6 First-time adoption of IFRS - IFRS Insights
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6.1 First-time adoption - IFRS Insights
-doption of IFRSs
Contents: 6.1 First-time adoption
- IFRS Insights
6.1 First-time adoption
• •
• • •
•
Currently effective requirements
This publication reflects IFRSs in issue at 1 August 2009. The currently effective requirements cover annual periods beginning on 1 January 2009. The requirements related to this topic are derived mainly from IFRS 1 First-time Adoption of International Financial Reporting Standards. In November 2008 the IASB published a revised version of IFRS 1, which is effective for annual periods beginning on or after 1 July 2009; earlier application is permitted. The revised version of IFRS 1 (November 2008) restructured the format of the previous version of IFRS 1 without changing the standard's technical content. The revised version moves the exceptions and exemptions contained previously in the main body of IFRS 1 to different appendices, and also removes IFRS 1 transitional requirements that are no longer considered relevant. References in the left-hand column of this publication identify the relevant paragraphs in the revised version of IFRS 1 (November 2008) other than in respect of business combinations (see 6.1.910.10). IFRS 1 contains a number of mandatory exceptions and voluntary exemptions from the general requirements of IFRSs (see 6.1.230 and .240). This publication covers only the exceptions and exemptions that are relevant to a first-time adopter with © 2009 KPMG International. KPMG International provides no client services and is a Swiss cooperative with which the independent member firms of the KPMG network are affiliated. a date of transition (see 6.1.20.20) on or after 1 January 2008.
Previously effective requirements, forthcoming requirements and future developments
When a currently effective requirement is significantly different from the previously effective requirement, it is marked with a † and the previously effective requirement is explained in the accompanying boxed text. In respect of this topic no previously effective requirements are noted. When a currently effective requirement will be changed by a new requirement that is issued but is not yet effective, it is marked with a # as a forthcoming requirement and the impact of the change is explained in the accompanying boxed text. The forthcoming requirements related to this topic are derived from: • Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards Additional Exemptions for First-time Adopters, which are effective for annual periods beginning on or after 1 January 2010; earlier application is permitted. A brief outline of the impact of the amendments to IFRS 1 on this topic is given in 6.1.243, .755 and .1275. the revised version of IFRS 3 Business Combinations (2008), which is effective for business combinations for which the acquisition date is in annual periods beginning on or after 1 July 2009; earlier application is permitted for annual periods beginning on or after 30 June 2007 as long as amended IAS 27 Consolidated and Separate Financial Statements (2008) also is applied. A brief outline of the impact of revised IFRS 3 (2008) on this topic is given in 6.1.1020, .1040, .1060 and .1080. amended IAS 27 (2008), which is effective for annual periods beginning on or after 1 July 2009; earlier application is permitted for annual periods beginning on or after 30 June 2007 as long as IFRS 3 (2008) also is applied. A brief outline of the impact of the amendments to IAS 27 (2008) on this topic is given in 6.1.235. a consequential amendment to IAS 12 Income Taxes as a result of IFRS 3 (2008), both of which are effective at the same time. A brief outline of the impact of the consequential amendment to IAS 12 on this topic is given in 6.1.900.
Previously effective requirements, forthcoming requirements and future developments
Page 1 / 49
exceptions and exemptions contained previously in the main body of IFRS 1 to different appendices, and also removes IFRS 1 transitional requirements that are no longer considered relevant. References in the left-hand column of this publication identify the relevant paragraphs in the revised version of IFRS 1 (November 2008) other than in respect of business 6.1 First-time adoption - IFRS Insights combinations (see 6.1.910.10). IFRS 1 contains a number of mandatory exceptions and voluntary exemptions from the general requirements of IFRSs (see 6.1.230 and .240). This publication covers only the exceptions and exemptions that are relevant to a first-time adopter with a date of transition (see 6.1.20.20) on or after 1 January 2008.
(IFRS 1) Overview of currently effective requirements • • IFRSs include a specific standard that sets out all transitional requirements and exemptions available on the first-time adoption of IFRSs. An opening statement of financial position is prepared at the date of transition to IFRSs, which is the beginning of the earliest comparative period presented on the basis of IFRSs. Accounting policies are chosen from IFRSs in effect at the first annual reporting date. Generally those accounting policies must be applied retrospectively in preparing the opening statement of financial position and in all periods presented on the basis of IFRSs. A number of exemptions are available from the general requirement for retrospective application of IFRS accounting policies. Retrospective application of changes in accounting policy is prohibited in some cases, generally when doing so would require hindsight. At least one year of comparative financial statements must be presented on the basis of IFRSs, including a statement of financial position at the date of transition. The transitional requirements and exemptions on first-time adoption of IFRSs are applicable to both annual and interim financial statements.
-doption of IFRSs
Contents: 6.1 First-time adoption
- IFRS Insights
6.1 First-time adoption
• •
• • •
•
Currently effective requirements
This publication reflects IFRSs in issue at 1 August 2009. The currently effective requirements cover annual periods beginning on 1 January 2009. The requirements related to this topic are derived mainly from IFRS 1 First-time Adoption of International Financial Reporting Standards. In November 2008 the IASB published a revised version of IFRS 1, which is effective for annual periods beginning on or after 1 July 2009; earlier application is permitted. The revised version of IFRS 1 (November 2008) restructured the format of the previous version of IFRS 1 without changing the standard's technical content. The revised version moves the exceptions and exemptions contained previously in the main body of IFRS 1 to different appendices, and also removes IFRS 1 transitional requirements that are no longer considered relevant. References in the left-hand column of this publication identify the relevant paragraphs in the revised version of IFRS 1 (November 2008) other than in respect of business combinations (see 6.1.910.10). IFRS 1 contains a number of mandatory exceptions and voluntary exemptions from the general requirements of IFRSs (see 6.1.230 and .240). This publication covers only the exceptions and exemptions that are relevant to a first-time adopter with © 2009 KPMG International. KPMG International provides no client services and is a Swiss cooperative with which the independent member firms of the KPMG network are affiliated. a date of transition (see 6.1.20.20) on or after 1 January 2008.
Previously effective requirements, forthcoming requirements and future developments
When a currently effective requirement is significantly different from the previously effective requirement, it is marked with a † and the previously effective requirement is explained in the accompanying boxed text. In respect of this topic no previously effective requirements are noted. When a currently effective requirement will be changed by a new requirement that is issued but is not yet effective, it is marked with a # as a forthcoming requirement and the impact of the change is explained in the accompanying boxed text. The forthcoming requirements related to this topic are derived from: • Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards Additional Exemptions for First-time Adopters, which are effective for annual periods beginning on or after 1 January 2010; earlier application is permitted. A brief outline of the impact of the amendments to IFRS 1 on this topic is given in 6.1.243, .755 and .1275. the revised version of IFRS 3 Business Combinations (2008), which is effective for business combinations for which the acquisition date is in annual periods beginning on or after 1 July 2009; earlier application is permitted for annual periods beginning on or after 30 June 2007 as long as amended IAS 27 Consolidated and Separate Financial Statements (2008) also is applied. A brief outline of the impact of revised IFRS 3 (2008) on this topic is given in 6.1.1020, .1040, .1060 and .1080. amended IAS 27 (2008), which is effective for annual periods beginning on or after 1 July 2009; earlier application is permitted for annual periods beginning on or after 30 June 2007 as long as IFRS 3 (2008) also is applied. A brief outline of the impact of the amendments to IAS 27 (2008) on this topic is given in 6.1.235. a consequential amendment to IAS 12 Income Taxes as a result of IFRS 3 (2008), both of which are effective at the same time. A brief outline of the impact of the consequential amendment to IAS 12 on this topic is given in 6.1.900.
Previously effective requirements, forthcoming requirements and future developments
Page 1 / 49
exceptions and exemptions contained previously in the main body of IFRS 1 to different appendices, and also removes IFRS 1 transitional requirements that are no longer considered relevant. References in the left-hand column of this publication identify the relevant paragraphs in the revised version of IFRS 1 (November 2008) other than in respect of business 6.1 First-time adoption - IFRS Insights combinations (see 6.1.910.10). IFRS 1 contains a number of mandatory exceptions and voluntary exemptions from the general requirements of IFRSs (see 6.1.230 and .240). This publication covers only the exceptions and exemptions that are relevant to a first-time adopter with a date of transition (see 6.1.20.20) on or after 1 January 2008.
(IFRS 1) Overview of currently effective requirements • • IFRSs include a specific standard that sets out all transitional requirements and exemptions available on the first-time adoption of IFRSs. An opening statement of financial position is prepared at the date of transition to IFRSs, which is the beginning of the earliest comparative period presented on the basis of IFRSs. Accounting policies are chosen from IFRSs in effect at the first annual reporting date. Generally those accounting policies must be applied retrospectively in preparing the opening statement of financial position and in all periods presented on the basis of IFRSs. A number of exemptions are available from the general requirement for retrospective application of IFRS accounting policies. Retrospective application of changes in accounting policy is prohibited in some cases, generally when doing so would require hindsight. At least one year of comparative financial statements must be presented on the basis of IFRSs, including a statement of financial position at the date of transition. The transitional requirements and exemptions on first-time adoption of IFRSs are applicable to both annual and interim financial statements.