This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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
IFRS 11 — Joint Arrangements IFRS 11 "Joint Arrangements" outlines the accounting by entities that jointly control an arrangement. Joint control involves the contractually agreed sharing of control and arrangements subject to joint control are classified as either a joint venture (representing a share of net assets and equity accounted) or a joint operation (representing rights to assets and obligations for liabilities, accounted for accordingly). Fiscal years beginning on or after January 1, 2013. Earlier application of IFRS 11 is permitted if IFRS 10, IFRS 12, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) are applied at the same time.
IFRS 12 — Disclosure of Interests in Other Entities 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 amendments are effective for annual periods beginning on or after January 1, 2016. Early application is permitted.
IFRS 13 — Fair Value Measurement IFRS 13 "Fair Value Measurement" applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an 'exit price' notion and uses a 'fair value hierarchy', which results in a market-based, rather than entity-specific, measurement. The amendments are effective for annual periods beginning on or after July 1, 2014. Earlier application is permitted.
IFRS 14 — Regulatory Deferral Accounts The objective of IFRS 14 "Regulatory Deferral Accounts" is to specify the financial reporting requirements for "regulatory deferral account balances" that arise when an entity provides good or services to customers at a price or rate that is subject to rate regulation. IFRS 14 is effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IFRS 15 — Revenue from Contracts with Customers IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers. The amendment defers the effective date of IFRS 15 by one year to annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IFRS 16 — Leases IFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, unless the lease term is 12 months or less or the underlying asset has a low value. Lessor accounting however remains largely unchanged from IAS 17 and the distinction between operating and finance leases is retained. Effective for annual periods beginning on or after January 1, 2019. Ear­lier ap­pli­ca­tion is per­mit­ted, if IFRS 15, Revenue from Contracts with Customers, has also been applied.
IFRS 17 — Insurance Contracts IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity's financial position, financial performance and cash flows. 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 for SMEs The IASB published an IFRS designed for use by small and medium-sized entities (SMEs), namely its IFRS for SMEs. SMEs include all entities that are not publicly traded and that are not banks or similar financial institutions. The standard was the result of a five-year development process with extensive consultation of SMEs worldwide. Not applicable in Canada
SIC-7 — Introduction of the Euro This Interpretation addresses how the introduction of the Euro, resulting from the European Economic and Monetary Union (EMU), affects the application of IAS 21 The Effects of Changes in Foreign Exchange Rates. SIC-7 states that the requirements of IAS 21 should be strictly applied when a country joins the EU's Economic and Monetary Union. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
SIC-10 — Government Assistance – No Specific Relation to Operating Activities Under SIC-10, government assistance to enterprises that is aimed at encouragement or long-term support of business activities either in certain regions or industry sectors meets the definition of government grants in IAS 20. Such grants should therefore not be credited directly to shareholders' interests. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
SIC-12 — Consolidation – Special Purpose Entities SIC-12 addresses when a special purpose entity should be consolidated by a reporting enterprise under the consolidation principles in IAS 27. Under SIC-12, an entity must consolidate a special purpose entity ("SPE") when, in substance, the entity controls the SPE. IFRS 10 and IFRS 12 are effective for annual periods beginning on or after January 1, 2013. Earlier application of IFRS 10 and IFRS 12 is permitted if IFRS 11, IAS 27 (as amended in 2011) and IAS 28 Investments in Associates and Joint Ventures (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.
SIC-13 — Jointly Controlled Entities – Non-Monetary Contributions by Venturers [Superseded] SIC-13 clarifies the circumstances in which the appropriate portion of gains or losses resulting from a contribution of a non-monetary asset to a jointly controlled entity (JCE) in exchange for an equity interest in the JCE should be recognized by the venturer in the income statement. IFRS 11 and IFRS 12 are effective for annual periods beginning on or after January 1, 2013. Earlier application of IFRS 11 and IFRS 12 is permitted if IFRS 10, IAS 27 Separate Financial Statements (2011) and IAS 28 Investments in Associates and Joint Ventures (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.
SIC-15 — Operating Leases – Incentives SIC-15 clarifies the recognition of incentives related to operating leases by both the lessee and lessor. The Interpretation indicates that lease incentives (such as rent-free periods or contributions by the lessor to the lessee's relocation costs) should be considered an integral part of the consideration for the use of the leased asset. IAS 17.24 and .42 (rev. 1997) require an enterprise to treat incentives as a reduction of lease income or lease expense. As they are an integral part of the net consideration agreed for the use of the leased asset, incentives should be recognized by both the lessor and the lessee over the lease term, with each party using a single amortization method applied to the net consideration. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application permitted.
SIC-25 — Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders A change in the tax status of an enterprise or its shareholders, e.g. due to an initial public offering or restructuring, does not give rise to increases or decreases in the pre-tax amounts recognized directly in equity. Therefore, SIC-25 concludes that the current and deferred tax consequences of the change in tax status should be included in net profit or loss for the period. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
SIC-27 — Evaluating the Substance of Transactions in the Legal Form of a Lease SIC-27 addresses the considerations in evaluating the substance of transactions in the legal form of a lease. Arrangements between an enterprise and an investor should reflect the substance of the arrangement and all aspects of the arrangement should be evaluated to determine its substance, with weight given to those aspects and implications that have an economic effect. In this respect, SIC-27 includes a list of indicators that individually demonstrate that an arrangement may not, in substance, involve a lease under IAS 17 Leases. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
SIC-29 — Service Concession Arrangements: Disclosures SIC-29 prescribes the information that should be disclosed in the notes to the financial statements of a concession operator and a concession provider when the two parties are joined by a service concession arrangement. A service concession arrangement exists when an enterprise (the concession operator) agrees with another enterprise (the concession provider) to provide services that give the public access to major economic and social facilities. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
SIC-31 — Revenue – Barter Transactions Involving Advertising Services SIC-31 deals with the circumstances in which a seller can reliably measure revenue at the fair value of advertising services received or provided in a barter transaction. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
SIC-32 — Intangible Assets – Web Site Costs SIC-32 concludes that a website developed by an entity using internal expenditure, whether for internal or external access, is an internally generated intangible asset that is subject to the requirements of IAS 38 Intangible Assets. 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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.