10 — Interim Financial Reporting and Impairment | The Interpretation addresses the interaction between the requirements of IAS 34 and the recognition of impairment losses on goodwill in IAS 36 and certain financial assets in IAS 39, and the effect of that interaction on subsequent interim and annual financial statements. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 12 — Service Concession Arrangements | A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop (or upgrade), operate and maintain the grantor's infrastructure assets such as roads, bridges, tunnels, airports, energy distribution networks, prisons or hospitals. The grantor controls or regulates what services the operator must provide using the assets, to whom, and at what price, and also controls any significant residual interest in the assets at the end of the term of the arrangement. The objective of IFRIC 12 is to clarify how certain aspects of existing IASB literature are to be applied to service concession arrangements. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
| IFRIC 13 — Customer Loyalty Programs | IFRIC 13 addresses accounting by entities that grant loyalty award credits (such as "points" or travel miles) to customers who buy other goods or services. Specifically, it explains how such entities should account for their obligations to provide free or discounted goods or services ("awards") to customers who redeem award credits. | IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted. |
| IFRIC 14 — IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | When determining the limit on a defined benefit asset in accordance with IAS 19.64, under IFRIC 14 entities are required to measure any economic benefits available to them in the form of refunds or reductions in future contributions at the maximum amount that is consistent with the terms and conditions of the plan and any statutory requirements in the jurisdiction of the plan. The entity's intentions on how to use a surplus (for instance, whether the entity intends to improve benefits rather than reduce contributions or get a refund) must be disregarded. | Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |