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IFRSs in Your Pocket 2008
IFRSs in Your Pocket 2008
Audit
IFRSs in your
pocket 2008
. . .
Audit Tax Consulting Financial Advisory .
23658 bd IFRS in Pkt:23658 IFRS in Pkt bd 2/4/08 12:35 Page b
Contacts
Global IFRS leadership team
Americas
D.J. Gannon
iasplusamericas@deloitte.com
Asia-Pacific
Hong Kong Melbourne
Stephen Taylor Bruce Porter
iasplus@deloitte.com.hk iasplus@deloitte.com.au
Europe-Africa
Johannesburg London
Graeme Berry Veronica Poole
iasplus@deloitte.co.za iasplus@deloitte.co.uk
Copenhagen Paris
Jan Peter Larsen Laurence Rivat
dk_iasplus@deloitte.dk iasplus@deloitte.fr
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Foreword
Foreword
This seventh edition of IFRSs in your Pocket brings the booklet up to date
for developments up to the first quarter of 2008. We cover the same
material that has made this publication a world-wide favourite –
background information on the structure and workings of the IASB;
analysis of the use of IFRSs around the world; summaries of all current
Standards and Interpretations; and up-to-date details of IASB and IFRIC
agenda projects. It is an ideal guide for entities contemplating a move to
IFRSs, as well an update for veterans already reporting under the IFRS
framework.
Ken Wild
Global IFRS leader
Deloitte Touche Tohmatsu
April 2008
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Contents
Contents
Page
Abbreviations 4
IASB structure 5
IASB chronology 11
Recent pronouncements 27
Interpretations 103
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Abbreviations
Abbreviations
ARC Accounting Regulatory Committee of the EC
DP Discussion Paper
EC European Commission
ED Exposure Draft
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IASB structure
IASB structure
IASC Foundation
22 Trustees, Appoint, Oversee, Raise Funds
Appoints
Working Groups
Reports to
For major agenda projects
Advises
IASC Foundation
Geographical balance: six Trustees from North America, six from Europe,
six from the Asia/Oceania region, four from any area (subject to
establishing overall geographical balance).
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IASB structure
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Jan Engstrom Jan Engstrom, a Swedish citizen, has held senior financial
and operating positions with the Volvo Group, including serving on the
management board and as Chief Financial Officer. He also was Chief
Executive Officer of Volvo Bus Corporation. Term expires 30 June 2009.
Robert P. Garnett Mr. Garnett was the Executive Vice President of Finance
for Anglo American plc, a South African company listed on the London
Stock Exchange. He has worked as a preparer and analyst of financial
statements in his native South Africa. He serves as Chairman of IFRIC.
Term expires 30 June 2010.
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John T. Smith Mr. Smith was previously a partner at Deloitte & Touche
(USA). He was a member of the FASB’s Emerging Issues Task Force,
Derivatives Implementation Group, and Financial Instruments Task Force.
He served on the IASC Task Force on Financial Instruments and chaired the
IASC’s IAS 39 Implementation Guidance Committee. He has also been a
member of the IASC, SIC and IFRIC. Term expires 30 June 2012.
Zhang Wei-Guo Appointed July 2007. From 1997 to 2007, Zhang Wei-Guo
was Chief Accountant of the China Securities Regulatory Commission
(CSRC). Before joining the CSRC, Dr Zhang was a professor at Shanghai
University of Finance and Economics (SUFE) where he also received his PhD
in economics. Term expires 30 June 2012.
One vacancy.
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General enquiries
• Telephone: +44 20 7246 6410
• Fax: +44 20 7246 6411
• General e-mail: iasb@iasb.org
• Office hours: Monday-Friday 08:30-18:00 London time
• Website: www.iasb.org
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IASB chronology
IASB chronology
1973 Agreement to establish IASC signed by representatives of the
professional accountancy bodies in Australia, Canada, France,
Germany, Japan, Mexico, Netherlands, United Kingdom/Ireland
and United States.
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IASB chronology
2003 First final IFRS and first IFRIC draft Interpretation published.
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IASB chronology
Constitutional changes.
IFRS 7 is published.
IFRS 8 is published.
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IASB chronology
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Required Required
for some for all
domestic domestic
IFRSs not IFRSs listed listed
Location permitted permitted companies companies
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Required Required
for some for all
domestic domestic
IFRSs not IFRSs listed listed
Location permitted permitted companies companies
Bulgaria X
Burkina Faso X
Cambodia No stock exchange. Companies may use IFRSs.
Cayman Is. X
Canada X From 2011
Chile X From 2009
China X
Cote D’Ivoire X
Colombia X
Costa Rica X
Croatia X
Cuba X
Cyprus X (a)
Czech Republic X (a)
Denmark X (a)
Dominica X
Dominican Republic X
Dubai (UAE) Banks
Ecuador X
Egypt X
El Salvador X
Estonia X (a)
Finland X (a)
Fiji X
France X (a)
Germany X (a)
Georgia X
Ghana X
Gibraltar X
Greece X (a)
Greenland No stock exchange. Companies may use IFRSs.
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Required Required
for some for all
domestic domestic
IFRSs not IFRSs listed listed
Location permitted permitted companies companies
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Required Required
for some for all
domestic domestic
IFRSs not IFRSs listed listed
Location permitted permitted companies companies
Macedonia X
Malawi X
Maldives X
Malaysia X
Mali X
Malta X (a)
Mauritania No stock exchange. IFRSs not permitted
Mauritius X
Mexico X
Moldova X
Montenegro X
Morocco Non-banks Banks
Mozambique Non-banks Banks
Myanmar X
Namibia X
Netherlands X (a)
NL Antilles X
Nepal X
New Zealand X (b)
Nicaragua X
Niger X
Norway X (a)
Oman X
Pakistan X
Panama X
Papua New Guinea X
Paraguay X
Peru X
Philippines X (d)
Poland X (a)
Portugal X (a)
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Required Required
for some for all
domestic domestic
IFRSs not IFRSs listed listed
Location permitted permitted companies companies
Qatar X
Reunion No stock exchange. Companies may use IFRSs.
Romania X (a)
Russian Federation Non-banks Banks
Samoa No stock exchange. Companies may use IFRSs.
Saudi Arabia X
Serbia X
Sierra Leone No stock exchange (one is being developed).
IFRSs required for all.
Singapore X (d)
Slovenia X (a)
Slovak Republic X (a)
South Africa X
Spain X (a)
Sri Lanka X
Suriname X
Sweden X (a)
Syria X
Swaziland X
Switzerland X
Taiwan X
Tajikistan X
Tanzania X
Thailand X
Togo X
Trinidad and Tobago X
Tunisia X
Turkey X (e)
Uganda X
Ukraine X
United Kingdom X (a)
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Required Required
for some for all
domestic domestic
IFRSs not IFRSs listed listed
Location permitted permitted companies companies
United States X
Uruguay X (f)
Uzbekistan X
Vanuatu No stock exchange. Companies may use IFRSs.
Venezuela X
Vietnam X
Virgin Islands
(British) X
Virgin Islands No stock exchange. Companies use US GAAP.
(US)
Yemen No stock exchange. Companies may use IFRSs.
Zambia X
Zimbabwe X
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By the end of March 2008, the EC had voted to endorse all IASs (except
for recent amendments to IAS 1, IAS 23, and IAS 27), IFRSs 1 through 8
(except for the 2008 revision to IFRS 3 and recent amendments to IFRS 2
and IAS 32), and all Interpretations except IFRICs 12, 13 and 14 – but with
one carve-out from IAS 39 Financial Instruments: Recognition and
Measurement. The carve-out allows the use of fair value hedge accounting
for interest rate hedges of core deposits on a portfolio basis.
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Short-term projects
For the projects identified as short-term, the goal by 2008 is to reach a
conclusion about whether major differences in those few focussed areas
should be eliminated through one or more short-term standard-setting
projects and, if so, to complete or substantially complete work in those
areas. The remaining topics for short-term convergence include:
IASB
• Joint ventures (Exposure Draft (ED) proposing to remove proportionate
consolidation option for jointly controlled entities and clarify definition
issued September 2007).
FASB
• Investment properties.
• Research and development (research is under way).
• Subsequent events (removed in September 2007 from the FASB agenda
as a separate project and included in the codification project, which was
released for a one-year verification phase in January 2008).
Joint
• Impairment (research is under way).
• Income taxes (ED planned for second quarter of 2008).
Long-term projects
The goal for 2008 for the projects listed below is to have made significant
progress in the following areas identified for improvement (IASB status
shown in brackets):
• Conceptual framework (ED on objectives and Discussion Papers (DPs) on
measurement and reporting entity planned for 2008).
• Fair value measurement guidance (SFAS 157 used by IASB as basis for a
DP).
• Financial statement presentation – Phase B (DP planned for 2008).
• Post-employment benefits (DP issued March 2008).
• Revenue recognition (DP planned for second quarter of 2008).
• Liabilities and equity (DP issued February 2008).
• Financial instruments (DP issued March 2008).
• Derecognition (staff research report expected in 2008).
• Consolidations, including special purpose entities (DP planned for
second half of 2008).
• Intangible assets (research is under way).
• Leases (DP planned for 2009).
More specific goals have been set for each individual project.
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Recent pronouncements
Recent pronouncements
Effective for 31 December 2007 year ends
New Standard
Amendments to Standards
New Interpretations
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Recent pronouncements
Amendments to Standards
New Interpretations
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Recent pronouncements
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Current Standards
Summaries of current
Standards
On pages 30 to 95, we have summarised the provisions of all International
Financial Reporting Standards in issue at 31 March 2008, as well as the
Preface to IFRSs and the Framework for the Preparation and Presentation
of Financial Statements.
Since our last edition, the IASB has issued substantially revised versions of
IFRS 3 Business Combinations, IAS 1 Presentation of Financial Statements
and IAS 27 Consolidated and Separate Financial Statements. These revised
Standards will not be effective until 2009. However, to avoid confusion
and because early adoption is permitted (see Standards for detail), we have
included in this guide the revised versions of these Standards (and
consequential amendments to other Standards). For information about the
previous versions, please refer to earlier editions of IFRSs in your Pocket.
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Current Standards
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Current Standards
Interpretations None.
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
Interpretations None.
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Current Standards
Interpretations None.
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Current Standards
Interpretations None.
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Current Standards
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Current Standards
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Current Standards
Interpretations None.
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Current Standards
Interpretations None.
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Current Standards
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Current Standards
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Current Standards
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Current Standards
IAS 2 Inventories
Interpretations None.
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Current Standards
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Current Standards
Interpretations None.
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Current Standards
Interpretations None.
Objective To prescribe:
• when an entity should adjust its financial
statements for events after the end of the
reporting period; and
• disclosures about the date when the financial
statements were authorised for issue, and
about events after the end of the reporting
period.
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Current Standards
Interpretations None.
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Current Standards
Interpretations None.
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Current Standards
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Current Standards
Current Standards
Interpretations None.
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Current Standards
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Current Standards
Interpretations None.
IAS 17 Leases
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Current Standards
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Current Standards
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Current Standards
IAS 18 Revenue
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Current Standards
Current Standards
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Current Standards
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Current Standards
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Current Standards
Current Standards
Interpretations None.
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Current Standards
Interpretations None.
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Current Standards
Interpretations None.
Objective To prescribe:
• requirements for preparing and presenting
consolidated financial statements for a group
of entities under the control of a parent;
• how to account for changes in the level of
ownership interests in subsidiaries, including
the loss of control of a subsidiary; and
• how to account for investments in
subsidiaries, jointly controlled entities and
associates in separate financial statements.
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Current Standards
Current Standards
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Current Standards
Interpretations None.
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
Interpretations None.
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
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Current Standards
Interpretations None.
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Current Standards
IAS 41 Agriculture
Interpretations None.
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Current Standards
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Agenda projects
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Agenda projects
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Agenda projects
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Agenda projects
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Agenda projects
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Agenda projects
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Topic Status
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Interpretations
Interpretations
Interpretations of IASs and IFRSs are developed by the International
Financial Reporting Interpretations Committee (IFRIC), which replaced
the Standing Interpretations Committee (SIC) in 2002. Interpretations
are part of IASB’s authoritative literature. Therefore, financial
statements may not be described as complying with International
Financial Reporting Standards unless they comply with all the
requirements of each applicable Standard and each applicable
Interpretation.
IFRIC Interpretations
The following Interpretations have been issued by the International
Financial Reporting Interpretations Committee (IFRIC) starting in 2004
through 31 March 2008:
• IFRIC 1 Changes in Existing Decommissioning, Restoration and
Similar Liabilities
• IFRIC 2 Members’ Shares in Co-operative Entities and Similar
Instruments
• IFRIC 3 – withdrawn
• IFRIC 4 Determining whether an Arrangement contains a Lease
• IFRIC 5 Rights to Interests Arising from Decommissioning,
Restoration and Environmental Rehabilitation Funds
• IFRIC 6 Liabilities arising from Participating in a Specific Market –
Waste Electrical and Electronic Equipment
• IFRIC 7 Applying the Restatement Approach under IAS 29, Financial
Reporting in Hyperinflationary Economies
• IFRIC 8 Scope of IFRS 2
• IFRIC 9 Reassessment of Embedded Derivatives
• IFRIC 10 Interim Financial Reporting and Impairment
• IFRIC 11 IFRS 2 – Group and Treasury Share Transactions
• IFRIC 12 Service Concession Arrangements
• IFRIC 13 Customer Loyalty Programmes
• IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction
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Interpretations
SIC Interpretations
The following Interpretations, issued by the Standing Interpretations
Committee (SIC) from 1997-2001, remain in effect. All other SIC
Interpretations have been superseded by amendments to IASs or new IFRSs
issued by the IASB:
• SIC-7 Introduction of the Euro
• SIC-10 Government Assistance – No Specific Relation to Operating
Activities
• SIC-12 Consolidation – Special Purpose Entities
• SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by
Venturers
• SIC-15 Operating Leases – Incentives
• SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
• SIC-25 Income Taxes – Changes in the Tax Status of an Entity or its
Shareholders
• SIC-27 Evaluating the Substance of Transactions in the Legal Form of
a Lease
• SIC-29 Service Concession Arrangements: Disclosures
• SIC-31 Revenue – Barter Transactions Involving Advertising Services
• SIC-32 Intangible Assets – Web Site Costs
The IFRIC approves draft and final Interpretations if not more than four of
the fourteen IFRIC members vote against. Final Interpretations must then
be approved by the IASB (at least nine votes in favour).
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IFRS e-learning
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Website addresses
Website addresses
Deloitte Touche Tohmatsu
www.deloitte.com
www.iasplus.com
IASB
www.iasb.org
Our IAS Plus website has a page with links to nearly 200 accounting-
related websites: www.iasplus.com/links/links.htm
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We also offer alerts via our RSS feed – subscribe on the IAS Plus
website home page.
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