Ifrs, voor international financial reporting standards, is een set van afspraken over hoe het. Contract an agreement between two or more parties that creates enforceable rights and obligations. Links to summaries, analysis, history and resources for international financial reporting. Ifric 12 describes the accounting treatment of concession contract arrangements. Ias 17 leases 3 ifric 12 service concession arrangements sets out accounting principles to be applied by operators in publictoprivate service concession arrangements covering, inter alia, the recognition of the infrastructure assets to which the service concession arrangement relates.
International financial reporting standards are developed by the international accounting standards board. This iasb update highlights preliminary decisions of the international accounting standards board board. It is a central repository for information about international financial reporting standards as well as the activities of the iasb. Please click the links below to access individual ifrs at a glance pdf files per standard.
In approving hk ifric int 19, the council of the hong kong institute of certified public. Ifrs 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the. Ias plus ias 1, presentati income statement international. The resulting changes range from significant amendments of fundamental principles to some minor changes. Links to summaries, analysis, history and resources for international financial reporting standards ifrs and international accounting standards ias, ifric interpretations, sic interpretations and other pronouncements issued by the international accounting standards board iasb and its related bodies. Earlier application is permitted, with some restrictions. Ifric 17 was issued 27 november 2008 and is effective for annual periods beginning on or after 1 july 2009. The iasb published a new standard, ifrs 17 insurance contracts on thursday 18 may 2017.
Hkifricint 19 extinguishing financial liabilities with. Ifrs update of standards and interpretations in issue at 31. The scope of the interpretation, the consensus reached by the ifric on each of the issues addressed, and the consequential amendments to ifrs 5 are discussed in the remainder of this newsletter. This is a list of the international financial reporting standards ifrss and official interpretations, as set out by the ifrs foundation. Published for our clients and staff throughout the world. Foreign currencies ias 21, ias 29 16 insurance contracts ifrs 4, ifrs 17 18 revenue and construction contracts ifrs 15 and ias 20 19 segment reporting ifrs 8 23 employee benefits ias 19 24 sharebased payment ifrs 2 26 taxation ias 12, ifric 23 27 earnings per share ias 33 28 balance sheet and related notes 29. Summary of ifric 23 source ias plus issue ifric 23 clarifies the accounting for uncertainties in income taxes. Our goal is to be the most comprehensive source of news about international financial reporting on the internet. The following is a list of the standards that were issued at january 1, 2011. Hk ifric int 19 is based on ifric interpretation 19 extinguishing financial liabilities with equity instruments. Ifrs 17 insurance contracts together with its accompanying documents is issued by the international accounting standards board the board. Ifric update from the ifrs interpretations committee july 2014 welcome to the ifric update ifric update is the newsletter of the ifrs interpretations committee the interpretations committee.
Will be superseded by ifrs 16 as of 1 january 2019. Locations et concessions ias 17, ifric 4 et ifric 12 2. Therefore, as one of the activities to support implementation of ifrs 17, the international accounting standards board iasb or the. Ifrs update of standards and interpretations in issue at. Companies reporting under international financial reporting standards ifrs continue to face a steady flow of new standards. Ias 16 property, plant and equipment 62 ias 17 leases 65 ias 18 revenue 67 ias 19 2011 employee benefits 69 ias 20 accounting for government grants and disclosure of government assistance 72 ias 21 the effects of changes in foreign exchange rates 73 ias 23 borrowing costs 74 ias 24 related party disclosures 75 ias 26 accounting and reporting by. Ifric 23 uncertainty over income tax treatments references ias 1 presentation of financial statements ias 8 accounting policies, changes in accounting estimates and errors ias 10 events after the reporting period ias 12 income taxes background 1 ias 12 income taxes specifies requirements for current and deferred tax assets and liabilities. It includes accounting standards either developed or adopted by the international accounting standards board iasb, the standardsetting body of the ifrs foundation. As we approach the effective date of 1 january 2022, the key task.
Ifric 17 distributions of noncash assets to owners ias plus. Ifrs standards as adopted by the european union download this article in pdf standards and interpretations published, but not yet applicable for the annual period beginning on 1 january 2019. List of international financial reporting standards. Ifrs 17 supersedes ifrs 4 insurance contracts, an interim standard issued in. Ifrs 15 revenue from contracts with customers 2 defined terms ifrs 15 defines the following terms that form an integral part of this ifrs. Ias 16 and recognises revenue at the amount of cash received from the customer. The objective of ifrs 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The ifrs foundations logo and the ifrs for smes logo, the iasb logo, the hexagon device, eifrs, ias, iasb, ifric, ifrs, ifrs for smes, ifrs foundation, international accounting standards, international financial reporting standards, niif and sic are registered trade marks of the ifrs foundation, further details of which are available from the ifrs. The limit on a defined benefit asset, minimum funding requirements and their interaction.
A podcast, recorded by board member darrel scott and technical staff member chalani mohotti, covering the march 2020 international accounting standards board board meeting about the amendments to ifrs 17 project is now available here past ifrs 17 podcasts can be found here this podcast is also available on our youtube channel, along with all other podcasts and webcasts. Ability to direct the use of the asset right to obtain substantially all of the economic benefit from the use of the asset direction of asset if the customer can decide how and for what purpose an asset is used and can change its use during the lease period comparing ias 17 and ifrs 16. Timings effective date and transition an entity shall apply ifrs 16 retrospectively for annual periods beginning on or after january 1, 2019. The accounting standard ias 18 sets out the criteria and treatment for recognising and accounting for revenue. Ipsas ifrs status ipsas ifrs status ipsas ifrs status. Listing of international financial reporting standards international financial reporting standards are developed by the international accounting standards board. Distributions where owners have a choice of receiving noncash assets or a cash alternative. Scope the interpretation is to be applied to the determination of taxable profit tax loss, tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under ias 12. An entity applies the requirements in ias 12 based on.
The basis for conclusions on ifric 17 was amended to reflect ifrs 9financial instruments issued july 2014. Ifric 17 invitation to comment on efrags initial assessments. Future ifrs interpretations committee meetings the next meetings are. Ias 32 classification of rights issues 1 february 2010 october 2009 ias 39 eligible hedged items 1 july 2009 july 2008 various improvements to ifrss various april 2009 new interpretations ifric 17 distributions of noncash assets to owners 1 july 2009 december 2008 ifric 19 extinguishing financial liabilities with equity instruments. Ifrs at a glance includes all ifrss in issue at 1 july 2018. The international accounting standards board iasb issued ifrs17 insurance contracts the standard in may 2017, effective for annual periods beginning on or after 1 january 2021, with earlier application permitted. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. The board met on 2830 january 2020 at the ifrs foundations offices in. Introduction this volume includes the standards as approved by the international accounting standards. Ifrs 16 is effective for annual periods beginning onafter jan 119.
Ifrs 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. Distributions of noncash assets to owners of an entity in their capacity as owners. If an arrangement contains a lease, the parties to the arrangement apply the requirements of ias 17 to the lease element of the arrangement, unless exempted from those requirements in accordance with ias 17. Published for our clients and staff throughout the world june 2007 special edition ias plus website over 4. This article in pdf standards and interpretations published, but not yet applicable for the annual period beginning on 1 january 2018. On 27 november 2008, the international financial reporting interpretations committee ifric issued ifric 17 distributions of noncash assets to owners. Revenue and construction contracts ias 18, ifrs 15, ias 11 and ias 20 20. Importance of ifrs 17 and efrag endorsement process to prudential group. As at 1 january 2016 ifric 4 determining whether an arrangement contains a lease effective date periods beginning on or after 1 january 2006 specific quantitative disclosure requirements. It is a central repository for information about international financial reporting standards ifrss as well as the activities of the international accounting.
Ifric 17 is to be applied prospectively for annual periods beginning on or after 1 july 2009. Access to ifrs technical summaries and unaccompanied standards the core standards, excluding content such as basis for conclusions is available for free from the iasb website. Amendments to ias 28, investments in associates long term interests in associates and joint ventures amendments to ias 19, employee benefits plan amendment, curtailment or settlement ifric 23, uncertainty over income tax treatments this guide summarises the new standard, amendments and ifric plus those. Ifrs update of standards and interpretations in issue at 30. Ifrs 17 podcast on march 2020 iasb meeting now available. International financial reporting standards presentation and. Ifrs in your pocket 2017 2 our ias plus website deloittes ias plus. Also provided is a link to the consolidated unaccompanied ifrss i. When does the interpretation ias 12, not ias 37 provisions, contingent liabilities and contingent assets, applies to accounting for uncertain income tax treatments. Hkifricint 17 distributions of noncash assets to owners hkicpa standard setting department staff summary january 2009 this hkicpa standard setting department staff summary is intended for general guidance only. The ifrs interpretations committee ifrs ic issued ifric 23, which clarifies how the recognition and measurement requirements of ias 12 income taxes, are income tax treatments. Ifrs foundation, international accounting standards.
Ifric 17 distributions of noncash assets to owners ifrs. Boek maken downloaden als pdf printvriendelijke versie. A press release and a one page guide pdf 79 kb are also available. With the exemption, a firsttime adopter will not be required to reassess its determination of whether an arrangement contains a lease under previous gaap if that previous determination would have given the same outcome as that resulting from the application of ias 17 leases and. Ifric issued ifric 17 distributions of noncash assets to owners. Ifric 17 provides guidance on how an entity should account for distributions of assets other than. Ifric 18 transfer of assets from customers effective date periods beginning on or after 1 july 2009 specific quantitative disclosure requirements. Iasb international accounting standards board ie illustrative examples accompanying ias 32 financial instruments. The difference between ias 17 and ifrs 16 provides a sound example of how accounting treatment for various inputs and outputs in a business is subjected to change over time when new standards become available making the old ones of limited use. Listed in uk, us, hong kong and singapore asian operations are significant and local regulators look to ifrs as reporting basis considerable proportion of prudential shareholder base sourced from eu countries importance of ensuring ifrs 17 is right for the.
New insurance contracts standard introducing ifrs 17. Ifrs 17, insurance contracts verzekeringscontracten. Ir 6 leasing 04 a lease exists when a customer controls the asset. Ifric 4, but at a date other than that required under ifric 4. Ifrs update of standards and interpretations in issue at 30 june 2017 4 table of mandatory application first time applied in annual periods ending on the last day of these months. Knowledge guide to ias and ifrs accounting standards.
In addition, the asset cannot be held in respect of an activity that is. The international financial reporting standards foundation is a notforprofit corporation incorporated in the state of delaware, united states of america, with the delaware division of companies file no. Ifrs in focus closing out 2010 introduction this special edition of ifrs in focus provides an overview of new and revised international financial reporting standards ifrss and interpretations issued by the ifrs interpretations committee the committee or ifric that are effective for. Ifrs standards and interpretations as adopted by the. The overview on ias plus is updated on a quarterly basis. Ifrs update of standards and interpretations in issue at 31 march 2017 2 companies reporting under international financial reporting standards ifrs continue to face a steady flow of new standards and interpretations. Due to the technical nature of the subject, the example used for csm calculation is highly simplified.
Ifric 18 applies to the accounting for transfers of items of ppe by entities that receive suchtransfers from their customers agreements within the scope of ifric 18 are agreements in which an entity receives from a customer an item of ppe that the entity must. Revenue from contracts with customers from 1 january 2018. Taxation ias 12, ifric 23 27 earnings per share ias 33 28 balance sheet and related notes 29 intangible assets ias 38 30 property, plant and equipment ias 16 31 investment property ias 40 32 impairment of assets ias 36 33 lease accounting ias 17, ifrs 16 34 inventories ias 2 35 provisions and contingencies. Ifrs 15 revenue from contracts with customers is published by the international accounting standards board iasb. Jan 18, 2017 ifric interpretation 17 distributions of noncash assets to owners in november 2008 the international accounting standards board issued ifric 17 distributions of noncash assets to owners. This ifrs overview provides a summary of the recognition and measurement requirements of international financial reporting standards ifrss issued by the. Ifric 17 distributions of noncash assets to owners icaew. Under ias 17, the impact on profit or loss in the year 1 was cu 10 000, as we recognized the full rental payment in profit or loss under ifrs 16, the impact on profit or loss in the year 1 was interest of cu 1 167, plus. A dividend should be recognised when it is appropriately authorised and is no longer at the discretion of the entity.
Service concession arrangements ifric 12 service concession arrangements. Click for the ias plus newsletter on ifric 17 pdf 104k. Ifrs ic issued ifric 23, which clarifies how the recognition and measurement requirements of ias 12 income taxes, are income tax treatments. Accounting topic home pages and in the ifrs manual of accounting. Ifric 23, uncertainty over income tax annual periods on or after 1 january 2019 endorsed 17 1 january 2020 amendments to ifrs 3, business combinations, definition of a business annual periods 1 january 2020 early adoption is permitted not yet endorsed 6 amendments to ias 1, presentation of financial statements, and ias 8. Our ias plus website 3 our ias plus website deloittes ias plus. Changes in this edition this section is a brief guide to the changes since the 2017 edition that are incorporated in this 2018 edition of the bound volume of ifrs standardsissued at 1 january 2018 red book. The interpretation provides guidance on the appropriate accounting treatment when an entity distributes assets other than cash as dividends to its shareholders. Ifric 17 distributions of noncash assets to owners 102.
Presentation ifric the former international financial reporting interpretations committee of the iasb, now renamed the ifrs interpretations committee also refers to individual interpretations issued by that committee. Jan 17, 2008 ifric 17 provides guidance on how an entity should account for distributions of assets other than cash as dividends to owners in their capacity as owners. This information gives a basis for users of financial statements to assess the effect that insurance contracts have. You can also visit our hot topics pages ifrs insurance and navigating the new world to find out more about how ifrs 17 will impact your business. Ifrs 17 part 12 simply explained in 3 minutes youtube. Ifrs 17 insurance contracts applicable for annual periods beginning on or after 1 january 2021.
All conclusions reported are tentative and may be changed or modified at future interpretations committee meetings. Ifric 17 distributions of noncash assets to owners. Ifric 17 is effective for annual periods beginning on or after 1 july 2009. Ias 17 prescribes the accounting policies and disclosures applicable to leases, both for lessees and lessors. List of international financial reporting standards wikipedia.
Ifric 17, distributions of noncash assets to owners, 2008. Ifrs model financial statements 2018 download deloitte. Ias 17 comparability the qualitative characteristic that enables users to identify and understand similarities in, and differences among, items. Ifrs 16 leases 5 ifrs 17 insurance contracts 6 ifric interpretation 23 uncertainty over income tax treatments 7 definition of a business amendments to ifrs 3 8 prepayment features with negative compensation amendments to ifrs 9 9 definition of material amendments to ias 1 and ias 8 10. Published for our clients and staff throughout the world december 2006 ifric special ias plus website over 4. Leases are required to be classified as either finance leases which transfer substantially all the risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a receivable by the lessor and operating leases which result in expense recognition. This is part one of a twopart video series on ifrs 17. Ifrs 11, joint ventures ias 12, income taxes ias 23, borrowing costs annual periods on or after 1 january 2019 not yet endorsed 16 ifric 23, uncertainty over income tax annual periods on or after 1 january 2019 endorsed 17 1 january 2020 amendments to ifrs 3, business combinations, definition of a business annual. The department of trade and industry dti issued the press release uk extends use of international accounting standards on 17 july 2003 announcing that publicly traded companies in the uk would be permitted to use international accounting standards in their individual accounts from 2005 and that. To manage the criticism received for ias 17 accounting treatment of leases, the international accounting standards board iasb is introducing a new leasing standard. Listing of international financial reporting standards. Abbreviations iasb structure members of the iasb iasb due process obtaining iasb. Hkifricint 17 distributions of noncash assets to owners. Ifrs 17 insurance contracts ifrs 17 or the standard represents a fundamental change to accounting practice for most entities issuing insurance contracts and is expected to require significant implementation effort.
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