Year-end Newsletter – Closing Out 2008

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20 Dec 2008

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – Closing Out 2008.

The newsletter (PDF 163k) provides a high level overview of new and revised Standards and Interpretations that are effective for December 2008 and later accounting periods. Where applicable, the newsletter includes hyperlinks to past Deloitte newsletters dealing with the specific Standard or Interpretation in more detail. Those past newsletters are all available on here on IAS Plus. As always, entities should refer to the Standards and Interpretations themselves to identify all of the changes that may affect their particular circumstances.

Mandatory for 2008

Of the long list of pronouncements recently issued, only three Interpretations are required to be adopted for December 2008 year ends:

  • IFRIC 11 IFRS 2 – Group and Treasury Share Transactions
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Optional for 2008

Entities are generally permitted to adopt new and revised Standards and Interpretations in advance of their effective dates. Therefore, the following are available for early adoption in 2008 (refer to the newsletter for details):

New Standard:

  • IFRS 8 Operating Segments Amendments to Standards
  • IAS 23 Borrowing Costs
  • IAS 1 Presentation of Financial Statements
  • IFRS 3 Business Combinations
  • IAS 27 Consolidated and Separate Financial Statements
  • IFRS 2 Vesting Conditions and Cancellations
  • IAS 32 and IAS 1 Puttable Financial Instruments and Obligations Arising on Liquidation
  • IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
  • Improvements to IFRSs (various standards)
  • IAS 39 Eligible Hedged Items 1 July 2009 July 2008
  • IAS 39 and IFRS 7 Reclassification of Financial Assets
  • IFRS 1 First-time Adoption of Financial Reporting Standards (restructured) New interpretations
  • IFRIC 13 Customer Loyalty Programmes
  • IFRIC 15 Agreements for the Construction of Real Estate
  • IFRIC 16 Hedges of a Net Investment in a Foreign Operation
  • IFRIC 17 Distributions of Non-cash Assets to Owners

Correction list for hyphenation

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