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Some new and revised IFRS will be effective for 2005, others not

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25 Feb 2003

The IASB has announced, via a story in its Insight newsletter, that certain new or revised standards will be mandatory for 2005 and that others will be encouraged but not mandatory, as follows: Mandatory for 2005 Business Combinations – both Phases I and II Convergence – short-term items First-Time Application of IFRS Improvements to Existing IFRS Amendments to IAS 32 and IAS 39 Insurance Contracts Phase I Share-Based Payment Not mandatory for 2005.Early application encouraged: Consolidation, including special purpose entities Deposit-Taking, Lending, and Securities Activities Performance Reporting (now called Income Statements) Post-Employment Benefits (part of the Convergence project) Liabilities, Equity, and Revenue Recognition Segment Reporting (part of the Convergence project) .

The IASB has announced, via a story in its Insight newsletter, that certain new or revised standards will be mandatory for 2005 and that others will be encouraged but not mandatory, as follows:

Mandatory for 2005

  • Business Combinations – both Phases I and II
  • Convergence – short-term items
  • First-Time Application of IFRS
  • Improvements to Existing IFRS
  • Amendments to IAS 32 and IAS 39
  • Insurance Contracts Phase I
  • Share-Based Payment

Not mandatory for 2005.Early application encouraged:

  • Consolidation, including special purpose entities
  • Deposit-Taking, Lending, and Securities Activities
  • Performance Reporting (now called Income Statements)
  • Post-Employment Benefits (part of the Convergence project)
  • Liabilities, Equity, and Revenue Recognition
  • Segment Reporting (part of the Convergence project)

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