1. Overview of display related IFRSs
Joint World Bank and IFRS Foundation ‘train the trainers’ workshop hosted by the ECCB, 30 April to 4 May 2012 K
The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation.

2. IAS 1 Presentation of Financial StatementsMW K
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3. Introduction
IAS 1 sets out overall requirements for presenting financial statements, guidelines for their structure and minimum requirements for content.
the nature and amount of economic resources (and claims) is useful because different types of resources affect a user’s assessment of the entity’s prospects for future cash flows differently.
information about the variability and components of the return produced is useful in assessing the uncertainty of future cash flows. MW
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4. Financial Statements
A complete set of financial statements comprises a statement of financial position, statement of profit or loss and comprehensive income, statement of changes in equity, statement of cash flows & notes (paragraph 10).
Refer to the Implementation Guidance to IAS 1 in Part B.
Financial statements must present fairly the financial position, financial performance and cash flows of an entity (paragraph 15).
complying with IFRSs (with additional disclosures) is presumed to result in a fair presentation. MW
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5. General features (paragraphs 25–46)
Going concern
financial statements may only be prepared on this basis if management assess that this is appropriate
Accrual basis of accounting
Materiality
Each material class of similar items is presented separately
Dissimilar items are presented separately, unless they are immaterial
Materiality is determined by the potential of the information, or its omission, to influence economic decisions made by users of the financial statements
Materiality is entity specific
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6. Examples—materiality decisions6
Is the error material?
Ex 1: Before its 20X8 FS approved for issue discovered depreciation expense for 20X8 overstated by CU150. Ignored the error (reported profit for 20X8 at CU600,000, ie understated by CU150).
Ex 2: Same as Ex 1, except had the error been corrected the entity would have breached a borrowing covenant on a significant long‑term liability.
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7. General features continued
Offsetting
not applicable unless required or permitted by IFRS
Frequency of reporting
at least annually
Comparative information
required unless IFRS specifies not
consider comparatives when changing the presentation or classifications of items
Consistency of presentation
retain the presentation and classification of items unless IFRS requires a change or due to changes in an entity’s operations another alternative would be more appropriate.
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8. Current/non-current distinction
Presentation of current and non current assets and liabilities as separate classifications on the Statement of Financial Position
The distinction is based on:
timing of realisation or settlement of the asset or liability
primary purpose for holding the asset or liability
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9. Current/non-current distinction continued9
Make current/non-current distinction unless liquidity presentation is reliable and more relevant
In liquidity presentation present assets and liabilities in order of liquidity
Current assets and current liabilities are defined
All other assets and liabilities are non- current
Deferred tax balances are non-current
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10. Current asset Current asset if10
Current asset if
expect to realise, sell or consume in entity’s normal operating cycle
held for trading
expects to realise in next 12 months
cash or equivalent, unless restricted for +12 months
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11. Example 1—current assets11
Entity A produces whisky from barley, water and yeast in a 24‑month distillation process. Inventories include barley and yeast raw materials, partly distilled whisky and distilled whisky.
Current assets—expected to be realised (ie turned into cash) in the entity’s normal operating cycle.
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12. Example 2—current assets12
On 1/1/20X7 B invested CU900,000 in corporate bonds.
Fixed interest of 5% per year is payable on 1 January each year.
Capital is repayable in 3 annual instalments of CU300,000 each starting 31/12/20X8.
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13. non-current asset—CU600,000 in +12 months
Example 2 continued 13
At 31/12/20X7 A presents
current assets—CU45,000 accrued interest & CU300,000 capital repayable on 31/12/20X8—expected to be realised within 12 months
non-current asset—CU600,000 in +12 months
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14. Current liability Current liability if14
Current liability if
expect to settle in entity’s normal operating cycle
held for trading
due to be settled in next 12 months
entity does not have an unconditional right to defer settlement for at least 12 months after reporting date
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15. Example 1—current liabilities15
An obligation to suppliers for the purchase of raw materials.
Current liability—expected to settle (ie pay) the supplier in the entity’s normal operating cycle.
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16. Example 2—current liabilities16
At 31/12/20X7 A was in breach of a covenant in a loan that is otherwise repayable 3 years later. The breach entitles (but does not oblige) the bank to require immediate repayment.
At 31/12/20X7 the loan is a current liability—at 31/12/20X7 A does not have an unconditional right to defer settlement for at least 12 months.
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17. Example 3—current liabilities17
Same as in Ex 2 except after the end of the reporting period (31/12/20X7) and before the financial statements were approved for issue, the bank formally agreed not to demand early repayment of the loan.
At 31/12/20X7 the loan is a current liability—at 31/12/20X7 A does not have an unconditional right to defer settlement for at least 12 months.
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18. Comparison to the IFRS for SMEs
Section 3 Financial Statement Presentation, Section 4 Statement of Financial Position, Section 5 Statement of Comprehensive Income and Income Statement, Section 6 Statement of Changes in Equity and Statement of Income and Retained Earnings and Section 8 Notes to the Financial Statements provide information similar to that contained in IAS 1.
The IFRS for SMEs simplifies presentation and does not require the following:
presentation of operating segments information
presentation of EPS
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19. Comparison to the IFRS for SMEs
Retrospective restatement in full IFRSs requires presentation of three statements of financial position. The IFRS for SMEs requires only two.
The IFRS for SMEs permits an entity to present a statement of income and retained earnings in place of the statement of comprehensive income and statement of changes in equity if the only changes to its equity during the periods for which financial statements are presented arise from profit or loss, payment of dividends, corrections of prior period errors, and changes in accounting policy (see paragraph 3.18). This option does not exist in full IFRSs.
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20. Comparison to the IFRS for SMEs
The IFRS for SMEs has only three items of other comprehensive income (OCI)—translating the financial statements of a foreign operation, some changes in fair values of hedging instruments and actuarial gains and losses of defined benefit plans. Full IFRSs have more items of comprehensive income (eg gains on the revaluation of property, plant and equipment and intangible assets).
If the entity that applies full IFRSs classifies its expenses by function, it is also required to disclose information on the nature of expenses. The IFRS for SMEs does not explicitly require these additional disclosures of expenses by nature.
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21. Judgement and Estimates
Preparing financial statements requires judgement and the use of estimates (eg materiality judgements and going concern assessments—when it is doubtful whether the entity has no realistic alternative but to liquidate).
IAS 1 requires disclosure of:
judgements that management has made in the process of applying the entity’s accounting policies that have the most significant effect
Information about major sources of estimation uncertainty. MW
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22. Judgement and Estimates continued
Preparing financial statements requires judgement regarding the best way in which to present financial information
Financial statements are, generally, prepared on the going concern basis—judgement may be required when determining whether this basis is appropriate. MW
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23. IAS 7 Statement of Cash FlowsWU K
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24. Introduction
IAS 7 requires disclosures about the historical changes in cash and cash equivalents of an entity (refer to the Illustrative Examples to IAS 7 in Part B for illustrative disclosure).
That information helps users to:
assess the entity’s ability to generate future net cash inflows. It indicates how the reporting entity obtains and spends cash.
understand a reporting entity’s operations, evaluate its financing and investing activities, assess its liquidity or solvency and interpret other information about financial performance. WU
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25. Classification of activities
Cash flows are classified by activities: operating; investing; and financing.
Investing activities are the acquisition and disposal of long-term assets and investments that are not cash equivalents (paragraph 16).
Financing activities are changes in the equity capital and borrowings of the entity (paragraph 17).
Operating activities are the revenue-producing activities of the entity, and all activities that are not investing or financing. WU
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26. Example 1 26
In 20X7 A acquires 50% of the equity of B for CU110 when B’s cash and cash equivalents = CU10. From 1/1/20X7 A controls B (ie B is a subsidiary of A)
Scenarios
(i) A settles the purchase price in cash
(ii) A buys on credit (will settle next year)
(iii) A settles by issuing its own equity to the seller
(iv) A borrows CU110 from the bank and uses cash borrowed to settle
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27. Example 1 continued 27
The group (A & B consolidated) would present a cash flow in the investing activities section for the purchase of a subsidiary of:
–scenario (i) CU100 outflow (ie CU110 less CU10)
–scenario (ii) CU10 inflow
–scenario (iii) CU10 inflow
–scenario (iv) CU100 outflow (in investing activities) & CU110 inflow in financing activities
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28. Direct method or indirect method
There is a choice of ways of presenting cash flows from operating activities (paragraph18):
the direct method—gross cash receipts and gross cash payments are shown (paragraph 19). This method is encouraged.
the indirect method—profit or loss is adjusted to determine operating cash flow (paragraph 20). WU
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29. Other considerations Reporting on a net basis
paragraph 22 illustrates cash flows that may be reported on a net basis (ie cash receipts from items with a quick turnover)
Foreign currency cash flows (paragraphs 25 – 28)
recorded in an entity’s functional currency.
translation may give rise to exchange differences.
Interest and dividends
disclosed separately and presentation must be consistent from period to period (ie which activity)
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30. Other considerations continued
Income taxes
Separate disclosure as an operating activity unless specifically identified as another
Investments in group entities
Equity method: limited to cash flows between itself and the investee
Changes in ownership interest in subsidiaries
Gross cash flows from gaining or losing control is an investing activity
Specific disclosure requirements (paragraph 40 and Note A in the Illustrative Example to IAS 7 in Part B)
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31. Comparison to the IFRS for SMEs
IFRS for SMEs does not explicitly:
encourage entities to report cash flows from operating activities using the direct method (see paragraph 19 of IAS 7 Statement of Cash Flows,).
require the reporting of particular cash flows on a net basis (see paragraph 22 IAS 7 Statement of Cash Flows).
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32. Judgements and estimates
The appropriate classification of cash flows into each one of the activities reflects management’s judgement.
The information conveyed by a statement of cash flows depends on the items treated as ‘cash and cash equivalents’. Cash equivalents have a short maturity (three months at most) and exclude equity investments. WU
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33. IAS 8 Accounting Policies, Changes in Accounting Estimates and ErrorsWU K
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34. Introduction
IAS 8 sets out the criteria for selecting and changing accounting policies and specifies the accounting when an accounting policy is changed.
focus is on providing relevant and comparable information in a cost-beneficial manner.
It also specifies disclosures about changes in accounting policies, changes in accounting estimates and corrections of prior period errors. WU
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35. Accounting Policies Disclose relating to accounting policies:35
Disclose relating to accounting policies:
measurement bases used
other relevant accounting policies used
information about judgements made in applying accounting policies that have the most significant effect on the FS
information about key sources of estimation uncertainty that have a significant risk of causing a material adjustment within 1 year (including their nature and carrying amount)
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36. Judgements— applying accounting policies36
Examples:
Whether outflow is more likely than not re a present obligation = recognise a liability?
Whether a lease transfers substantially all risks and rewards of ownership = finance or operating lease?
When risks and rewards transfer for goods sold = when to recognise revenue?
Whether arrangement = sales of goods or financing?
Whether controls exists = whether to consolidate?
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37. Accounting policy when no specific requirement
When no IFRS requirement specifically applies to a transaction or event, management uses judgement to develop and apply an accounting policy that results in relevant and reliable information (paragraph 10). In making that judgement management considers (paragraphs 11 and 12):
first, IFRSs that deal with similar issues
then the definitions, recognition criteria and measurement concepts in the Framework
optional—current standards based on a similar conceptual framework. WU
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38. Changes in an accounting policies
May only change policy if required to or resulting information would be more relevant and reliable.
A new or amended standard or interpretation may require a change in an accounting policy and may include specific transitional provisions (paragraph 19(a)).
In other cases, changes in accounting policies are applied retrospectively (ie prior period amounts are adjusted as if the new policy had always been applied) (paragraph 19(b)).
Disclosure is made about the change and its effect on the financial statements—refer to paragraph 22. WU
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39. Example 1—voluntary change of accounting policy39
In 20X7 A voluntarily changed an accounting policy. The cumulative effect of the change is a decrease of CU100,000 in retained earnings at 1/1/20X7 (ie CU25,000 less profit for each of the past four years). The entity presents two years of comparative information.
Presented as a restatement of:
– retained earnings at 1/1/20X5—reduce by CU50,000
– profit 20X5 & 20X6—reduce by CU25,000 each
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40. Example 2—voluntary change of accounting policy40
Facts same as Ex 1. Except, it is impracticable to determine the individual period effects of the change of policy.
Presented as a restatement of:
– retained earnings at 1/1/20X7—reduce by
CU100,000 (no adjustment to 20X5 and 20X6)
– additional disclosures
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41. Accounting estimates
Many items in financial statements cannot be measured with precision and can only be estimated.
Accounting estimates are based on the latest available information.
estimates are revised as a result of new information or changed circumstances.
Consequently, a change in estimate is recognised in the current period and future periods affected (paragraph 36).
prior period amounts are not adjusted. WU
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42. Example—change in accounting estimate42
On 1/1/20X1 A buys yacht for CU1,000,000. Useful life = 30 years. Residual value = CU100,000. Straight‑line method of depreciation.
At 31/12/20X9, as a result of research in 20X9, A reassessed the yacht as follows: useful life at 20 years from 1/1/20X1; residual value at nil; fair value at CU800,000; and straight-line depreciation as most appropriate method.
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43. Example—change in accounting estimate continued43
The reassessment of the yacht’s useful life and its residual value are changes in accounting estimates. The revised assessments are appropriately made on the basis of new information that arose from research performed in the current reporting period—20X9.*
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44. Errors
Errors can arise from mistakes and oversights or misinterpretations of available information.
Errors are corrected in the first set of financial statements issued after their discovery.
Prior period amounts are restated as if the error had never occurred.
The error and the effect of its correction on the financial statements are disclosed. WU
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45. Example—prior period error or change in estimate, or both?45
Same as Ex on slide 42, except, the research was publicly available in late 20X5. A believed the research to be valid but chose to ignore it until 20X9.
A’s 20X5–20X8 financial statements include errors. The comparative figures in its 20X9 financial statements must be restated to correct the effects of the prior period errors [if material].
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46. Comparison to the IFRS for SMEs
IAS 8 and Section 10 Accounting Policies, Estimates and Errors of the IFRS for SMEs share the same principles.
However, the hierarchy applied in the absence of an explicit requirement is different.
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47. Judgements and estimates
Developing an accounting policy in the absence of a specific IFRS requirement requires judgement.
As a result of the uncertainties inherent in business activities, many items in financial statements are estimated. Estimation involves judgements based on the latest available, reliable information.
Disclosing known or reasonably estimable effects of the application of a new, but not yet effective, IFRS will have on the entity. WU
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48. Judgements and estimates
An entity may voluntarily change an accounting policy only if the change will leads to ‘reliable’ and more relevant information—determining whether this is the case involves judgement
When correcting prior-period errors judgement must be applied. For example in determining
whether the prior period error is material
whether is it practicable to determine the period-specific effects of an error on comparative information WU
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49. IAS 10 Events after the Reporting PeriodMW K
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50. Introduction
Specifies accounting and reporting for events (favourable and unfavourable) that occur between the end of the reporting period and the date when the financial statements are authorised for issue.
Those events could affect a user’s resource allocation decision even if they are indicative of conditions that arose after the end of the reporting period.
How to report the event depends on whether the event is indicative of a condition that existed at the end of the reporting period. MW
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51. Principle for adjusting events
Adjust financial statements for those events after the reporting period that provide evidence of conditions that existed at the end of the reporting period.
For example—settling a court case after the end of the reporting period confirms the existence of the present obligation at the end of the reporting period and removes uncertainties about the amount of the obligation.
Further examples are contained in paragraph 9. MW
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52. Principle for non-adjusting events
Do not adjust recognised amounts for conditions that are indicative of conditions that arose after the end of the reporting period
Dividends declared after the reporting period are not a liability at the end of the reporting period because, at that time, there is no obligation.
However, disclose the nature and estimated financial effect of non-adjusting events
For example, changes in the market value of investments or effects of changes in currency exchange rates after the reporting period. MW
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53. Example—events after the end of the reporting period53
At 31/12/20X7 when performing its year-end physical ‘stock count’ management observed the entity’s inventory in its newly constructed warehouse was undamaged.
In early January 20X8 much of the entity’s inventory in its warehouse was damaged by rain water that poured through a gaping crack in the warehouse wall. The crack first became visible in January 20X8.
Discussion question—are the events described above adjusting or non-adjusting events after the end of the reporting period?
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54. Comparison to the IFRS for SMEs
IAS 10 and Section 32 Events after the End of the Reporting Period of the IFRS for SMEs share the same principles.
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55. Judgements and estimates
Judging the materiality threshold for the disclosure of non-adjusting events—such as a major business combination or disposal, a plan to discontinue an operation, fire affecting a major production plant, changes in tax rates or tax laws enacted or announced after the reporting period.
Events after the reporting period may require an assessment of the applicability of the going concern assumption at reporting date. MW
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56. IFRS 5 Non-current Assets Held for Sale and Discontinued OperationsWU K
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57. Introduction
Information about an entity’s non-current assets held for sale and its discontinuing operations assists users assess the amount, timing and uncertainty of (the prospects for) future net cash inflows to the entity which is useful to them in making decisions about providing resources to the entity.
Non-current assets held for sale are to be recovered through proceeds from sale (not use)
no future cash flows from discontinued operations MW
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58. Non-current assets held for sale
The standard comprises classification and presentation requirements and measurement provisions (note measurement scope exclusions in paragraph 5).
A non-current assets is classified as ‘held for sale’ if its carrying amount will be recovered principally through a sale transaction, rather than through continuing use (paragraph 6).
Non-current assets held for sale are measured at the lower of fair value less costs to sell and carrying amount— they are not depreciated (paragraph 15).
Non-current assets held for sale or disposal groups are presented separately as current assets on the statement of financial position. Associated liabilities presented separately from other liabilities (paragraph 38). Refer to IFRS 5 IG: Example 12 in Part B. WU
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59. Discontinued operations
A ‘discontinued operation’ is a component of an entity that either has been disposed of or is classified as held for sale (paragraph 32).
The component must be a major line of business, a geographical area of operations, or a subsidiary that was acquired exclusively for resale.
Discontinued operations are presented separately within profit or loss in the statement of comprehensive income and the statement of cash flows (paragraph 33).
Refer to IFRS 5 IG: Example 11 in Part B. WU
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60. Comparison to the IFRS for SMEs
Section 17 Property, Plant and Equipment (paragraph 26) and Section 27 Impairment of Assets (paragraph 9(f)) deal with items of property, plant and equipment held for sale
A plan to dispose of such items is an indicator of impairment which triggers an impairment test.
Unlike ‘full’ IFRS, the IFRS for SMEs no other specific classification, presentation or measurement requirements.
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61. Judgements and estimates
The classification of an asset as ‘held for sale’ is based on actions taken by management before the end of the reporting period and management’s expectation that a sale will be achieved.
The asset must be available for immediate sale in its present condition (subject only to terms that are usual and customary for sales of such assets).
The sale must be highly probable (appropriate management commitment, actively seeking a buyer, reasonable price, 12 month limit). WU
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62. Judgements and estimates continued
Measuring the fair value less costs to sell of assets held for sale (absent an active market). WU
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63. IFRS 8 Operating SegmentsMW K
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64. Introduction
Many entities are diversified or multinational operations or both. Their products and services, or the geographical areas in which they operate, may differ in profitability, future prospects and risks.
Consequently, segment information might be more relevant than consolidated or aggregated data for users in assessing risks and returns of an entity.
Standard applies to entities or groups with publically traded debt or equity or whose financial statements are filed with a securities commission or regulatory organisation (paragraph 2). MW
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65. Introduction continued
IFRS 8 requires disclosure of information about an entity’s operating segments, its products and services, the geographical areas in which it operates, and its major customers.
This information assists users to evaluate the entity’s business activities and the environment in which it operates. That assists users to better assess the prospects for future net cash inflows to the entity which is useful in making decisions about providing resources to the entity. MW
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66. Identifying operating segments
Operating segments are components of an entity about which discrete financial information is available and which the chief operating decision maker regularly evaluates in deciding how to allocate resources and in assessing performance (paragraph 5).
The financial information reported is the same as the chief operating decision maker (a function, not a title) uses.
the measure of each operating segment must be the one used by the chief operating decision maker (paragraph 25).
Providing information ‘through the eyes of management’ enhances a user's ability to predict actions or reactions of management that can significantly affect the entity’s prospects for future cash flows. MW
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67. Reportable operating segments
Information must be reported for all operating segments identified.
If operating segments exhibit similar long-term financial performance and have similar economic characteristics such segments may be aggregated for reporting purposes (paragraph 12).
Certain operating segments may not form part of aggregated information and must be presented separately. Determination of such segments is based on quantitative thresholds (paragraph 13).
Refer to IFRS 8 IG 7 in Part B for a diagram illustrating the main provisions for identifying reportable operating segments. MW
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68. Disclosure
IFRS 8.20–24
An entity must give descriptive information about:
the way the operating segments were determined
the products and services provided by the segments
differences between the measurements used in reporting segment information and those used in the entity’s financial statements
changes in the measurement of segment amounts from period to period. MW
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69. Disclosure continued
An entity must report a measure of operating segment profit or loss and of segment assets. It must also report a measure of segment liabilities and particular income and expense items.
An entity must report information about the revenues derived from its products or services, about the countries in which it earns revenues and holds assets, and about major customers. MW
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70. Comparison to the IFRS for SMEs
There are no specific requirements relating to operating segments in the IFRS for SMEs.
Presentation of operating segment information is not required.
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71. Judgements and estimates
Identifying the entity’s chief operating decision maker (as a function, not a specific title).
matrix form of organisations require management judgement to segmentation that satisfy IFRS 8’s objective.
Identifying which operating segments can be aggregated
Identifying reportable segments that do not meet the quantitative threasholds for reportable segments. MW
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72. IAS 24 Related Party DisclosuresMW K
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73. Introduction
The standard is applied to determine related party relationships, identify outstanding balances between such parties and the identification of when and what disclosure is necessary.
Related party disclosures highlight the possibility that the entity’s financial position and profit or loss might have been affected by the existence of related parties and by transactions and outstanding balances with such parties.
Related party disclosures could affect a user’s resource allocation decision based on the entity’s financial statements. MW
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74. Related party
IAS 24.9
A person or a close member of that person’s family is related to the reporting entity if that person:
has control, joint control or significant influence over the reporting entity
is a member of the key management personnel of the reporting entity (or its parent) MW
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75. Related party continued
An entity is related to a reporting entity when:
they are both members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others)
one entity is an associate or joint venture of the other entity
both entities are joint ventures of the same third party
one entity is a joint venture of a third party and the other is an associate of the third party … MW
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76. Example 1— identifying related parties76
Entity X
Entity A
Entity B MW
From A’s perspective is B a related party (and vice versa)?
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77. Example 1— identifying related parties continued77
X’s influence over B
Control
Joint control
Significant influence
X’s influence over A
Yes, related party
Not necessarily related MW
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78. Family X Entity A Entity B
Example 2— identifying related parties 78
Family X
Entity A
Entity B MW
From A’s perspective is B a related party (and vice versa)?
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79. Example 2— identifying related parties continued79
Family X’s influence over Entity B
Control JC
KMP SI
Family X’s influence over Entity A
Yes, related party
Not necessarily related MW
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80. Disclosures
the name of the reporting entity’s parent and, if different, its ultimate controlling entity, irrespective of whether there have been transactions between them.
details of key management personnel compensation in total and by category of benefit (ie short-term employee benefits, share-based payment).
the nature of the related party relationship MW
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81. Disclosures continued
details by category of related party of the transactions and outstanding balances, including commitments, to enable users to understand the potential effect of the relationship on the financial statements. MW
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82. Government related entities
This Standard provides a partial exemption from the disclosure requirements for government related entities in relation to related party transactions with:
a government that has control, joint control or significant influence over the reporting entity; and
another entity that is a related party because the same government has control, joint control or significant influence over both the reporting entity and the other entity.
Refer to Illustrative Example 1 of the Illustrative Examples to IAS 24 in Part B. MW
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83. Comparison to the IFRS for SMEs
Differences between Section 33 Related Party Disclosures and IAS 24 include:
the definition of a related party is slightly different (paragraph 33.2(vii)–(x) differs from IAS 24.9 (vii))
the concept of ‘significant voting power’ is specific to Section 33
disclosure has been simplified in Section 33
Key management personnel compensation must only be provided in total
Fewer disclosures are required when the government-related entities exemption is used
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84. Judgements and estimates
Identifying related parties—focus on substance of a relationship rather than merely its legal form.
Identifying the degree of influence exerted by one party on the other (ie control or significant influence).
identifying key management personnel depends on the level of authority and responsibility and may include seconded staff and people engaged under outsourcing contracts.
identifying close members of the family of a key management personnel involves judging whether that person is expected to influence (or be influenced by) by that person in their dealing with the entity. WU
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85. Questions or comments?
Expressions of individual views by members of the IASB and its staff are encouraged.
The views expressed in this presentation are those of the presenter.
Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation.
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86. 86 86
The requirements are set out in International Financial Reporting Standards (IFRSs), as issued by the IASB at 1 January 2012 with an effective date after 1 January but not the IFRSs they will replace.
The IFRS Foundation, the authors, the presenters and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this PowerPoint presentation, whether such loss is caused by negligence or otherwise.
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