This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

New and revised pronouncements as at 30 September 2017

  • Calendar Image

07 Sep 2017

Our popular summary of new and revised financial reporting requirements, updated for financial reporting periods ending on 30 September 2017. This listing can be used to perform a quick check that new financial reporting requirements such as new and revised accounting standards and interpretations, and amendments to standards and interpretations, have been fully considered in the reporting close process. The information below can also be used to assist with the disclosure requirements under paragraph 30 of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors', which requires entities to disclose any new IFRSs that are in issue but not yet effective and which are likely to impact the entity.

This table can be used for all annual accounting periods. A 1st quarter ending on 30 September 2017 would mean that the annual reporting period began on 1 July 2017. Similarly, 2nd quarters ending on 30 September 2017 refer to annual periods that began on 1 April 2017, 3rd quarters ending on 30 September 2017 refer to annual periods that began on 1 January 2017, and 4th quarters ending on 30 September 2017 refer to annual periods that began on 1 October 2016.

The information below reflects developments to 7 September 2017 and will be updated through to December 2017 to reflect new and revised financial reporting requirements that need to be considered for financial reporting periods ending on 30 September 2017. For accounts approved after September 2017, please also refer to subsequent versions of this document for any new and revised IFRSs that have additionally been issued that might require disclosure in the accounts under IAS 8:30.

The information below is organised as follows:

 

Summary

Pronouncements applicable to entities applying IFRSs at the IASB effective dates

The table below provides a summary of the pronouncements which will be mandatorily applied by entities for the first time at 30 September 2017, for various quarterly reporting periods:

Pronouncement Effective date* Mandatory at 30 September 2017?
1st qtrs 2nd qtrs 3rd qtrs Full yrs
STANDARDS
IFRS 14 Regulatory Deferral Accounts°
1 January 2016
** ** ** Yes
AMENDMENTS
Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)
1 January 2016 ** ** ** Yes
Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)
1 January 2016 ** ** ** Yes
Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)
1 January 2016 ** ** ** Yes
Equity Method in Separate Financial Statements (Amendments to IAS 27)
1 January 2016 ** ** ** Yes
Annual Improvements 2012-2014 Cycle
1 January 2016 ** ** ** Yes
Disclosure Initiative (Amendments to IAS 1)
1 January 2016 ** ** ** Yes
Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)
1 January 2016 ** ** ** Yes
Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)°°
1 January 2017 Yes Yes Yes -
Disclosure Initiative (Amendments to IAS 7)°°
1 January 2017 Yes Yes Yes -
Annual Improvements to IFRS Standards 2014–2016 Cycle – Amendments to IFRS 12°°
1 January 2017 Yes Yes Yes -

* Generally annual periods beginning on or after the date indicated, may only apply to first-time adopters in some limited cases (see the detailed information for each pronouncement below for full details).

** This pronouncement has already been implemented in previous periods by entities with this reporting date (where it applied to the entity).

° IFRS 14 will not be endorsed for use in the EU.

°° Not yet endorsed for use in the EU.

More information about these pronouncements, and all new and revised pronouncements, is set out below.

 

Financial statement considerations in adopting new and revised pronouncements

Where new and revised pronouncements are applied for the first time, there can be consequential impacts on annual financial statements, including:

  • Impact of transitional provisions. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains a general requirement that changes in accounting policies are retrospectively applied, but this does not apply to the extent an individual pronouncement has specific transitional provisions.
  • Disclosures about changes in accounting policies. Where an entity changes its accounting policy as a result of the initial application of an IFRS and it has an effect on the current period or any prior period, IAS 8 requires the disclosure of a number of matters, e.g. the title of the IFRS, the nature of the change in accounting policy, a description of the transitional provisions, and the amount of the adjustment for each financial statement line item affected
  • Third statement of financial position. IAS 1 Presentation of Financial Statements requires the presentation of a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements in a number of situations, including if an entity applies an accounting policy retrospectively and the retrospective application has a material effect on the information in the statement of financial position at the beginning of the preceding period
  • Earnings per share (EPS). Where applicable to the entity, IAS 33 Earnings Per Share requires basic and diluted EPS to be adjusted for the impacts of adjustments result from changes in accounting policies accounted for retrospectively and IAS 8 requires the disclosure of the amount of any such adjustments.

Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS 34 Interim Financial Reporting, some disclosures are required, e.g. description of the nature and effect of any change in accounting policies and methods of computation.

 

New or revised standards


IFRS 9 Financial Instruments (2009)

IFRS 9 introduces new requirements for classifying and measuring financial assets, as follows:

  • Debt instruments meeting both a 'business model' test and a 'cash flow characteristics' test are measured at amortised cost (the use of fair value is optional in some limited circumstances)
  • Investments in equity instruments can be designated as 'fair value through other comprehensive income' with only dividends being recognised in profit or loss
  • All other instruments (including all derivatives) are measured at fair value with changes recognised in the profit or loss
  • The concept of 'embedded derivatives' does not apply to financial assets within the scope of the Standard and the entire instrument must be classified and measured in accordance with the above guidelines.

* IFRS 9 (2014) was issued on 24 July 2014 and supersedes IFRS 9 (2009), but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015.

Issued: 12 November 2009

Effective date:

No stated effective date (see notes above)

 

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRS 9 Financial Instruments (2010)

A revised version of IFRS 9 incorporating revised requirements for the classification and measurement of financial liabilities, and carrying over the existing derecognition requirements from IAS 39 Financial Instruments: Recognition and Measurement.

The revised financial liability provisions maintain the existing amortised cost measurement basis for most liabilities. New requirements apply where an entity chooses to measure a liability at fair value through profit or loss – in these cases, the portion of the change in fair value related to changes in the entity's own credit risk is presented in other comprehensive income rather than within profit or loss.

* IFRS 9 (2014) was issued on 24 July 2014 and supersedes IFRS 9 (2010), but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015.

Issued: 28 October 2010

Effective date:

No stated effective date (see notes above)

 

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (2013)

A revised version of IFRS 9 which:

  • Introduces a new chapter to IFRS 9 on hedge accounting, putting in place a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures
  • Permits an entity to apply only the requirements introduced in IFRS 9 (2010) for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss without applying the other requirements of IFRS 9, meaning the portion of the change in fair value related to changes in the entity's own credit risk can be presented in other comprehensive income rather than within profit or loss
  • Removes the mandatory effective date of IFRS 9 (2013), IFRS 9 (2010) and IFRS 9 (2009), leaving the effective date open pending the finalisation of the impairment and classification and measurement requirements. Notwithstanding the removal of an effective date, each standard remains available for application*.

* IFRS 9 (2014) was issued on 24 July 2014 and supersedes IFRS 9 (2013), but this version of the standard remains available for application if the relevant date of initial application is before 1 February 2015.

Issued: 19 November 2013

Effective date:

No stated effective date (see notes above)

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRS 9 Financial Instruments (2014)

A finalised version of IFRS 9 which contains accounting requirements for financial instruments, replacing IAS 39 Financial Instruments: Recognition and Measurement. The standard contains requirements in the following areas:

  • Classification and measurement. Financial assets are classified by reference to the business model within which they are held and their contractual cash flow characteristics. The 2014 version of IFRS 9 introduces a 'fair value through other comprehensive income' category for certain debt instruments. Financial liabilities are classified in a similar manner to under IAS 39, however there are differences in the requirements applying to the measurement of an entity's own credit risk.
  • Impairment. The 2014 version of IFRS 9 introduces an 'expected credit loss' model for the measurement of the impairment of financial assets, so it is no longer necessary for a credit event to have occurred before a credit loss is recognised
  • Hedge accounting. Introduces a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures
  • Derecognition. The requirements for the derecognition of financial assets and liabilities are carried forward from IAS 39.

Note: Depending on the chosen approach to applying IFRS 9, the transition can involve one or more than one date of initial application for different requirements.

Note: IFRS 9 (2014) supersedes IFRS 9 (2009), IFRS 9 (2010) and IFRS 9 (2013), but these standards remain available for application if the relevant date of initial application is before 1 February 2015.

Issued: 24 July 2014

Effective date:

Effective for annual periods beginning on or after 1 January 2018

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRS 14 Regulatory Deferral Accounts

IFRS 14 permits an entity which is a first-time adopter of International Financial Reporting Standards to continue to account, with some limited changes, for 'regulatory deferral account balances' in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements.

Note: Entities which are eligible to apply IFRS 14 are not required to do so, and so can chose to apply only the requirements of IFRS 1 First-time Adoption of International Financial Reporting Standards when first applying IFRSs. However, an entity that elects to apply IFRS 14 in its first IFRS financial statements must continue to apply it in subsequent financial statements. IFRS 14 cannot be applied by entities that have already adopted IFRSs.

Issued: 30 January 2014

Effective date:

Applicable to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2016
Will not be endorsed for use in the EU.

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


IFRS 15 Revenue from Contracts with Customers

IFRS 15 provides a single, principles based five-step model to be applied to all contracts with customers.

The five steps in the model are as follows:

  • Identify the contract with the customer
  • Identify the performance obligations in the contract
  • Determine the transaction price
  • Allocate the transaction price to the performance obligations in the contracts
  • Recognise revenue when (or as) the entity satisfies a performance obligation.

Guidance is provided on topics such as the point in which revenue is recognised, accounting for variable consideration, costs of fulfilling and obtaining a contract and various related matters. New disclosures about revenue are also introduced.

Issued: 28 May 2014

Effective date:

Applicable to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2018

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRS 16 Leases

IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.

Issued: 13 January 2016

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2019

Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRS 17 Insurance Contracts

IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 supersedes IFRS 4 Insurance Contracts as of 1 January 2021.

Issued: 18 May 2017

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2021

Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


 

 

New or revised interpretations


IFRIC 22 Foreign Currency Transactions and Advance Consideration

The interpretation addresses foreign currency transactions or parts of transactions where:

  • there is consideration that is denominated or priced in a foreign currency;
  • the entity recognises a prepayment asset or a deferred income liability in respect of that consideration, in advance of the recognition of the related asset, expense or income; and
  • the prepayment asset or deferred income liability is non-monetary.

The Interpretations Committee came to the following conclusion:

  • The date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability.
  • If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt.

Issued: 8 December 2016

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2018

Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


IFRIC 23 Uncertainty over Income Tax Treatments

The interpretation addresses the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. It specifically considers:

  • Whether tax treatments should be considered collectively
  • Assumptions for taxation authorities' examinations
  • The determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates
  • The effect of changes in facts and circumstances

Issued: 7 June 2017

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2019

Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


 

 

Amendments


Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)

Amends IFRS 11 Joint Arrangements to require an acquirer of an interest in a joint operation in which the activity constitutes a business (as defined in IFRS 3 Business Combinations) to:

  • apply all of the business combinations accounting principles in IFRS 3 and other IFRSs, except for those principles that conflict with the guidance in IFRS 11
  • disclose the information required by IFRS 3 and other IFRSs for business combinations.

The amendments apply both to the initial acquisition of an interest in joint operation, and the acquisition of an additional interest in a joint operation (in the latter case, previously held interests are not remeasured).

Note: The amendments apply prospectively to acquisitions of interests in joint operations in which the activities of the joint operations constitute businesses, as defined in IFRS 3, for those acquisitions occurring from the beginning of the first period in which the amendments apply. Amounts recognised for acquisitions of interests in joint operations occurring in prior periods are not adjusted.

Issued: 6 May 2014

Effective date:

Applicable to annual periods beginning on or after 1 January 2016 (see note above)

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)

Amends IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets to:

  • clarify that a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate for property, plant and equipment
  • introduce a rebuttable presumption that an amortisation method that is based on the revenue generated by an activity that includes the use of an intangible asset is inappropriate, which can only be overcome in limited circumstances where the intangible asset is expressed as a measure of revenue, or when it can be demonstrated that revenue and the consumption of the economic benefits of the intangible asset are highly correlated
  • add guidance that expected future reductions in the selling price of an item that was produced using an asset could indicate the expectation of technological or commercial obsolescence of the asset, which, in turn, might reflect a reduction of the future economic benefits embodied in the asset.

Issued: 12 May 2014

Effective date:

Applicable to annual periods beginning on or after 1 January 2016

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)

Amends IAS 16 Property, Plant and Equipment and IAS 41 Agriculture to:

  • include 'bearer plants' within the scope of IAS 16 rather than IAS 41, allowing such assets to be accounted for a property, plant and equipment and measured after initial recognition on a cost or revaluation basis in accordance with IAS 16
  • introduce a definition of 'bearer plants' as a living plant that is used in the production or supply of agricultural produce, is expected to bear produce for more than one period and has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales
  • clarify that produce growing on bearer plants remains within the scope of IAS 41.

Issued: 30 June 2014

Effective date:

Applicable to annual periods beginning on or after 1 January 2016

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Equity Method in Separate Financial Statements (Amendments to IAS 27)

Amends IAS 27 Separate Financial Statements to permit investments in subsidiaries, joint ventures and associates to be optionally accounted for using the equity method in separate financial statements.

Issued: 18 August 2014

Effective date:

Applicable to annual periods beginning on or after 1 January 2016

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

Amends IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) to clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture, as follows:

  • require full recognition in the investor's financial statements of gains and losses arising on the sale or contribution of assets that constitute a business (as defined in IFRS 3 Business Combinations)
  • require the partial recognition of gains and losses where the assets do not constitute a business, i.e. a gain or loss is recognised only to the extent of the unrelated investors’ interests in that associate or joint venture.

These requirements apply regardless of the legal form of the transaction, e.g. whether the sale or contribution of assets occurs by an investor transferring shares in an subsidiary that holds the assets (resulting in loss of control of the subsidiary), or by the direct sale of the assets themselves.

Issued: 11 September 2014

Effective date:

Applicable on a prospective basis to a sale or contribution of assets occurring in annual periods beginning on or after 1 January 2016 Effective date deferred indefinitely
EU endorsement currently halted.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


Annual Improvements 2012-2014 Cycle

Makes amendments to the following standards:

  • IFRS 5 — Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held-for-distribution accounting is discontinued
  • IFRS 7 — Additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset, and clarification on offsetting disclosures in condensed interim financial statements
  • IAS 19 — Clarify that the high quality corporate bonds used in estimating the discount rate for post-employment benefits should be denominated in the same currency as the benefits to be paid
  • IAS 34 — Clarify the meaning of 'elsewhere in the interim report' and require a cross-reference

Issued: 25 September 2014

Effective date:

Applicable to annual periods beginning on or after 1 January 2016

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Disclosure Initiative (Amendments to IAS 1)

Amends IAS 1 Presentation of Financial Statements to address perceived impediments to preparers exercising their judgement in presenting their financial reports by making the following changes:

  • clarification that information should not be obscured by aggregating or by providing immaterial information, materiality considerations apply to the all parts of the financial statements, and even when a standard requires a specific disclosure, materiality considerations do apply;
  • clarification that the list of line items to be presented in these statements can be disaggregated and aggregated as relevant and additional guidance on subtotals in these statements and clarification that an entity's share of OCI of equity-accounted associates and joint ventures should be presented in aggregate as single line items based on whether or not it will subsequently be reclassified to profit or loss;
  • additional examples of possible ways of ordering the notes to clarify that understandability and comparability should be considered when determining the order of the notes and to demonstrate that the notes need not be presented in the order so far listed in paragraph 114 of IAS 1.

Issued: 18 December 2014

Effective date:

Effective for annual periods beginning on or after 1 January 2016

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)

Amends IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures (2011) to address issues that have arisen in the context of applying the consolidation exception for investment entities by clarifying the following points:

  • The exemption from preparing consolidated financial statements for an intermediate parent entity is available to a parent entity that is a subsidiary of an investment entity, even if the investment entity measures all of its subsidiaries at fair value.
  • A subsidiary that provides services related to the parent's investment activities should not be consolidated if the subsidiary itself is an investment entity.
  • When applying the equity method to an associate or a joint venture, a non-investment entity investor in an investment entity may retain the fair value measurement applied by the associate or joint venture to its interests in subsidiaries.
  • An investment entity measuring all of its subsidiaries at fair value provides the disclosures relating to investment entities required by IFRS 12.

Issued: 18 December 2014

Effective date:

Effective for annual periods beginning on or after 1 January 2016

First quarters ending 30 September 2017:

[Note 1]

Second quarters ending 30 September 2017:

[Note 1]

Third quarters ending 30 September 2017:

[Note 1]

Annual periods ending 30 September 2017:

Mandatory


Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)

Amends IAS 12 Income Taxes to clarify the following aspects:

  • Unrealised losses on debt instruments measured at fair value and measured at cost for tax purposes give rise to a deductible temporary difference regardless of whether the debt instrument's holder expects to recover the carrying amount of the debt instrument by sale or by use.
  • The carrying amount of an asset does not limit the estimation of probable future taxable profits.
  • Estimates for future taxable profits exclude tax deductions resulting from the reversal of deductible temporary differences.
  • An entity assesses a deferred tax asset in combination with other deferred tax assets. Where tax law restricts the utilisation of tax losses, an entity would assess a deferred tax asset in combination with other deferred tax assets of the same type.

Issued: 19 January 2016

Effective date:

Effective for annual periods beginning on or after 1 January 2017
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Mandatory

Second quarters ending 30 September 2017:

Mandatory

Third quarters ending 30 September 2017:

Mandatory

Annual periods ending 30 September 2017:

Optional


Disclosure Initiative (Amendments to IAS 7)

Amends IAS 7 Statement of Cash Flows to clarify that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities.

Issued: 29 January 2016

Effective date:

Effective for annual periods beginning on or after 1 January 2017
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Mandatory

Second quarters ending 30 September 2017:

Mandatory

Third quarters ending 30 September 2017:

Mandatory

Annual periods ending 30 September 2017:

Optional


Clarifications to IFRS 15 'Revenue from Contracts with Customers'

Amends IFRS 15 Revenue from Contracts with Customers to clarify three aspects of the standard (identifying performance obligations, principal versus agent considerations, and licensing) and to provide some transition relief for modified contracts and completed contracts.

Issued: 12 April 2016

Effective date:

Effective for annual periods beginning on or after 1 January 2018
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)

Amends IFRS 2 Share-based Payment to clarify the standard in relation to the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled.

Issued: 20 June 2016

Effective date:

Effective for annual periods beginning on or after 1 January 2018
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)

Amends IFRS 4 Insurance Contracts provide two options for entities that issue insurance contracts within the scope of IFRS 4:

  • an option that permits entities to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets; this is the so-called overlay approach;
  • an optional temporary exemption from applying IFRS 9 for entities whose predominant activity is issuing contracts within the scope of IFRS 4; this is the so-called deferral approach.

The application of both approaches is optional and an entity is permitted to stop applying them before the new insurance contracts standard is applied.

Issued: 12 September 2016

Effective date:

Overlay approach to be applied when IFRS 9 is first applied. Deferral approach effective for annual periods beginning on or after 1 January 2018 and only available for three years after that date.
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


Transfers of Investment Property (Amendments to IAS 40)

The amendments to IAS 40 Investment Property:

  • Amends paragraph 57 to state that an entity shall transfer a property to, or from, investment property when, and only when, there is evidence of a change in use. A change of use occurs if property meets, or ceases to meet, the definition of investment property. A change in management’s intentions for the use of a property by itself does not constitute evidence of a change in use.
  • The list of examples of evidence in paragraph 57(a) – (d) is now presented as a non-exhaustive list of examples instead of the previous exhaustive list.

Issued: 8 December 2016

Effective date:

Effective for annual periods beginning on or after 1 January 2018
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Optional

Second quarters ending 30 September 2017:

Optional

Third quarters ending 30 September 2017:

Optional

Annual periods ending 30 September 2017:

Optional


Annual Improvements to IFRS Standards 2014–2016 Cycle

Makes amendments to the following standards:

  • IFRS 1 - Deletes the short-term exemptions in paragraphs E3–E7 of IFRS 1, because they have now served their intended purpose
  • IFRS 12 - Clarifies the scope of the standard by specifying that the disclosure requirements in the standard, except for those in paragraphs B10–B16, apply to an entity’s interests listed in paragraph 5 that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • IAS 28 - Clarifies that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organisation, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by-investment basis, upon initial recognition

Issued: 8 December 2016

Effective date:

The amendments to IFRS 1 and IAS 28 are effective for annual periods beginning on or after 1 January 2018, the amendment to IFRS 12 for annual periods beginning on or after 1 January 2017
Not yet endorsed for use in the EU.

First quarters ending 30 September 2017:

Mandatory for IFRS 12; optional for IFRS 1 and IAS 28

Second quarters ending 30 September 2017:

Mandatory for IFRS 12; optional for IFRS 1 and IAS 28

Third quarters ending 30 September 2017:

Mandatory for IFRS 12; optional for IFRS 1 and IAS 28

Annual periods ending 30 September 2017:

Optional


Editorial Corrections (various)

The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements. Since the beginning of calendar 2013, such corrections have been made in March 2013, September 2013, November 2013, March 2014, September 2014, December 2014, March 2015, April 2015, September 2015, December 2015, March 2016, May 2016, September 2016, and December 2016.

Note: For details of these editorial corrections, see our IASB editorial corrections page.

Effective date:

As minor editorial corrections, these changes are effectively immediately applicable under IFRS


 

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.