DOCSLIB.ORG

Guide to Annual Financial Statements – Disclosure Checklist 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Guide to Annual Financial Statements – Disclosure Checklist 2018 Disclosure checklist Guide to annual financial statements IFRS Standards® P P P P September 2018 kpmg.com/ifrs Contents Contents About this guide 1 6 Voluntary early adoption of IFRSs 146 6.1 IFRS 16 Leases 146 References and abbreviations 4 6.2 IFRIC 23 Uncertainty over Income Tax The checklist 5 Treatments 150 6.3 Prepayment Features with Negative 1 General presentation 5 Compensation (Amendments to IFRS 9) 151 1.1 Presentation of financial statements 5 6.4 Long-term Interests in Associates and Joint 1.2 Changes in equity 20 Ventures (Amendments to IAS 28) 152 1.3 Statement of cash flows 21 6.5 Plan Amendment, Curtailment or Settlement 1.4 Basis of accounting 28 (Amendments to IAS 19) 153 1.5 Fair value measurement 33 6.6 Annual Improvements to IFRS Standards 1.6 Consolidated and separate financial 2015–2017 Cycle (Amendments to IFRS 3) 154 statements 36 6.7 Annual Improvements to IFRS Standards 1.7 Business combinations 42 2015–2017 Cycle (Amendments to IFRS 11) 154 1.8 Foreign currency translation and hyperinflation 47 6.8 Annual Improvements to IFRS Standards 1.9 Accounting policies, errors and estimates 48 2015–2017 Cycle (Amendments to IAS 12) 155 1.10 Events after the reporting period 50 6.9 Annual Improvements to IFRS Standards 2 Statement of financial position 52 2015–2017 Cycle (Amendments to IAS 23) 155 2.1 Property, plant and equipment 52 6.10 IFRS 17 Insurance Contracts 156 2.2 Intangible assets and goodwill 53 2.3 Investment property 55 Appendices 2.4 Associates and joint arrangements 57 I New standards or amendments for 2018 and 2.5 Financial instruments 61 forthcoming requirements 167 2.6 Inventories 85 II Requirements relevant to insurers that apply the 2.7 Biological assets 86 temporary exemption from IFRS 9 169 2.8 Impairment of non-financial assets 87 2.9 Equity 91 Keeping in touch 188 2.10 Provisions 92 2.11 Income taxes 93 2.12 Contingent assets and liabilities 95 3 Statement of profit or loss and OCI 97 3.1 Revenue 97 3.2 Government grants 101 3.3 Employee benefits 102 3.4 Share-based payments 107 3.5 Borrowing costs 110 4 Special topics 111 4.1 Leases 111 4.2 Service concession arrangements 113 4.3 Operating segments 114 4.4 Earnings per share 118 4.5 Non-current assets held for sale or held for distribution 120 4.6 Related party disclosures 121 4.7 Investment entities 128 4.8 Insurance contracts 130 4.9 Extractive activities 136 4.10 Common control transactions and Newco formations 136 5 First-time adoption of IFRS 138 5.1 First-time adoption of IFRS 138 5.2 Regulatory deferral accounts and first-time adoption of IFRS 141 About this guide This guide has been produced by the KPMG International Standards Group (part of KPMG IFRG Limited). It is intended to help entities to prepare and present financial statements in accordance with IFRS by identifying the potential disclosures required. In addition, it includes the minimum disclosures required in the financial statements of a first- time adopter of IFRS. Impact of the major IFRS 9 and IFRS 15 new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are effective for the first time for entities with an annual reporting period beginning on or after 1 January 2018. Applying the new standards is expected to significantly affect the disclosures included in the financial statements. – Disclosure of the nature and effect of changes in accounting policies: Entities are required to describe the nature and effect of initially applying the new standards. This will involve applying the transition disclosures in IFRS 7 Financial Instruments: Disclosures (as introduced by IFRS 9) and IFRS 15, as well as the general disclosure requirements in paragraph 28 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, when applicable. Disclosures may differ depending on the transition method chosen by the entity. For example, entities applying IFRS 15 under the full retrospective method are required to follow the disclosure requirements in IAS 8, whereas those applying the cumulative effect method are exempted from providing the disclosures required by paragraph 28(f) of IAS 8 but are required to provide the disclosures included in paragraph C8 of IFRS 15 instead. In addition, when entities choose not to restate comparative information they may need to separately disclose their significant accounting policies for previous periods presented. – Ongoing disclosures: Entities are required to provide new ‘business as usual’ disclosures that are included in IFRS 7 (as introduced by IFRS 9) and IFRS 15. For revenue from contracts with customers, these include disaggregation of revenue and information on contract balances, performance obligations, and significant judgements in the application of the standard. For financial instruments, these include information on investments in equity instruments designated at fair value through other comprehensive income, and new or expanded disclosures about credit risk and hedge accounting. Our publication Guides to annual financial statements – Illustrative disclosures illustrates one possible way of providing these disclosures. IFRS 16 Users and regulators have shown a growing interest in the possible impact of IFRS 16 Leases, which has been issued but is not effective until 1 January 2019. As a consequence, significant focus is expected on the pre-transition disclosures about the possible impact of IFRS 16 that are required under IAS 8. Regulators have communicated their expectation that, as the implementation of the new standard progresses, more information about its impact should become reasonably estimable and preparers will be able to provide progressively more entity-specific qualitative and quantitative information in their financial statements about the application of the new standard. Our publication Guides to annual financial statements – Illustrative disclosures illustrates one possible way of providing these disclosures. This publication contains copyright © material and trademarks of the IFRS Foundation®. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation. Reproduction and use rights are strictly limited. For more information about the IFRS Foundation and rights to use its material please visit www.ifrs.org 2 | Guide to annual financial statements – Disclosure checklist Explain the changes As preparers apply IFRS 15 and IFRS 9 in their 2018 annual financial statements, they should embrace the opportunity to think through how best to explain the changes and their effects. The quality and clarity of explanations of changes in accounting policies and their impacts are key. Investors and other stakeholders will be keenly interested in disclosures of key judgements and estimates. What else is new A number of other standards are also effective for the first time in 2018 (see Appendix I ‘New standards or amendments for 2018 and forthcoming in 2018? requirements’). These standards include transition requirements and some of them have new disclosures that are required in annual financial statements. These requirements and disclosures, if there are any, are included in this guide. Standards covered This guide is based on standards, amendments and interpretations (broadly referred to in this guide as ‘standards’) that have been issued by the International Accounting Standards Board (the Board) as at 15 August 2018. The main text in Sections 1–5 is based on the standards that are required to be applied by an entity with an annual reporting period beginning on 1 January 2018 (‘currently effective requirements’). This guide also contains the following. – Chapter 6 ‘Voluntary early adoption of IFRSs’: Identifies disclosure requirements based on standards that are effective for annual reporting periods beginning after 1 January 2018 (‘forthcoming requirements’) and that are available for voluntary early adoption. – Appendix II ‘Requirements relevant to insurers that apply the temporary exemption from IFRS 9’: Identifies disclosure requirements for financial instruments based on IFRS 7 and other relevant disclosure requirements before the amendments introduced by IFRS 9. This guide contains disclosure requirements only. It does not specify the scope of individual standards referred to or their recognition and measurement requirements. Nor does it cover IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim Financial Reporting. The disclosures required by IAS 34 are set out in our Guide to condensed interim financial statements – Disclosure checklist. In addition, IFRS and its interpretation change over time. Accordingly, this guide should not be used as a substitute for referring to the standards and other relevant interpretative guidance. Preparers should also consider applicable local legal and regulatory requirements. This guide does not consider the requirements of any particular jurisdiction. Need for judgement This guide is part of our suite of publications – Guides to financial statements – and specifically focuses on compliance with IFRS. The preparation and presentation of financial statements require the preparer to exercise judgement – e.g. in terms of the choice of accounting policies, the ordering of notes to the financial statements, how the disclosures should be tailored to reflect the reporting entity’s specific circumstances, and the relevance of disclosures considering the needs of users. This publication contains copyright © material and trademarks of the IFRS Foundation®. All rights reserved. Reproduced by KPMG IFRG Limited with the permission of the IFRS Foundation. Reproduction and use rights are strictly limited. For more information about the IFRS Foundation and rights to use its material please visit www.ifrs.org About this guide | 3 Materiality Specific guidance on materiality and its application to the financial statements is included in paragraphs 29–31 of IAS 1 Presentation of Financial Statements. In September 2017, the Board issued IFRS Practice Statement 2 Making Materiality Judgements, which also provides guidance on applying materiality in the preparation of financial statements. Materiality is relevant to the presentation and disclosure of the items in the financial statements.
Load more

Recommended publications
  • IFRS in Your Pocket 2019.Pdf
    IFRS in your pocket 2019 Contents Abbreviations 1 Foreword 2 Our IAS Plus website 3 IFRS Standards around the world 5 The IFRS Foundation and the IASB 7 Standards and Interpretations 15 Standards and Interpretations 24 Summaries of Standards and Interpretations in effect at 1 January 2019 29 Requirements that are not yet mandatory 100 IASB projects 104 Deloitte IFRS resources 111 Contacts 113 IFRS in your pocket |2019 Abbreviations ARC Accounting Regulatory Commission ASAF Accounting Standards Advisory Forum DP Discussion Paper EC European Commission ED Exposure Draft EFRAG European Financial Reporting Advisory Group GAAP Generally Accepted Accounting Principles IAS International Accounting Standard IASB International Accounting Standards Board IASC International Accounting Standards Committee (predecessor to the IASB) IFRIC Interpretation issued by the IFRS Interpretations Committee IFRS International Financial Reporting Standard IFRS Standards All Standards and Interpretations issued by the IASB (i.e. the set comprising every IFRS, IAS, IFRIC and SIC) PIR Post-implementation Review SEC US Securities and Exchange Commission SIC Interpretation issued by the Standing Interpretations Committee of the IASC SMEs Small and Medium-sized Entities XBRL Extensible Business Reporting Language XML Extensible Markup Language 1 IFRS in your pocket |2019 Foreword Welcome to the 2019 edition of IFRS in Your Pocket. It is a concise guide of the IASB’s standard-setting activities that has made this publication an annual, and indispensable, worldwide favourite. At its core is a comprehensive summary of the current Standards and Interpretations along with details of the projects on the IASB work plan. Backing this up is information about the IASB and an analysis of the use of IFRS Standards around the world.
    [Show full text]
  • Feedback Statement Amends IFRS 7.Indd
    October 2010 Project Summary and Feedback Statement Transfers of Financial Assets Amendments to IFRS 7 Financial Instruments: Disclosures At a Glance We, the International Accounting The amendments will also make it Standards Board (IASB), amended easier to assess whether an entity has IFRS 7 Financial Instruments: Disclosures undertaken transactions to achieve a in October 2010 by issuing Transfers of particular accounting result close to Financial Assets. the end of a fi nancial period—so-called The objective of the amendments is to ‘window dressing’. improve the quality of the information IFRS 7 does not prevent entities from reported about: disclosing the type of information • fi nancial assets that have been these amendments will require. But ‘transferred’ but are still, at least it is clear that users of fi nancial partially, recognised by the entity statements, and other interested because they do not qualify for parties, think the quality of disclosures derecognition; and has not been adequate. These amendments address those concerns. • fi nancial assets that are no longer recognised by an entity, because they qualify for derecognition, but with which the entity continues to have some involvement. 2 | TransfersTransfers of Financial AssetsAssets Background These amendments to IFRS 7 are designed to improve The amendments also result in a closer alignment Unfortunately, the global fi nancial crisis forced the the transparency of off balance sheet securitisations of IFRSs and US generally accepted accounting two boards to take separate strategies to improve our and similar transfer transactions. principles (GAAP) disclosure requirements for respective requirements. transferred fi nancial assets. We are responding to requests from users of fi nancial In March 2009 we published an exposure draft statements, regulators—including the Financial We have been considering the derecognition proposing improvements to the derecognition Stability Board—and others.
    [Show full text]
  • IFRS 7 IFRS 7 Financial Instruments: Disclosures Is Issued by The
    IFRS 7 IFRS 7 Financial Instruments: Disclosures is issued by the International Accounting Standards Board (the Board). IFRS Standards together with their accompanying documents are issued by the International Accounting Standards Board (the “Board”). Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise (including, but not limited to, liability for any negligent act or omission) to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. Copyright © IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. Contact the Foundation for further details at [email protected]. Copies of IASB publications may be obtained from the Foundation’s Publications Department. Please address publication and copyright matters to: IFRS Foundation Publications Department 30 Cannon Street, London, EC4M 6XH, United Kingdom. Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749 Email: [email protected] Web: www.ifrs.org The IFRS Foundation logo, the IASB logo, the IFRS for SMEs logo, the “Hexagon Device”, “IFRS Foundation”, “eIFRS”, “IAS”, “IASB”, “IFRS for SMEs”, “IASs”, “IFRS”, “IFRSs”, “International Accounting Standards” and “International Financial Reporting Standards”, “IFRIC” and “IFRS Taxonomy” are Trade Marks of the IFRS Foundation. © IFRS Foundation 1 Approval by the Board of IFRS 7 issued in August 2005 International Financial Reporting Standard 7 Financial Instruments: Disclosures was approved for issue by the fourteen members of the International Accounting Standards Board.
    [Show full text]
  • 124 IFRS and XBRL
    International Journal of Multidisciplinary Research and Development International Journal of Multidisciplinary Research and Development Online ISSN: 2349-4182, Print ISSN: 2349-5979, Impact Factor: RJIF 5.72 www.allsubjectjournal.com Volume 4; Issue 6; May 2017; Page No. 124-126 IFRS and XBRL: Future of emerging business languages Gauri, Mohammad Shamim Ahmad Ansari, Neha Kashyap Research Scholar, Department of Commerce, Delhi School of Economics, Delhi University, Delhi, India Abstract IFRS (International Financial Reporting Standards) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standard Board (IASB). The goal of IFRS is to provide a global framework for how public companies prepare disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry specific reporting. XBRL (Extensible Business Reporting Language) is an XML- based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. XBRL is royalty-free, open specification for software being developed by a non-profit consortium consisting of over 170 leading companies, associates, and government agencies around the world. In this study we have discussed about IFRS and XBRL and their advantages, disadvantages, impacts and the future of IFRS and XBRL. Keywords: XBRL, XML, IFRS, IAS, IASB, IASC Introduction tags, and it organizes the tags so that they have a meaningful International Financial Reporting Standards (IFRS) is used as structure. Taxonomy enables a computer with XBRL Software the basis for producing financial statements in more than 100 to: Countries.
    [Show full text]
  • IFRS Reporting with XBRL Wednesday 28 October, Montreal
    International Financial Reporting Standards Streamlining IFRS reporting with XBRL Wednesday 28 October, Montreal The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org Agenda 2 1. Update on XBRL activities @ IASB and IFRS Foundation Olivier Servais, Director – XBRL Activities IFRS Foundation 2. China' implementation status Wei Madame Ying, Director, Ministry of Finance, PRC 3. Reporting with the IFRS Taxonomy in SAP BO Disclosure Management Maciej Piechocki, Director, Cundus AG 4. IFRS 7 and the SEC’s Mandate: a Canadian Bank’s Perspective Rory O'Leary, Senior Manager | Chief Accountants, TD Bank 5. Conceptual Framework for Financial Reporting Taxonomies Christine Tan, XBRL Project Manager, Financial Accounting Standards Board 6. Preparing financial statements with IFRS taxonomy Lou Rohman, VP, XBRL Strategy and Development, Merrill Corporation 7. Climate Change Reporting Taxonomy - a step forward towards integrated reporting Pedro Faria, Technical Director, Carbon Disclosure Project Roundtable © 2011 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org International Financial Reporting Standards XBRL activities @ IASB and IFRS Foundation The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation © IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org Agenda 4 • Governance of XBRL activities at IASB & IFRS Foundation • Coverage of the IFRS taxonomy • Adoption of the IFRS taxonomy • Formula linkbase • The reception by investors and analysts © 2011 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org International Financial Reporting Standards The coverage of the IFRS taxonomy The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation © IFRS Foundation.
    [Show full text]
  • Fair Value Measurement
    Fair value measurement Handbook US GAAP and IFRS® Standards December 2020 home.kpmg Contents Contents Measuring fair value in unsettled times 1 About the standards 2 About this publication 4 A. An introduction to fair value measurement 7 B. Scope 9 C. The item being measured and the unit of account 20 D. Market participants 30 E. Principal and most advantageous markets 33 F. Valuation approaches and techniques 41 G. Inputs to valuation techniques 51 H. Fair value hierarchy 62 I. Fair value at initial recognition 71 J. Highest and best use 76 K. Liabilities and own equity instruments 80 L. Portfolio measurement exception 89 M. Inactive markets 95 N. Disclosures (before adopting ASU 2018-13) 99 N. Disclosures (after adopting ASU 2018-13) 113 O. Application issues: Derivatives and hedging 131 P. Application issues: Investments in investment funds 151 Q. Application issues: Practical expedient for investments in investment companies 157 Appendix: Index of questions and answers 166 Appendix: Effective dates – US GAAP 175 Acknowledgments 177 Keeping in touch 178 Measuring fair value in unsettled times Measuring fair value can present significant challenges for preparers of financial statements even in the best of times because it may involve judgment and estimation. It is even more difficult now due to the impact of COVID-19. The global pandemic has been labelled ‘a crisis like no other’ by the International Monetary Fund, and many countries have seen decreases in economic activity that are unprecedented in modern times. This stressed environment is testing the principles of ASC Topic 820 Fair Value Measurement and IFRS 13 Fair Value Measurement and how companies can apply them consistently and transparently.
    [Show full text]
  • Dear IFRS Foundation, 14 Dec. 2020
    Dear IFRS Foundation, 14 Dec. 2020 The Association of International Certified Professional Accountants, the unified voice of AICPA and CIMA, welcomes the opportunity to comment on the IFRS Foundation Consultation Paper on Sustainability Reporting published in September 2020. As the leading global body of accounting and finance professionals, our purpose is to drive a dynamic accounting profession that works every day to build trust, create opportunity and grow prosperity worldwide. Our membership is actively involved in the reporting of financial and non-financial information globally, and in performing engagements to provide the audit and assurance of that information. The Association fully supports creation of a Sustainability Standards Board (SSB) under the oversight of the IFRS Foundation. Research shows that 80% of a company’s value now lies beyond the balance sheet and that company value often comes from intangibles such as brand, employee purpose and technological know-how. This means organisations need to think more widely about their purpose, about how they add value and about how rapidly this value can be diminished. Executives now need a broader base of non- financial information to make effective decisions and manage their performance. Similarly, investors and other stakeholders urgently need a broader base of information for their investment and credit decision-making arsenal. We believe that the IFRS Foundation is right to propose the expeditious development of a process for setting global, internationally recognized non-financial reporting standards. This initiative is the best way of ensuring consistency and comparability and that reliable information is provided to investors globally. Moreover, we believe the IFRS Foundation is best positioned to play a central role in setting these standards and that it should expand its standard-setting activities into this area.
    [Show full text]
  • 2017 Annual Report 2017
    ANNUALREPORT 2017® IFRS FOUNDATION Financial reporting for the world economy Contents 2017—Key achievements 3 Report of the Chair of the IFRS Foundation Trustees 4 Report of the Chair of the International Accounting Standards Board 5 Our contribution to the world economy 6 Use of our Standards around the world 7 How we work 8 Our structure 9 How we are funded 9 Board members—International Accounting Standards Board 10 Trustees—IFRS Foundation 11 Monitoring Board 12 Report of the Chair of the IFRS Foundation Monitoring Board 13 Our people and locations 14 Strategy and operational priorities 15 Performance and priorities 16 FINANCIAL STATEMENTS Introduction to the financial statements 18 Independent auditor's report to the Trustees of the IFRS Foundation 19 Statement of comprehensive income 21 Statement of changes in equity 21 Statement of financial position 22 Statement of cash flows 23 Notes to the financial statements 24 APPENDICES Financial supporters 32 IFRS Interpretations Committee members 36 IFRS Advisory Council members 37 About us The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards—IFRS Standards—and to promote and facilitate their adoption. IFRS Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting Standards Board (Board). The responsibility for governance and oversight of the Board lies with the IFRS Foundation Trustees, who in turn are accountable to a Monitoring Board of public authorities. ANNUAL REPORT 2017 2017–Key achievements May 2017 IFRS® Standards IFRS 17 Insurance Contracts Issued IFRS 17 Insurance Contracts IFRS 17 is the first truly international accounting standard for insurance contracts.
    [Show full text]
  • IFRS 13 IFRS 13 Fair Value Measurement Is Issued By
    IFRS 13 IFRS 13 Fair Value Measurement is issued by the International Accounting Standards Board (the Board). IFRS Standards together with their accompanying documents are issued by the International Accounting Standards Board (the “Board”). Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise (including, but not limited to, liability for any negligent act or omission) to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. Copyright © IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. Contact the Foundation for further details at [email protected]. Copies of IASB publications may be obtained from the Foundation’s Publications Department. Please address publication and copyright matters to: IFRS Foundation Publications Department 30 Cannon Street, London, EC4M 6XH, United Kingdom. Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749 Email: [email protected] Web: www.ifrs.org The IFRS Foundation logo, the IASB logo, the IFRS for SMEs logo, the “Hexagon Device”, “IFRS Foundation”, “eIFRS”, “IAS”, “IASB”, “IFRS for SMEs”, “IASs”, “IFRS”, “IFRSs”, “International Accounting Standards” and “International Financial Reporting Standards”, “IFRIC” and “SIC” are Trade Marks of the IFRS Foundation. © IFRS Foundation 1 IFRS 13 Approval by the Board of IFRS 13 issued in May 2011 International Financial Reporting Standard 13 Fair Value Measurement was approved for issue by the fifteen members of the International Accounting Standards Board.
    [Show full text]
  • 2018 Annual Report
    Contents 2018 at a glance 3 Reports Report from the Chair of the IFRS Foundation Trustees 4 Report from the Chair of the International Accounting Standards Board 5 Report from the Chair of the IFRS Foundation Monitoring Board 6 Our organisation Our objectives 7 Our mission statement 8 How we work 9 How we engage 10 Our people 11 Members of the International Accounting Standards Board 13 Performance and priorities 2018 performance 14 2019 priorities 16 Governance Our structure 17 Trustees of the IFRS Foundation 18 Risks and how we mitigate them 21 Financials Introduction to the financial statements 22 Independent auditor’s report to the Trustees of the IFRS Foundation 24 Financial statements and notes 26 Appendices Appendix 1—Financial supporters 38 Appendix 2—IFRS Advisory Council members 42 Appendix 3—IFRS Interpretations Committee members 44 Appendix 4—IFRS Foundation Monitoring Board members 45 The IFRS Foundation is a not-for-profit The responsibility for governance and organisation established to develop a oversight of the Board lies with the IFRS About us single set of high-quality, understandable, Foundation Trustees, who in turn are enforceable and globally accepted accountable to a Monitoring Board of accounting standards—IFRS Standards— public authorities. and to promote and facilitate their adoption. The Foundation is headquartered in London, United Kingdom, and has IFRS Standards are set by the Foundation’s a regional Asia-Oceania office in standard-setting body, the International Tokyo, Japan. Accounting Standards Board. This report covers the financial year ended 31 December 2018 and was published in May 2019. An inline XBRL version of the financial statements can be found in the annual report section of our website: www.ifrs.org/about-us/who-we-are.
    [Show full text]
  • IFRS in Your Pocket 2021.Pdf
    IFRS in your pocket 2021 Contents Abbreviations 1 Foreword 2 Deloitte Accounting Research Tool (DART) 4 Our IAS Plus website 6 IFRS Standards around the world 8 The IFRS Foundation and the Board 10 Standards, Interpretations and Practice Statements 20 Board projects 127 Deloitte IFRS resources 137 Contacts 139 IFRS in your pocket |2021 Abbreviations ARC Accounting Regulatory Committee ASAF Accounting Standards Advisory Forum DP Discussion Paper EC European Commission ED Exposure Draft EFRAG European Financial Reporting Advisory Group GAAP Generally Accepted Accounting Principles IAS International Accounting Standard IASB/Board International Accounting Standards Board IASC International Accounting Standards Committee (predecessor to the Board) IFRIC Interpretation issued by the IFRS Interpretations Committee IFRS International Financial Reporting Standard IFRS Standards All Standards and Interpretations issued by the Board (i.e. the set comprising every IFRS, IAS, IFRIC and SIC) PIR Post-implementation Review SEC US Securities and Exchange Commission SIC Interpretation issued by the Standing Interpretations Committee of the IASC SMEs Small and Medium-sized Entities XBRL Extensible Business Reporting Language XML Extensible Markup Language 1 IFRS in your pocket |2021 Foreword Welcome to the 2021 edition of IFRS in your pocket. IFRS in your pocket is a comprehensive summary of the current IFRS Standards and Interpretations along with details of the projects on the standard-setting agenda of the International Accounting Standards Board (Board). Backing this up is information about the Board and an analysis of the use of IFRS Standards around the world. This combination has made IFRS in your pocket an annual, and indispensable, worldwide favourite. It is the ideal guide, update and refresher for everyone involved.
    [Show full text]
  • IAS 1 Classification of Liabilities As Current Or Non-Current
    January 2020 IFRS® Standards Classification of Liabilities as Current or Non-current Amendments to IAS 1 Classification of Liabilities as Current or Non-current Amendments to IAS 1 Classification of Liabilities as Current or Non-current is published by the IFRS Foundation (Foundation). Disclaimer: To the extent permitted by applicable law, the International Accounting Standards Board (Board) and the Foundation expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. ISBN: 978-1-911629-66-5 Copyright © 2020 IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. Please contact the Foundation for further details at [email protected]. Copies of Board publications may be obtained from the Foundation’s Publications Department. Please address publication and copyright matters to [email protected] or visit our webshop at http:// shop.ifrs.org. The Foundation has trade marks registered around the world (Marks) including ‘IAS®’, ‘IASB®’, the IASB® logo, ‘IFRIC®’, ‘IFRS®’, the IFRS® logo, ‘IFRS for SMEs®’, the IFRS for SMEs® logo, the ‘Hexagon Device’, ‘International Accounting Standards®’, ‘International Financial Reporting Standards®’, ‘NIIF®’ and ‘SIC®’. Further details of the Foundation’s Marks are available from the Foundation on request. The Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, USA and operates in England and Wales as an overseas company (Company number: FC023235) with its principal office in the Columbus Building, 7 Westferry Circus, Canary Wharf, London, E14 4HD.
    [Show full text]