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International Financial Reporting Standards

The views expressed in this presentation are those of thepresenter,not necessarily those of the IASB or IFRS Foundation.

IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Overview ofdisplay related

IFRSsJoint World Bank and IFRS Foundation trainthe trainers workshop hosted by the ECCB,30 April to 4 May 2012

KThe views expressed in this presentation are those of thepresenter, not necessarily those of the IASB or IFRS Foundation.

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IAS 1 sets out overall requirements forpresenting financial statements, guidelines fortheir structure and minimum requirements forcontent.

the nature and amount of economic resources(and claims) is useful because different types ofresources affect a users assessment of theentitys prospects for future cash flows

differently. information about the variability and

components of the return produced is useful inassessing the uncertainty of future cash flows.

3Introduction


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A complete set of financial statements comprises astatement of financial position, statement of profit orloss and comprehensive income, statement ofchanges in equity, statement of cash flows & notes

(paragraph 10). Refer to the Implementation Guidance to IAS 1 inPart B.

Financial statements must present fairly thefinancial position, financial performance and cashflows of an entity (paragraph 15).

complying with IFRSs (with additional disclosures)is presumed to result in a fair presentation.

4Financial Statements


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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 areimmaterial

Materiality is determined by the potential of the information, or itsomission, to influence economic decisions made by users of thefinancial statements

Materiality is entity specific

5


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Examples materiality decisionsIs the error material? Ex 1: Before its 20X8 FS approved for

issue discovered depreciation expense for20X8 overstated by CU150. Ignored the

error (reported profit for 20X8 atCU600,000, ie understated by CU150). Ex 2: Same as Ex 1, except had the error

been corrected the entity would havebreached a borrowing covenant on asignificant long-term liability.

6


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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 entitysoperations another alternative would be moreappropriate.

7


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Current/non-current distinction

Presentation of current and non current assetsand liabilities as separate classifications on theStatement 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

8


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9Current/non-current distinction continued

Make current/non-current distinction unlessliquidity presentation is reliable and morerelevant

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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10Current asset

Current asset if expect to realise, sell or consume in

entitys 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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11Example 1 current assets

Entity A produces whisky from barley,water and yeast in a 24-month distillation

process. Inventories include barley and

yeast raw materials, partly distilledwhisky and distilled whisky.

Current assets expected to be realised(ie turned into cash) in the entitys normaloperating cycle.


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12Example 2 current assets

On 1/1/20X7 B invested CU900,000 incorporate bonds.

Fixed interest of 5% per year is payableon 1 January each year.

Capital is repayable in 3 annual

instalments of CU300,000 each starting31/12/20X8.


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13Example 2 continued

At 31/12/20X7 A presents current assets CU45,000 accrued

interest & CU300,000 capital

repayable on 31/12/20X8 expectedto be realised within 12 months

non-current asset CU600,000 in +12

months


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14Current liability

Current liability if expect to settle in entitys 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 12months after reporting date


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15Example 1 current liabilities

An obligation to suppliers for the purchase of raw materials.

Current liability expected to settle(ie pay) the supplier in the entitysnormal operating cycle.


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At 31/12/20X7 A was in breach of acovenant in a loan that is otherwiserepayable 3 years later. The breachentitles (but does not oblige) the bank torequire immediate repayment.

At 31/12/20X7 the loan is a currentliabilityat 31/12/20X7 A does not havean unconditional right to defer settlementfor at least 12 months.


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Same as in Ex 2 except after the end ofthe reporting period (31/12/20X7) andbefore the financial statements wereapproved for issue, the bank formallyagreed not to demand early repaymentof the loan.

At 31/12/20X7 the loan is a currentliabilityat 31/12/20X7 A does not havean unconditional right to defer settlementfor at least 12 months.


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Comparison to the IFRS fo r SMEs

Section 3 Financial Statement Presentation ,Section 4 Statement of Financial Position ,Section 5 Statement of Comprehensive Income andIncome Statement, Section 6 Statement ofChanges in Equity and Statement of Income andRetained Earnings and Section 8 Notes to theFinancial Statements provide information similar tothat contained in IAS 1.

The IFRS for SMEs simplifies presentation anddoes not require the following:

presentation of operating segments information presentation of EPS

18


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Retrospective restatement in full IFRSs requirespresentation of three statements of financial position.The IFRS for SMEs requires only two.

The IFRS for SMEs permits an entity to present astatement of income and retained earnings in place ofthe statement of comprehensive income and statementof changes in equity if the only changes to its equityduring the periods for which financial statements arepresented arise from profit or loss, payment ofdividends, corrections of prior period errors, andchanges in accounting policy (see paragraph 3.18).This option does not exist in full IFRSs.

19


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The IFRS for SMEs has only three items of othercomprehensive income (OCI) translating the financialstatements of a foreign operation, some changes in fairvalues of hedging instruments and actuarial gains andlosses of defined benefit plans. Full IFRSs have moreitems of comprehensive income (eg gains on therevaluation of property, plant and equipment andintangible assets).

If the entity that applies full IFRSs classifies itsexpenses by function, it is also required to discloseinformation on the nature of expenses. The IFRS forSMEs does not explicitly require these additionaldisclosures of expenses by nature.

20


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Preparing financial statements requires judgementand the use of estimates (eg materiality judgementsand going concern assessments when it isdoubtful whether the entity has no realisticalternative but to liquidate).

IAS 1 requires disclosure of: judgements that management has made in the

process of applying the entitys accountingpolicies that have the most significant effect

Information about major sources of estimationuncertainty.

21Judgement and Estimates


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Preparing financial statements requires judgementregarding the best way in which to present financialinformation

Financial statements are, generally, prepared on

the going concern basis judgement may berequired when determining whether this basis isappropriate.

22Judgement and Estimates continued


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The views expressed in this presentation are those of thepresenter,not necessarily those of the IASB or IFRS Foundation

IAS 7Statement of Cash Flows

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IAS 7 requires disclosures about the historicalchanges in cash and cash equivalents of an entity(refer to the Illustrative Examples to IAS 7 in Part Bfor illustrative disclosure).

That information helps users to: assess the entitys ability to generate future net

cash inflows. It indicates how the reporting entityobtains and spends cash.

understand a reporting entitys operations, evaluateits financing and investing activities, assess itsliquidity or solvency and interpret other informationabout financial performance.

24Introduction


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Cash flows are classified by activities:operating; investing; and financing.

Investing activities are the acquisition anddisposal of long-term assets and investmentsthat are not cash equivalents (paragraph 16).

Financing activities are changes in the equitycapital and borrowings of the entity (paragraph17).

Operating activities are the revenue-producingactivities of the entity, and all activities that arenot investing or financing.

25Classification of activities


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26Example 1 In 20X7 A acquires 50% of the equity of B for

CU110 when Bs cash and cash equivalents =CU10. From 1/1/20X7 A controls B (ie B is asubsidiary 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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27Example 1 continued

The group (A & B consolidated) would presenta cash flow in the investing activities sectionfor 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 financingactivities


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There is a choice of ways of presenting cashflows from operating activities (paragraph18):

the direct method gross cash receipts andgross cash payments are shown(paragraph 19). This method is encouraged.

the indirect method profit or loss isadjusted to determine operating cash flow

(paragraph 20).

28Direct method or indirect method


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Other considerations

Reporting on a net basis paragraph 22 illustrates cash flows that may be

reported on a net basis (ie cash receipts from itemswith a quick turnover)

Foreign currency cash flows (paragraphs 25 28) recorded in an entitys functional currency. translation may give rise to exchange differences.

Interest and dividends disclosed separately and presentation must beconsistent from period to period (ie which activity)

29


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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)

30


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IFRS for SMEs does not explicitly: encourage entities to report cash flows from

operating activities using the direct method (seeparagraph 19 of IAS 7 Statement of Cash Flows ,).

require the reporting of particular cash flows on anet basis (see paragraph 22 IAS 7 Statement ofCash Flows ).

31


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The appropriate classification of cash flows intoeach one of the activities reflectsmanagements judgement.

The information conveyed by a statement of

cash flows depends on the items treated ascash and cash equivalents. Cash equivalentshave a short maturity (three months at most)and exclude equity investments.

32Judgements and estimates


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IAS 8

Accounting Policies, Changes in Accounting Estimates and Errors

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IAS 8 sets out the criteria for selecting andchanging accounting policies and specifies theaccounting when an accounting policy ischanged.

focus is on providing relevant and comparableinformation in a cost-beneficial manner.

It also specifies disclosures about changes in

accounting policies, changes in accountingestimates and corrections of prior period errors.

34Introduction


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35Accounting Policies

Disclose relating to accounting policies: measurement bases used other relevant accounting policies used information about judgements made in

applying accounting policies that havethe most significant effect on the FS

information about key sources ofestimation uncertainty that have asignificant risk of causing a materialadjustment within 1 year (including theirnature and carrying amount)


Judgements

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Examples: Whether outflow is more likely than not re

a present obligation = recognise aliability?

Whether a lease transfers substantially all

risks and rewards of ownership = financeor 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?

Judgements applying accounting policies 36


Accounting policy when no

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When no IFRS requirement specifically appliesto a transaction or event, management uses judgement to develop and apply an accountingpolicy that results in relevant and reliable

information (paragraph 10). In making that judgement management considers (paragraphs11 and 12):

first, IFRSs that deal with similar issues

then the definitions, recognition criteria andmeasurement concepts in the Framework

optional current standards based on a similarconceptual framework.

37

Accounting policy when nospecific requirement


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May only change policy if required to or resultinginformation 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 (paragraph19(a)). In other cases, changes in accounting policies are

applied retrospectively (ie prior period amounts areadjusted as if the new policy had always beenapplied) (paragraph 19(b)).

Disclosure is made about the change and its effecton the financial statements refer to paragraph 22.

38Changes in an accounting policies


Example 1 voluntary change of

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39

Example 1 voluntary change ofaccounting policy

In 20X7 A voluntarily changed anaccounting policy. The cumulative effect ofthe change is a decrease of CU100,000 inretained earnings at 1/1/20X7 (ie CU25,000less profit for each of the past four years).The entity presents two years ofcomparative information.Presented as a restatement of:

retained earnings at 1/1/20X5 reduce byCU50,000

profit 20X5 & 20X6 reduce by CU25,000each


Example 2 voluntary change of

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40

Example 2 voluntary change ofaccounting policy

Facts same as Ex 1. Except, it is impracticableto determine the individual period effects of thechange of policy.

Presented as a restatement of: retained earnings at 1/1/20X7 reduce by

CU100,000 (no adjustment to 20X5 and20X6)

additional disclosures


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Many items in financial statements cannot bemeasured with precision and can only beestimated.

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 futureperiods affected (paragraph 36).

prior period amounts are not adjusted.

41Accounting estimates


Example change in accounting

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42

Example change in accountingestimate On 1/1/20X1 A buys yacht for CU1,000,000.

Useful life = 30 years. Residual value =CU100,000. Straight-line method ofdepreciation.

At 31/12/20X9, as a result of research in 20X9, A reassessed the yacht as follows: useful life at20 years from 1/1/20X1; residual value at nil;fair value at CU800,000; and straight-linedepreciation as most appropriate method.


Example change in accounting

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43

Example change in accountingestimate continued

The reassessment of the yachts useful life andits residual value are changes in accountingestimates. The revised assessments areappropriately made on the basis of newinformation that arose from research performedin the current reporting period 20X9.*


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Errors can arise from mistakes and oversightsor misinterpretations of available information.

Errors are corrected in the first set of financialstatements issued after their discovery.

Prior period amounts are restated as if the errorhad never occurred.

The error and the effect of its correction on thefinancial statements are disclosed.

44Errors


Example prior period error or change

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45

Example prior period error or changein estimate, or both?

Same as Ex on slide 42, except, the researchwas publicly available in late 20X5. A believedthe research to be valid but chose to ignore ituntil 20X9.

As 20X5 20X8 financial statements includeerrors. The comparative figures in its 20X9financial statements must be restated tocorrect the effects of the prior period errors [ifmaterial].


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IAS 8 and Section 10 Accounting Policies,Estimates and Errors of the IFRS for SMEs sharethe same principles.

However, the hierarchy applied in the absence of

an explicit requirement is different.

46


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Developing an accounting policy in the absenceof a specific IFRS requirement requires

judgement. As a result of the uncertainties inherent in

business activities, many items in financialstatements are estimated. Estimation involves

judgements based on the latest available,reliable information.

Disclosing known or reasonably estimableeffects of the application of a new, but not yeteffective, IFRS will have on the entity.



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An entity may voluntarily change an accountingpolicy only if the change will leads to reliableand more relevant information determiningwhether this is the case involves judgement

When correcting prior-period errors judgementmust be applied. For example in determining whether the prior period error is material

whether is it practicable to determine theperiod-specific effects of an error oncomparative information



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IAS 10Events after the Reporting Period

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Specifies accounting and reporting for events(favourable and unfavourable) that occurbetween the end of the reporting period and thedate when the financial statements areauthorised for issue.

Those events could affect a users resourceallocation decision even if they are indicative ofconditions that arose after the end of thereporting period.

How to report the event depends on whetherthe event is indicative of a condition that existedat the end of the reporting period.

50Introduction


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Adjust financial statements for those eventsafter the reporting period that provide evidenceof conditions that existed at the end of thereporting period.

For example settling a court case after theend of the reporting period confirms theexistence of the present obligation at theend of the reporting period and removesuncertainties about the amount of theobligation.

Further examples are contained inparagraph 9.

51Principle for adjusting events


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Do not adjust recognised amounts forconditions that are indicative of conditions thatarose after the end of the reporting period

Dividends declared after the reporting periodare not a liability at the end of the reportingperiod because, at that time, there is noobligation.

However, disclose the nature and estimatedfinancial effect of non-adjusting events

For example, changes in the market value ofinvestments or effects of changes in currencyexchange rates after the reporting period.

52Principle for non-adjusting events


Example events after the end of the

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53

Example events after the end of thereporting period

At 31/12/20X7 when performing its year-end physical stock count managementobserved the entitys inventory in its newlyconstructed warehouse was undamaged.

In early January 20X8 much of the entitysinventory in its warehouse was damaged byrain water that poured through a gapingcrack in the warehouse wall. The crack firstbecame visible in January 20X8.

Discussion question are the eventsdescribed above adjusting or non-adjustingevents after the end of the reporting period?


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IAS 10 and Section 32 Events after the Endof the Reporting Period of the IFRS forSMEs share the same principles.

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Judging the materiality threshold for thedisclosure of non-adjusting events such as amajor business combination or disposal, a planto discontinue an operation, fire affecting a

major production plant, changes in tax rates ortax laws enacted or announced after thereporting period.

Events after the reporting period may require an

assessment of the applicability of the goingconcern assumption at reporting date.



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IFRS 5Non-current Assets Held for

Sale and DiscontinuedOperations

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Introduction

Information about an entitys non -current assetsheld for sale and its discontinuing operationsassists users assess the amount, timing anduncertainty of (the prospects for) future net cash

inflows to the entity which is useful to them inmaking decisions about providing resources to theentity.

Non-current assets held for sale are to be

recovered through proceeds from sale (not use) no future cash flows from discontinued

operations

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The standard comprises classification and presentationrequirements and measurement provisions (notemeasurement scope exclusions in paragraph 5).

A non- current assets is classified as held for sale if itscarrying amount will be recovered principally through asale transaction, rather than through continuing use(paragraph 6).

Non-current assets held for sale are measured at thelower 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 arepresented separately as current assets on thestatement of financial position. Associated liabilitiespresented separately from other liabilities (paragraph38). Refer to IFRS 5 IG: Example 12 in Part B.

58Non-current assets held for sale


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A discontinued operation is a component of anentity that either has been disposed of or isclassified as held for sale (paragraph 32).

The component must be a major line of

business, a geographical area of operations, ora subsidiary that was acquired exclusively forresale.

Discontinued operations are presented

separately within profit or loss in the statementof comprehensive income and the statement ofcash flows (paragraph 33).

Refer to IFRS 5 IG: Example 11 in Part B.

59Discontinued operations


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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 ofimpairment which triggers an impairment test.

Unlike full IFRS, the IFRS for SMEs no otherspecific classification, presentation or measurement

requirements.

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The classification of an asset as held for saleis based on actions taken by managementbefore the end of the reporting period andmanagements expectation that a sale will be

achieved. The asset must be available for immediate salein its present condition (subject only to termsthat are usual and customary for sales of suchassets).

The sale must be highly probable (appropriatemanagement commitment, actively seeking abuyer, reasonable price, 12 month limit).



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Measuring the fair value less costs to sell ofassets held for sale (absent an active market).

62Judgements and estimates continued


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IFRS 8Operating Segments

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Many entities are diversified or multinationaloperations or both. Their products and services, orthe geographical areas in which they operate, maydiffer in profitability, future prospects and risks.

Consequently, segment information might be morerelevant than consolidated or aggregated data forusers in assessing risks and returns of an entity.

Standard applies to entities or groups withpublically traded debt or equity or whose financialstatements are filed with a securities commission orregulatory organisation (paragraph 2).

64Introduction


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IFRS 8 requires disclosure of information aboutan entitys operating segments, its products andservices, the geographical areas in which itoperates, and its major customers.

This information assists users to evaluate theentitys business activities and the environmentin which it operates. That assists users to

better assess the prospects for future net cashinflows to the entity which is useful in makingdecisions about providing resources to theentity.

65Introduction continued


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Operating segments are components of an entity about

which discrete financial information is available andwhich the chief operating decision maker regularlyevaluates in deciding how to allocate resources and inassessing performance (paragraph 5).

The financial information reported is the same as thechief operating decision maker (a function, not a title)uses.

the measure of each operating segment must be the one usedby the chief operating decision maker (paragraph 25).

Providing information through the eyes of managementenhances a user's ability to predict actions or reactionsof management that can significantly affect the entitysprospects for future cash flows.

66Identifying operating segments


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Information must be reported for all operating segments

identified. If operating segments exhibit similar long-term financial

performance and have similar economic characteristicssuch segments may be aggregated for reportingpurposes (paragraph 12).

Certain operating segments may not form part ofaggregated information and must be presentedseparately. Determination of such segments is basedon quantitative thresholds (paragraph 13).

Refer to IFRS 8 IG 7 in Part B for a diagram illustratingthe main provisions for identifying reportable operatingsegments.

67Reportable operating segments


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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 inthe entitys financial statements

changes in the measurement of segmentamounts from period to period.

68Disclosure


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An entity must report a measure of operatingsegment profit or loss and of segment assets.It must also report a measure of segmentliabilities 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 revenuesand holds assets, and about major customers.

69Disclosure continued


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There are no specific requirements relating tooperating segments in the IFRS for SMEs .

Presentation of operating segment information isnot required.

70


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Identifying the entitys chief operating decisionmaker (as a function, not a specific title). matrix form of organisations require

management judgement to segmentation thatsatisfy IFRS 8s objective.

Identifying which operating segments can beaggregated

Identifying reportable segments that do notmeet the quantitative threasholds for reportablesegments.



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IAS 24Related Party Disclosures

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The standard is applied to determine related partyrelationships, identify outstanding balancesbetween such parties and the identification of whenand what disclosure is necessary.

Related party disclosures highlight the possibilitythat the entitys financial position and profit or lossmight have been affected by the existence ofrelated parties and by transactions and outstandingbalances with such parties.

Related party disclosures could affect a usersresource allocation decision based on the entitysfinancial statements.

73Introduction


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IAS 24.9 A person or a close member of that persons

family is related to the reporting entity if thatperson:

has control, joint control or significant influenceover the reporting entity

is a member of the key management personnel

of the reporting entity (or its parent)

74Related party


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An entity is related to a reporting entity when:

they are both members of the same group(which means that each parent, subsidiary andfellow subsidiary is related to the others)

one entity is an associate or joint venture of theother entity

both entities are joint ventures of the same thirdparty

one entity is a joint venture of a third party andthe other is an associate of the third party

75Related party continued


Example 1

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76

Entity X

Entity A Entity B

From As perspective is B arelated party (and vice versa)?

identifying related parties 76


Example 1 d f l d

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77

identifying related parties continued 77

Xs influence over B Control Jointcontrol

Significantinfluence

Xs

influenceover A

Control Yes, relatedparty

Yes, related

party

Yes, related

party Jointcontrol

Yes, relatedparty

Yes, relatedparty

Yes, relatedparty

Significant

influence

Yes, related

party

Yes, related

party

Notnecessarily

related


Example 2

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78

Family X

Entity A Entity B

From As perspective is B arelated party (and vice versa)?

identifying related parties 78


Example 2 id if i l d i

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79

identifying related parties continued 79

Family X s influence over Entity B Control JC KMP SI

FamilyXsinfluenceover

Entity A

Control Yes,

relatedparty

Yes,relatedparty

Yes,relatedparty

Yes,relatedparty

JC Yes,relatedparty

Yes,relatedparty

Yes,relatedparty

Yes,relatedparty

KMP Yes,

relatedparty

Yes,relatedparty

Notnecessarilyrelated


SI Yes,

relatedparty

Yes,relatedparty




Di l

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the name of the reporting entitys parent and, if

different, its ultimate controlling entity,irrespective of whether there have beentransactions between them.

details of key management personnelcompensation in total and by category of benefit(ie short-term employee benefits, share-basedpayment).

the nature of the related party relationship

80Disclosures


Di l

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details by category of related party of thetransactions and outstanding balances,including commitments, to enable users tounderstand the potential effect of the

relationship on the financial statements.

81Disclosures continued


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C i t th IFRSf SME

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Differences between Section 33 Related PartyDisclosures 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 specificto Section 33 disclosure has been simplified in Section 33

Key management personnel compensation mustonly be provided in total

Fewer disclosures are required when thegovernment-related entities exemption is used

83


J d t d ti t

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Identifying related parties focus on substance of arelationship rather than merely its legal form.

Identifying the degree of influence exerted by oneparty on the other (ie control or significantinfluence).

identifying key management personnel depends onthe level of authority and responsibility and mayinclude seconded staff and people engaged underoutsourcing contracts.

identifying close members of the family of a keymanagement personnel involves judging whetherthat person is expected to influence (or beinfluenced by) by that person in their dealing withthe entity.



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2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

85Questions or comments?

Expressions of individual viewsby members of the IASB andits staff are encouraged.

The views expressed in thispresentation are those of thepresenter.

Official positions of the IASB onaccounting matters aredetermined only after extensive

due process and deliberation.


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The requirements are set out in International FinancialReporting Standards (IFRSs) , as issued by the IASB at1 January 2012 with an effective date after 1 January2012 but not the IFRSs they will replace.

The IFRS Foundation, the authors, the presenters andthe publishers do not accept responsibility for losscaused to any person who acts or refrains from actingin reliance on the material in this PowerPointpresentation, whether such loss is caused by

negligence or otherwise.

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