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

IFRS Book 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 1 — Presentation of Financial Statements IAS 1 "Presentation of Financial Statements" sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. Effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IAS 2 — Inventories IAS 2 "Inventories" contains the requirements on how to account for most types of inventory. The standard requires inventories to be measured at the lower of cost and net realizable value (NRV) and outlines acceptable methods of determining cost, including specific identification (in some cases), first-in first-out (FIFO) and weighted average cost. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 7 — Statement of Cash Flows IAS 7 "Statement of Cash Flows" requires an entity to present a statement of cash flows as an integral part of its primary financial statements. Cash flows are classified and presented into operating activities (either using the 'direct' or 'indirect' method), investing activities or financing activities, with the latter two categories generally presented on a gross basis. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. The amendments are effective for annual periods beginning on or after January 1, 2017. Earlier application is permitted.
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. Changes in accounting policies and corrections of errors are generally retrospectively accounted for, whereas changes in accounting estimates are generally accounted for on a prospective basis. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 10 — Events After the Reporting Period IAS 10 "Events After The Reporting Period" contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 11 — Construction Contracts IAS 11 "Construction Contracts" provides requirements on the allocation of contract revenue and contract costs to accounting periods in which construction work is performed. Contract revenues and expenses are recognized by reference to the stage of completion of contract activity where the outcome of the construction contract can be estimated reliably, otherwise revenue is recognized only to the extent of recoverable contract costs incurred. IAS 11 will be superseded by IFRS 15 Revenue from Contracts with Customers, which is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IAS 12 — Income Taxes IAS 12, "Income Taxes" implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognizes both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried forward tax losses and credits, are recognized, with limited exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a 'probable profits' test. 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. The amendments are effective for annual periods beginning on or after January 1, 2017. Earlier application is permitted.
IAS 16 — Property, Plant and Equipment IAS 16 "Property, Plant and Equipment" outlines the accounting treatment for most types of property, plant and equipment. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IAS 17 — Leases IAS 17 "Leases" prescribes the accounting policies and disclosures applicable to leases, both for lessees and lessors. Leases are required to be classified as either finance leases (which transfer substantially all the risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a receivable by the lessor) and operating leases (which result in expense recognition by the lessee, with the asset remaining recognized by the lessor). IAS 17 has been superseded by IFRS 16 and will be withdrawn. IFRS 16 is expected to be released in Q2 2016.
IAS 18 — Revenue IAS 18 outlines the accounting requirements for when to recognise revenue from the sale of goods, rendering of services and for interest, royalties and dividends. Revenue is measured at the fair value of the consideration received or receivable and recognised when prescribed conditions are met, which depend on the nature of the revenue. IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1 January 1995. IAS 18 will be superseded by IFRS 15 Revenue from Contracts with Customers, which is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.
IAS 19 — Employee Benefits (2011) IAS 19 "Employee Benefits" (amended 2011) outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits. The standard establishes the principle that the cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable, and outlines how each category of employee benefits are measured, providing detailed guidance in particular about post-employment benefits. The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance IAS 20 "Accounting for Government Grants and Disclosure of Government Assistance" outlines how to account for government grants and other assistance. Government grants are recognized in profit or loss on a systematic basis over the periods in which the entity recognizes expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 21 — The Effects of Changes in Foreign Exchange Rates IAS 21 "The Effects of Changes in Foreign Exchange Rates" outlines how to account for foreign currency transactions and operations in financial statements, and also how to translate financial statements into a presentation currency. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 23 — Borrowing Costs IAS 23 "Borrowing Costs" requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognized as an expense. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 24 — Related Party Disclosures IAS 24 "Related Party Disclosures" requires disclosures about transactions and outstanding balances with an entity's related parties. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel. The amendments are effective for annual periods beginning on or after July 1, 2014. Earlier application is permitted.
IAS 26 — Accounting and Reporting by Retirement Benefit Plans IAS 26 "Accounting and Reporting by Retirement Benefit Plans" outlines the requirements for the preparation of financial statements of retirement benefit plans. It outlines the financial statements required and discusses the measurement of various line items, particularly the actuarial present value of promised retirement benefits for defined benefit plans. Not currently applicable as Canadian GAAP.
IAS 27 — Separate Financial Statements (2011) IAS 27 "Separate Financial Statements" (as amended in 2011) outlines the accounting and disclosure requirements for "separate financial statements", which are financial statements prepared by a parent, or an investor in a joint venture or associate, where those investments are accounted for either at cost or in accordance with IAS 39 "Financial Instruments: Recognition and Measurement" or IFRS 9 "Financial Instruments". The standard also outlines the accounting requirements for dividends and contains numerous disclosure requirements. The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IAS 28 — Investments in Associates and Joint Ventures (2011) IAS 28 "Investments in Associates and Joint Ventures" (as amended in 2011) outlines how to apply, with certain limited exceptions, the equity method to investments in associates and joint ventures. The standard also defines an associate by reference to the concept of "significant influence", which requires power to participate in financial and operating policy decisions of an investee (but not joint control or control of those polices). The amendments are effective on January 1, 2018
IAS 29 — Financial Reporting in Hyperinflationary Economies IAS 29 "Financial Reporting in Hyperinflationary Economies" applies where an entity's functional currency is that of a hyperinflationary economy. The standard does not prescribe when hyperinflation arises but requires the financial statements (and corresponding figures for previous periods) of an entity with a functional currency that is hyperinflationary to be restated for the changes in the general pricing power of the functional currency. Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
IAS 31 — Interests In Joint Ventures [Superseded] IAS 31 "Interests in Joint Ventures" sets out the accounting for an entity's interests in various forms of joint ventures: jointly controlled operations, jointly controlled assets, and jointly controlled entities. The standard permits jointly controlled entities to be accounted for using either the equity method or by proportionate consolidation. IAS 31 is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities with effect from annual periods beginning on or after January 1, 2013. IFRS 11 and IFRS 12 Disclosure of Interests in Other Entities 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 Consolidated Financial Statements, IAS 27 Separate Financial Statements (2011) and IAS 28 Invesments in Associates and Joint Ventures (2011) are applied at the same time.

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