Annual improvements to International Financial Reporting Standards (2012)

Find out what you need to know about the International Accounting Standards Board’s (IASB) 2012 annual improvements to International Financial Reporting Standards (IFRS) with this Chartered Professional Accountants of Canada (CPA Canada) financial reporting alert.

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Make sure your reporting and accounting systems are up to date with this financial reporting alert explaining the IASB’s 2012 changes to IFRS. Learn about the nature and significance of amendments to the following standards:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards (repeat application of IFRS 1)
  • Appendix D of IFRS 1 First-time Adoption of International Financial Reporting Standards (borrowing costs exemption)
  • IAS 1 Presentation of Financial Statements (clarification on comparative information)
  • IAS 16 Property, Plant and Equipment (treatment of spare parts)
  • IAS 32 Financial Instruments: Presentation (income tax and transactions recognized in equity)
  • IAS 34 Interim Financial Reporting (segment information)

How you will benefit

Understand why these changes matter to you, and their implications for subjects such as:

  • how to apply IFRS to your entity
  • whether to classify spare parts and servicing equipment as inventory or as property, plant and equipment
  • how to present and disclose comparative information in financial statements
  • what are the income tax considerations relating to distributions to the holders of an equity instrument, and to the transaction costs of an equity transaction

Highlights

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