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IFRS AAG 31 Dec 2020

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IFRS AAG 31 Dec 2020 IFRS AT A GLANCE As at 31 December 2020 IFRS at a Glance (IAAG) has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. IAAG includes all IFRSs in issue as at 31 December 2020. If a Standard or Interpretation has been revised with a future effective date, the revised requirement has also been included and is identified by an (R) suffix. 2 Table of contents IFRS 1 FIRST-TIME ADOPTION OF IFRSs 4 IAS 38 INTANGIBLE ASSETS 95 IFRS 2 SHARE-BASED PAYMENT 6 IAS 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT 97 IFRS 3 BUSINESS COMBINATIONS 8 IAS 40 INVESTMENT PROPERTY 104 IFRS 4 INSURANCE CONTRACTS 10 IAS 41 AGRICULTURE 106 IFRS 5 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS 11 IFRIC 1 CHANGES IN EXISTING DECOMMISSIONING, RESTORATION AND SIMILAR LIABILITIES 107 IFRS 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES 12 IFRIC 2 MEMBERS’ SHARES IN CO-OPERATIVE ENTITIES AND SIMILAR INSTRUMENTS 108 IFRS 7 FINANCIAL INSTRUMENTS: DISCLOSURES 13 IFRIC 5 RIGHTS TO INTERESTS ARISING FROM DECOMMISSIONING, RESTORATION AND ENVIRONMENTAL 109 IFRS 8 OPERATING SEGMENTS 15 REHABILITATION FUNDS IFRS 9 FINANCIAL INSTRUMENTS 16 IFRIC 6 LIABILITIES ARISING FROM PARTICIPATING IN A SPECIFIC MARKET: WASTE ELECTRICAL AND 110 IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS 26 ELECTRONIC EQUIPMENT IFRS 11 JOINT ARRANGEMENTS 30 IFRIC 7 APPLYING THE RESTATEMENT APPROACH UNDER IAS 29 FINANCIAL REPORTING IN 111 IFRS 12 DISCLOSURE OF INTERESTS IN OTHER ENTITIES 34 HYPERINFLATIONARY ECONOMIES IFRS 13 FAIR VALUE MEASUREMENT 37 IFRIC 9 REASSESSMENT OF EMBEDDED DERIVATIVES 112 IFRS 14 REGULATORY DEFERRAL ACCOUNTS 41 IFRIC 10 INTERIM FINANCIAL REPORTING AND IMPAIRMENT 113 IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 43 IFRIC 12 SERVICE CONCESSION ARRANGEMENTS 114 IFRS 16 LEASES 51 IFRIC 14 IAS 19: THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING REQUIREMENTS AND THEIR 115 IFRS 17 INSURANCE CONTRACTS 56 INTERACTION IAS 1 PRESENTATION OF FINANCIAL STATEMENTS 62 IFRIC 16 HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION 116 IAS 2 INVENTORIES 64 IFRIC 17 DISTRIBUTION OF NON-CASH ASSETS TO OWNERS 118 IAS 7 STATEMENT OF CASH FLOWS 65 IFRIC 19 EXTINGUISHING FINANCIAL LIABILITIES WITH EQUITY INSTRUMENTS 119 IAS 8 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS 66 IFRIC 20 STRIPPING COSTS IN THE PRODUCTION PHASE OF A SURFACE MINE 120 IAS 10 EVENTS AFTER THE REPORTING PERIOD 67 IFRIC 21 LEVIES 121 IAS 12 INCOME TAXES 68 IFRIC 22 FOREIGN CURRENCY TRANSACTIONS AND ADVANCE CONSIDERATION 123 IAS 16 PROPERTY, PLANT AND EQUIPMENT 69 IFRIC 23 UNCERTAINTY OVER INCOME TAX TREATMENTS 124 IAS 19 EMPLOYEE BENEFITS 71 SIC-7 INTRODUCTION OF THE EURO 126 IAS 20 GOVERNMENT GRANTS 73 SIC-10 GOVERNMENT ASSISTANCE: NO SPECIFIC RELATION TO OPERATING ACTIVITIES 127 IAS 21 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES 74 SIC-25 INCOME TAXES: CHANGES IN THE TAX STATUS OF AN ENTITY OR ITS SHAREHOLDERS 128 IAS 23 BORROWING COSTS 75 SIC-29 SERVICE CONCESSION ARRANGEMENTS: DISCLOSURE 129 IAS 24 RELATED PARTY DISCLOSURES 76 SIC-32 INTANGIBLE ASSETS: WEBSITE COSTS 130 IAS 26 ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLANS 78 IAS 27 SEPARATE FINANCIAL STATEMENTS 79 IAS 28 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 81 IAS 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES 84 IAS 32 FINANCIAL INSTRUMENTS: PRESENTATION 87 IAS 33 EARNINGS PER SHARE 88 IAS 34 INTERIM FINANCIAL REPORTING 89 IAS 36 IMPAIRMENT OF ASSETS 91 IAS 37 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS 93 3 Effective Date Page 1 of 2 Periods beginning on or after 1 July 2009 IFRS 1 First-time Adoption of IFRSs SCOPE GENERAL REQUIREMENTS IFRS 1 does not apply to entities already reporting under IFRSs Select IFRS accounting policies using either: IFRS 1 applies to the first set of financial statements that contain an explicit and unreserved ‒ IFRSs that are currently effective; or statement of compliance with IFRSs ‒ One or more IFRSs that are not yet effective, if those new IFRS permit early adoption. IFRS 1 applies to any interim financial statements for a period covered by those first Recognise/derecognise assets and liabilities where necessary so as to comply with IFRSs financial statements that are prepared under IFRSs. Reclassify items that the entity recognised under previous accounting framework as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity under IFRS Apply IFRSs in measuring all recognised assets and liabilities. 4 Effective Date Page 2 of 2 Periods beginning on or after 1 July 2009 IFRS 1 First-time Adoption of IFRSs RECOGNITION AND MEASUREMENT OPTIONAL EXEMPTIONS MANDATORY EXCEPTIONS OPENING IFRS STATEMENT OF FINANCIAL POSITION IFRS 1 does not permit these to be applied by analogy IFRS 1 prohibits retrospective application in relation to the following: An opening IFRS Statement of Financial Position is prepared at the date of transition to other items Estimates All IFRSs are applied consistently across all reporting periods in the entity’s first set An entity may elect to use one or more of the following exemptions, Derecognition of financial assets and financial liabilities of IFRS compliant financial statements (i.e. both the comparatives and the current which provide specific relief, on adoption of IFRSs: Hedge accounting reporting period) Business combinations Non-controlling interests. If a standard is not yet mandatory but permits early application, an entity is permitted, Share-based payment transactions but not required, to apply that Standard in its first IFRS set of financial statements. Insurance contracts Fair value or revaluation as deemed cost Use of revalued amount as deemed cost for ‘event driven fair values’ between transition date and date of the first IFRSs reporting ACCOUNTING POLICIES PRESENTATION AND DISCLOSURE period Use the same accounting policies in the opening IFRS statement of An entity’s first set of financial statements are required to present at least three statements Deemed cost for assets used in operations subject to rate regulation financial position and throughout all periods presented in the first of financial position and two statements each of statements of comprehensive income, IFRS financial statements income statements (if presented), statements of cash flows and statements of changes Leases Those accounting policies have to comply with each IFRS effective in equity, related notes and in relation to the adoption of IFRSs, the following: Cumulative translation differences at the end of the first IFRS reporting period. A reconciliation of equity reported under previous accounting framework to equity Investments in subsidiaries, joint ventures and associates Changes in accounting policies during first year of IFRS under IFRSs: Assets and liabilities of subsidiaries, associates and joint ventures If, between the date of an entity’s interim financial report (prepared ‒ At the date of transition to IFRSs Compound financial instruments in accordance with IAS 34 Interim Financial Reporting) and the issue ‒ At the end of the latest period presented in the entity’s most recent annual financial Designation of previously recognised financial instruments of its first annual IFRS financial statements, and entity changes statements under previous accounting framework. Fair value measurement of financial assets/liabilities at initial recognition accounting policies and/or adopts exemptions: A reconciliation of total comprehensive income reported under previous accounting The requirements of IAS 8 Accounting Policies, Changes framework to total comprehensive income under IFRSs for the entity’s most recent annual Decommissioning liabilities included in the cost of property, plant and equipment in Accounting Estimates and Errors do not apply financial statements under previous accounting framework The reconciliation between IFRSs and previous GAAP has Interim financial reports: Financial assets or intangible assets accounted for in accordance with IFRIC 12 Service Concession Arrangements to be updated. ‒ In addition to the reconciliations above, the entity is also required to provide: ‒ A reconciliation of equity reported under its previous accounting framework Borrowing costs to equity under IFRSs at the end of the comparable interim period, and Extinguishing financial liabilities with equity instruments accounted ‒ A reconciliation of total comprehensive income reported under its previous accounting for in accordance with IFRIC 19 -Extinguishing Financial Liabilities REPEAT APPLICATION OF IFRS 1 with Equity Instruments framework to total comprehensive income under IFRSs for the comparative interim period, and Joint arrangements An entity that has applied IFRSs in a previous reporting period, but ‒ Explanations of the transition from its previous accounting framework to IFRS. Severe hyperinflation whose most recent previous annual financial statements do not Any errors made under the previous accounting framework must be separately Government loans contain an explicit and unreserved statement of compliance with distinguished Stripping costs in the production phase of a surface mine in IFRSs, must either apply IFRS 1 or else apply IFRSs retrospectively in accordance with IFRIC 20 Stripping Costs in the Production Phase accordance with IAS 8 Accounting Policies, Changes in Accounting Additional disclosure
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