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IFRS Amendments And Updates For June 2017 Exam

IFRS Amendments And Updates For June 2017 Exam

IFRS Amendments And Updates : International Financial Reporting Standards (IFRS) is a single set of accounting standards, developed and maintained by the IASB (International Accounting Standards Board).

IFRS Amendments And Updates For June 2017 Exam

IFRS Amendments And Updates : The tables below outline the effective dates of International Financial Reporting Standards, separately identifying the effective date of each significant amendment made to those standards.

IFRS Amendments And Updates :Important note. This table does not include the effective dates of minor consequential amendments that are the result of new or revised pronouncements.

IFRS Amendments And Updates  :Conceptual Framework

PronouncementIssuedEffective date
Framework for the Preparation and Presentation of Financial Statements
  • Original issue
1989No stated effective date, therefore effective from date of issue
Conceptual Framework for Financial Reporting 2010
  • Original issue
September 2010No stated effective date, therefore effective from date of issue

IFRS Amendments And Updates For June 2017 Exam

PronouncementIssuedEffective date
IFRS Amendments And Updates:IFRS  First-time Adoption of International Financial Reporting Standards
  • Original issue
2003First IFRS financial statements for a period beginning on or after 1 January 2004
  • Amendment relating to IFRS 6
Revised 2005Annual periods beginning on or after 1 January 2006
  • Amendment relating to cost of an investment on first-time adoption
Revised May 2008Annual periods beginning on or after 1 January 2009
  • Revised and restructured
Revised November 2008Annual periods beginning on or after 1 July 2009
  • Amendments relating to oil and gas assets and determining whether an arrangement contains a lease
Revised July 2009Annual periods beginning on or after 1 January 2010
  • Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
Revised January 2010Annual periods beginning on or after 1 July 2010
  • Amendments resulting from May 2010 Annual Improvements to IFRSs
May 2010Annual periods beginning on or after 1 January 2011
  • Replacement of ‘fixed dates’ for certain exceptions with ‘the date of transition to IFRSs’
December 2010Annual periods beginning on or after 1 July 2011
  • Additional exemption for entities ceasing to suffer from severe hyperinflation
December 2010Annual periods beginning on or after 1 July 2011
  • Amendments for government loans with a below-market rate of interest when transitioning to IFRSs
March 2012Annual periods beginning on or after 1 January 2013
  • Amendments resulting from Annual Improvements 2009-2011 Cycle (repeat application, borrowing costs)
May 2012Annual periods beginning on or after 1 January 2013
  • Amendments resulting from Annual Improvements 2011-2013 Cycle (meaning of effective IFRSs)
December 2013Amendment to the basis for conclusions only
  • Amendments resulting from Annual Improvements 2014–2016 Cycle (removing short-term exemptions)
December 2016Annaul periods beginning on or after 1 January 2018
IFRS  Share-based Payment
  • Original issue
2004Annual periods beginning on or after 1 January 2005
  • Amendment relating to vesting conditions and cancellations
Revised 2008Annual periods beginning on or after 1 January 2009
  • Amendments resulting from April 2009 Annual Improvements to IFRSs
April 2009Annual periods beginning on or after 1 July 2009
  • Amendments relating to group cash-settled share-based payment transactions
June 2009Annual periods beginning on or after 1 January 2010
  • Amendments resulting from Annual Improvements 2010-2012 Cycle (definition of ‘vesting condition’)
December 2013Annual periods beginning on or after 1 July 2014
  • Amendments  to clarify the classification and measurement of share-based payment transactions
June 2016Annual periods beginning on or after 1 January 2018
IFRS  Business Combinations
  • Original issue
2004Business combinations after 31 March 2004
  • Comprehensive revision on applying the acquisition method
Revised 2008Annual periods beginning on or after 1 July 2009
  • Amendments resulting from May 2010 Annual Improvements to IFRSs
May 2010Annual periods beginning on or after 1 July 2010
  • Amendments resulting from Annual Improvements 2010-2012 Cycle (accounting for contingent consideration)
December 2013Annual periods beginning on or after 1 July 2014
  • Amendments resulting from Annual Improvements 2011-2013 Cycle (scope exception for joint ventures)
December 2013Annual periods beginning on or after 1 July 2014
IFRS  Insurance Contracts
  • Original issue
2004Annual periods beginning on or after 1 January 2005
  • Amendment for financial guarantee contracts
Revised 2005Annual periods beginning on or after 1 January 2006
  • Amendments regarding the interaction of IFRS 4 and IFRS 9
September 2016An entity choosing to apply the overlay approach retrospectively to qualifying financial assets does so when it first applies IFRS 9. An entity choosing to apply the deferral approach does so for annual periods beginning on or after 1 January 2018.
IFRS Amendments And Updates:IFRS  Non-current Assets Held for Sale and Discontinued Operations
  • Original issue
2004Annual periods beginning on or after 1 January 2005
  • Amendments resulting from May 2008 Annual Improvements to IFRSs
Revised May 2008Annual periods beginning on or after 1 July 2009
  • Amendments resulting from April 2009 Annual Improvements to IFRSs
April 2009Annual periods beginning on or after 1 January 2010
  • Amendments resulting from September 2014 Annual Improvements to IFRSs
September 2014Annual periods beginning on or after 1 January 2016
IFRS  Exploration for and Evaluation of Mineral Assets
  • Original issue
2004Annual periods beginning on or after 1 January 2006
IFRS  Financial Instruments: Disclosures
  • Original issue
2005Annual periods beginning on or after 1 January 2007
  • Amendments enhancing disclosures about fair value and liquidity risk
Revised March 2009Annual periods beginning on or after 1 January 2009
  • Amendments resulting from May 2010 Annual Improvements to IFRSs
May 2010Annual periods beginning on or after 1 January 2011
  • Amendments enhancing disclosures about transfers of financial assets
October 2010Annual periods beginning on or after 1 July 2011
  • Amendments related to the offsetting of assets and liabilities
December 2011Annual periods beginning on or after 1 January 2013 and interim periods within those periods
  • Deferral of mandatory effective date of IFRS 9 and amendments to transition disclosures
December 2011Annual periods beginning on or after 1 January 2015
(The effective date of IFRS 9 was subsequently removed, see IFRS 9 below)
  • Additional hedge accounting disclosures (and consequential amendments) resulting from the introduction of the hedge accounting chapter in IFRS 9
November 2013Applies when IFRS 9 is applied
(At the time of issue of the revised version of IFRS 9 including the hedge accounting chapter, IFRS 9 had no stated mandatory effective date, see below)
  • Amendments resulting from September 2014 Annual Improvements to IFRSs
September 2014Annual periods beginning on or after 1 January 2016
IFRS  Operating Segments
  • Original issue
2006Annual periods beginning on or after 1 January 2009
  • Amendments resulting from April 2009 Annual Improvements to IFRSs
April 2009Annual periods beginning on or after 1 January 2010
  • Amendments resulting from Annual Improvements 2010-2012 Cycle (aggregation of segments, reconciliation of segment assets)
December 2013Annual periods beginning on or after 1 July 2014
IFRS  Financial Instruments
  • Original issue (Classification and measurement of financial assets)
November 2009Annual periods beginning on or after 1 January 2013
(Effective date subsequently deferred and then removed. This version of the standard is superseded by IFRS 9 (2014), but remains available for application if the relevant date of initial application is before 1 February 2015)
  • Reissue to include requirements for the classification and measurement of financial liabilities and incorporate existing derecognition requirements
October 2010Annual periods beginning on or after 1 January 2013
(Effective date subsequently deferred and then removed. This version of the standard is superseded by IFRS 9 (2014), but remains available for application if the relevant date of initial application is before 1 February 2015)
  • Deferral of mandatory effective date of IFRS 9 and amendments to transition disclosures
December 2011Annual periods beginning on or after 1 January 2015
(Effective date subsequently removed. This version of the standard is superseded by IFRS 9 (2014), but remains available for application if the relevant date of initial application is before 1 February 2015)
  • Reissue to incorporate a hedge accounting chapter and permit the early application of the requirements for presenting in other comprehensive income the ‘own credit’ gains or losses on financial liabilities designated under the fair value option without early applying the other requirements of IFRS 9
November 2013Contains no stated effective date and includes consequential amendments which remove the mandatory effective date of IFRS 9 (2010) and IFRS 9 (2009), leaving the effective date open but allowing each version of the standard to be available for application
Note: IFRS 9 (2014) supersedes IFRS 9 (2013), but this standard remains available for application if the relevant date of initial application is before 1 February 2015.
  • Finalised version, incorporating requirements for classification and measurement, impairment, general hedge accounting and derecognition.
July 2014Effective for annual periods beginning on or after 1 January 2018
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.
  • Amendments regarding the interaction of IFRS 4 and IFRS 9
see under IFRS 4
IFRS  Consolidated Financial Statements
  • Original issue
May 2011Annual periods beginning on or after 1 January 2013
  • Amendments to transitional guidance
June 2012Annual periods beginning on or after 1 January 2013
  • Amendments for investment entities
October 2012Annual periods beginning on or after 1 January 2014
  • Amendments regarding the sale or contribution of assets between an investor and its associate or joint venture
September 2014Annual periods beginning on or after 1 January 2016 deferred indefinitely (see below)
  • Amendments regarding the application of the consolidation execption
December 2014Annual periods beginning on or after 1 January 2016
  • Amendments deferring the effective date of the September 2014 amendments
December 2015immediately
IFRS  Joint Arrangements
  • Original issue
May 2011Annual periods beginning on or after 1 January 2013
  • Amendments to transitional guidance
June 2012Annual periods beginning on or after 1 January 2013
  • Amendments regarding the accounting for acquisitions of an interest in a joint operation
May 2014Annual periods beginning on or after 1 January 2016
IFRS  Disclosure of Interests in Other Entities
  • Original issue
May 2011Annual periods beginning on or after 1 January 2013
  • Amendments to transitional guidance
June 2012Annual periods beginning on or after 1 January 2013
  • Amendments for investment entities
October 2012Annual periods beginning on or after 1 January 2014
  • Amendments regarding the application of the consolidation exception
December 2014Annual periods beginning on or after 1 January 2016
  • Amendments resulting from Annual Improvements 2014–2016 Cycle (clarifying scope)
December 2016Annual periods beginning on or after 1 January 2017
IFRS  Fair Value Measurement
  • Original issue
May 2011Annual periods beginning on or after 1 January 2013
  • Amendments resulting from Annual Improvements 2010-2012 Cycle (short-term receivables and payables)
December 2013Amendments to basis for conclusions only
  • Amendments resulting from Annual Improvements 2011-2013 Cycle (scope of the portfolio exception in paragraph 52)
December 2013Annual periods beginning on or after 1 July 2014
IFRS  Regulatory Deferral Accounts
  • Original issue
January 2014Applies to an entity’s first annual IFRS financial statements for a period beginning on or after 1 January 2016
IFRS Amendments And Updates:IFRS  Revenue from Contracts with Customers
  • Original issue
May 2014Applies to an entity’s first annual IFRS financial statements for a period beginning on or after 1 January 2017 2018 (see below)
  • Amendments to defer the effective date to 1 January 2018
September 2015Annual periods beginning on or after 1 January 2018
  • Clarifications to IFRS 15
April 2016Annual periods beginning on or after 1 January 2018
IFRS Amendments And Updates:IFRS  Leases
  • Original issue
January 2016Annual periods beginning on or after 1 January 2019
IFRS Amendments And Updates:International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)
  • Original issue
2009Effective immediately on issue
  • Amendments as the result of the first comprehensive review
2015Annual periods beginning on or after 1 January 2017

IFRS Amendments And Updates For June 2017 Exam

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