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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
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
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 annual periods beginning on or after July 1, 2014. 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. Withdrawn and replaced by IFRS 17, Insurance Contracts, which is effective for annual reporting periods beginning on or after January 1, 2021. Earlier application is permitted, if both IFRS 15, Revenue from Contracts with Customers and IFRS 9, Financial Instruments have also been applied.
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.
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. Effective for annual reporting periods beginning on or after January 1, 2021. Earlier application is permitted, if both IFRS 15, Revenue from Contracts with Customers and IFRS 9, Financial Instruments have also been applied.
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.

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