Section |
Amendments |
1 — Definition of an SME |
Clarification with regard to publicly accountability and clarification with regard to the use of the IFRS for SMEs in the parent's separate financial statements added
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2 — Concepts and pervasive principles |
Added guidance on the 'undue cost and effort' exemption |
4 — Statement of financial position |
Requirement to present investment property measured at cost less accumulated depreciation and impairment separately on the face of the statement of financial position added and relief from requirement to disclose certain comparative information provided
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5 — Statement of comprehensive income and income statement |
Clarification with regard to the single amount presented for discontinued operations added and alignment with changes made to IAS 1 on reclassifications
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6 — Statement of changes in equity and statement of income and retained earnings |
Alignment with changes made to IAS 1 on OCI components |
9 — Consolidated and separate financial statements |
Clarifications on consolidation, guidance on dealing with different reporting dates, clarifications on disposal of subsidiaries, option to to account for investments in subsidiaries, associates and jointly controlled entities in separate financial statements using the equity method, and amended definition of 'combined financial statements' added |
11 — Basic financial instruments |
Several clarifications and 'undue cost and effort' exemption regarding the requirement to measure investments in equity instruments at FV added |
12 — Other financial instruments issues |
Clarifications on the scope of this section and clarifications regarding hedge accounting added |
17 — Property, plant and equipment |
Alignment with changes made to IAS 16 on classification of spare parts, stand-by and servicing equipment, exemption regarding the use of cost of the replacement, and option to use the revaluation model for property, plant and equipment added
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18 — Intangible assets other than goodwill |
Modified requirement that useful life of intangible should not exceed 10 years when entities are unable to reliably estimate the useful life |
19 — Business combinations and goodwill |
Several minor amendments constituting clarifications, added guidance, and addition of an undue cost or effort exemption regarding the requirement to recognise intangible assets separately in a business combination |
20 — Leases |
Clarifications added as to what arrangements (do not) constitute a lease |
22 — Liabilities and equity |
Some guidance, exemptions as well as alignment with full IFRSs regarding IFRIC 19 and IAS 32 added |
26 — Share-based payment |
Several clarifications added and scope aligned with IFRS 2 |
27 — Impairment of assets |
Clarification regarding applicability to assets from construction contracts |
28 — Employee benefits |
Clarification added and disclosure requirements on accounting policy for termination benefits removed |
29 — Income taxes |
Alignment of key principles with IAS 12 as regards recognition and measurement of deferred tax and 'undue cost and effort' exemption regarding requirement to offset income tax assets and liabilities added |
30 — Foreign currency translation |
Scope clarified |
33 — Related party disclosures |
Definition of 'related party' aligned with IAS 24 |
34 — Specialised activities |
Certain disclosure relief for biological assets added and the main recognition and measurement requirements for exploration and evaluation assets aligned with IFRS 6
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35 — Transition to the IFRS for SMEs |
Several changes to IFRS 1 incorporated and wording simplified |
Glossary |
Some definitions amended and five new terms added |