1. IFRS Technical Update 2014
1.1. IASB’s current work plan
1.2. New and Amended IFRSs
New and revised standards issued in 2013
Recoverable Amount Disclosure for Non-financial
Assets (Amendments to IAS36)
IFRIC 21 Levies
Novation of Derivatives and Continuation of Hedge
Accounting (Amendments to IAS39)
Hedge Accounting (IFRS9)
Amendments to IFRSs (2010-2012 cycle)
(Arising from ED/2012/1 Annual improvement to IFRS
(2010-2012 cycle)
Amendments to IFRSs (2011-2013 cycle)
(Arising from ED/2012/2 Annual improvement to IFRS
(2011-2013 cycle)
New and revised standards issued in 2014
(Will include latest issues up to seminar date)
IFRS 14 Regulatory Deferred Accounts
Date
Issued
May 13
1 Jan 2014
May 13
Jun 13
1 Jan 2014
1 Jan 2014
Nov 13
Not Applicable
Dec 13
1 Jul 2014
Dec 13
1 Jul 2014
Jan 14
Effective
1 Jan 2016
1.3. Exposure Drafts
Exposure Drafts Issued in 2013
ED/2013/3
ED/2013/4
ED/2013/5
ED/2013/6
ED/2013/7
ED/2013/8
ED/2013/9
ED/2013/10
ED/2013/11
Financial Instruments: Expected Credit Losses
Defined Benefit Plans: Employee Contributions
Proposed amendments to IAS19
Regulatory Deferred Account
Leases
Insurance Contracts A revision of ED/2010/8
Agriculture: Bearer Plants
Proposed amendments to IAS16 and IAS41
IFRS for SMEs (Proposed amendments)
Equity Method in Separate financial statements
Proposed Amendments to IAS27
Annual Improvements to IFRSs (2012-2014 Cycle)
Exposure drafts issued in 2014
(Will include latest issues up to seminar
date)
Date Issued
Mar 13
Mar 13
Apr 13
May 13
Jun 13
Jun13
Oct 13
Dec 13
Dec 13
1.4. Discussion Papers
DP/2013/1
A Review of Conceptual Framework for Financial
Reporting
Date Issued
Jul 13
2. A review and analysis of selected IFRSs/Singapore FRSs
AN OVERVIEW OF SELECTED STANDARDS
PRESENTATION AND DISLCOSURE OF FINANCIAL
STATEMENTS AND ACCOUNTING POLICIES
FRS
FRS
FRS
FRS
FRS
FRS
1
7
33
108
24
101
IAS 1
IAS 7
IAS 33
IFRS 8
IAS 24
IFRS 1
Presentation of Financial Statements
Statement of Cash Flows
Earnings Per Share
Operating Segments
Related Party Disclosures
First-time Adoption of (International) Financial
Reporting Standards
Accounting Policies, Changes in Accounting Estimates
and Errors
REVENUE
FRS 8
IAS 8
FRS 18
FRS 11
INT FRS 115
ED
IAS 18
IAS 11
IFRIC 15
Revenue
Construction Contracts
Agreement for the Construction of Real Estate
Update on “Revenue from Contracts with Customers”
SELECTED TECHNICAL ISSUES
FRS
FRS
FRS
FRS
FRS
IAS 21
IAS 23
IFRS 13
IAS 12
IAS 10
The Effect of Changes in Foreign Exchange Rates
Borrowing Costs
Fair Value Measurement
Income Taxes
Events After the Reporting Period
IFRS 2
Share-based Payment
ASSETS AND LIABILITIES
21
23
113
12
10
FRS 102
ACCOUNTING FOR ASSETS
FRS 2
FRS 105
IAS 2
IFRS 5
FRS
FRS
FRS
FRS
IAS
IAS
IAS
IAS
16
40
38
36
16
40
38
36
FRS 37
FRS 19
FRS 20
IAS 37
IAS 19
IAS 20
FRS 17
ED
IAS 17
Inventories
Non-current Assets Held for Sale and Discontinued
Operations
Property, Plant and Equipment
Investment Property
Intangible Assets
Impairment of Assets
ACCOUNTING FOR OBLIGATIONS
Provisions, Contingent Liabilities and Contingent Assets
Employee Benefits
Accounting for Government Grants and Disclosure of
Government Assistance
Leases
Update on “Leases”
FINANCIAL INSTRUMENTS AND
ACCOUNTING FOR INVESTMENT INTERESTS
FINANCIAL INSTRUMENTS
FRS 32
FRS 107
FRS 39
IAS 32
IFRS 7
IAS 39
IFRS 9
Financial Instruments: Presentation
Financial Instruments: Disclosure
Financial Instruments: Recognition and Measurement
Financial Instrument (Replacing IAS39 on 1 Jan 2015)
Technical Update on IFRS 9
BUSINESS COMBINATIONS, SEPARATE AND
CONSOLIDATED FINANCIAL STATEMENTS
FRS
FRS
FRS
FRS
FRS
FRS
IFRS 3
IAS 27
IAS 28
IFRS 10
IFRS 11
IFRS 12
Business Combination
Separate Financial Statements
Investments in Associates and Joint Ventures
Consolidated Financial Statements
Joint Arrangement
Disclosure of Interest in Other Entities
COMPLEX TRANSACTIONS AND SPECIALISED
BUSINESSES
103
27
28
110
111
112
COMPLEX TRANSACTONS
INT FRS 119
IFRIC 19
INT FRS 113
INT FRS 118
INT FRS 101
IFRIC 13
IFRIC 18
IFRIC 1
INT FRS 117
IFRIC17
Extinguishing Financial Liabilities with Equity
Instruments
Customer Loyalty Programmes
Transfer of Assets from Customers
Changes in Existing Decommissioning, Restorations and
Similar Liabilities
Distributions of Non-cash Assets to Owners
SPECIALISED BUSINESSES
FRS 41
FRS 106
INT FRS 120
IAS 41
IFRS 6
IFRIC 20
INT FRS 112
IFRIC 12
Agriculture
Exploration for and Evaluation of Mineral Resources
Stripping Costs in the Production Phase of a Surface
Mine
Service Concession Arrangements