New or revised pronouncement | When effective | Application at 30 September 2011 to |
1st qtrs | 2nd qtrs | 3rd qtrs | Full yrs |
Improvements to IFRSs (2009)
Introduces amendments under the IASB's program of annual improvements.
First tranche. A number of the amendments in this tranche are technical changes to other pronouncements as the result of the issue of IFRS 3 Business Combinations (2008), to align the scope of the pronouncements or to implement other consequential amendments. A further amendment changes the restriction in IFRIC 16 Hedges of a Net Investment in a Foreign Operation on the entity that can hold hedging instruments.
Second tranche. A number of the amendments in this tranche are largely technical, clarifying particular terms, or eliminating unintended consequences. Other changes are more substantial, such as the current/non-current classification of convertible instruments, the classification of expenditures on unrecognised assets in the statement of cash flows and the classification of leases of land and buildings.
Note: The amendments made to the guidance to IAS 18 'Revenue' regarding determining whether an entity is acting as agent or principal have no explicit application date and are effectively taken to be immediately applicable.
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First tranche - Applies to annual reporting periods beginning on or after 1 July 2009
Second tranche - Applies to annual reporting periods beginning on or after 1 January 2010
(see note in previous column regarding guidance in IAS 18)
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[Note 1] |
[Note 1] |
[Note 1] |
[Note 4] |
Group Cash-Settled Share-based Payment Transactions
Amends IFRS 2 Share-based Payment to clarify the accounting for group cash-settled share-based payment transactions. An entity receiving goods or services in a share-based payment arrangement must account for those goods or services no matter which entity in the group settles the transaction, and no matter whether the transaction is settled in shares or cash.
The amendments to IFRS 2 also incorporate guidance previously included in IFRIC 8 Scope of IFRS 2 and IFRIC 11 IFRS 2 - Group and Treasury Share Transactions and as a consequence these two Interpretations are superseded by the amendments.
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Applies to annual periods beginning on or after 1 January 2010 and must be applied retrospectively |
[Note 1] |
[Note 1] |
[Note 1] |
Mandatory |
Additional Exemptions for First-time Adopters
Provides additional exemptions and modifications on transition to IFRSs in relation to certain oil and gas assets in development or production, decommissioning, restoration and similar liabilities related to those assets, and IFRIC 4 lease assessments made under equivalent requirements of pre-transition GAAP.
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Applies to annual reporting periods beginning on or after 1 January 2010 |
[Note 1] |
[Note 1] |
[Note 1] |
[Note 2] |
Classification of Rights Issues
Amends IAS 32 Financial Instruments: Presentation to require a financial instrument that gives the holder the right to acquire a fixed number of the entity's own equity instruments for a fixed amount of any currency to be classified as an equity instrument if, and only if, the entity offers the financial instrument pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Prior to this amendment, rights issues (rights, options, or warrants) denominated in a currency other than the functional currency of the issuer were accounted for as derivative instruments.
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Applies to annual reporting periods beginning on or after 1 February 2010 |
[Note 1] |
[Note 1] |
Mandatory |
Mandatory |
Prepayments of a Minimum Funding Requirement
Makes limited-application amendments to IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The amendments apply when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements, permitting the benefit of such an early payment to be recognised as an asset.
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Applies to annual periods beginning on or after 1 January 2011 (applied retrospectively from the beginning of the earliest comparative period presented) |
Mandatory |
Mandatory |
Mandatory |
Optional |
Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
Provides additional exemption on IFRS transition in relation to IFRS 7 Financial Instruments: Disclosures, to avoid the potential use of hindsight and to ensure that first-time adopters are not disadvantaged as compared with current IFRS preparers.
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Applies to annual periods beginning on or after 1 July 2010 |
[Note 1] |
[Note 2] |
[Note 2] |
[Note 2] |
Improvements to IFRSs (2010)
Amends seven pronouncements (plus consequential amendments to various others) as a result of the IASB's 2008-2010 cycle of annual improvements.
Key amendments include:
- IFRS 1 - accounting policy changes in year of adoption and amendments to deemed cost (revaluation basis, regulatory assets)
- IFRS 3/IAS 27 - clarification of transition requirements, measurement of non-controlling interests, unreplaced and voluntarily replaced share-based payment awards
- Financial statement disclosures - clarification of content of statement of changes in equity (IAS 1), financial instrument disclosures (IFRS 7) and significant events and transactions in interim reports (IAS 34)
- IFRIC 13 - fair value of award credits.
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Generally effective for annual reporting periods beginning on or after 1 January 2011 (IFRS 3/IAS 27 transition clarifications apply to annual reporting periods beginning on or after 1 July 2010) |
[Note 5]
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Mandatory |
Mandatory |
[Note 6] |
Amendments to IFRS 7 Financial Instruments: Disclosures
Makes amendments to IFRS 7 Financial Instruments: Disclosures resulting from the IASB's comprehensive review of off balance sheet activities.
The amendments introduce additional disclosures, designed to allow users of financial statements to improve their understanding of transfer transactions of financial assets (for example, securitisations), including understanding the possible effects of any risks that may remain with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period.
Note: In the first year of application, comparative information is not required.
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Applies to annual periods beginning on or after 1 July 2011 |
Mandatory |
Optional |
Optional |
Optional |
Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12)
Amends IAS 12 Income Taxes to provide a presumption that recovery of the carrying amount of an asset measured using the fair value model in IAS 40 Investment Property will, normally, be through sale.
As a result of the amendments, SIC-21 Income Taxes — Recovery of Revalued Non-Depreciable Assets would no longer apply to investment properties carried at fair value. The amendments also incorporate into IAS 12 the remaining guidance previously contained in SIC-21, which is accordingly withdrawn.
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Applicable to annual periods beginning on or after 1 January 2012 |
Optional |
Optional |
Optional |
Optional |
Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1)
Amends IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRSs) to:
- Replace references to a fixed date of '1 January 2004' with 'the date of transition to IFRSs', thus eliminating the need for companies adopting IFRSs for the first time to restate derecognition transactions that occurred before the date of transition to IFRSs
- Provide guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
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Applicable to annual periods beginning on or after 1 July 2011 |
[Note 2] |
[Note 3] |
[Note 3] |
[Note 3] |
IAS 19 Employee Benefits (2011)
An amended version of IAS 19 Employee Benefits with revised requirements for pensions and other postretirement benefits, termination benefits and other changes.
The key amendments include:
- Requiring the recognition of changes in the net defined benefit liability (asset) including immediate recognition of defined benefit cost, disaggregation of defined benefit cost into components, recognition of remeasurements in other comprehensive income, plan amendments, curtailments and settlements (eliminating the 'corridor approach' permitted by the existing IAS 19)
- Introducing enhanced disclosures about defined benefit plans
- Modifying accounting for termination benefits, including distinguishing benefits provided in exchange for service and benefits provided in exchange for the termination of employment and affect the recognition and measurement of termination benefits
- Clarifying various miscellaneous issues, including the classification of employee benefits, current estimates of mortality rates, tax and administration costs and risk-sharing and conditional indexation features
- Incorporating other matters submitted to the IFRS Interpretations Committee.
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Applicable to annual reporting periods beginning on or after 1 January 2013 |
Optional |
Optional |
Optional |
Optional |
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)
Amends IAS 1 Presentation of Financial Statements to revise the way other comprehensive income is presented.
The amendments:
- Preserve the amendments made to IAS 1 in 2007 to require profit or loss and OCI to be presented together, i.e. either as a single 'statement of profit or loss and comprehensive income', or a separate 'statement of profit or loss' and a 'statement of comprehensive income' – rather than requiring a single continuous statement as was proposed in the exposure draft
- Require entities to group items presented in OCI based on whether they are potentially reclassifiable to profit or loss subsequently. i.e. those that might be reclassified and those that will not be reclassified
- Require tax associated with items presented before tax to be shown separately for each of the two groups of OCI items (without changing the option to present items of OCI either before tax or net of tax).
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Applicable to annual reporting periods beginning on or after 1 July 2012 |
Optional |
Optional |
Optional |
Optional |
[NEW] Disclosures — Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)
Amends the disclosure requirements in IFRS 7 Financial Instruments: Disclosure to require information about all recognised financial instruments that are set off in accordance with paragraph 42 of IAS 32 Financial Instruments: Presentation.
The amendments also require disclosure of information about recognised financial instruments subject to enforceable master netting arrangements and similar agreements even if they are not set off under IAS 32. The IASB believes that these disclosures will allow financial statement users to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with an entity's recognised financial assets and recognised financial liabilities, on the entity's financial position.
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Applicable to annual periods beginning on or after 1 January 2013 and interim periods within those periods |
Optional |
Optional |
Optional |
Optional |
[NEW] Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)
Amends IAS 32 Financial Instruments: Presentation to clarify certain aspects because of diversity in application of the requirements on offsetting, focused on four main areas:
- the meaning of 'currently has a legally enforceable right of set-off'
- the application of simultaneous realisation and settlement
- the offsetting of collateral amounts
- the unit of account for applying the offsetting requirements.
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Applicable to annual periods beginning on or after 1 January 2014 |
Optional |
Optional |
Optional |
Optional |
Editorial Corrections (various)
The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements. Since July 2010, such corrections have been made in August 2010, October 2010, December 2010, February 2011, March 2011, April 2011, May 2011, June 2011 (revised October 2011) and November 2011.
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As minor editorial corrections, these changes are effectively immediately applicable under IFRS |
See comment in previous column |