Reporting Alerts on Recent IFRSs and Related Resources

Like all accounting standards, International Financial Reporting Standards (IFRSs) continue to evolve. This table identifies new and revised IFRSs and links to helpful resources.

The CICA Reporting Alerts are designed to assist smaller public companies determine which new/revised IFRSs affect their business. The Reporting Alerts:

  • highlight the content, significance and timing
  • summarize key changes
  • suggest a plan of action
  • answer commonly asked questions.

 

Topic

Alerts and Resources

Effective annual periods

(beginning on or after)

Key Change

Third Statement of Financial Position

Refer to:

IAS 1
Presentation of Financial Statements

IAS 34
Interim Financial Reporting

  • Outlines when a third statement of financial position is presented as at the beginning of the preceding period.

Consolidated Financial Statements

IFRS 10 (new)

January 1, 2013

(earlier application permitted)

  • Identifies control as the basis for consolidation for all types of entities.

Joint Arrangements

IFRS 11 (new)

January 1, 2013

(earlier application permitted)

  • Establishes principles for financial reporting by parties to a joint arrangement.

Disclosure of Interests in Other Entities

IFRS 12 (new)

January 1, 2013

(earlier application permitted)

  • Combines, enhances and replaces the disclosure requirements for subsidiaries, joint arrangements, associates and unconsolidated structured entities.

Fair Value Measurement

IFRS 13 (new)

January 1, 2013

(earlier application permitted)

 

  • Defines and sets out a single IFRS framework for measuring fair value and requires disclosures about fair value measurements.
  • Applies when other IFRSs require or permit fair value measurements.
IFRS  Round-up Alert – provides a high-level summary of amendments and new standards for which a separate alert has not been prepared.

 

Effective dates are specified for each amendment or new standard in the Round-up Alert.

Amendments to:

  • IAS 1 Presentation of Items of Other Comprehensive Income
  • IAS 12 Deferred Tax – Recovery of Underlying Assets
  • IAS 19 Employee Benefits
  • IAS 32 Offsetting Financial Assets and Financial Liabilities
  • IFRS 7 Disclosures – Offsetting Financial Assets and Financial Liabilities & Disclosures – Transfers of Financial Assets

New standards:

  • IAS 27 Separate Financial Statements
  • IAS 28 Investments in Associates and Joint Ventures

Stripping costs in the production phase of a surface mine

IFRIC 20 (new)

January 1, 2013

(earlier application permitted) 

  • This interpretation clarifies when and how to account for stripping costs.

Annual Improvements

(Amended)

First-time Adoption of IFRS  
IFRS 1  

Presentation of Financial Statements
IAS 1

Property, Plant and Equipment
IAS 16

Financial Instruments: Presentation
IAS 32

Interim Financial Reporting
IAS 34

 

 January 1, 2013

Annual Improvements issued by IASB

Subject matter

IFRS 1

  • Repeat application of IFRS 1
  • Borrowing costs exemption

IAS 1

  • Clarification on comparative information

IAS 16

  • Treatment of spare parts

IAS 32

  • Income tax and transactions recognized in equity

IAS 34

  • Segment information