Straight away – IFRS bulletin from PwC

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“Annual Improvements to IFRSs 2011-2013 Cycle”
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Straight away
IFRS bulletin from PwC
16 December 2013
IASB publishes final standard on
Annual Improvements 2011-13 cycle
What is the issue?
The IASB has published the final
standard for the 2011-13 cycle of the
annual improvements project, with
amendments that affect 4 standards.
The amendments affect IFRS 1, IFRS 3,
IFRS 13 and IAS 40. They are largely
effective for annual periods beginning on
or after 1 July 2014.
The following is a summary of the
amendments.
IFRS 1, ‘First-time adoption of
International Financial Reporting
Standards’
The basis for conclusions on IFRS 1 is
amended to clarify that, where a new
version of a standard is not yet
mandatory but is available for early
adoption; a first-time adopter can use
either the old or the new version,
provided the same standard is applied in
all periods presented.
IFRS 3, ‘Business combinations’
The standard is amended to clarify that
IFRS 3 does not apply to the accounting
for the formation of any joint
arrangement under IFRS 11. The
amendment also clarifies that the scope
exemption only applies in the financial
statements of the joint arrangement
itself.
IFRS 13, ‘Fair value measurement’
The amendment clarifies that the
portfolio exception in IFRS 13, which
allows an entity to measure the fair value
of a group of financial assets and
financial liabilities on a net basis, applies
to all contracts (including non-financial
contracts) within the scope of IAS 39 or
IFRS 9.
The amendment is effective for annual
periods beginning on or after 1 July 2014.
An entity shall apply the amendment
prospectively from the beginning of the
first annual period in which IFRS 13 is
applied.
IAS 40, ‘Investment property’
The standard is amended to clarify that
IAS 40 and IFRS 3 are not mutually
exclusive. The guidance in IAS 40 assists
preparers to distinguish between
investment property and owner-occupied
property. Preparers also need to refer to
the guidance in IFRS 3 to determine
whether the acquisition of an investment
property is a business combination.
The amendment is effective for annual
periods beginning on or after 1 July 2014,
but can be applied to individual
acquisitions of investment property
before that date if, and only if, the
information necessary to apply the
amendment is available.
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Am I affected?
The amendments will not affect every
company. However, if you are affected,
the impact could be significant.
What do I need to do?
Please read the amendments in their
entirety, to determine the impact on you.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional
advisors.
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