Significant Accounting & Reporting Matters − Second Quarter 2011 1
APRIL 2013
AN OFFERING FROM BDO’S NATIONAL ASSURANCE PRACTICE
EFFECTIVE DATES
OF NEW IFRS
PRONOUNCEMENTS
Issued since December 2010
Effective Dates of New IFRS Pronouncements Issued since December 2010
EFFECTIVE DATES OF NEW IFRS
PRONOUNCEMENTS ISSUED SINCE
DECEMBER 2010

New IFRS accounting standards, amendments and interpretations issued since December 2010 and
which may not yet be effective for entities, are summarized by their first period of required adoption
below. A more detailed analysis of these items is also available at:
http://www.bdointernational.com/Services/Audit/IFRS/IFR-Bulletins-2011/IFR%20Bulletins/IFRB-2011-17.pdf; and
http://www.bdointernational.com/Services/Audit/IFRS/IFR-Bulletins-2011/IFRB%202013/IFRB-2013-04.pdf
The below lists all standards issued since December 2010 and their date for adoption:
• Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Severe Hyperinflation and Removal
of Fixed Dates for First-time Adopters
• Amendments to IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets
• Amendment to IAS 12 Income Taxes – Deferred Tax: Recovery of Underlying Assets
• Amendments to IAS 1 Presentation of Financial Statements
• IFRS 10 Consolidated Financial Statements*
• IFRS 11 Joint Arrangements*
• IFRS 12 Disclosure of Interests in Other Entities*
• IAS 27 Separate Financial Statements*
• IAS 28 Investments in Associates and Joint Ventures*
• IFRS 13 Fair Value Measurement
• Amendments to IAS 19 Employee Benefits
• IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine
• Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Government Loans
• Amendments to IFRS 7 Financial Instruments: Disclosures - Offsetting Financial Assets and Financial Liabilities
• IFRS Improvements 2009-2011
• Amendments to IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in
Other Entities - Transition Guidance
• Amendments to IAS 32 Financial Instruments: Presentation
• Amendments to IFRS 10 Investment Entities
• IFRS 9 Financial Instruments
• Amendments to IFRS 7 Financial Instruments: Disclosures – Transition Disclosures
2
Effective Dates of New IFRS Pronouncements Issued since December 2010
3
JULY 1, 2011
PRONOUNCEMENT
DETAIL & EFFECTIVE DATE
Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Severe Hyperinflation and
Removal of Fixed Dates for First-time Adopters
Publish date: December 20, 2010
Two amendments were published at this time as a result of proposals in
two exposure drafts:
a. Removal of Fixed Dates for First-time Adopters (Proposed
amendments to IFRS 1) published in August 2010, and
b. Severe Hyperinflation (Proposed amendment to IFRS 1) published
in September 2010.
In respect of the removal of the fixed dates for certain transition
requirements as at January 1, 2004, the amendments will provide relief
for first-time adopters of IFRSs from having to reconstruct transactions
that occurred before their date of transition to IFRSs.
The amendments in respect of severe hyperinflation provide guidance for
entities emerging from severe hyperinflation either to resume presenting
IFRS financial statements or to present IFRS financial statements for the
first time.
Entities are required to apply the amendments for annual periods
beginning on or after July 1, 2011.
Earlier application is permitted.
Amendments to IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets
Publish date: October 7, 2010
The amendment published at this time requires the disclosure of
information in respect of all transferred financial assets that are not
derecognized and for any continuing involvement in a transferred asset,
existing at the reporting date.
Entities are required to apply the amendments for annual periods
beginning on or after July 1, 2011. In the first year of application, an
entity need not provide comparative information for the disclosures
required by the amendments for periods beginning before July 1, 2011.
Earlier application is permitted.
Effective Dates of New IFRS Pronouncements Issued since December 2010
JANUARY 1, 2012
PRONOUNCEMENT
DETAIL & EFFECTIVE DATE
Amendment to IAS 12 Income Taxes - Deferred Tax: Recovery of Underlying Assets
Publish date: December 20, 2010
The amendment published at this time provides a practical approach for
measuring deferred tax liabilities and deferred tax assets when
investment property is measured using the fair value model in IAS 40
Investment Property. Under IAS 12, the measurement of deferred tax
liabilities and deferred tax assets depends on whether an entity expects
to recover an asset by using it or by selling it. However, it is often
difficult and subjective to determine the expected manner of recovery
when the investment property is measured using the fair value model in
IAS 40.
To provide a practical approach in such cases, the amendments
introduce a presumption that an investment property is recovered
entirely through sale. This presumption is rebutted if the investment
property is held within a business model whose objective is to consume
substantially all of the economic benefits embodied in the investment
property over time, rather than through sale.
SIC-21 Income Taxes—Recovery of Revalued Non-Depreciable Assets
addresses similar issues involving non-depreciable assets measured using
the revaluation model in IAS 16 Property, Plant and Equipment. The
amendments also incorporate SIC-21 into IAS 12 after excluding
investment property measured at fair value from the scope of the
guidance previously contained in SIC-21.
Entities are required to apply the amendments for annual periods
beginning on or after January 1, 2012.
Earlier application is permitted.
JULY 1, 2012
PRONOUNCEMENT
DETAIL & EFFECTIVE DATE
Amendments to IAS 1 Presentation of Financial Statements
Publish date: June 16, 2011
The amendments published at this time improve the consistency and
clarity of the presentation of items of other comprehensive income
(OCI). The amendments also highlight the importance that the Board
places on presenting profit or loss and OCI together and with equal
prominence.
The main change resulting from the amendments was a requirement for
entities to group items presented in OCI on the basis of whether they
4
Effective Dates of New IFRS Pronouncements Issued since December 2010
PRONOUNCEMENT
5
DETAIL & EFFECTIVE DATE
are potentially reclassifiable to profit or loss subsequently
(reclassification adjustments). The amendments did not address which
items are presented in OCI.
The amendments did not change the option to present items of OCI
either before tax or net of tax. However, if the items are presented
before tax then the tax related to each of the two groups of OCI items
(those that might be reclassified and those that will not be reclassified)
must be shown separately.
Entities are required to apply the amendments for annual periods
beginning on or after July 1, 2012.
Earlier application is permitted.
JANUARY 1, 2013
PRONOUNCEMENT
DETAIL & EFFECTIVE DATE
IFRS 10 Consolidated Financial Statements*
Publish date: May 12, 2011
The new standard published replaces the consolidation requirements in
SIC-12 “Consolidation – special purpose entities” and IAS 27
“Consolidated and separate financial statements”.
It builds on existing principles of IAS 27 by identifying the concept of
control as the determining factor in whether an entity should be
included in the consolidated financial statements. It eliminates the
risks and rewards approach used in SIC-12. The new standard also
provides additional guidance to assist in the determination of control
where this is difficult to assess, including where an entity has
potential voting rights (such as share options) over another, agency
relationships and cases where voting rights are not the principal
indicator of control.
The standard is effective for annual periods beginning on or after January
1, 2013.
*Earlier application is permitted where the standard is adopted as an
entire package. Such package is made up of IFRS 10, Consolidated
Financial Statements; IFRS 11, Joint Arrangements; IFRS 12, Disclosure of
Interests in Other Entities; IAS 27, Separate Financial Statements, and
IAS 28, Investments in Associates and Joint Ventures.
Effective Dates of New IFRS Pronouncements Issued since December 2010
PRONOUNCEMENT
6
DETAIL & EFFECTIVE DATE
IFRS 11 Joint Arrangements*
Publish date: May 12, 2011
The new standard requires that a party to a joint arrangement recognizes
its rights and obligations arising from the arrangements rather than
focusing on the legal form. IFRS 11 replaces IAS 31 Interests in Joint
Ventures.
The IFRS is to be applied by all entities that are a party to a joint
arrangement, of which two or more parties have joint control. The IFRS
classifies joint arrangements into two types—joint operations and joint
ventures.
IFRS 11 requires a joint operator to recognize and measure the assets and
liabilities (and recognize the related revenues and expenses) in relation
to its interest in the arrangement in accordance with relevant IFRSs
applicable to the particular assets, liabilities, revenues and expenses.
IFRS 11 requires a joint venturer to recognize an investment and to
account for that investment using the
equity method in accordance with IAS 28 Investments in Associates and
Joint Ventures, unless the entity is exempted from applying the equity
method as specified in that standard.
The standard is effective for annual periods beginning on or after January
1, 2013.
*Earlier application is permitted where the standard is adopted as an
entire package. Such package is made up of IFRS 10, Consolidated
Financial Statements; IFRS 11, Joint Arrangements; IFRS 12, Disclosure of
Interests in Other Entities; IAS 27, Separate Financial Statements, and
IAS 28, Investments in Associates and Joint Ventures.
IFRS 12 Disclosure of Interests in Other Entities*
Publish date: May 12, 2011
The new standard combines, and makes consistent, certain existing
disclosures that were previously included, in some cases with overlapping
requirements, in IAS 27 Consolidated and Separate Financial Statements,
IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures.
In addition, it introduces certain new disclosure requirements, in
particular those related to unconsolidated structured entities where a
lack of transparency about entities’ exposures to related risks was
highlighted by the global financial crisis.
The standard is effective for annual periods beginning on or after January
1, 2013.
*Earlier application is permitted where the standard is adopted as an
entire package. Such package is made up of IFRS 10, Consolidated
Effective Dates of New IFRS Pronouncements Issued since December 2010
PRONOUNCEMENT
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DETAIL & EFFECTIVE DATE
Financial Statements; IFRS 11, Joint Arrangements; IFRS 12, Disclosure of
Interests in Other Entities; IAS 27, Separate Financial Statements, and
IAS 28, Investments in Associates and Joint Ventures.
IAS 27 Separate Financial Statements*
Publish date: May 12, 2011
The standard contains accounting and disclosure requirements for
investments in subsidiaries, joint ventures and associates when an entity
prepares separate financial statements. Issued concurrently with IFRS 10,
together they supersede IAS 27 Consolidated and Separate Financial
Statements. It carries forward most of the requirements of that standard
relating to separate financial statements unchanged, although the
disclosure requirements of that standard have now been incorporated
into IFRS 12.
In order to locate all related guidance together, the requirements for
separate financial statements previously included in IAS 28 Investments
in Associates and IAS 31 Interests in Joint Ventures have been
incorporated into the amended IAS 27.
In addition, the previous requirement in IAS 27 to disclose the country of
incorporation or residence of subsidiaries, joint ventures and associates
(and, if applicable, the parent entity that prepares consolidated financial
statements in accordance with IFRS) has been expanded to include
disclosure of the principal place of business.
The standard is effective for annual periods beginning on or after January
1, 2013.
*Earlier application is permitted where the standard is adopted as an
entire package. Such package is made up of IFRS 10, Consolidated
Financial Statements; IFRS 11, Joint Arrangements; IFRS 12, Disclosure of
Interests in Other Entities; IAS 27, Separate Financial Statements, and
IAS 28, Investments in Associates and Joint Ventures.
IAS 28 Investments in Associates and Joint Ventures*
Publish date: May 12, 2011
The standard prescribes the accounting treatment for investments in
associates and sets out the requirements for the application of the equity
method when accounting for investments in associates and joint
ventures. The new standard supersedes IAS 28 Investments in Associates.
It carries forward most of the requirements of IAS 28 Investments in
Associates relating to separate financial statements unchanged, with the
exception of the incorporation of accounting for joint ventures, although
the disclosure requirements of that standard have now been incorporated
into IFRS 12.
In order to locate all related guidance together, the requirements for
separate financial statements previously included in IAS 28 Investments
Effective Dates of New IFRS Pronouncements Issued since December 2010
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in Associates and IAS 31 Interests in Joint Ventures have been
incorporated into the amended IAS 27.
The standard is effective for annual periods beginning on or after January
1, 2013.
*Earlier application is permitted where the standard is adopted as an
entire package. Such package is made up of IFRS 10, Consolidated
Financial Statements; IFRS 11, Joint Arrangements; IFRS 12, Disclosure of
Interests in Other Entities; IAS 27, Separate Financial Statements, and
IAS 28, Investments in Associates and Joint Ventures.
IFRS 13 Fair Value Measurement
Publish date: May 12, 2011
The new standard defines fair value, sets out in a single IFRS a
framework for measuring fair value, and requires disclosures about fair
value measurements.
The new standard applies to IFRSs that require or permit fair value
measurements or disclosures about fair value measurements (and
measurements, such as fair value less costs to sell, based on fair value or
disclosures about those measurements), except in specified
circumstances.
The standard includes a fair value hierarchy concept that prioritizes the
inputs to valuation techniques used to measure fair value. The fair value
hierarchy gives the highest priority to quoted prices in active markets for
identical assets or liabilities (Level 1 inputs) and the lowest priority to
unobservable inputs (Level 3 inputs).
The standard has an effective date of January 1, 2013 with earlier
application permitted.
It is applied prospectively.
Amendments to IAS 19 Employee Benefits
Publish date: June 16, 2011
These amendments make several significant changes to accounting for
defined benefit plans by eliminating the “corridor” approach;
streamlining the presentation of changes in assets and liabilities, and
enhancing disclosure requirements.
Enhanced disclosures are required with a focus on the following specified
objectives: the characteristics of an entity’s defined benefit plans and
the amounts in the financial statements that result from those plans;
risks arising from defined benefit plans, including a sensitivity analysis
for each significant actuarial assumption, and participation in multiemployer plans.
Effective Dates of New IFRS Pronouncements Issued since December 2010
PRONOUNCEMENT
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DETAIL & EFFECTIVE DATE
Transitional provisions apply such that the carrying amount of assets
outside the scope of IAS 19 need not be adjusted for changes in
employee benefit costs that were included in their carrying amount, and
the sensitivity analysis does not need to be created retrospectively.
The amendments are effective for annual periods beginning on or after
January 1, 2013.
IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine
Publish date: October 19, 2011
This Interpretation applies to waste removal costs that are incurred in
surface mining activity during the production phase of the mine
(‘production stripping costs’). It clarifies when production shipping
should lead to the recognition of production stripping costs as an asset;
initial measurement of the stripping activity asset, and subsequent
measurement of the stripping activity asset.
The standard is effective for annual periods beginning on or after January
1, 2013.
Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards- Government Loans
Publish date: March 13, 2012
This amendment addresses how a first-time adopter would account for a
government loan with a below-market rate of interest when transitioning
to IFRS by adding a new exception to retrospective application.
A first-time adopter of IFRS now applies the measurement requirements
of the financial instrument standards (IAS 32 or IFRS 9) to a government
loan with a below-market rate of interest prospectively from the date of
transition to IFRS.
Alternatively, a first-time adopter may elect to apply the measurement
requirements retrospectively to a government loan, if the information
needed was obtained when it first accounted for that loan.
This election is available on a loan-by-loan basis.
The amendments are effective for annual periods beginning on or after
January 1, 2013, with earlier application permitted.
Amendments to IFRS 7 Financial Instruments: Disclosures - Offsetting Financial Assets and Financial Liabilities
Publish date: December 16, 2011
The amendments introduce new disclosures to help investors and other
financial statement users to better assess the effect or potential effect
of offsetting arrangements on a company’s financial position and
improves transparency in the reporting of how companies mitigate credit
risk, including disclosure of related collateral pledged or received.
Effective Dates of New IFRS Pronouncements Issued since December 2010 10
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The amendments are effective for annual periods beginning on or after
January 1, 2013 and are to be retrospectively applied.
IFRS Improvements 2009-2011
Publish date: May 17, 2012
The amendments reflect the annual improvements to IFRSs: 2009-2011
cycle, which here contains amendments to five existing standards. The
annual improvements project provides a mechanism to make necessary,
but non-urgent, amendments to existing IFRSs.
The five standards are as follows:
•
•
•
•
•
IFRS 1 First-time Adoption of International Financial Reporting
Standards - with amendments made to repeated application of IFRS
and borrowing costs;
IAS 1 Presentation of Financial Statements - with amendments made
to clarify the requirements for comparative information;
IAS 16 Property, Plant and Equipment - with amendments made to
the classification of servicing equipment;
IAS 32 Financial Instruments: Presentation - with amendments made
to the tax effect of distributions to holders of equity instruments,
and
IAS 34 Interim Financial Reporting - with amendments made to
interim financial reporting and segment information for total assets
and liabilities.
The most notable amendments relate to changes to IAS 16 where it has
been clarified that major spare parts and servicing equipment that meet
the definition of property, plant and equipment are not inventory and IAS
1 where upon adoption of IFRS, an entity that capitalized borrowing costs
in accordance with its previous GAAP, may carry forward, without
adjustment, the amount previously capitalized in its opening statement
of financial position at the date of transition to IFRS.
The amendments are effective for annual periods beginning on or after
January 1, 2013 and are applied retrospectively. Entities are permitted
to early adopt any individual amendment within the Annual
Improvements to IFRSs: 2009-2011 Cycle without early adopting all other
amendments.
Amendments to IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of
Interests in Other Entities - Transition Guidance
Publish Date: June 28, 2012
The amendments clarify the transition guidance in IFRS 10 Consolidated
Financial Statements.
The amendments also provide additional transition relief in IFRS 10, IFRS
11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other
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Entities, limiting the requirement to provide adjusted comparative
information to only the preceding comparative period. Furthermore, for
disclosures related to unconsolidated structured entities, the
amendments will remove the requirement to present comparative
information for periods before IFRS 12 is first applied.
The amendments are effective for periods beginning on or after January
1, 2013 with earlier application permitted. This is consistent with the
effective dates of IFRS 10, 11 and 12. Although early application is
permitted, the amendments must be applied concurrent with IFRS 10, 11
and 12.
JANUARY 1, 2014
PRONOUNCEMENT
DETAIL & EFFECTIVE DATE
Amendments to IAS 32 Financial Instruments: Presentation
Publish date: December 16, 2011
These amendments address inconsistencies in current practice when
applying the offsetting criteria in IAS 32 Financial Instruments:
Presentation.
The amendments clarify both the meaning of ‘currently has a legally
enforceable right of set-off’; and that some gross settlement systems
may be considered equivalent to net settlement.
The amendments are effective for annual periods beginning on or after
January 1, 2014 and are required to be applied retrospectively.
Effective Dates of New IFRS Pronouncements Issued since December 2010 12
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Amendments to IFRS 10 – Investment Entities
Publish date: October 31, 2012
The amendments apply to a particular class of business that qualify as
investment entities. The IASB uses the term ‘investment entity’ to refer
to an entity whose business purpose is to invest funds solely for returns
from capital appreciation, investment income or both. An investment
entity must also evaluate the performance of its investments on a fair
value basis. Such entities could include private equity organizations,
venture capital organizations, pension funds, sovereign wealth funds and
other investment funds.
Under IFRS 10 Consolidated Financial Statements, reporting entities were
required to consolidate all investees that they control (i.e. all
subsidiaries). Preparers and users of financial statements have suggested
that consolidating the subsidiaries of investment entities does not result
in useful information for investors. Rather, reporting all investments,
including investments in subsidiaries, at fair value, provides the most
useful and relevant information.
In response to this, the Investment Entities amendments provide an
exception to the consolidation requirements in IFRS 10 and require
investment entities to measure particular subsidiaries at fair value
through profit or loss, rather than consolidate them. The amendments
also set out disclosure requirements for investment entities.
The amendments are effective for annual periods beginning on or after
January 1, 2014. This is one year later than the January 1, 2013
effective date of IFRS 10, but the IASB has permitted early adoption in
order to allow investment entities to apply the Investment Entities
amendments at the same time they first apply the rest of IFRS 10.
Effective Dates of New IFRS Pronouncements Issued since December 2010 13
JANUARY 1, 2015
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DETAIL & EFFECTIVE DATE
IFRS 9 Financial Instruments
Publish date:
The standard establishes the principles for the financial reporting of
financial assets and liabilities.
November 12, 2009 - Classification and
Measurement of Financial Assets (IFRS 9
(2009))
IFRS 9 specifies how an entity should classify and measure financial
assets and financial liabilities, including
some hybrid contracts. It is the first part of Phase 1 of the IASB’s project
October 28, 2010 – Accounting for Financial
to replace IAS 39. The main phases
Liabilities (IFRS 9 (2010))
are: Phase 1: Classification and measurement; Phase 2: Impairment
methodology, and Phase 3: Hedge accounting. IFRS 9 will on completion
December 16, 2011 - Mandatory Effective Date of all phases supersede IAS 39 Financial Instruments: Recognition and
and Transition Disclosures (Amendments to
Measurement.
IFRS 9 and IFRS 7)
The current requirements of IFRS 9 cover the classification,
measurement and derecognition of financial assets and financial
liabilities with impairment and hedging provisions still under
consultation.
IFRS 9 establishes that an entity initially measure a financial asset or
financial liability at its fair value plus or minus, in the case of a financial
asset or financial liability not at fair value through profit or loss (FVTPL),
transaction costs that are directly attributable to the acquisition or issue
of the financial asset or financial liability.
The standard also states that: financial assets shall subsequently be
measured at fair value unless it meets the conditions for measurement at
amortized cost and is not irrevocably designated at fair value through
profit or loss, and financial liabilities shall subsequently be measured at
amortized cost using the effective interest method, except for financial
liabilities:
(i)
(ii)
(iii)
(iv)
at FVTPL;
that arise when a transfer of a financial asset does not qualify for
derecognition or when the continuing involvement approach
applies;
financial guarantee contracts, and
commitments to provide a loan at a below-market interest rate.
The amendment changes the effective date of IFRS 9 (2009) and IFRS 9
(2010) so that IFRS 9 is required to be applied for annual periods
beginning on or after January 1, 2015. Early application is permitted.
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Amendments to IFRS 7 - IFRS 7 Financial Instruments: Disclosures – Transition Disclosures
December 16, 2011
With the amendments to IFRS 9 Financial Instruments entities applying
IFRS 9 do not need to restate prior periods but are required to provide
modified disclosures.
The new disclosures include but are not Limited to:
Changes in the classifications of financial assets and financial liabilities,
showing separately:
•
•
The changes in the carrying amounts on the basis of their measurement
categories in accordance with IAS 39 (i.e. not resulting from a change in
measurement attribute on transition to IFRS 9); and
The changes in the carrying amounts arising from a change in measurement
attribute, such as from amortized cost to fair value, on transition to IFRS 9.
The amendment that changed the effective date of IFRS 9 also modifies
the relief from restating prior periods and such is required to be applied
for annual periods beginning on or after January 1, 2015. Early
application is permitted.
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