Asset and Liability Offsetting (IFRS)

Asset and liability offsetting

 

Date of publication Snapshot information Click on image for link to snapshot
December 2011 (Feedback Statement) Snapshot: Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)       Snapshot: Disclosures—Offsetting Financial Assets and Financial Liabilities
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Conceptual Framework

 

Date of publication Snapshot information Click on image for link to snapshot
July 2013 (Discussion Paper) Snapshot: Review of the Conceptual Framework       IFRS 10 Consolidated Financial Statements and IFRS 12
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Consolidated Financial Statements

 

Date of publication Snapshot information Click on image for link to snapshot
May 2011 (Project Summary and Feedback Statement) Project Summary and Feedback Statement: IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities       IFRS 10 Consolidated Financial Statements and IFRS 12
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Derecognition

 

Date of publication Snapshot information Click on image for link to snapshot
April 2009 (Exposure Draft) Snapshot: Derecognition (Proposed amendments to IAS 39 and IFRS 7)       Snapshot: Derecognition
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Due Process Handbook

 

Date of publication Snapshot information Click on image for link to snapshot
February 2013 (Feedback Statement) Due Process Handbook: Feedback Statement       Due Process Handbook: Feedback Statement
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Employee Benefits

 

Date of publication Snapshot information Click on image for link to snapshot
June 2011 (Feedback Statement) Project Summary and Feedback Statement: Amendments to IAS 19 Employee BenefitsFeedback Statement       Amendments to IAS 19 Employee Benefits
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Fair Value Measurement

 

Date of publication Snapshot information Click on image for link to snapshot
May 2011 (Feedback Statement) Project Summary and Feedback Statement: IFRS 13 Fair Value Measurement      Project Summary and Feedback Statement: IFRS 13 Fair Value Measurement
June 2009 (Exposure Draft) Snapshot: Fair Value Measurement      
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Financial Statement Presentation

 

Date of publication Snapshot information Click on image for link to snapshot
June 2010 (Feedback Statement) Project Summary and Feedback Statement: Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)     Presentation of Items of Other Comprehensive Income
May 2010 (Exposure Draft) Snapshot: Presentation of Items of Other Comprehensive Income (Limited amendments to IAS 1)     Presentation of Items of Other Comprehensive Income
October 2008 (Discussion Paper) Snapshot: Preliminary Views on Financial Statement Presentation      Preliminary Views on Financial Statement Presentation
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IFRS 9: Financial Instruments (replacement of IAS 39)

 

Date of publication Snapshot information Click on image for link to snapshot
November 2013 (Project summary) Project Summary: IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)     Financial Instruments: Expected Credit Losses
March 2013 (Exposure Draft) Snapshot: Financial Instruments: Expected Credit Losses     Financial Instruments: Expected Credit Losses
November 2012 (Exposure Draft) Snapshot: Financial Instruments: Classification and Measurement (Limited Amendments to IFRS 9)     Financial Instruments: Classification and Measurement
January 2011 (supplementary document) Snapshot: Supplement to the Exposure DraftFinancial Instruments: Amortised Cost and Impairment     Supplement to the Exposure Draft Financial Instruments: Amortised Cost and Impairment
January 2011 (Exposure Draft) Snapshot: Offsetting Financial Assets and Financial Liabilities     Snapshot: Offsetting Financial Assets and Financial Liabilities
December 2010 (Exposure Draft) Snapshot: Hedge Accounting     Snapshot: Hedge Accounting
May 2010 (Exposure Draft) Snapshot: Financial Liabilities: Classification and Measurement, Fair Value Option      Snapshot: Financial Liabilities: Classification and Measurement, Fair Value Option
November 2009 (Exposure Draft) Snapshot: Financial Instruments: Amortised Cost and Impairment      Snapshot: Financial Instruments: Amortised Cost and Impairment
July 2009 (Exposure Draft) Snapshot: Financial Instruments: Classification and Measurement      Snapshot: Financial Instruments: Classification and Measurement
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IFRS for SMEs

 

Date of publication Snapshot information Click on image for link to snapshot
October 2013 (Exposure Draft) Snapshot: Comprehensive review of the IFRS for SMEs      Snapshot: Insurance Contracts
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Insurance Contracts

 

Date of publication Snapshot information Click on image for link to snapshot
June 2013 (Exposure Draft) Snapshot: Insurance Contracts      Snapshot: Insurance Contracts
July 2010 (Exposure Draft) Snapshot: Insurance Contracts      Snapshot: Insurance Contracts
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Investment Entities

 

Date of publication Snapshot information Click on image for link to snapshot
October 2012 (Feedback Statement) Project Summary and Feedback Statement:Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)      Project Summary and Feedback Statement: Investment Entities
July 2010 (Feedback Statement) Project Summary and Feedback Statement:Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)      Project Summary and Feedback Statement: Investment Entities
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Joint Arrangements

 

Date of publication Snapshot information Click on image for link to snapshot
May 2011 (Feedback Statement) Project Summary and Feedback Statement: IFRS 11 Joint Arrangements Feedback Statement      Project Summary and Feedback Statement: IFRS 11 Joint Arrangements
May 2011 (Project Summary and Feedback Statement) Project Summary and Feedback Statement: IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities       IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities
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Leases

 

Date of publication Snapshot information Click on image for link to snapshot
May 2013(Exposure Draft) Snapshot: Leases     Snapshot Leases
August 2010(Exposure Draft) Snapshot: Leases     Snapshot: Leases
March 2009 (Discussion Paper) Snapshot: Leases—Preliminary Views      Snapshot: Leases
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Liabilities

 

Date of publication Snapshot information Click on image for link to snapshot
January 2010 (Exposure Draft) Snapshot: IAS 37 Replacement      Snapshot: IAS 37 Replacement
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Post-employment Benefits (including pensions)

 

Date of publication Snapshot information Click on image for link to snapshot
April 2010 (Exposure Draft) Snapshot: Defined Benefit Plans: proposed amendments to IAS 19      Snapshot: Defined Benefit Plans: proposed amendments to IAS 19
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Rate-regulated Activities

 

Date of publication Snapshot information Click on image for link to snapshot
April 2013 (Exposure Draft) Snapshot: Regulatory Deferral Accounts      Snapshot: Rate-regulated Activities
August 2009 (Exposure Draft) Snapshot: Rate-regulated Activities      Snapshot: Rate-regulated Activities
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Revenue Recognition

 

Date of publication Snapshot information Click on image for link to snapshot
November 2011 (Revised Exposure Draft) Snapshot: Revenue from Contracts with Customers      Snapshot: Revenue from Contracts with Customers
June 2010 (Exposure Draft) Snapshot: Revenue from Contracts with Customers      Snapshot: Revenue from Contracts with Customers
December 2008 (Discussion Paper) Snapshot: Preliminary Views on Revenue Recognition in Contracts with Customers      Snapshot: Preliminary Views on Revenue Recognition in Contracts with Customers
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XBRL

 

Date of publication Snapshot information Click on image for link to snapshot
June 2010 Snapshot: The IFRS® Taxonomy      Snapshot: The IFRS® Taxonomy
Learn more about the XBRL (eXtensible Business Reporting Language) project

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IFRS 1 First-time Adoption of International Financial Reporting

IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period.

A restructured version of IFRS 1 was issued in November 2008 and applies if an entity’s first IFRS financial statements are for a period beginning on or after 1 July 2009.

History of IFRS 1

Date Development Comments
September 2001 Project added to IASB agenda History of the project
31 July 2002 Exposure Draft ED 1 First-time Application of IFRSs issued Comment deadline 31 October 2002
June 2003 IFRS 1 First-time Adoption of IFRSs issued Effective for the first IFRS financial statements for a period beginning on or after 1 January 2004
30 June 2005 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IFRS 6 Exploration for and Evaluation of Mineral Resources(More information) A minor amendment to clarify that the exemption in relation to IFRS 6 applies to the recognition and measurement requirements of IFRS 6, as well as the disclosure requirements.
22 May 2008 Amendments to IFRS 1 and IAS 27 — Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Effective for annual periods beginning on or after 1 January 2009
24 November 2008 Restructured version of IFRS 1 issued Effective if an entity’s first IFRS financial statements are for a period beginning on or after 1 July 2009
23 July 2009 Amended by Additional Exemptions for First-time Adopters (Amendments to IFRS 1) (oil and gas assets, leases). Click for more information. Effective for annual periods beginning on or after 1 January 2010
29 January 2010 Amended by Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1). Click for More Information Effective for or annual periods beginning on or after 1 July 2010
6 May 2010 Amended by Improvements to IFRSs (accounting policies changes, revaluation basis as deemed cost, rate regulation) Effective for annual periods beginning on or after 1 July 2011
20 December 2010 Amended by Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendment to IFRS 1). Click for More Information Effective for annual periods beginning on
or after 1 July 2011
13 March 2012 Amended by Government Loans (Amendments to IFRS 1). Click for More Information Effective for annual periods beginning on or after 1 January 2013
17 May 2012 Amended by Annual Improvements 2009-2011 Cycle(repeat application, borrowing costs). Click for More Information Effective for annual periods beginning on or after 1 January 2013
12 December 2013 Amended by Annual Improvements to IFRSs 2011–2013 Cycle (meaning of effective IFRSs). Click for More information Amendment to basis for conclusions only

Note: The above summary does not include details of consequential amendments made as the result of other projects.