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Part I — International Financial Reporting Standards (IFRS) | Deloitte CFR

IFRS

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
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.
IFRIC 15 — Agreements for the Construction of Real Estate IFRIC 15 standardizes accounting practice across jurisdictions for the recognition of revenue by real estate developers for sales of units, such as apartments or houses, "off plan" – that is, before construction is complete. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRIC 16 — Hedges of a Net Investment in a Foreign Operation Investments in foreign operations may be held directly by a parent entity or indirectly by its subsidiary or subsidiaries. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IFRIC 17 — Distributions of Non-cash Assets to Owners IFRIC 17 Distributions of Non-cash Assets to Owners applies to the entity making the distribution, not to the recipient. It applies when non-cash assets are distributed to owners or when the owner is given a choice of taking cash in lieu of the non-cash assets. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IFRIC 18 — Transfers of Assets from Customers IFRIC 18 clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant, and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to do both). IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRIC 19 — Extinguishing Financial Liabilities with Equity Instruments This Interpretation addresses the accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments to a creditor of the entity to extinguish all or part of the financial liability. It does not address the accounting by the creditor. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IFRIC 20 — Stripping Costs in the Production Phase of a Surface Mine In surface mining operations, entities may find it necessary to remove mine waste materials (“overburden”) to gain access to mineral ore deposits. This waste removal activity is known as "stripping". There can be two benefits accruing to the entity from the stripping activity: usable ore that can be used to produce inventory and improved access to further quantities of material that will be mined in future periods. IFRIC 20 considers when and how to account separately for these two benefits arising from the stripping activity, as well as how to measure these benefits both initially and subsequently. The interpretation is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted.
IFRIC 21 — Levies IFRIC 21 provides guidance on when to recognize a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and those where the timing and amount of the levy is certain. The interpretation is effective for annual periods beginning on or after January 1, 2014. Earlier application is permitted.
IFRIC 22 — Foreign Currency Transactions and Advance Consideration The interpretation addresses foreign currency transactions or parts of transactions where: (i) there is consideration that is denominated or priced in a foreign currency; (ii) the entity recognizes a prepayment asset or a deferred income liability in respect of that consideration, in advance of the recognition of the related asset, expense or income; and (iii) the prepayment asset or deferred income liability is non-monetary. Effective January 1, 2018, earlier application is permitted.
IFRIC 23 — Uncertainty over Income Tax Treatments The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. Effective for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted.
IFRS 1 — First-time Adoption of International Financial Reporting Standards IFRS 1 "First-time Adoption of International Financial Reporting Standards" sets out the procedures that an entity must follow when it adopts IFRS for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. The amendments are effective on January 1, 2018.
IFRS 2 — Share-based Payment IFRS 2 "Share-based Payment" requires an entity to recognize share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity. Specific requirements are included for equity-settled and cash-settled share-based payment transactions, as well as those where the entity or supplier has a choice of cash or equity instruments. The standards is effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. The amendments to the standard are effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRS 3 — Business Combinations IFRS 3 "Business Combinations" outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. Earlier application is permitted.
IFRS 4 — Insurance Contracts [Superseded] IFRS 4 "Insurance Contracts" applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. In light of the IASB's comprehensive project on insurance contracts, the standard provides a temporary exemption from the requirements of some other IFRSs, including the requirement to consider IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" when selecting accounting policies for insurance contracts. The IASB tentatively decided to defer the effective date of IFRS 17, Insurance Contracts to annual periods beginning on or after January 1, 2022. The IASB also tentatively decided to defer the fixed expiry date for the temporary exemption to IFRS 9 in IFRS 4 by one year so that all insurance entities must apply IFRS 9 for annual periods on or after January 1, 2022.
IFRS 5 — Non-current Assets Held for Sale and Discontinued Operations IFRS 5 Non-current Assets Held for Sale and Discontinued Operations outlines how to account for non-current assets held for sale (or for distribution to owners). The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IFRS 6 — Exploration for and Evaluation of Mineral Resources IFRS 6 "Exploration for and Evaluation of Mineral Resources" has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs. It also modifies impairment testing of exploration and evaluation assets by introducing different impairment indicators and allowing the carrying amount to be tested at an aggregate level. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IFRS 7 — Financial Instruments: Disclosures IFRS 7 "Financial Instruments: Disclosures" requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to transferred financial assets and a number of other matters. The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IFRS 8 — Operating Segments IFRS 8 "Operating Segments" requires particular classes of entities (essentially those with publicly traded securities) to disclose information about their operating segments, products and services, the geographical areas in which they operate, and their major customers. Information is based on internal management reports, both in the identification of operating segments and measurement of disclosed segment information. The amendments are effective for annual periods beginning on or after July 1, 2014. Earlier application is permitted.
IFRS 9 — Financial Instruments The final version of IFRS 9 "Financial Instruments" issued in July 2014 is the IASB's replacement of IAS 39 "Financial Instruments: Recognition and Measurement". The Standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The final version of this new standard is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRS 10 — Consolidated Financial Statements IFRS 10 "Consolidated Financial Statements" outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. Amendments are effective for annual periods beginning on or after January 1, 2016. Early application is permitted. Except for the September 2014 amendments, where the IASB deferred indefinitely the effective date.

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