International Financial Reporting Standard Checklist

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International Financial Reporting Standards
Workbook 2011
Terms of Use
By using this Excel workbook, you are agreeing to the following terms. If you do not agree to the following terms, then you are not allowed to use
this workbook and should immediately terminate such usage.
This workbook summarises the recognition, measurement, presentation and disclosure requirements set out in International Financial Reporting
Standards (IFRSs) in issue as of 30 June 2011. IFRSs include Standards as issued by the International Accounting Standards Board (IASB) and the
former International Accounting Standards Committee and Interpretations as issued by the IFRS Interpretations Committee and the former
Standing Interpretations Committee. Although this workbook may be used to assist generally in considering compliance with the requirements of
the IFRSs, it is not a substitute for your understanding of such pronouncements and the exercise of your judgement.
You are presumed to have a thorough understanding of the IFRSs and should refer to their text, as necessary, in considering particular items in this
workbook. The items in this workbook are referenced to the applicable sections of the actual IFRSs.
This workbook is provided to you solely for your individual, non-commercial use, and should not be provided to any other person or entity.
This workbook is not a substitute for professional advice or services, nor should it be used as the basis for any decision or action that may affect
your business.
Please note that, while every effort has been made to ensure that this workbook is complete in terms of the IFRS recognition, measurement,
presentation and disclosure requirements, users will inevitably be required to exercise professional judgement based on specific circumstances
(e.g., the determination as to whether financial statements achieve a fair presentation of the financial position, financial performance and cash
flows of an entity). This workbook is merely an enabling tool that does not address such judgemental issues. Users of this workbook are advised to
consult IFRS specialists in that regard.
The detailed recognition, measurement, presentation and disclosure points generally require a "Yes", "No" or "N/A" response. Depending on the
response, you may need to take further action. A "Yes" response does not necessarily result in compliance with IFRSs.
IFRSs are constantly changing. It is your responsibility to maintain current knowledge of IFRSs which may impact the content of this workbook.
Disclaimer of Liability
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None of (1) the member firm that provides this workbook to clients, (2) Deloitte Touche Tohmatsu Limited, or (3) any other
member firm of Deloitte Touche Tohmatsu Limited or any of their respective subsidiaries, affiliates and related entities, is by means
of this workbook rendering accounting or other professional advice or services, and none of the foregoing shall be responsible in
any way whatsoever for any loss sustained by any person or entity that relies on this workbook.
IMPORTANT INSTRUCTIONS FOR USING THIS WORKBOOK
Warning
While every effort has been made to ensure that this checklist is complete in terms of the requirements of International Financial
Reporting Standards (IFRSs), users will inevitably be required to exercise professional judgement based on specific circumstances
(e.g. the determination as to whether financial statements achieve a fair presentation of the financial position, financial performance
and cash flows of an entity). This checklist is an enabling tool that does not address such judgemental issues. Consult with a qualified
advisor where issues are identified.
Important Excel Macro Programming Warnings
Please do not add or delete any rows or columns in the worksheets. Changing or deleting the response to a Tailoring Question (TQ) or sub TQ will
result in losing the answers already entered in the detailed compliance questions associated with the TQ or sub TQ.
File Structure
The workbook includes several types of worksheets :
- READ ME FIRST
The "READ ME FIRST" worksheet contains terms of use and important instructions for using this workbook.
- Summary
The "Summary" worksheet contains questions that may be used to summarise the results of this checklist as to whether the recognition,
measurement, presentation and disclosure requirements of IFRS have been met.
- Index
The "Index" worksheet provides an overview of all IFRS in this checklist. In this index, the user should indicate which IFRSs are applicable to the
entity. Please note that the default answer has been set to yes and should be changed if the IFRS is not applicable. For all applicable IFRSs, the
"Index" worksheet contains links to the Accounting compliance questionnaires and Presentation and disclosure checklists by standard. If the
Accounting compliance questionnaires and Presentation and disclosure checklists by standard only contain 1 tailoring question, the default answer
in the Accounting compliance questionnaire and Presentation and disclosure checklist will be automatically answered with "yes".
- AccountingTQSummary and PresentationTQSummary
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The "AccountingTQSummary" and "PresentationTQSummary" provide an overview of the answers to the main tailoring questions per IFRSs.
- Accounting compliance questionnaires (IAS/IFRS [standard number]A) and Presentation and disclosure checklists (IAS/IFRS [standard
number]P) by standard
The "Accounting compliance questionnaires" and the "Presentation and disclosure checklists" by standard contain tailoring and detailed questions
that will assist in determining whether the recognition, measurement, presentation and disclosure requirements of applicable IFRSs have been met.
- Consequential Amendments
Certain Standards, Amendments and Interpretations may amend other standards (consequential amendments). Consequential amendments are
generally included in the applicable worksheet for the affected standard except for those consequential amendments associated with the early
adoption of IFRS 13 Fair Value Measurement . Consequential amendments associated with the early adoption of IFRS 13 are included in a separate
worksheet (IFRS13 - Consq Amnd).
Colour Coding
All worksheets in this workbook follow a standard colour coding.
Certain Standards, Amendments and Interpretations are not effective for periods beginning on 1 January 2011. These are indicated in the checklist
by red colour coding. Earlier application of these requirements is generally permitted (see Standards/Amendments/Interpretations for specific
requirements). When such Standards, Amendments and Interpretations are applied for periods beginning before their effective dates, that fact is
generally required to be disclosed (see specific Standards/Amendments/Interpretations for details).
Dark blue : Main Tailoring Questions
Light violet : Sub-Tailoring questions
Light green : Guidance
Violet : Answer cell
Overall Questionnaire Structure
Every questionnaire includes five columns
- TQ : internal reference for a main tailoring question.
- Reference : where the reference to the related paragraph in the Standard, Amendment and Interpretation is indicated.
- Recognition/measurement requirement (Accounting questionnaire) or Presentation/disclosure requirement (Presentation and disclosure
checklist): Questions (tailoring, sub-tailoring and detailed compliance questions) and Guidance.
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- Yes/No/N/A : Answers. Exclusively Yes, No or N/A. In some cases, an option to select guidance is available.
- Comments : To be filled where a discrepancy with the Standard, Amendment or Interpretation is noted.
Process
Applicability
Starting from the Index page, the preparer selects by standard the applicability of the standard to the engagement by selecting "Yes" or "No" from
the dropdown box.
In case of a positive answer (by selecting "Yes" to the standard that is applicable), the questionnaire (Accounting and Presentation) relating to the
selected standard will appear in the workbook. The user will automatically be transferred, by clicking on the link, to the selected questionnaire.
Guidance
The user can decide whether he/she wants to show or hide the guidance in the questionnaire by selecting one of the options on the top of the
questionnaire. Guidance on individual questions will not automatically disappear if you answer "yes" or "no" to the question. The guidance on
individual questions can be hidden by selecting the "Hide" option at the top of the sheet.
Compliance
The questionnaire is to be filled in the suggested order, that corresponds to the logical flow of the standard.
An answer to a tailoring question may lead to sub-tailoring question(s) or to some detailed compliance questions.
By clicking on the answer cell, the user will be proposed a selection of options (Yes/No/N/A) and sometimes guidance. By selecting the guidance,
some additional content will be disclosed just below the question. The preparer then needs to go back to the initial question to answer Yes, No or
N/A.
The response in an answer cell can be deleted.
If the response to a tailoring question or sub-tailoring question is cleared, all the associated compliance questions will not be displayed on the
screen. The answer cell of the associated questions will be cleared automatically.
A negative answer to a detailed compliance question indicates, in the majority of the cases, non-compliance with the standard. A comment will
have to be inserted in the following column.
AccountingTQSummary and PresentationTQSummary
The answers (or the lack of an answer) to the main tailoring questions are automatically copied into the AccountingTQSummary /or
PresentationTQSummary worksheet (Hyperlink at the right top of the worksheet). The AccountingTQSummary and PresentationTQSummary
worksheets give an overview of the answers to the main tailoring questions. It does not provide an overview of non-compliance.
Deleted content of cell(s)
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In case the user works with an unprotected version and content is lost, the problem can be corrected as follows: (1) Unhide the rows with the
missing text. (2) Copy the missing text from a known good file and paste them in the worksheet where the content loss occurred and save the file.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network
of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed
description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world
collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are
members of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee. Each member firm provides
services in a particular geographic area and is subject to the laws and professional regulations of the particular country or
countries in which it operates. DTTL does not itself provide services to clients. DTTL and each DTTL member firm are separate and
distinct legal entities, which cannot obligate each other. DTTL and each DTTL member firm are liable only for their own acts or
omissions and not those of each other. Each DTTL member firm is structured differently in accordance with national laws,
regulations, customary practice, and other factors, and may secure the provision of professional services in its territory through
subsidiaries, affiliates, and/or other entities.
2011 Deloitte Touche Tohmatsu Limited
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The following areas of noncompliance were noted:
The following areas were identified that need further attention:
The following areas were identified that changed as compared to prior year:
Areas of change in accounting and presentation and disclosure requirements as compared to prior year:
SUMMARY OF CHECKLIST RESULTS
General
This worksheet may be used to summarise the results of this checklist as to whether the recognition, measurement, presentation and disclosure requirements of IFRS have been met:
Areas of noncompliance
Areas requiring further attention
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B
Follow-up:
Follow-up:
Follow-up:
Areas of change in accounting and presentation and disclosure requirements as compared to prior year:
SUMMARY OF CHECKLIST RESULTS
General
This worksheet may be used to summarise the results of this checklist as to whether the recognition, measurement, presentation and disclosure requirements of IFRS have been met:
Areas of noncompliance
Areas requiring further attention
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A B C G H J K
Standard Applicable Accounting Presentation
IFRS 1 -First-time Adoption of International Financial
Reporting Standards
Yes IFRS1A IFRS1P
IFRS 2 -Share-based Payment Yes IFRS2A IFRS2P
IFRS 3 -Business Combinations Yes IFRS3A IFRS3P
IFRS 4 -Insurance Contracts Yes IFRS4A IFRS4P
IFRS 5 -Non-current Assets Held for Sale and Discontinued
Operations
Yes IFRS5A IFRS5P
IFRS 6 -Exploration for and Evaluation of Mineral Resources Yes IFRS6A IFRS6P
IFRS 7 -Financial Instruments: Disclosures
(entity has not yet adopted IFRS 9)
Yes N/A IFRS7P
IFRS 7 -Financial Instruments: Disclosures
(entity has adopted IFRS 9) [effective 1 January 2013]
Yes N/A IFRS7P(amended)
IFRS 8 -Operating Segments Yes N/A IFRS8P
IFRS Checklist Worksheet Index
This checklist addresses the measurement and recognition as well as the presentation and disclosure
requirements of IFRSs in issue at 30 June 2011. Those Standards, Amendments and Interpretations indicated
in the checklist by red colour coding are not yet mandatorily effective but can be early adopted.
Please note that this checklist does not explicitly address the Framework for the Preparation and Presentation
of Financial Statements.
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A B C G H J K
IFRS 9(2009) -Financial Instruments [effective 1 January
2013]
Note: If you select 'Yes', you must also select 'Yes' to IAS
39 Financial Instruments: Recognition and Measurement
below
Yes IFRS9(2009)A IFRS9(2009)P
IFRS 9(2010) -Financial Instruments [effective 1 January
2013]
Yes IFRS9(2010)A IFRS9(2010)P
IFRS 10 -Consolidated Financial Statements [effective 1
January 2013, in conjunction with: adoption of IFRS 11 and
IFRS 12 as well as amendments to IAS 27 and IAS 28]
Yes IFRS10A IFRS10P
IFRS 11 -Joint Arrangements [effective 1 January 2013, in
conjunction with adoption of: IFRS 10 and IFRS 12 as well
as amendments to IAS 27 and IAS 28]
Yes IFRS11A IFRS11P
IFRS 12 -Disclosures of Interests in Other Entities
[effective 1 January 2013]
Yes N/A IFRS12P
IFRS 13 -Fair Value Measurement [effective 1 January
2013]: Consequential amendments must be early adopted
when early adopting IFRS 13
Yes IFRS13A IFRS13P
IAS 1 -Presentation of Financial Statements Yes N/A IAS1P
IAS 2 -Inventories Yes IAS2A IAS2P
IAS 7 -Statement of Cash Flows Yes N/A IAS7P
IAS 8 -Accounting Policies, Changes in Accounting
Estimates and Errors
Yes IAS8A IAS8P
IAS 10 -Events after the Reporting Period Yes IAS10A IAS10P
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A B C G H J K
IAS 11 -Construction Contracts Yes IAS11A IAS11P
IAS 12 -Income Taxes Yes IAS12A IAS12P
IAS 16 -Property, Plant and Equipment Yes IAS16A IAS16P
IAS 17 -Leases Yes IAS17A IAS17P
IAS 18 -Revenue Yes IAS18A IAS18P
IAS 19 -Employee Benefits Yes IAS19A IAS19P
IAS 19 -Employee Benefits [effective 1 January 2013] Yes IAS19(2011)A IAS19(2011)P
IAS 20 -Accounting for Government Grants and Disclosure
of Government Assistance
Yes IAS20A IAS20P
IAS 21 -The Effects of Changes in Foreign Exchange Rates Yes IAS21A IAS21P
IAS 23 -Borrowing Costs Yes IAS23A IAS23P
IAS 24 -Related Party Disclosures Yes N/A IAS24P
IAS 26 -Accounting and Reporting by Retirement Benefit
Plans
Yes N/A IAS26P
IAS 27 -Consolidated and Separate Financial Statements Yes IAS27(2008)A IAS27(2008)P
IAS 27 -Consolidated and Separate Financial Statements
[effective 1 January 2013, in conjunction with: adoption of
IFRS 10, IFRS 11 and IFRS 12, as well as amendments to
IAS 28]
Yes IAS27(2011)A IAS27(2011)P
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A B C G H J K
IAS 28 -Investments in Associates Yes IAS28(2008)A IAS28(2008)P
IAS 28 -Investments in Associates and Joint Ventures
[effective 1 January 2013, in conjunction with: adoption of
IFRS 10, IFRS 11 and IFRS 12, as well as amendments to
IAS 27]
Yes IAS28(2011)A IAS28(2011)P
IAS 29 -Financial Reporting in Hyperinflationary Economies Yes IAS29A IAS29P
IAS 31 -Interests in Joint Ventures Yes IAS31A IAS31P
IAS 32 -Financial Instruments: Presentation Yes N/A IAS32P
IAS 33 -Earnings per Share Yes IAS33A IAS33P
IAS 34 -Interim Financial Reporting Yes N/A IAS34P
IAS 36 -Impairment of Assets Yes IAS36A IAS36P
IAS 37 -Provisions, Contingent Liabilities and Contingent
Assets
Yes IAS37A IAS37P
IAS 38 -Intangible Assets Yes IAS38A IAS38P
IAS 39 -Financial Instruments: Recognition and
Measurement
Yes IAS39A IAS39P
IAS 40 -Investment Property Yes IAS40A IAS40P
IAS 41 -Agriculture Yes IAS41A IAS41P
IFRIC 5 -Rights to Interests arising from Decommissioning,
Restoration and Environmental Rehabilitation Funds
Yes N/A IFRIC5P
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A B C G H J K
IFRIC 12 /SIC 29 -Service Concession Arrangements Yes IFRIC12A SIC29P
IFRIC 17 -Distributions of Non-cash Assets to Owners Yes IFRIC17A IFRIC17P
IFRIC 18 -Transfers of Assets from Customers Yes IFRIC18A N/A
IFRIC 19 -Extinguishing Financial Liabilities with Equity
Instruments [effective 1 July 2010]
Yes IFRIC19A IFRIC19P
IFRIC 19 -Extinguishing Financial Liabilities with Equity
Instruments [effective 1 January 2013]
Yes IFRIC19A(amended) N/A
Workbook Last updated: October 2011
Summary of IFRS Accounting TQs
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A B C D E F G I
IFRS 1
IFRS1A
IFRS1B
IFRS1C
IFRS1D
IFRS1E
IFRS1F
IFRS1G
IFRS1H
IFRS1I
Has the entity granted any equity instruments prior to the
date of transition that fall within the scope of IFRS 2?
First-time Adoption of International Financial Reporting Standards
Is the entity a first time adopter of IFRSs in terms of IFRS 1?
Did the entity enter into any business combinations before
the date of transition to IFRSs?
Summary of IFRS Accounting Tailoring Questions
Has the entity recognised intangible assets (other than
goodwill) in the opening IFRS statement of financial position?
Was the entity, at the date of transition to IFRSs, party to an
arrangement, comprising a transaction or a series of related
transactions, that did not take the legal form of a lease but
that conveyed a right to use an asset (e.g. an item of
property, plant or equipment) in return for a payment or
series of payments?
Has the entity recognised defined benefit obligations in the
opening IFRS statement of financial position?
Has the entity entered into any insurance contracts?
Has the entity recognised items of property, plant and
equipment in the opening IFRS statement of financial
position?
Has the entity recognised items of investment property in the
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A B C D E F G I
IFRS1J
IFRS1K
IFRS1L
IFRS1M
IFRS1N
IFRS1O
IFRS1P
IFRS1Q
IFRS1R
IFRS1V
IFRS1X
Has the entity considered applying the transitional provisions
in IAS 23?
Did the entity become a first-time adopter for its separate
financial statements earlier or later than for its consolidated
financial statements?
Did the entity recognise any compound financial instruments
under previous GAAP?
Was the entity, at the date of transition to IFRSs, a party to a
Service Concession Arrangement within the scope of IFRIC 12
Service Concession Arrangements?
Does retrospective application of IAS 21 result in any
cumulative exchange differences to be recognised in the
Did the entity recognise any investments in subsidiaries,
jointly controlled entities and associates?
Did the entity become a first-time adopter later than its
parent or an entity that has significant influence or joint
control over it?
Did the entity become a first-time adopter later than its
subsidiary, associate or joint venture?
Has the entity recognised financial instruments, as defined
under IAS 32 and IAS 39, in the opening IFRS statement of
financial position?
Did the entity have obligations to dismantle, remove and
restore items of property, plant and equipment at the date of
transition to IFRSs?
in IFRIC 18?
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A B C D E F G I
IFRS1Y
IFRS1YA
IFRS1S
IFRS1T
IFRS1W
IFRS1U
IFRS1Z
IFRS1ZA
IFRS 2
IFRS2A
IFRS2B
Did the entity derecognise financial assets or financial
liabilities under previous GAAP?
Does the entity apply hedge accounting or has the entity
recognised any derivatives in the opening IFRS statement of
financial position?
Does the entity have a functional currency that was, or is,
the currency of a hyperinflationary economy?
Has the entity recognised any financial assets in the opening
IFRS statement of financial position?
Has the entity used estimates to measure assets and
liabilities recognised in its opening IFRS statement of
financial position?
Has the entity assessed / recognised any embedded
derivatives in the opening IFRS statement of financial
position?
in IFRIC 19?
Has the entity applied the transitional provisions relating to
non-controlling interests set out in paragraph B7 of IFRS 1?
Does the entity enter into transactions with parties other
than employees which are settled through the issue of the
entitys equity or equity of an entity in the same group?
Share-based Payment
Does the entity enter into transactions with employees or
other parties providing similar services which are settled
through the issue of the entitys equity or equity of an entity
in the same group?
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A B C D E F G I
IFRS2C
IFRS2D
IFRS2E
IFRS2F
IFRS2G
IFRS 3
IFRS3A
IFRS3E
Business Combinations
Does the entity enter into transactions in which the entity
has the choice to settle the transaction either through the
issue of the entitys equity or equity of an entity in the same
group or in cash, the amount of which is determined by
reference to the entitys equity or equity of an entity in the
same group?
Does the entity enter into transactions in which the
counterparty has the choice to receive payment either in the
form of the entitys equity or equity of an entity in the same
group or in cash, the amount of which is determined by
reference to the entitys equity or equity of an entity in the
same group?
Where the entity has entered into a share-based payment
transaction, has the entity modified any terms of its share-
based payment arrangement?
Does the entity receive goods or services from its suppliers
as consideration from share-based payment transactions in
which another group entity has the obligation to settle the
share-based payment?
Has the entity entered into a business combination during the
period?
Does the entity enter into transactions which are settled at
an amount determined by reference to the entitys equity or
equity of an entity in the same group?
Has goodwill been recognised in the current year or previous
periods?
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A B C D E F G I
IFRS3F
IFRS3B
IFRS3C
IFRS3G
IFRS3D
IFRS3H
IFRS 4
IFRS4A
IFRS4D
Was the initial accounting for a business combination
determined provisionally in either the current or the prior
year?
Does the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed
measured in accordance with IFRS 3 exceed the aggregate of
the consideration transferred?
Was the business combination achieved in stages, for
example through successive share purchases?
Was the business combination achieved without transfer of
consideration?
Has the entity entered into a business combination that is
classified as a 'reverse acquisition' during the period?
Insurance Contracts
Has the entity issued any insurance contracts (including
reinsurance contracts) or does it hold any reinsurance
contracts?
Are there any embedded derivatives in insurance contracts
which the entity has issued, apart from an embedded
derivative which is itself an insurance contract?
Were changes in the fair value of contingent consideration
recognised after the acquisition date due to additional
information obtained after that date about facts and
circumstances that existed at the acquisition date?
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A B C D E F G I
IFRS4E
IFRS4F
IFRS4G
IFRS4C
IFRS4B
IFRS 5
IFRS5A
IFRS5B
IFRS5C
Has the entity acquired any non-current assets (or disposal
groups) exclusively with a view to their subsequent disposal
(see note to 5A above)?
Has the entity previously classified assets (or disposal
groups) as held for sale which no longer meet the
classification criteria (see 5A above)?
Did the entity assume any insurance liabilities or acquire any
insurance assets in a business combination (as defined in
IFRS 3)? OR
Did the entity acquire a portfolio of insurance contracts?
Has the entity issued an insurance contract which contains a
discretionary participation feature (see Guidance) as well as a
guaranteed element?
Do any of the insurance contracts which the entity has issued
contain both an insurance component and a deposit
component?
Has the insurer changed its accounting policies for insurance
contracts?
Has the entity issued financial instruments with a
discretionary participation feature?
Non-current Assets Held for Sale and Discontinued Operations
Does the entity hold non-current assets or groups of assets
for which it intends to recover the carrying amount principally
through a sale transaction rather than through continuing
use (an asset held for sale) or is committed to distribute the
assets (or disposal group) to owners acting in their capacity
as owners (held for distribution to owners)?
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A B C D E F G I
IFRS 6
IFRS6A
IFRS6B
IFRS 9(2009)
IFRS9A
IFRS9B
IFRS9C
IFRS9D
IFRS9F
IFRS9E
IFRS 9(2010)
IFRS9A
Exploration for and Evaluation of Mineral Resources
Has the entity incurred expenditures related to exploration
for and evaluation of mineral resources during the current or
prior period?
Has the entity capitalised any exploration and evaluation
expenditure as an asset?
Does the entity have financial assets and / or financial
liabilities that are within the scope of IAS 39?
Financial Instruments
Does the entity have financial assets that are within the
scope of IAS 39?
Has the entity designated financial assets at fair value
through profit or loss?
Has the entity got a hybrid contract that includes a non-
derivative host with the effect that some of the cash flows of
the combined instrument vary in a way similar to a
standalone derivative?
Has the entity reclassified financial assets?
Has the entity applied hedge accounting?
Has the entity got financial assets which are equity
instruments?
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A B C D E F G I
IFRS9B
IFRS9C
IFRS9D
IFRS9F
IFRS9G
IFRS9H
IFRS9I
IFRS9J
IFRS9K
IFRS9L
IAS39A
Has the entity designated financial assets at fair value
Has the entity designated financial liability at fair value
Has the entity applied hedge accounting?
Does one or more of the scope exceptions result in the
contract, or a portion of the contract falling outside IAS 39?
Has the entity derecognised any financial assets?
Has the entity got financial liabilities which are designated as
at fair value through profit or loss?
Has the entity reclassified financial instruments?
Has the entity got financial assets which are equity
instruments?
Has the entity transferred any financial assets?
Has the entity derecognised any financial liabilities?
Does the entity have a hybrid contract with the effect that
some of the cash flows of the combined instrument vary in a
way similar to a standalone derivative?
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A B C D E F G I
IAS39B
IAS39C
IFRS10
IFRS10A
IFRS10B
IFRS11
Have changes in reporting entity's ownership interest in a
subsidiary resulted in a loss of control?
Consolidated Financial Statements
Joint Arrangements
Does the reporting entity 'control' one or more entities during
or at the end of the reporting period?
A) Does the reporting entity have power over an investee?
B) Does the reporting entity have exposure or rights to
variable returns from its involvement with the investee?
C) Does the reporting entity have ability to use its power
over the investee to affect the amount of the reporting
entity's returns?
Has the entity applied the IAS 39's impairment provisions to
a financial asset or a group of financial assets when and only
when there is OBJECTIVE EVIDENCE of impairment as a
result of one or more events that occurred AFTER the initial
recognition of the asset and that loss event has an impact on
the estimated future cash flows of the financial asset or
group of financial assets?
Has the entity designated a hedging relationship for
accounting purposes between one or more hedging
instruments and one or more hedged items?
Page 21 Of 366
119
120
121
122
123
124
125
126
127
128
129
130
A B C D E F G I
IFRS11A
IFRS11C
IFRS13
Yes IFRS13A
IAS 2
IAS2A
IAS2B
IAS2C
IAS2D
IAS 8
IAS8E
IAS8C
Does the entity participate in a contractual arrangement with
one or more parties to undertake an economic activity, which
is subject to joint control?
Is the entity applying IFRS 11 for the first time?
Inventories
Does the entity purchase goods for resale (for example
merchandise, land)?
Does the entity produce or manufacture inventories?
Does the entity purchase any materials or supplies to be used
in the rendering of services?
Does the entity hold any agricultural produce measured in
accordance with IAS 2?
Accounting Policies, Changes in Accounting Estimates and Errors
Has the entity developed, in accordance with IFRSs,
accounting policies that represent the specific principles,
bases, conventions, rules and practices to be applied in
preparing and presenting its financial statements?
Has the adoption of an IFRS or an Interpretation resulted in a
change in accounting policy?
Does the entity have any assets or liabilities for which
another IFRS requires or permits fair value measurements or
disclosures about fair value measurements?
Fair Value Measurement
Page 22 Of 366
131
132
133
134
135
136
137
138
139
A B C D E F G I
IAS8D
IAS8A
IAS8B
IAS 10
IAS10A
IAS10B
IAS10C
IAS 11
Yes IAS11A
Has the entity voluntarily changed any accounting policy
during the year (except for changes resulting from the
adoption of a new Standard)?
Has there been a change in accounting estimate during the
year?
During the current period, did the entity discover any errors
in the preparation of financial statements of prior periods?
Events after the Reporting Period
Has any favourable or unfavourable event, affecting the
reporting entity, occurred after the reporting period but
before the date when the financial statements are authorised
for issue?
Has the entity proposed or declared dividends after the
reporting period?
Has management determined after the reporting period that
it intends to liquidate the entity or to cease trading or have
there been indicators that the reporting entity may no longer
be a going concern?
Construction Contracts
Has the entity negotiated a contract for the construction of a
single asset, or the construction of a number of assets which
are closely interrelated or interdependent in terms of their
design, technology and function or their ultimate purpose or
use (i.e. a construction contract as defined in IAS 11)?
Page 23 Of 366
140
141
142
143
144
145
146
147
148
A B C D E F G I
IAS 12
IAS12A
IAS12B
IAS12J
IAS12F
IAS12G
IAS12G
IAS12C
IAS12D
Income Taxes
Is the entity subject to income tax legislation imposed either
domestically and/or by foreign legislators, including
withholding taxes, which are payable by a subsidiary,
associate or joint venture on distributions to the reporting
entity?
Do taxable temporary differences exist?
Was the entity involved in a business combination or
acquisition in a past reporting period, for which a deferred
tax liability in relation to goodwill has not been recognised?
Has the entity been involved in a business combination in the
current reporting period?
Does the entity carry assets at fair value or at a revalued
amount (e.g. under the revaluation models of IAS 16
Property, Plant and Equipment and IAS 38 Intangible Assets;
at fair value under IAS 40 Investment Property or IAS 39
Financial Instruments: Recognition and Measurement)?
Do deductible temporary differences exist?
Did the entity have any unused tax losses or unused tax
credits during or at the end of the current reporting period?
Does the entity carry assets at fair value or at a revalued
amount (e.g. under the revaluation models of IAS 16
Property, Plant and Equipment and IAS 38 Intangible Assets;
at fair value under IAS 40 Investment Property or IFRS 9
Financial Instruments)?
Page 24 Of 366
149
150
151
152
153
154
155
156
157
158
A B C D E F G I
IAS12E
IAS12H
IAS12K
IAS12I
IAS 16
IAS16A
IAS16B
IAS16G
IAS16F
IAS16C
Has the entity held investments in subsidiaries, branches,
associates or interests in joint ventures during or at the end
of the current reporting period?
Has there been a change in the tax status of the entity or of
its shareholders during the current reporting period?
Was the entity involved in a business combination or
acquisition in a past reporting period and a deferred tax asset
was not recognised for the acquirees income tax loss carry
forwards or other deferred tax assets because the recognition
criteria in IFRS 3 Business Combinations were not met?
Does the entity have share-based payment transactions
within the scope of IFRS 2 Share-based Payment outstanding
during the current reporting period?
Property, Plant and Equipment
Did the entity hold, construct or acquire any property, plant
or equipment during the year?
Did the entity incur any subsequent expenditure relating to
an existing item of property, plant and equipment during the
year?
Does the entity have any obligations to dismantle, remove
and restore items of property, plant and equipment
(commonly referred to as decommissioning, restoration and
similar liabilities)?
Did the entity acquire an item of property, plant and
equipment in exchange for another asset?
Does the entity hold/own assets held at cost less
accumulated depreciation and accumulated impairment loss
under the cost model?
Page 25 Of 366
159
160
170
171
172
173
174
175
A B C D E F G I
IAS16D
IAS16E
IAS 17
IAS17G
IAS17H
IAS17A
IAS17B
IAS17C
Does the entity revalue any class of its property, plant and
equipment under the revaluation model?
Did the entity sell, scrap or otherwise dispose of any
property, plant and equipment during the year?
Leases
Has the entity entered into a transaction or a series of
structured transactions (an arrangement) with an unrelated
party or parties (an investor) that involves the legal form of a
lease where the substance of the arrangement may be such
that it does not meet the definition of a lease under IAS 17?
Is the entity a party to an arrangement, comprising a
transaction or a series of related transactions, that does not
take the legal form of a lease but that conveys a right to use
an asset (e.g. an item of property, plant or equipment) in
return for a payment or series of payments?
Has the entity entered into a lease agreement, rental
agreement, hire purchase agreement or any other agreement
that gives the entity the right to use an asset or part of an
asset for a period of time? (Is the entity a lessee?)
Has the entity financed the purchase of an asset by another
entity, sold an asset with finance, transferred the right to use
an asset, or rented an asset to another entity? (Is the entity
a lessor?)
Has the entity entered into any sale and leaseback or lease
and leaseback transactions in respect of the same asset?
Page 26 Of 366
176
177
180
181
182
183
184
185
186
187
188
A B C D E F G I
IAS17D
IAS17E
IAS 18
IAS18A
IAS18B
IAS18C
IAS18D
IAS18G
IAS18E
IAS18F
IAS18H
During the period, have there been amendments to the terms
of an existing lease agreement?
Has the entity entered into a lease agreement that includes
both land and building(s) elements?
Revenue
Does the entity sell goods to its customers (this may include
both goods that were manufactured or produced by the entity
for the purpose of sale, or goods that were specifically
purchased for resale)?
Does the entity render a service to its customers (the
rendering of a service normally involves the performance of a
contractually agreed task over a period of time)?
Does the entity generate income by allowing customers the
use of its assets?
Does the entity provide finance in conjunction with the sale
of goods?
Has the entity accepted goods or other services in exchange
for the delivery of goods or services (i.e. has it entered into
any exchange or barter transactions)?
Does the entity enter into transactions that comprise more
than one component (e.g. delivery of both goods and
services, delivery of a number of different goods or services)?
Does the entity enter into buy-back / repurchase
agreements?
Does the entity provide its customers with incentives to buy
goods or services by providing award credits as part of sales
transactions?
Page 27 Of 366
189
190
191
192
193
194
A B C D E F G I
IAS18I
IAS 19
IAS19A
IAS19B
IAS19I
IAS19F
Does the entity enter into agreements for the construction of
real estate?
Employee Benefits
Does the entity have expenses arising from short term
employee benefits (other than those to which IFRS 2 Share-
based Payment applies) such as:
a) wages, salaries and social security contributions;
b) short-term compensated absences (e.g. absences due
to vacation, sickness and short-term disability, maternity or
paternity, jury service and military service);
c) profit-sharing and bonuses payable within twelve
months after the end of the period in which the employees
render the related service; and
d) non-monetary benefits (such as medical care, housing,
cars and free or subsidised goods or services) for current
employees?
Does the entity provide post-employment benefits such as:
a) retirement benefits, such as pensions; and
b) other post-employment benefits, such as post-
employment life insurance and post-employment medical
care?
Has the entity been involved in a business combination or
acquisition in the current reporting period, which has brought
together separate entities into one economic entity as a
result of obtaining control over the net assets and operations
of another entity?
Has a curtailment or settlement occurred in the current
financial year?
Page 28 Of 366
195
196
197
198
199
200
201
A B C D E F G I
IAS19C
IAS19J
IAS19D
IAS19E
IAS19G
IAS19H
IAS 19(2011)
Does the entity participate in any multi-employer post-
employment benefit plans?
Does the entity participate in a plan that shares risks
between various entities under common control?
Does the entity participate in a state post-employment
benefit plan?
Does the entity pay insurance premiums to fund a post
employment benefit plan?
Does the entity have any other long-term employee benefit
liabilities (other than those to which IFRS 2 Share-based
Payment applies) such as:
a) long-term compensated absences (e.g. long-service or
sabbatical leave);
b) jubilee or other long-service benefits;
c) long-term disability benefits;
d) profit-sharing and bonuses payable twelve months or
more after the end of the period in which the employees
render the related service; and
e) deferred compensation paid twelve months or more
after the end of the period in which it is earned?
Is the entity due to pay any employee benefits as a result of
either:
a) its decision to terminate an employee's employment
before the normal retirement date; or
b) an employee's decision to accept voluntary redundancy
in exchange for those benefits?
Employee Benefits
Page 29 Of 366
202
203
204
205
206
207
A B C D E F G I
IAS19A
IAS19B
IAS19C
IAS19J
IAS19D
IAS19E Does the entity pay insurance premiums to fund a post
employment benefit plan?
Does the entity have expenses arising from short term
employee benefits (other than those to which IFRS 2
applies), such as the following, if expected to be settled
wholly before twelve months after the end of the annual
reporting period in which the employees render the related
service:
b) paid annual leave and paid sick leave;
c) profit-sharing and bonuses; and
d) non-monetary benefits (such as medical care,
housing, cars and free or subsidised goods or services) for
current employees.
Has the entity post-employment benefits such as:
a) retirement benefits (e.g., pensions and lump sum
payments on retirement); or
b) other post-employment benefits, such as post-
employment life insurance and post-employment medical
care?
Does the entity participate in any multi-employer post-
employment benefit plans, classified either as a defined
contribution or defined benefit plan?
Does the entity participate in a plan that shares risks
between various entities under common control?
Does the entity participate in any state post-employment
benefit plans, classified either as a defined contribution or
defined benefit plan?
Page 30 Of 366
208
209
210
211
212
213
214
215
A B C D E F G I
IAS19G
IAS19H
IAS 20
IAS20A
IAS20B
IAS 21
IAS21A
IAS21E
Accounting for Government Grants and Disclosure of Government Assistance
Did the entity receive any grants, subsidies, subventions or
other transfer of resources from government, government
bodies or similar agencies?
Have any government grants been repaid or become
repayable?
The Effects of Changes in Foreign Exchange Rates
Does the entity have transactions in foreign currencies?
Does the entity have any other long-term employee benefits
including items such as the following, if not expected to be
settled wholly before twelve months after the end of the
annual reporting period in which the employees render the
related service:
a) long-term paid absences such as long-service or
sabbatical leave;
d) profit-sharing and bonuses; and
e) deferred remuneration?
Is the entity due to pay any employee benefits as a result of
either:
a) its decision to terminate an employee's employment
before the normal retirement date; or
b) an employee's decision to accept an offer of benefits in
exchange for the termination of employment?
Does the entity have any foreign operations?
Page 31 Of 366
216
217
218
219
220
221
222
223
224
226
227
228
A B C D E F G I
IAS21H
IAS21D
IAS21B
IAS21B
IAS21B
IAS21C
IAS21G
IAS21F
IAS 23
IAS23A
IAS23B
Does the entity hold any foreign currency denominated
assets or liabilities that are used for hedging purposes?
Does the entity:
a) buy or sell goods or provide services whose price is
denominated in a foreign currency;
b) borrow or lend funds where the amounts payable or
receivable are denominated in a foreign currency;
c) acquire or dispose of assets, or incur or settle
liabilities, denominated in a foreign currency?
Is the functional currency of the entity the currency of a
hyperinflationary economy in accordance with IAS 29
Financial Reporting in Hyperinflationary Economies?
Does the entity have any assets or liabilities that are
denominated in a foreign currency?
Is the entity using a currency other than its functional
currency for presenting its financial statements (the
presentation currency)?
Has the entity disposed (or partially disposed) of a foreign
operation during the current period?
Borrowing Costs
Has the entity incurred borrowing costs that are not directly
attributable to the acquisition, construction or production of a
qualifying asset?
Has the entity incurred borrowing costs that are directly
attributable to the acquisition, construction or production of a
qualifying asset?
Page 32 Of 366
235
236
237
238
239
240
241
242
243
244
245
A B C D E F G I
IAS 27(2008)
IAS27A
IAS27B
IAS27D
IAS27C
IAS27E
IAS 27(2011)
IAS27A
IAS27B
IAS 28(2008)
IAS28A
Has the reporting entity controlled one or more entities
during or at the end of the reporting period?
Consolidated and Separate Financial Statements
Is the entity applying IAS 27(2011) prior to its annual period
beginning on or after 1 January 2013?
Separate Financial Statements
Has the entity prepared separate financial statements?
Investments in Associates
Does the reporting entity exercise significant influence over
one or more entities?
During the reporting period, has the reporting entity created,
sponsored or engaged in transactions with an entity that was
established to accomplish a narrow and well-defined
objective of the reporting entity (so-called Special Purpose
Entity SPE)?
Has there been a non-controlling interest in any subsidiary in
the reporting entity during or at the end of the reporting
period?
Did the reporting entity lose control of an existing subsidiary
during the reporting period (e.g. as a result of the disposal of
portion of the ownership interest)?
Does the entity prepare separate financial statements?
Page 33 Of 366
246
247
248
249
250
251
252
253
254
255
A B C D E F G I
IAS28B
IAS28C
IAS 28(2011)
IAS28A
IAS28B
IAS28C
IAS28D
IAS29
IAS29A
IAS29B
Financial Reporting in Hyperinflationary Economies
Does the entity or any of its subsidiaries prepare historical
cost financial statements in the functional currency of a
hyperinflationary economy?
Does the entity or any of its subsidiaries prepare current cost
financial statements in a currency of a hyperinflationary
economy?
Does the reporting entity have investments in associates or
joint ventures and prepare separate financial statements?
Investments in Associates and Joint Ventures
Does the reporting entity exercise significant influence over
one or more entities or is the reporting entity a party to a
joint venture that has joint control of that joint venture?
Has the reporting entity ceased to exercise significant
influence or joint control of an investee during the reporting
period (e.g., as a result of the disposal of a portion of the
ownership interest)?
Has the reporting entity ceased to exercise significant
influence during the reporting period (e.g. as a result of the
disposal of a portion of the ownership interest)?
Does the reporting entity have investments in associates and
prepare separate financial statements?
Page 34 Of 366
256
257
258
259
260
261
262
A B C D E F G I
IAS29D
IAS29C
IAS 31
IAS31A
IAS31B
IAS31C
IAS31D
During the current reporting period, has the economy of the
entity or any of its subsidiaries functional currencies been
identified as hyperinflationary, when that economy was not
hyperinflationary in the prior period?
Has the economy of the entitys or any of its subsidiaries
functional currency ceased to be hyperinflationary during the
period?
Interests in Joint Ventures
Does the entity participate in a contractual arrangement with
one or more parties to undertake an economic activity, which
is subject to joint control? (Is the entity a party to a joint
venture?)
Does the entity have joint control over a joint venture that
involves the use of the assets and other resources of the
venturers rather than the establishment of a corporation,
partnership or other entity, or a financial structure that is
separate from the venturers themselves? (Is the entity a
venturer in a jointly controlled operation?)
Does the entity have joint control over a joint venture that
involves joint control, and often the joint ownership, by the
venturers of one or more assets contributed to, or acquired
for the purpose of, the joint venture and dedicated to the
purposes of the joint venture, with the objective that each
venturer has control over its share of future economic
benefits through its share of the jointly controlled asset? (Is
the entity a venturer in a jointly controlled asset?)
Does the entity have joint control over a joint venture
established as a separate corporation, partnership or other
entity in which each venturer has an interest? (Is the entity a
venturer in a jointly controlled entity?)
Page 35 Of 366
263
264
265
266
267
274
275
276
277
278
A B C D E F G I
IAS31E
IAS31F
IAS31I
IAS31G
IAS31H
IAS 33
IAS33A
IAS33C
IAS33B
IAS33E
Is the entitys accounting policy to account for jointly
controlled entities in which it is a venturer using
proportionate consolidation?
Is the entitys accounting policy to account for jointly
controlled entities in which it is a venturer using the equity
method?
Does the reporting entity have interests in jointly controlled
entities and prepare separate financial statements?
Has the reporting entity contributed or sold non-monetary
assets to a joint venture in which it is a venturer?
Has the reporting entity purchased assets from a joint
venture in which it is a venturer?
Earnings per Share
Does the entity have ordinary shares or potential ordinary
shares that are publicly traded, is the entity in the process of
issuing ordinary shares or potential ordinary shares in public
securities markets, or has it voluntarily chosen to disclose
EPS information in accordance with IAS 33?
year?
Does the entity (or its subsidiary, associates and joint
ventures) have potential ordinary shares?
Does the entity have agreements whereby the issuance of
ordinary shares is contingent upon the occurrence or non-
occurrence of certain events?
Page 36 Of 366
279
280
281
282
283
284
285
286
287
288
A B C D E F G I
IAS33D
IAS33I
IAS33F
IAS33G
IAS33H
IAS 36
IAS36A
IAS36G
IAS36D
IAS36C
Have any events occurred (other than the conversion of
potential ordinary shares) that have changed the number of
ordinary shares outstanding, without a corresponding change
in resources?
Does the entity have participating equity instruments that
are not convertible into a class of ordinary shares or two-
classes of ordinary shares?
Does the entity have contracts that may be settled in
ordinary shares or cash?
Has the entity held purchase options during the year (i.e.
options held by the entity on its own shares)?
Has the entity held written options or forward purchase
options during the year (i.e. contracts that require the entity
to repurchase its own shares)?
Impairment of Assets
Does the entity recognise assets such as property, plant and
equipment and investment properties that are measured on a
cost basis, or intangible assets?
Has the entity recognised any intangible assets with an
indefinite useful life or any intangible assets not yet available
for use?
Has the entity recognised goodwill acquired in a business
combination in its financial statements?
Does the entity recognise assets, for which there is an
indication that the assets may be impaired? (Refer to
compliance questions for 36A)
Page 37 Of 366
289
290
291
292
293
294
A B C D E F G I
IAS36B
IAS36E
IAS36F
IAS 37
IAS37A
IAS37B
Does the entity have different divisions, business units,
branches or outlets that generate cash flows independently
from the other businesses within the entity? OR
Does the entity have investments in subsidiaries, associates
or joint ventures?
Does the entity have any corporate assets that exist for the
benefit of different divisions or business units within the
larger entity, but do not generate cash-flows independently
from the other divisions/business units, for example the
building of a headquarters or a research centre?
Did the entity recognise an impairment loss in a previous
period?
Provisions, Contingent Liabilities and Contingent Assets
Does the entity have any present obligations at the end of
the reporting period (legal or constructive) of uncertain
timing or amount that are expected to result in outflows of
resources embodying economic benefits?
Does the entity have any possible obligations arising from
past events that will only be confirmed by the occurrence of
uncertain future events that are not wholly within the control
of the entity, OR
Does the entity have any present obligations arising from
past events that have not been recognised as a provision
because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the
obligation, or the amount of the obligation cannot be
measured with sufficient reliability? (Does the entity have
any contingent liabilities?)
Page 38 Of 366
295
296
297
298
299
300
301
A B C D E F G I
IAS37C
IAS37D
IAS37E
IAS37F
IAS37G
IAS 38
IAS38A Did the entity hold or acquire any intangible assets (for
example intellectual property, trademarks, brands, patents,
copyrights or customer lists) during the year?
Does the entity have any possible assets that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the entity? (Does the
entity have any contingent assets?)
Is the entity a party to any contract where the unavoidable
costs of meeting the obligations under the contract exceed
the economic benefits expected to be received under it, for
example the long-term lease of a building that the entity is
no longer using? (Is the entity party to any onerous
contracts?)
Has the entity planned or embarked on a restructuring of the
business, i.e. a programme that is planned and controlled by
management that materially changes the scope of the
business undertaken by the entity; or the manner in which
business is conducted?
Did the entity have an interest in, or have an obligation to
make potential additional contributions to, a fund or a trust
in order to segregate assets to fund some or all of the costs
of decommissioning, restoration and environmental
rehabilitation?
Does the entity have any obligations related to
decommissioning of waste electrical and electronic equipment
pursuant to the European Unions Directive on Waste
Electrical and Electronic Equipment (WE&EE)?
Intangible Assets
Page 39 Of 366
302
303
304
305
306
307
308
309
310
323
324
A B C D E F G I
IAS38B
IAS38E
IAS38D
IAS38C
IAS38F
IAS38G
IAS38J
IAS38H
IAS38I
IAS 39
IAS39H
Does the entity recognise any intangible assets that have
been generated internally (for example designs, processes,
goodwill, customer lists or web sites) on its statement of
financial position?
Did the entity incur additional expenditure, relating to an
existing item of intangible assets during the year?
Did the entity incur expenditure on starting up an operation
or business, training or advertising & promotion?
Did the entity incur expenditure related to research and/or
development?
Does the entity hold/own intangible assets accounted for
using the cost model?
Does the entity revalue any class of its intangible assets
under the revaluation model?
Does the entity hold any intangible assets with an indefinite
useful life?
Did the entity sell, scrap or otherwise dispose of any
intangible assets during the year, or are there intangible
assets from which no further economic benefits are
anticipated?
Has the entity incurred costs related to the development of
an internet web site or intranet?
Financial Instruments: Recognition and Measurement
Does one or more of the scope exceptions result in the
contract, or a portion of the contract falling outside IAS 39?
Page 40 Of 366
325
326
327
328
329
330
331
332
333
334
335
336
A B C D E F G I
IAS39A
IAS39B
IAS39D
IAS39C
IAS39E
IAS39F
IAS39G
IAS 40
IAS40A
IAS40H
IAS40B
IAS40C
Does the contract contain one or more embedded
derivatives?
Is the contract a derivative instrument?
Has the entity removed (i.e. derecognised) a previously
recognised financial asset (or a portion of the financial asset)
from its statement of financial position?
Has the entity removed (i.e. derecognised) a previously
recognised financial liability (or a portion of the financial
liability) from its statement of financial position?
Has the entity designated a hedging relationship for
accounting purposes between one or more hedging
instruments and one or more hedged items?
Investment Property
During the year, did the entity hold, lease under a finance
lease, or acquire any land, buildings or properties?
Did the entity hold a property interest under an operating
lease that is accounted for as an investment property?
During the year, did the entity hold, lease under a finance
lease, or acquire any property meeting IAS 40s definition of
investment property?
During the year, did the entity incur additional expenditure
relating to an existing investment property?
Is the contract a financial liability?
Is the contract a financial asset?
Page 41 Of 366
337
338
339
340
341
342
343
344
345
346
347
A B C D E F G I
IAS40I
IAS40D
IAS40E
IAS40F
IAS40G
IAS40J
IAS 41
IAS41A
IAS41B
IAS41C
IFRIC 12
Has the entity acquired investment property in exchange for
a non-monetary asset(s), or a combination of monetary and
non-monetary asset(s)?
Has the entity chosen the fair value model to account for all
its investment property?
Has the entity chosen the cost model to account for all its
Has any item of investment property been transferred during
the year?
During the period, did the entity dispose of any investment
property (whether by sale or entering a finance lease or
otherwise) or permanently withdraw any investment property
from use?
During the period, has the entity received compensation from
third parties for investment property that was impaired, lost
or given up?
Agriculture
Is the entity involved in agricultural or farming activities with
respect to living plants or animals or does it own or control
any biological assets?
Is the entity unable to measure at initial recognition the fair
value of any of its biological assets reliably?
Has the entity received government grants, subsidies or
subventions related to biological assets, agricultural activity
or farming (including grants that require an entity not to
engage in agricultural activity)?
Service Concession Arrangements
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348
349
350
353
354
355
356
357
358
359
A B C D E F G I
IFRIC12A
IFRIC12B
IFRIC12C
IFRIC 17
IFRIC17A
IFRIC17B
IFRIC 18
IFRIC18A
IFRIC18B
IFRIC 19
Is the entity a private sector operator that is party to a
service concession arrangement within the scope of IFRIC
12?
Has the entity recognised a financial asset in respect of a
service concession arrangement in accordance with IFRIC 12?
Has the entity recognised an intangible asset in respect of a
service concession arrangement in accordance with IFRIC 12?
Distributions of Non-cash Assets to Owners
Has the entity distributed assets other than cash as dividends
to its owners acting in their capacity as owners?
Has there been any difference between the carrying amount
of the assets distributed and the carrying amount of the
dividend payable when the entity has settled the dividend
payable?
Transfers of Assets from Customers
Has the entity received a transfer of an item of property,
plant and equipment from a customer?
Has the entity received a transfer of cash from a customer?
Extinguishing Financial Liabilities with Equity Instruments
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360
361
362
364
A B C D E F G I
Yes IFRIC19A
IFRIC 19
(amended) Yes IFRIC19A
Has the entity renegotiated the terms of a financial liability
with the result that the entity is issuing equity instruments to
a creditor of the entity to extinguish all or part of the
financial liability?
Has the entity renegotiated the terms of a financial liability
with the result that the entity is issuing equity instruments to
a creditor of the entity to extinguish all or part of the
financial liability?
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IFRS 1
Yes IFRS1A
IFRS 2
Yes IFRS2A
IFRS 3
IFRS3A
IFRS3B
IFRS 4
Yes IFRS4
IFRS 5
Yes IFRS5
IFRS5A
Did the entity have any non-current assets or disposal groups
held for sale, or discontinued operations, during the current
period or after the reporting period?
Did the entity have any non-current assets or disposal groups
held for sale?
Did the entity have any share-based payment arrangements
in the scope of IFRS 2?
Business Combinations
Is the acquisition date of a business combination after the
end of the reporting period but before the financial
statements are authorised for issue?
Insurance Contracts
Did the entity issue any insurance contracts (including
reinsurance contracts) or hold any reinsurance contracts?
Non-current Assets Held for Sale and Discontinued Operations
current or prior reporting period?
Summary of IFRS Presentation/Disclosure Tailoring Questions
First-time Adoption of International Financial Reporting Standards
Is the entity a first-time adopter in terms of IFRS 1 in the
current period?
Share-based Payment
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IFRS5B
IFRS5C
IFRS5D
IFRS 6
Yes IFRS6A
IFRS 7
Yes IFRS7A
IFRS 7
(amended) Yes IFRS7A
IFRS 8
IFRS8A
Does the entity have any financial instruments?
Financial Instruments: Disclosures (entity has adopted IFRS 9)
Does the entity have any financial instruments?
Operating Segments
Does the entity :
(a) have a debt or equity instruments that are traded in a
public market (for example, a domestic or foreign stock
exchange or an over-the counter market); or
Did the entity have any discontinued operations?
Did the entity sell any non-current assets or disposal groups
during the reporting period?
Are the criteria in paragraphs 7 and 8 of IFRS 5 for
classification as held for sale met after the reporting period
but before the authorisation of the financial statements for
issue?
Exploration for and Evaluation of Mineral Resources
Has the entity incurred expenditure related to exploration
and evaluation of mineral resources?
Financial Instruments: Disclosures (entity has not yet adopted IFRS 9)
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IFRS8A
IFRS8A
IFRS 9(2009)
Yes IFRS9A
IFRS 9(2010)
IFRS9A
IFRS39A
IFRS 10
IFRS10A
IFRS10B
IFRS 11
Is the entity applying IFRS 10 prior to its annual period
Is the entity applying IFRS 10 for the first time?
Has the entity applied IFRS 9 (and the amendments to other
IFRSs listed in Appendix C of IFRS 9) for a period beginning
before 1 January 2013?
Did the entity implement any fair value hedges of the interest
rate exposure of a portion of a portfolio of financial assets or
financial liabilities?
Consolidated Financial Statements
Has the entity applied IFRS 9 (and the amendments to other
IFRSs listed in Appendix C of IFRS 9) for a period beginning
before 1 January 2013?
(b) file or is in the process of filing, its (consolidated)
financial statements with a securities commission or other
regulatory organisation for the purpose of issuing any class of
instruments in a public market; or
(c) choose to disclose voluntary information about segments
that is described as segment information.
Joint Arrangements
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IFRS11A
IFRS11B
IFRS11C
IFRS 12
Yes IFRS12A
IFRS 13
IFRS13A
IFRS13A
IAS 1
IAS1A
Presentation of Financial Statements
Does the entity present an income statement?
Does the entity have any interests in other entities, for
example, subsidiaries, joint arrangements (i.e., joint
operations or joint ventures), associates or unconsolidated
structured entities?
Fair Value Measurement
Does the entity have assets and liabilities that are measured
at fair value on a recurring or non-recurring basis in the
statement of financial position after initial recognition?
Does the entity have assets and liabilities not measured at
fair value in the statement of financial position but for which
the fair value is disclosed?
Has the entity transitioned from proportionate consolidation
method to equity method, while accounting for joint
ventures?
Has the entity transitioned from the equity method to
accounting for assets and liabilities?
Was the entity previously accounting in separate financial
statements?
Disclosures of Interests in Other Entities
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IAS1B
IAS1C
IAS1D
IAS1E
IAS1F
IAS1G
IAS1H
IAS1I
IAS 2
Does management, in extremely rare circumstances,
conclude that compliance with a requirement in an IFRS
would be so misleading that it would conflict with the
objective of financial statements set out in the Framework?
Did the entity hold a puttable financial instrument or an
instrument that imposes on the entity some obligations
arising on liquidation?
Has the entity departed from a requirement of an IFRS in a
prior period, and does that departure affect the amounts
recognised in the financial statements for the current period?
Is management aware, in making its assessment of the
entity's ability to continue as a going concern, of material
uncertainties related to events or conditions that may cast
significant doubt upon the entitys ability to continue as a
going concern?
Did the entity change the end of its reporting period and are
the financial statements presented for a period longer or
shorter than one year?
Has the presentation or classification of items in the financial
statements been changed?
Does a presentation based on liquidity provide information
that is reliable and more relevant than presentation on a
current/non-current basis?
Did the entity breach a provision of a long-term loan
agreement on or before the end of the reporting period with
the effect that the liability becomes payable on demand?
Inventories
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Yes IAS2A
IAS 7
IAS7A
IAS7B
IAS7C
IAS 8
IAS8A
IAS8B
IAS8C
IAS8D
IAS8E
IAS 10
Did the entity have inventories?
Statement of Cash Flows
Did the entity have any cash flows arising from an
investment in an associate or a subsidiary accounted by the
use of the equity or cost method (e.g. dividends or
advances)?
Did the entity have any cash flows arising from an
investment in a jointly controlled entity accounted for by the
use of the proportionate consolidation or equity method ?
Did the entity have any cash flows arising from changes in
ownership interests in subsidiaries and other businesses?
Accounting Policies, Changes in Accounting Estimates and Errors
Did the entity change any accounting policies during the
reporting period due to the initial application of a standard?
Did the entity voluntarily change any accounting policies
during the reporting period?
Has the entity not applied a new IFRS that has been issued
but is not yet effective?
Did the entity change any accounting estimate that has an
effect on the current or future reporting periods?
Did the entity discover any prior period errors?
Events after the Reporting Period
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IAS10A
IAS10B
IAS10C
IAS 11
Yes IAS11A
IAS 12
IAS12A
IAS12B
IAS12C
IAS 16
IAS16A
Are dividends declared (i.e. the dividends are appropriately
authorised and are no longer at the discretion of the entity)
after the reporting period but before the financial statements
are authorised for issue?
Has the entity received information after the reporting period
about conditions that existed at the end of the reporting
period?
Have any non-adjusting events occurred after the reporting
period but before the financial statements are authorised for
issue?
Construction Contracts
Did the entity have any construction contracts, for which it is
the contractor?
Income Taxes
Did the entity have any deferred tax assets?
Is the entity subject to income tax in a jurisdiction whereby
income taxes are payable at a higher or lower rate, or may
be refundable or payable, if part or all of the net profit or
retained earnings is paid out as a dividend?
Are changes in tax rates or tax laws enacted or announced
after the reporting period?
Property, Plant and Equipment
Did the entity hold or acquire any property, plant or
equipment?
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IAS16B
IAS 17
IAS17A
IAS17B
IAS17C
IAS17D
IAS17E
IAS17F
IAS17G
IAS 18
Does the entity have any obligations to dismantle, remove
and restore items of property, plant and equipment
(commonly referred to as decommissioning, restoration and
similar liabilities)?
Leases
Did the entity hold any assets under finance leases (i.e. the
entity is a lessee under a finance lease)?
Is the entity a lessee under any operating lease?
Is the entity a lessor under any finance lease?
Did the entity hold any assets which are leased out under
operating leases (i.e. the entity is a lessor under an operating
lease)?
Are any of the arrangements where the entity is acting as a
lessor or a lessee (either under any operating lease or under
a financing lease) sale and leaseback arrangements?
Did the entity enter into an arrangement, comprising a
transaction or a series of related transactions, that does not
take the legal form of a lease but that conveys a right to use
an asset (e.g. an item of property, plant or equipment) in
return for a payment or series of payments?
Did the entity have any arrangements that have a legal form
of a lease but that do not, in substance, involve a lease under
IAS 17?
Revenue
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IAS18A
IAS18C
IAS 19
IAS19A
IAS19B
IAS19C
IAS19D
IAS19E
IFRS 19(2011)
IAS19A
IAS19B
IAS19C
IAS19D
Did the entity participate in any defined benefit plans for post-
employment benefits?
Did the entity participate in any defined contributions plans
for post-employment benefits?
Did the entity recognise any revenue?
Does the entity enter into agreements for the construction of
real estate?
Employee Benefits
Did the entity provide any short-term employee benefits?
Did the entity participate in any defined benefit plans for post-
employment benefits?
Did the entity participate in any defined contributions plans
for post-employment benefits?
Did the entity provide any other long-term employee
benefits?
Did the entity offer or grant any termination benefits?
Did the entity provide any other long-term employee
benefits?
Employee Benefits
Did the entity provide any short-term employee benefits?
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IAS19E
IAS 20
IAS20A
IAS20B
IAS 21
IAS21A
IAS21A
IAS21A
IAS 23
IAS23A
IAS 24
IAS24A
IAS24B
Did the entity receive any government grants?
Did the entity receive any government assistance (including
government grants)?
Did the entity offer or grant any termination benefits?
The Effects of Changes in Foreign Exchange Rates
Did the entity :
- have transactions or balances in foreign currencies;
- have any foreign operations; or
- present its financial statements in a foreign currency?
Borrowing Costs
Did the entity incur any borrowing costs?
Related Party Disclosures
Is the entity a subsidiary of another entity?
Did the entity have any related party transactions and
outstanding balances with related parties, including
compensation for its key management personnel?
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IAS24C
IAS 26
IAS26A
IAS26B
IAS 27(2008)
Yes IAS27
IAS 27(2011)
IAS27A
IAS27B
Accounting and Reporting by Retirement Benefit Plans
Is it a defined contribution plan (if the plan contains
characteristics of both defined contribution plans and defined
benefit plans, it is considered to be a defined benefit plan for
the purpose of IAS 26)?
Is the entity exempt from the disclosure requirements of
related party transactions with the government?
Is it a defined benefit plan (if the plan contains
characteristics of both defined contribution plans and defined
benefit plans, it is considered to be a defined benefit plan for
the purpose of IAS 26)?
Consolidated and Separate Financial Statements
Has the entity prepared either consolidated financial
statements or separate financial statements (or both)?
Separate Financial Statements
Has the parent, in accordance with paragraph 4(a) of IFRS
10, elected not to prepare consolidated financial statements
and instead prepares separate financial statements?
When a parent (other than a parent covered by paragraph
16) or an investor with joint control of, or significant
influence over, an investee prepares separate financial
statements, has the parent or investor identified the financial
statements prepared in accordance with IFRS 10, IFRS 11 or
IAS 28 (as amended in 2011) to which they relate?
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IAS27C
IAS 28(2008)
Yes IAS28A
IAS 28(2011)
IAS28A
IAS28B
IAS 29
Yes IAS29
IAS 31
Yes IAS31A
IAS 32
Investments in Associates and Joint Ventures
Are investments in associates or a joint venture accounted
for using the equity method?
Investments in Associates
Did the entity have any investments in associates?
Has the parent entity, or any of its subsidiaries, associates or
joint ventures in the consolidated financial statements (if
applicable), had a functional currency being the currency of a
Did the entity have joint control over any jointly controlled
entities?
Financial Instruments: Presentation
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IAS32A
IAS32B
IAS32C
IAS 33
IAS33A
IAS33A
IAS33A
IAS 34
Yes IAS34A
IAS 36
IAS36A
IAS36B
Did the entity issue a financial instrument?
Did the entity recognise any interest, dividends, losses and
gains related to a financial instruments or a component of a
financial instrument?
Does the entity issue financial instruments, such as
member's share in co-operative entities, which have
characteristics of equity but give the holder the right to
request redemption for cash or another financial asset?
Earnings per Share
Does the entity have ordinary shares or potential ordinary
shares that are publicly traded; or
Is the entity in the process of issuing such shares; or
Has the entity chosen to disclose earnings per share (EPS)
information voluntarily?
Interim Financial Reporting
Did the entity publish any financial interim reports?
Impairment of Assets
Did the entity recognise any impairment losses, or reversals
of impairment losses, during the period on assets within the
scope of IAS 36?
Did the entity have any goodwill or intangible assets with
indefinite useful lives?
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IAS 37
IAS37A
IAS37B
IAS37C
IAS 38
Yes IAS38A
IAS 39
IAS39A
IAS39B
IAS 40
Yes IAS40A
IAS 41
IAS41A
Investment Property
Does the entity have any investment property?
Agriculture
Did the entity:
- operate in agricultural or farming activities with respect to
living plants or animals; or
Did the entity have any contingent assets or
reimbursements?
Did the entity implement any fair value hedges of the interest
rate exposure of a portion of a portfolio of financial assets or
financial liabilities?
Did the entity have any provisions?
Did the entity have any contingent liabilities?
Intangible Assets
Did the entity recognise any intangible assets on its balance
sheet?
Financial Instruments: Recognition and Measurement
Did the entity recognise any financial assets on its statement
of financial position?
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IAS41A
IFRIC 5
Yes IFRIC5A
SIC 29
Yes SIC29
IFRIC 17
Yes IFRIC17A
IFRIC 19
Yes IFRIC19A
Distributions of Non-cash Assets to Owners [Effective 1 July 2009]
Has the entity distributed non-cash assets as dividends to its
owners?
Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds
Does the entity have any interests in decommissioning,
restoration and environmental rehabilitation funds, where the
entity is the contributor?
Service Concession Arrangements: Disclosures
Was the entity an operator or a grantor under service
concession arrangements?
Has the entity issued equity instruments to extinguish all or
part of a financial liability
- own or control any biological assets?
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Summary of IFRS Presentation/Disclosure Tailoring Questions
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Page 73 of 366 6/12/2014 3:46 AM
Page 74 of 366 6/12/2014 3:46 AM
1
2
3
4
5
11
75
76
77
143
144
442
443
538
539
581
582
626
662
735
736
772
773
812
B C D E F
Index AcctTQSummary
IFRS 1 First-time Adoption of International Financial Reporting Standards
TQ Reference Recognition/measurement requirement
This section of the questionnaire addresses IFRS 1 which applies when an entity adopts
IFRSs for the first time by an explicit and unreserved statement of compliance with
IFRSs. IFRS 1 provides guidance regarding the transition from previous Generally
Accepted Accounting Principles (GAAP) to IFRSs.
IFRS 1 requires the entity to prepare and present an opening IFRS statement of financial
position at the date of transition to IFRSs, which complies with all IFRSs effective at the
end of its first IFRS reporting period. IFRS 1 requires retrospective application in most
areas, with limited exemptions.
For additional Guidance, select "Show" in the next column
TQ Reference Recognition/measurement requirement Yes / No /
N/A
Comments
Opening IFRS statement of financial position
1A Is the entity a first time adopter of IFRSs in terms of IFRS 1?
Exemptions from other IFRSs
1B Did the entity enter into any business combinations before the date of transition to
IFRSs?
Share-based payment transactions
1C Has the entity granted any equity instruments prior to the date of transition that fall
within the scope of IFRS 2?
Insurance contracts
1D Has the entity entered into any insurance contracts?
Fair value or revaluation as deemed cost
1E Has the entity recognised items of property, plant and equipment in the opening IFRS
statement of financial position?
1F Has the entity recognised items of investment property in the opening IFRS statement of
financial position?
1G Has the entity recognised intangible assets (other than goodwill) in the opening IFRS
IFRIC 4 Determining whether an arrangement contains a lease
1H Was the entity, at the date of transition to IFRSs, party to an arrangement, comprising a
transaction or a series of related transactions, that did not take the legal form of a lease
but that conveyed a right to use an asset (e.g. an item of property, plant or equipment)
in return for a payment or series of payments?
Employee benefits
1I Has the entity recognised defined benefit obligations in the opening IFRS statement of
financial position?
Cumulative translation differences
Page 75 of 366
813
853
854
897
898
941
975
1009
1010
1051
1052
1092
1093
1134
1135
1173
1174
1179
1180
1185
1186
1191
1192
1208
B C D E F
1J Does retrospective application of IAS 21 result in any cumulative exchange differences to
be recognised in the opening IFRS statement of financial position?
Investments in subsidiaries, joint controlled entities and associates
1K Did the entity recognise any investments in subsidiaries, jointly controlled entities and
associates?
Assets and liabilities of subsidiaries, associates and joint ventures
1L Did the entity become a first-time adopter later than its parent or an entity that has
significant influence or joint control over it?
1M Did the entity become a first-time adopter later than its subsidiary, associate or joint
venture?
1N Did the entity become a first-time adopter for its separate financial statements earlier or
later than for its consolidated financial statements?
Compound financial instruments
1O Did the entity recognise any compound financial instruments under previous GAAP?
Designation of previously recognised financial instruments
1P Has the entity recognised financial instruments, as defined under IAS 32 and IAS 39, in
the opening IFRS statement of financial position?
Decommissioning liabilities included in the cost of property, plant and
equipment
1Q Did the entity have obligations to dismantle, remove and restore items of property, plant
and equipment at the date of transition to IFRSs?
Financial assets or intangible assets accounted for in accordance with IFRIC 12
1R Was the entity, at the date of transition to IFRSs, a party to a Service Concession
Arrangement within the scope of IFRIC 12 Service Concession Arrangements ?
Borrowing costs
1V Has the entity considered applying the transitional provisions in IAS 23?
IFRIC 18 - Transfer of assets from customers
1X Has the entity considered applying the transitional provisions in IFRIC 18?
IFRIC 19 - Extinguishing financial liabilities with equity instruments
1Y IFRS 1:D25 Has the entity considered applying the transitional provisions in IFRIC 19?
Severe hyperinflation
1YA IFRS 1:D26 Does the entity have a functional currency that was, or is, the currency of a
Exceptions to retrospective application of other IFRSs
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1215
1216
1252
1253
1300
1301
1341
1342
1366
1367
1398
1399
1403
B C D E F
Derecognition of financial assets and financial liabilities
1S Did the entity derecognise financial assets or financial liabilities under previous GAAP?
Hedge accounting
1T Does the entity apply hedge accounting or has the entity recognised any derivatives in
the opening IFRS statement of financial position?
Non-controlling interests
1W Has the entity applied the transitional provisions relating to non-controlling interests set
out in paragraph B7 of IFRS 1?
Estimates
1U Has the entity used estimates to measure assets and liabilities recognised in its opening
IFRS statement of financial position?
Classification and measurement of financial assets
1Z Has the entity recognised any financial assets in the opening IFRS statement of financial
position?
Embedded derivatives
1ZA Has the entity assessed / recognised any embedded derivatives in the opening IFRS
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1
2
3
4
13
46
47
49
50
51
52
79
80
114
115
120
121
122
149
B C D E F
Index PresentTQSummary
IFRS 1 First-time Adoption of International Financial Reporting Standards
TQ Reference Presentation/disclosure requirement
This section of the checklist addresses the presentation and disclosure requirements of
IFRS 1, as revised in November 2008, which applies when an entity adopts IFRSs for the
first time by an explicit and unreserved statement of compliance with IFRSs.
For additional guidance, select Show in the next column
TQ
Reference
Presentation/disclosure requirement
Yes / No /
N/A
Comments
1A Is the entity a first-time adopter in terms of IFRS 1 in the current period? Yes
Opening IFRS statement of financial position
IFRS 1:6 An entity shall prepare and present an opening IFRS statement of financial position at the
date of transition to IFRSs.
Employee benefits
IFRS 1:D11 An entity may disclose the amounts required by paragraph 120A(p) of IAS 19 Employee
Benefits as the amounts are determined for each accounting period prospectively from
the date of transition to IFRSs.
Share-based payment transactions
Did the entity have any share-based arrangements in the scope of IFRS 2?
Insurance contracts
Did the entity issue any insurance contracts (including reinsurance contracts) or hold any
reinsurance contracts ?
Comparative information
IFRS 1:21 The entitys first IFRS financial statements shall include at least three statements of
financial position, two statements of comprehensive income, two separate income
statements (if presented), two statements of cash flows and two statements of changes in
equity and related notes, including comparative information.
IFRS 1:21 The entitys first IFRS financial statements shall include at least three statements of
financial position, two statements of profit or loss and other comprehensive income, two
separate statements of profit or loss (if presented), two statements of cash flows and two
statements of changes in equity and related notes, including comparative information.
Non-IFRS comparative information and historical summaries
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150
180
181
182
184
185
186
188
212
215
218
223
227
245
251
257
263
B C D E F
Does the entity present either (i) historical summaries of selected data that do not comply
with the recognition or measurement requirements of IFRSs for periods before the first
period for which it presents full comparative information under IFRSs, or (ii) comparative
information under previous GAAP in addition to the comparative information required by
IAS 1 Presentation of Financial Statements ?
Explanation of transition to IFRSs
Reconciliations
IFRS 1:23 The entity shall explain how the transition from previous GAAP to IFRSs affected its
reported financial position, financial performance and cash flows.
IFRS 1:24(a) The entitys first IFRS financial statements shall include reconciliations of its equity
reported under previous GAAP to its equity under IFRSs for both of the following dates:
a) the date of transition to IFRSs; and
b) the end of the latest period presented in the entitys most recent annual
financial statements in accordance with previous GAAP.
IFRS 1:24(b) The entitys first IFRS financial statements shall include reconciliation to its total
comprehensive income under IFRSs for the latest period in the entitys most recent
annual financial statements. The starting point for that reconciliation shall be total
comprehensive income under previous GAAP for the same period or, if an entity did not
report such a total, profit or loss under previous GAAP.
IFRS 1:24(c) Did the entity recognise or reverse any impairment losses for the first time in preparing
its opening IFRS statement of financial position?
IFRS 1:25 Has the entity presented a statement of cash flows under its previous GAAP?
IFRS 1:26 Has the entity become aware of errors made under previous GAAP?
IFRS 1:27A Has the entity changed its accounting policies or its use of the exemptions contained in
IFRS 1 during the period covered by its first IFRS financial statements?
IFRS 1:28 If the entity did not present financial statements for previous periods, its first IFRS
financial statements shall disclose that fact.
Designation of financial assets or financial liabilities
IFRS 1:29 Has the entity designated any previously recognised financial asset as a financial asset
measured at fair value through profit or loss (as permitted by paragraph D19A of IFRS
1)?
IFRS 1:29A Has the entity designated any previously recognised financial liability as a financial liability
at fair value through profit or loss (as permitted by paragraph D19 of IFRS 1)?
Use of fair value as deemed cost
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264
271
272
278
282
290
291
301
302
332
333
351
352
357
360
363
364
B C D E F
Has the entity used fair value in its opening IFRS statement of financial position as
deemed cost for an item of property, plant and equipment, an investment property or an
intangible asset (as permitted by paragraphs D5 and D7 of IFRS 1)?
Use of deemed cost for investments in subsidiaries, jointly controlled entities
and associates
Does the entity use a deemed cost in its opening IFRS statement of financial position for
an investment in a subsidiary, jointly controlled entity or associate in its separate financial
statements (see paragraph D15 of IFRS 1)?
IFRS1:31A Does the entity use the exemption in paragraph D8A(b) for oil and gas assets?
IFRS1:31B Does the entity use the exemption in paragraph D8B for operations subject to rate
regulation?
Use of deemed cost after severe hyperinflation
IFRS1:31C Has the entity elected to measure assets and liabilities at fair value and used that fair
value as the deemed cost in its opening IFRS statement of financial position because of
severe hyperinflation (see paragraphs D26-D30 of IFRS 1)?
Interim financial reports
IFRS 1:32(a) Does the entity present an interim financial report under IAS 34 for part of the period
covered by its first IFRS financial statements, and did it present an interim financial report
for the comparable interim period of the immediately preceding financial year?
Exemption from the requirement to restate comparative information for
IFRS 9
IFRS 1:E2 Does the entity choose to present comparative information that does not comply with
IFRS 9 and IFRS 7 in its first year of transition?
Disclosures about financial instruments
IFRS 7:44G Did the entity choose to apply the transition provisions in paragraph 44G of IFRS 7?
Does the entity choose to apply the transitional provisions in paragraph 44M of IFRS 7?
IFRS 1:E5 Does the entity choose to apply the transitional provisions in paragraph 173(b) of IAS 19?
Adoption of amendments to Standard in advance of effective date

IFRS 1:39C If the entity has applied paragraph E3 of IFRS 1 arising from Limited Exemption from
Comparative IFRS 7 Disclosures for First-time Adopters (Amendments to IFRS 1) , issued
in January 2010 for a period beginning before 1 July 2010, it shall disclose that fact.
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365
366
367
368
B C D E F
IFRS 1:39E If the entity has applied the amendments to IFRS 1 arising from Improvements to IFRSs
issued in May 2010 for a period beginning before 1 January 2011, it shall disclose that
fact.
IFRS 1:39E If the entity adopted IFRSs in a period beginning before the effective date of IFRS 1 or
applied IFRS 1 in a previous period, and applies the amendment to paragraph D8 arising
from Improvements to IFRSs retrospectively in the first annual period after the
amendment is effective, it shall disclose that fact.
IFRS 1:39F If the entity has applied paragraph E4 of IFRS 1 arising from Disclosures-Transfers of
Financial Assets (Amendments to IFRS 7) , issued in October 2010 for a annual period
beginning before 1 July 2011, it shall disclose that fact.
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1
2
3
4
5
33
34
36
38
39
40
41
42
233
234
409
410
B C D E F
Index AcctTQSummary
IFRS 2 Share-based Payment
This section of the questionnaire addresses IFRS 2, which prescribes the accounting for
the situation where an entity enters into a transaction in which the consideration paid for
goods or services is linked, either directly or indirectly to the entities' equity securities or
equity instruments of another entity in the same group. The principal issues relate to the
measurement of the share-based payment transaction and the subsequent expensing
thereof.
N/A
Comments
Detailed Compliance Questions
Recognition
2A Does the entity enter into transactions with employees or other parties providing similar
services which are settled through the issue of the entitys equity or equity of an entity in
the same group?
2B Does the entity enter into transactions with parties other than employees which are
settled through the issue of the entitys equity or equity of an entity in the same group?
2C Does the entity enter into transactions which are settled at an amount determined by
reference to the entitys equity or equity of an entity in the same group?
2D Does the entity enter into transactions in which the entity has the choice to settle the
transaction either through the issue of the entitys equity or equity of an entity in the
same group or in cash, the amount of which is determined by reference to the entitys
equity or equity of an entity in the same group?
2E Does the entity enter into transactions in which the counterparty has the choice to
receive payment either in the form of the entitys equity or equity of an entity in the
same group or in cash, the amount of which is determined by reference to the entitys
equity or equity of an entity in the same group?
Modification to the terms and conditions on which equity instruments were
granted, including cancellations and settlements
2F Where the entity has entered into a share-based payment transaction, has the entity
modified any terms of its share-based payment arrangement?
Share-based payment transactions among group entities
2G Does the entity receive goods or services from its suppliers as consideration from share-
based payment transactions in which another group entity has the obligation to settle the
share-based payment?
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1
2
3
4
5
12
13
14
16
17
19
20
28
47
48
50
77
B C D E F
IFRS 2 Share-based Payment
IFRS 2, which prescribes the accounting for transactions in which the consideration paid
by the entity for goods or services is linked, either directly or indirectly, to the entitys
equity securities or to equity instruments of another entity in the same group. The
principal issues relate to the measurement of the share-based payment transaction and
the subsequent expensing thereof.
TQ
Reference
Yes / No /
N/A
Comments
DETAILED COMPLIANCE QUESTIONS
2A Did the entity have any share-based payment arrangements in the scope of IFRS 2? Yes
The nature and extent of share-based payment arrangements that existed in the
period
IFRS 2:44 The entity shall disclose information that enables users of the financial statements to
understand the nature and extent of share-based payment arrangements that existed
during the period.
The entity shall disclose the following (at a minimum):
IFRS 2:45(a) a) a description of each type of share-based payment arrangement that existed at
any time during the period, including the general terms and conditions of each
arrangement;
Did the entity have any share options granted under a share-based payment transaction?
The basis for determination of the fair value of the goods or services received,
or the fair value of the equity instruments granted, during the period
understand how the fair value of the goods or services received, or the fair value of the
equity instruments granted, during the period was determined.
IFRS 2:47(a) Has the entity measured the fair value of goods or services received as consideration for
equity instruments of the entity indirectly, by reference to the fair value of the equity
instruments granted?
IFRS 2:48 Has the entity measured directly the fair value of goods or services received during the
period?
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80
89
90
92
93
94
95
96
97
98
99
100
B C D E F
IFRS 2:49 Has the entity rebutted the presumption in paragraph 13 of IFRS 2 that the fair value of
the goods or services received from parties other than employees can be measured
reliably (and, consequently, has the entity measured the fair value of goods and services
received from such parties by reference to the equity instruments granted)?
The effect of share-based payment transactions on the entitys profit or loss for
the period and on its financial position
understand the effect of share-based payment transactions on the entitys profit or loss
for the period and on its financial position.
The entity shall disclose the following (at a minimum):
IFRS 2:51(a) a) the total expense recognised for the period arising from share-based payment
transactions in which the goods or services received did not qualify for recognition as
assets (and hence were recognised as an expense);
IFRS 2:51(a) b) the portion of the total expense recognised for the period that arises from
transactions accounted for as equity-settled share-based payment transactions;
IFRS 2:51(b) c) the total carrying amount at the end of the period for liabilities arising from
share-based payment transactions; and
IFRS 2:51(b) d) the total intrinsic value at the end of the period of liabilities arising from share-
based payment transactions for which the counterpartys right to cash or other assets
had vested by the end of the period (e.g. vested share appreciation rights).
Additional information
IFRS 2:52 If the detailed information specified for disclosure by IFRS 2 (as set out above) does not
satisfy the principles in paragraphs 44, 46 and 50 of IFRS 2, the entity shall disclose such
additional information as is necessary to satisfy those principles.
Transitional provisions
IFRS 2:56 For all grants of equity instruments to which IFRS 2 has not been applied (e.g. equity
instruments granted on or before 7 November 2002), the entity shall nevertheless
disclose the information required by paragraphs 44 and 45 of IFRS 2 (see above).
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1
2
3
4
6
29
32
33
34
301
302
336
337
389
390
391
412
413
434
435
B C D E F
Index AcctTQSummary
IFRS 3 Business Combinations
This section of the questionnaire addresses IFRS 3, which was issued in January 2008.
IFRS 3 prescribes the accounting treatment for business combinations. A business
combination is a transaction or other event in which an acquirer obtains control of one or
more businesses (e.g. through mergers, acquisitions or the acquisition of assets).
N/A
Comments
Scope
Identifying a business combination
3A Has the entity entered into a business combination during the period?
Recognising and measuring goodwill or a gain arising from a bargain purchase
3E Has goodwill been recognised in the current year or previous periods?
Bargain purchases
3F Does the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed measured in accordance with IFRS 3 exceed the aggregate of the
consideration transferred?
Additional guidance for applying the acquisition method to particular types of
business combinations
A business combination achieved in stages
3B Was the business combination achieved in stages, for example through successive share
purchases?
A business combination achieved without the transfer of consideration
3C Was the business combination achieved without transfer of consideration?
Measurement period
3G Was the initial accounting for a business combination determined provisionally in either
the current or the prior year?
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653
654
688
689
B C D E F
Contingent consideration
3D Were changes in the fair value of contingent consideration recognised after the
acquisition date due to additional information obtained after that date about facts and
circumstances that existed at the acquisition date?
Reverse acquisitions
3H Has the entity entered into a business combination that is classified as a 'reverse
acquisition' during the period?
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1
2
3
4
5
18
19
20
151
152
B C D E F
IFRS 3 Business Combinations
Reference Presentation/disclosure requirement
IFRS 3 as revised in 2008 which prescribes the accounting treatment for business
combinations.
Reference
Yes / No /
N/A
Comments
The nature and financial effect of business combinations that occur during the
current period or after the end of the reporting period
3A Has the entity entered into a business combination during the current or prior reporting
period?
Business combinations occurring after the reporting period
3B Is the acquisition date of a business combination after the end of the reporting period but
before the financial statements are authorised for issue?
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1
3
4
5
6
29
30
31
32
34
215
216
298
299
357
358
508
510
615
616
654
657
725
B C D E F
Index AcctTQSummary
IFRS 4 Insurance Contracts
This section of the questionnaire addresses IFRS 4, which specifies the
financial reporting for insurance contracts by an entity that issues such
contracts (described as an insurer). IFRS 4 is an interim measure until the
IASB completes the second phase of its project on insurance contracts.
N/A
Comments
Detailed compliance Questions
Scope
Definition of an insurance contract
4A Has the entity issued any insurance contracts (including reinsurance
contracts) or does it hold any reinsurance contracts?
4D Are there any embedded derivatives in insurance contracts which the entity
has issued, apart from an embedded derivative which is itself an insurance
contract?
Unbundling of deposit components
4E Do any of the insurance contracts which the entity has issued contain both
an insurance component and a deposit component?
Recognition and measurement
Temporary exemptions from some other IFRSs
Changes in accounting policies
4F Has the insurer changed its accounting policies for insurance contracts?
Insurance contracts acquired in a business combination or portfolio
transfer
4G Did the entity assume any insurance liabilities or acquire any insurance
assets in a business combination (as defined in IFRS 3)? OR
Did the entity acquire a portfolio of insurance contracts?
Discretionary participation features in insurance contracts
4C Has the entity issued an insurance contract which contains a discretionary
participation feature (see Guidance) as well as a guaranteed element?
Discretionary participation features in financial instruments
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726
B C D E F
4B Has the entity issued financial instruments with a discretionary participation
feature?
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1
2
3
4
5
15
16
18
19
20
21
22
23
35
36
44
45
47
48
49
B C D E F
IFRS 4 Insurance Contracts
IFRS 4, which specifies the financial reporting for insurance contracts by an entity that
issues such contracts (described as an insurer). IFRS 4 is an interim measure until the
IASB completes the second phase of its project on insurance contracts.
TQ
Reference
Yes / No /
N/A
Comments
4 Did the entity issue any insurance contracts (including reinsurance contracts) or hold any
reinsurance contracts?
Yes
Offsetting
IFRS 4:14(d) An insurer shall not offset:
a) reinsurance assets against the related insurance liabilities; or
b) income or expense from reinsurance contracts against the expense or income from
the related insurance contracts.
Insurance contracts acquired in a business combination or portfolio transfer
4A Did the entity assume any insurance liabilities or acquire any insurance assets in a
business combination (as defined in IFRS 3) or acquire a portfolio of insurance contracts?
Discretionary participation features in financial instruments
4B IFRS 4:35(b) Has the entity issued a financial instrument that contains a discretionary participation
feature?
Explanation of recognised amounts
IFRS 4:36 The insurer shall disclose information that identifies and explains the amounts in its
financial statements arising from insurance contracts.
The insurer shall disclose:
IFRS 4:37(a) a) its accounting policies for insurance contracts and related assets, liabilities,
income and expense;
IFRS 4:37(b) b) the recognised assets, liabilities, income and expense (and, if it presents its
statement of cash flows using the direct method, cash flows) arising from insurance
contracts;
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54
60
62
63
66
67
69
70
71
72
73
77
78
82
85
86
B C D E F
4C IFRS 4:37(b) c) Is the insurer a cedant (i.e. the policy holder under a reinsurance contract)?
IFRS 4:37(c) d) the process used to determine the assumptions that have the greatest effect on
the measurement of the recognised amounts described in accordance with paragraph
37(b) of IFRS 4 (see above);
IFRS 4:37(d) e) the effect of changes in assumptions used to measure insurance assets and
insurance liabilities, showing separately the effect of each change that has a material
effect on the financial statements; and
IFRS 4:37(e) f) reconciliations of changes in insurance liabilities, reinsurance assets and, if any,
related deferred acquisition costs.
Nature and extent of risks arising from insurance contracts
IFRS 4:38 The insurer shall disclose information that enables users of its financial statements to
evaluate the nature and extent of risks arising from insurance contracts.
The insurer shall disclose:
IFRS 4:39(a) a) its objectives, policies and processes for managing risks arising from insurance
contracts;
IFRS 4:39(a) b) the methods used to manage those risks;
IFRS 4:39(c) c) information about insurance risk (both before and after risk mitigation by
reinsurance), including information about:
i) sensitivity to insurance risk
ii) concentrations of insurance risk, including a description of how
management determines concentrations and a description of the shared
characteristic that identifies each concentration (e.g. type of insured event,
geographical area, or currency); and
iii) actual claims compared with previous estimates (i.e. claims development);
IFRS 4:39(d) d) information about credit risk, liquidity risk and market risk that paragraphs 31
to 42 of IFRS 7 would require if the insurance contracts were within the scope of IFRS
7; and
IFRS 4:39(e) e) information about exposures to market risk arising from embedded derivatives
contained in a host insurance contract if the insurer is not required to, and does not,
measure the embedded derivatives at fair value.
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1
2
3
4
5
24
26
27
152
268
282
283
284
285
B C D E F
Index AcctTQSummary
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
This section of the questionnaire addresses IFRS 5, which prescribes reporting of non-
current assets held for sale and discontinued operations. The principal issues relate to
the accounting treatment of assets held for sale, and the presentation and disclosure of
discontinued operations.
N/A
Comments
Classification of non-current assets (or disposal groups) as held for sale
5A Does the entity hold non-current assets or groups of assets for which it intends to
recover the carrying amount principally through a sale transaction rather than through
continuing use (an asset held for sale) or is committed to distribute the assets (or
disposal group) to owners acting in their capacity as owners (held for distribution to
owners)?
5B Has the entity acquired any non-current assets (or disposal groups) exclusively with a
view to their subsequent disposal (see note to 5A above)?
5C Has the entity previously classified assets (or disposal groups) as held for sale which no
longer meet the classification criteria (see 5A above)?
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1
2
3
4
5
16
17
19
42
43
45
46
94
95
108
109
B C D E F
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 5, which prescribes reporting of non-current assets (or disposal groups) held for
sale and discontinued operations. The principal issues relate to the accounting treatment
for assets held for sale, and the presentation and disclosure of discontinued operations.
Reference
Yes / No /
N/A
Comments
5 Did the entity have any non-current assets or disposal groups held for sale, or
discontinued operations, during the current period or after the reporting period?
Yes
5A Did the entity have any non-current assets or disposal groups held for sale?
Information regarding the financial effects of discontinued operations and
disposals of non-current assets (or disposal groups)
IFRS 5:30 An entity shall present and disclose information that enables users of the financial
statements to evaluate the financial effects of discontinued operations and disposals of
non-current assets (or disposal groups).
Presenting discontinued operations
5B Did the entity have any discontinued operations?
Additional disclosures
5C Did the entity sell any non-current assets or disposal groups during the reporting period?
Non-current assets (or disposal groups) meeting the criteria for classification as
held for sale after the reporting period
5D IFRS 5:12 Are the criteria in paragraphs 7 and 8 of IFRS 5 for classification as held for sale met
after the reporting period but before the authorisation of the financial statements for
issue?
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1
2
3
4
5
6
12
13
14
15
16
B C D E F
Index AcctTQSummary
IFRS 6 Exploration for and Evaluation of Mineral Resources
TQ
Reference
Recognition/measurement requirement
This section of the questionnaire addresses IFRS 6, which applies to financial reporting
for the exploration for and evaluation of mineral resources.
The principal objective of IFRS 6 is to limit the need for entities adopting IFRSs to change
their existing accounting policies for exploration and evaluation assets, pending
finalisation of a future comprehensive Standard on extractive activities. IFRS 6 provides
temporary relief for entities involved in exploration and evaluation activities from
applying the more rigorous requirements of IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors in determining their accounting policies for exploration
and evaluation expenditure.
TQ
Reference
Yes / No /
N/A
Comments
Recognition
6A Has the entity incurred expenditures related to exploration for and evaluation of mineral
resources during the current or prior period?
6B Has the entity capitalised any exploration and evaluation expenditure as an asset?
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1
2
3
4
5
11
12
14
15
17
18
22
23
24
25
27
28
29
B C D E F
IFRS 6 Exploration for and Evaluation of Mineral Resources
IFRS 6 which applies to expenditures incurred by an entity in connection with the search
for mineral resources.
Reference
Yes / No /
N/A
Comments
6A Has the entity incurred expenditure related to exploration and evaluation of mineral
resources?
Yes
Classification of exploration and evaluation assets
IFRS 6:15 An entity shall classify exploration and evaluation assets as tangible or intangible
according to the nature of the assets acquired, and apply the classification consistently.
Reclassification of exploration and evaluation assets
IFRS 6:17 An exploration and evaluation asset shall no longer be classified as such when the
technical feasibility and commercial viability of extracting a mineral resource are
demonstrable.
Impairment
IFRS 6:18 Any impairment loss recognised in respect of exploration and evaluation assets shall be
presented and disclosed in accordance with IAS 36 Impairment of Assets (see relevant
section of this checklist).
Disclosure of information regarding amounts recognised arising from the
exploration for and evaluation of mineral resources
IFRS 6:23 An entity shall disclose information that identifies and explains the amounts recognised in
its financial statements arising from the exploration for and evaluation of mineral
resources.
An entity shall disclose:
IFRS 6:24(a) a) its accounting policies for exploration and evaluation expenditures including the
recognition of exploration and evaluation assets; and
IFRS 6:24(b) b) the amounts of assets, liabilities, income and expense and operating and
investing cash flows arising from the exploration for and evaluation of mineral
resources.
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30
B C D E F
IFRS 6:25 The entity shall treat exploration and evaluation assets as a separate class of assets and
make the disclosures required by either IAS 16 Property, Plant and Equipment , or IAS 38
Intangible Assets , consistent with how the assets are classified.
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1
2
3
4
5
6
14
15
16
18
19
24
25
34
B C D E F
IFRS 7 Financial Instruments: Disclosures (entity has not yet adopted IFRS 9)
This section of the checklist addresses IFRS 7, which prescribes the disclosure
requirements for financial instruments, both recognised and unrecognised.
Appendix B to IFRS 7 contains application guidance that is an integral part of the
Standard. References to the relevant paragraphs of Appendix B are noted below.
IFRS 9 Financial Instruments issued in October 2010 makes a number of consequential
amendments to IFRS 7. IFRS 9 is effective for annual periods beginning on or after 1
January 2013, with earlier application permitted. The consequential amendments to IFRS
7 should be applied when the entity applies IFRS 9.
ED/2011/3, published 4 August 2011, proposes a mandatory effective date of IFRS 9 for
annual periods beginning on or after 1 January 2015, with earlier application permitted.
Comments on the exposure draft are due by 21 October 2011.
This section of the checklist assumes that the entity has not yet adopted IFRS 9 and
does not reflect the consequential amendments to IFRS 7 added by IFRS 9. Entities that
have adopted IFRS 9 in advance of its effective date should complete the questionnaire
in the tab "IFRS7P(amended)" of this checklist.
TQ
Reference
Yes / No /
N/A
Classes of financial instruments and level of disclosure
7A Does the entity have any financial instruments? Yes
IFRS 7:6 When IFRS 7 requires disclosures by class of financial instrument, the entity shall group
financial instruments into classes that are appropriate to the nature of the information
disclosed and that take into account the characteristics of those financial instruments.
IFRS 7:6 When IFRS 7 requires disclosure by class of financial instrument, the entity shall provide
sufficient information to permit reconciliation to the line items presented in the
statement of financial position.
Significance of financial instruments for financial position and performance
IFRS 7:7 An entity shall disclose information that enables users of its financial statements to
evaluate the significance of financial instruments for its financial position and
performance.
Statement of financial position
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35
36
37
38
39
40
41
42
43
44
45
46
82
83
150
231
232
323
324
332
333
338
B C D E F
Categories of financial assets and financial liabilities
The carrying amounts of each of the following categories, as defined in IAS 39 Financial
Instruments : Recognition and Measurement , shall be disclosed either in the statement
of financial position or in the notes:
IFRS 7:8(a) a) financial assets at fair value through profit or loss, showing separately:
i) those designated as such upon initial recognition; and
ii) those classified as held for trading in accordance with IAS 39;
IFRS 7:8(b) b) held-to-maturity investments;
IFRS 7:8(c) c) loans and receivables;
IFRS 7:8(d) d) available-for-sale financial assets;
IFRS 7:8(e) e) financial liabilities at fair value through profit or loss, showing separately:
ii) those classified as held for trading in accordance with IAS 39; and
IFRS 7:8(f) f) financial liabilities measured at amortised cost.
Financial assets or financial liabilities at fair value through profit or loss
Has the entity designated a loan or receivable (or group of loans or receivables) as at fair
value through profit or loss?
Has the entity designated a financial liability as at fair value through profit or loss in
accordance with paragraph 9 of IAS 39?
Reclassification
Did the entity reclassify a financial asset from one category to another during the
reporting period?
Derecognition
Did the entity transfer financial assets in such a way that part or all of the financial
assets do not qualify for derecognition (see paragraphs 15 to 37 of IAS 39)?
Collateral
Does the entity hold any financial assets at the reporting date that has been pledged as
collateral for liabilities or contingent liabilities?
IFRS 7:15 Does the entity hold collateral (of financial or non-financial assets) and is the entity
permitted to sell or repledge the collateral in the absence of default by the owner of the
collateral?
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356
357
360
361
379
380
391
392
393
394
395
396
397
398
399
400
401
402
403
404
B C D E F
Allowance account for credit losses
Does the entity hold any financial assets impaired by credit losses?
Compound financial instruments with multiple embedded derivatives
Has the entity issued any compound financial instruments with multiple embedded
derivatives?
Defaults and breaches
Did the entity incur any defaults or breaches on loans payable?
Statement of comprehensive income
Items of income, expense, gains or losses
The entity shall disclose the following items of income, expense, gains or losses either in
the statement of comprehensive income or in the notes:
IFRS 7:20(a) a) net gains or net losses on:
i) financial assets or financial liabilities at fair value through profit or loss,
showing separately those on financial assets or financial liabilities designated as
such upon initial recognition, and those on financial assets or financial liabilities
that are classified as held for trading;
ii) available-for-sale financial assets, showing separately the amount of gain
or loss recognised in other comprehensive income during the period and the
amount reclassified from equity to profit or loss for the period;
iii) held-to-maturity investments;
iv) loans and receivables; and
v) financial liabilities measured at amortised cost;
IFRS 7:20(b) b) total interest income and total interest expense (calculated using the effective
interest method) for financial assets or financial liabilities that are not at fair value
through profit or loss;
IFRS 7:20(c) c) fee income and expense (other than amounts included in determining the
effective interest rate) arising from:
i) financial assets or financial liabilities that are not at fair value through
profit or loss; and
ii) trust and other fiduciary activities that result in the holding or investing of
assets on behalf of individuals, trusts, retirement benefit plans, and other
institutions;
IFRS 7:20(d) d) interest income on impaired financial assets accrued in accordance with
paragraph AG93 of IAS 39; and
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405
478
479
480
536
537
576
577
579
581
582
584
587
588
589
591
592
B C D E F
IFRS 7:20(e) e) the amount of any impairment loss for each class of financial asset.
Other disclosures
Accounting policies
IFRS 7:21 In accordance with paragraph 117 of IAS 1 Presentation of Financial Statements , an
entity discloses, in the summary of significant accounting policies, the measurement
basis (or bases) used in preparing the financial statements and the other accounting
policies used that are relevant to an understanding of the financial statements.
Hedge accounting
Has the entity applied hedge accounting in accordance with IAS 39?
Fair value
IFRS 7:25 Except as set out in paragraph 29 of IFRS 7 (see below), for each class of financial assets
and financial liabilities, the entity shall disclose the fair value of that class of assets and
liabilities in a way that permits it to be compared with its carrying amount.
IFRS 7:27 The entity shall disclose for each class of financial instruments the methods and, when a
valuation technique is used, the assumptions applied in determining fair values of each
class of financial assets or financial liabilities.
IFRS 7:27 If there has been a change in valuation technique, the entity shall disclose that change
and the reason for making it.
IFRS 7:27B For fair value measurements recognised in the statement of financial position an entity
shall disclose for each class of financial instruments:
IFRS 7:27B(a) a) the level in the fair value hierarchy into which the fair value measurements are
categorised in their entirety, segregating fair value measurements in accordance with
the levels defined in paragraph 27A (see guidance);
IFRS 7:27B(b) b) any significant transfers between Level 1 and Level 2 of the fair value hierarchy
and the reasons for those transfers, separately for:
i. transfers into each level; and
ii. transfers out of each level.
IFRS 7:27B(c) c) for fair value measurements in Level 3 of the fair value hierarchy, a
reconciliation from the beginning balances to the ending balances, disclosing
separately changes during the period attributable to the following:
i) total gains or losses for the period recognised in profit or loss, and a
description of where they are presented in the statement of comprehensive
income or the separate income statement (if presented);
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595
596
597
598
599
601
602
603
604
606
611
612
B C D E F
IFRS 7:27B(c) i) total gains or losses for the period recognised in profit or loss, and a
description of where they are presented in the statement(s) of profit or loss and
other comprehensive income;
ii) total gains or losses recognised in other comprehensive income;
iii) purchases, sales, issues and settlements (each type of movement disclosed
separately); and
iv) transfers into or out of Level 3 (e.g. transfers attributable to changes in the
observability of market data) and the reasons for those transfers. For significant
transfers, transfers into Level 3 shall be disclosed and discussed separately from
transfers out of Level 3;
IFRS 7:27B(d) d) the amount of total gains or losses for the period in (c)(i) above included in
profit or loss that are attributable to gains or losses relating to those assets and
liabilities held at the end of the reporting period and a description of where those
gains or losses are presented in the statement of comprehensive income or the
separate income statement (if presented); and
d) the amount of total gains or losses for the period in (c)(i) above included in
gains or losses are presented in the statement(s) of profit or loss and other
comprehensive income; and
IFRS 7:27B(e) e) for fair value measurements in Level 3, if changing one or more of the inputs to
reasonably possible alternative assumptions would change fair value significantly, the
entity shall
i. state that fact;
ii. disclose the effect of those changes; and
iii. disclose how the effect of a change to a reasonably possible alternative
assumption was calculated.
IFRS 7:28 When the market for a financial instrument is not active, does a difference exist between
the fair value at initial recognition and the amount that would be determined at that date
using a valuation technique (see guidance)?
IFRS 7:29(a) Disclosures of fair value are not required:
a) when the carrying amount is a reasonable approximation of fair value (e.g. for
financial instruments such as short-term trade receivables and payables);
IFRS 7:29(b) b) for an investment in equity instruments that do not have a quoted market price
in an active market, or derivatives linked to such equity instruments, that is
measured at cost because its fair value cannot be measured reliably; or
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638
674
675
681
682
683
684
685
704
705
706
708
710
714
715
716
717
722
B C D E F
IFRS 7:29(c) c) for a contract containing a discretionary participation feature (as described in
IFRS 4 Insurance Contracts ) if the fair value of that feature cannot be measured
reliably.
IFRS 7:30 Do the cases described in paragraphs 29(b) and (c) of IFRS 7 (see above) apply to the
entity?
Nature and extent of risks arising from financial instruments
IFRS 7:31 The entity shall disclose information that enables users of its financial statements to
evaluate the nature and extent of risks arising from financial instruments to which the
entity is exposed at the end of the reporting period.
Qualitative disclosures
For each type of risk arising from financial instruments, the entity shall disclose:
IFRS 7:33(a) a) the exposures to that risk and how they arise;
IFRS 7:33(b) b) its objectives, policies and processes for managing the risk and the methods
used to measure the risk; and
IFRS 7:33(c) c) any changes in 33(a) or (b) (see above) from the previous period.
Quantitative disclosures
IFRS 7:34(a) a) summary quantitative data about its exposure to that risk at the end of the
reporting period. This disclosure shall be based on the information provided internally
to key management personnel of the entity (as defined in IAS 24 Related Party
Disclosures ) (e.g. the entitys board of directors or chief executive officer);
IFRS 7:34(b) b) the disclosures required by paragraphs 36 to 42 of IFRS 7 (see below), to the
extent not provided in paragraph 34(a) (see above), unless the risk is not material;
and
IFRS 7:34(c) c) concentrations of risk if not apparent from 34(a) and (b) (see above).
Disclosures of risk shall include:
IFRS 7:B8(a) a) a description of how management determines concentrations;
IFRS 7:B8(b) b) a description of the shared characteristics that identifies each concentration
(e.g. counterparty, geographical area, currency or market); and
IFRS 7:B8(c) c) the amount of the risk exposure associated with all financial instruments
sharing that characteristic.
IFRS 7:35 If the quantitative data disclosed as at the end of the reporting period are
unrepresentative of an entitys exposure to risk during the period, an entity shall provide
further information that is representative.
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750
751
752
757
758
759
790
791
792
793
799
818
819
820
821
822
B C D E F
Credit risk
The entity shall disclose by class of financial instrument:
IFRS 7:36(a) a) the amount that best represents its maximum exposure to credit risk at the end
of the reporting period without taking account of any collateral held or other credit
enhancements (e.g. netting agreements that do not qualify for offset in accordance
with IAS 32 Financial Instruments: Presentation ) (see also IFRS 7:B9 and B10);
IFRS 7:36(b) b) a description of collateral held as security and of other credit enhancements,
and their financial effect (e.g. a quantification of the extent to which collateral and
other credit enhancements mitigate credit risk) in respect of the amount that best
represents the maximum exposure to credit risk (whether disclosed in accordance
with IFRS 7:36(a) (see above) or represented by the carrying amount of a financial
instrument)
IFRS 7:36(c) c) information about the credit quality of financial assets that are neither past due
nor impaired.
IFRS 7:36(d) d) [deleted];
An entity shall disclose by class of financial asset:
IFRS 7:37(a) a) an analysis of the age of financial assets that are past due as at the end of the
reporting period but not impaired;
IFRS 7:37(b) b) an analysis of financial assets that are individually determined to be impaired
as at the end of the reporting period, including the factors the entity considered in
determining that they are impaired; and
IFRS 7:37(c) c) [deleted].
IFRS 7:38 Did the entity obtain financial or non-financial assets during the period by taking
possession of collateral it held as security or calling on other credit enhancements (e.g.
guarantees), and did such assets meet the recognition criteria in other IFRSs?
Liquidity risk
The entity shall disclose:
IFRS 7:39(a) a) a maturity analysis for non-derivative financial liabilities (including issued
financial guarantee contracts) that shows the remaining contractual maturities;
IFRS 7:39(b) b) a maturity analysis for derivative financial liabilities. The maturity analysis
shall include the remaining contractual maturities for those derivative financial
liabilities for which contractual maturities are essential for an understanding of the
timing of the cash flows (see paragraph B11B);
IFRS 7:39(c) c) a description of how it manages the liquidity risk inherent in 39(a) and 39
(b) (see above).
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824
825
826
827
852
853
854
855
856
857
858
859
860
861
862
B C D E F
IFRS 7:B10A The entity shall explain how the summary quantitative data about its exposure to
liquidity risk are determined.
IFRS 7:B10A If the outflows of cash (or another financial asset) included in those data could either:
a) occur significantly earlier than indicated in the data, or
b) be for significantly different amounts from those indicated in the data (e.g.
for a derivative that is not included in the data on a net settlement basis but for
which the counterparty has the option to require gross settlement),
the entity shall state that fact and provide quantitative information that enables users of
its financial statements to evaluate the extent of this risk unless that information is
included in the contractual maturity analyses required by paragraph 39(a) or (b).
IFRS 7:B11E In describing how an entity manages the liquidity risk inherent in the items disclosed in
the quantitative disclosures required in paragraph 39(a) and 39(b) of IFRS 7 (as required
by paragraph 39(c) of IFRS 7), an entity shall disclose a maturity analysis of financial
assets it holds for managing liquidity risk (e.g. financial assets that are readily saleable
or expected to generate cash inflows to meet cash outflows on financial liabilities), if that
information is necessary to enable users of its financial statements to evaluate the nature
and extent of liquidity risk.
IFRS 7:B11F Other factors that an entity might consider in providing the disclosure required in
paragraph 39(c) include, but are not limited to, whether the entity:
a) has committed borrowing facilities (e.g. commercial paper facilities) or other
lines of credit (e.g. stand-by credit facilities) that it can access to meet liquidity
needs;
b) holds deposits at central banks to meet liquidity needs;
c) has very diverse funding sources;
d) has significant concentrations of liquidity risk in either its assets or its funding
sources;
e) has internal control processes and contingency plans for managing liquidity
risk;
f) has instruments that include accelerated repayment terms (e.g. on the
downgrade of the entitys credit rating);
g) has instruments that could require the posting of collateral (e.g. margin calls
for derivatives);
h) has instruments that allows the entity to choose whether it settles its financial
liabilities by delivering cash (or another financial asset) or by delivering its own
shares; or
i) has instruments that are subject to master netting agreements.
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871
872
873
874
875
908
917
940
941
942
943
944
945
973
974
B C D E F
Market risk
Unless the entity complies with paragraph 41 of IFRS 7 (see below), it shall disclose:
IFRS 7:40(a) a) a sensitivity analysis for each type of market risk to which the entity is exposed
at the end of the reporting period, showing how profit or loss and equity would have
been affected by changes in the relevant risk variable that were reasonably possible
at that date;
IFRS 7:40(b) b) the methods and assumptions used in preparing the sensitivity analysis; and
IFRS 7:40(c) c) changes from the previous period in the methods and assumptions used, and
the reasons for such changes.
IFRS 7:41 Did the entity prepare a sensitivity analysis, such as value-at-risk, in accordance with
IFRS 7.41?
IFRS 7:42 When the sensitivity analyses disclosed in accordance with paragraphs 40 or 41 of IFRS 7
(see above) are unrepresentative of a risk inherent in a financial instrument (for
example, because the year-end exposure does not reflect the exposure during the year),
the entity shall disclose that fact and the reason it believes the sensitivity analyses are
unrepresentative.
Transfers of Financial Assets
IFRS 7:44M Note: Disclosures - Transfers of Financial Assets (Amendments to IFRS 7) issued in
October 2010 amended disclosure requirements relating to transfers of financial
assets. These amendments are effective for annual periods beginning on or after 1
July 2011, with earlier application permitted.
IFRS 7:42A Note: The disclosure requirements in paragraphs 42B42H (see below) relating to
transfers of financial assets supplement the other disclosure requirements of this
IFRS. An entity shall present the disclosures required by paragraphs 42B42H (see
below) in a single note in its financial statements. An entity shall provide the required
disclosures for all transferred financial assets that are not derecognised and for any
continuing involvement in a transferred asset, existing at the reporting date,
irrespective of when the related transfer transaction occurred.
Has the entity transferred all or a part of a financial asset (the transferred financial
asset) by any of the following ways:
IFRS 7:42A(a) a. transferring the contractual rights to receive the cash flows of that financial asset;
or
IFRS 7:42A(b) b. retaining the contractual rights to receive the cash flows of that financial asset, but
assuming a contractual obligation to pay the cash flows to one or more recipients in an
arrangement.
Transferred Financial Assets That Are Not Derecognised in Their Entirety
IFRS 7:42D Has the entity transferred financial assets in such a way that part or all of the transferred
financial assets do not qualify for derecognition?
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1008
1091
1092
B C D E F
Transferred Financial Assets That Are Derecognised in Their Entirety
IFRS 7:42E Has the entity derecognised transferred financial assets in their entirety (see paragraph
20(a) and (c)(i) of IAS 39) but has continuing involvement in them?
IFRS 7:44M If the entity has applied paragraphs 42A-42H arising from Disclosures - Transfers of
Financial Assets (Amendments to IFRS 7) issued in October 2010 before 1 July 2011 it
shall disclose that fact.
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1
2
3
4
5
6
14
15
16
18
19
24
25
34
B C D E F
Financial Instruments: Disclosures (entity has adopted IFRS 9)
This section of the checklist addresses IFRS 7, which prescribes the disclosure
requirements for financial instruments, both recognised and unrecognised.
Appendix B to IFRS 7 contains application guidance that is an integral part of the
Standard. References to the relevant paragraphs of Appendix B are noted below.
IFRS 9 Financial Instruments issued in October 2010 makes a number of consequential
amendments to IFRS 7. IFRS 9 is effective for annual periods beginning on or after 1
January 2013, with earlier application permitted. The consequential amendments to IFRS
7 should be applied when the entity applies IFRS 9.
This section of the checklist should be completed if and only if the entity has adopted
IFRS 9 in advance of its effective date. The presentation and disclosure requirements in
IFRS 7 for entities that have not yet adopted IFRS 9 are set out in the preceding tab
"IFRS7P" of this checklist.
TQ
Reference
Yes / No /
N/A
Classes of financial instruments and level of disclosure
7A Does the entity have any financial instruments? Yes
IFRS 7:6 When IFRS 7 requires disclosures by class of financial instrument, the entity shall group
financial instruments into classes that are appropriate to the nature of the information
disclosed and that take into account the characteristics of those financial instruments.
IFRS 7:6 When IFRS 7 requires disclosure by class of financial instrument, the entity shall provide
sufficient information to permit reconciliation to the line items presented in the
statement of financial position.
Significance of financial instruments for financial position and performance
IFRS 7:7 An entity shall disclose information that enables users of its financial statements to
evaluate the significance of financial instruments for its financial position and
performance.
IFRS 7 (amended)
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35
36
37
38
39
40
41
42
43
44
45
46
117
118
139
150
191
192
B C D E F
IFRS 7:8 Categories of financial assets and financial liabilities
The carrying amounts of each of the following categories, as specified in IFRS 9 Financial
Instruments , shall be disclosed either in the statement of financial position or in the
notes:
IFRS 7:8(a) a) financial assets measured at fair value through profit or loss, showing
separately:
ii) those mandatorily measured at fair value in accordance with IFRS 9;
b) (d) [deleted];
IFRS 7:8(e) e) financial liabilities at fair value through profit or loss, showing separately:
ii) those that meet the definition of held for trading in IAS 39;
IFRS 7:8(f) f) financial assets measured at amortised cost;
IFRS 7:8(g) g) financial liabilities measured at amortised cost; and
IFRS 7:8(h) h) financial assets measured at fair value through other comprehensive income.
Financial assets or financial liabilities at fair value through profit or loss
Has the entity designated a financial asset (or a group of financial assets) as measured
at fair value that would otherwise be measured at amortized cost?
accordance with paragraph 4.2.2. of IFRS 9 and required to present the effects of
changes in that liability's credit risk in other comprehensive income (see paragraph 5.7.7
of IFRS 9)?
accordance with paragraph 4.2.2. of IFRS 9 and required to present the effects of
changes in the fair value of that liability (including the effects of changes in the credit
risk of the liability) in profit or loss (see paragraph 5.7.7 and 5.7.8 of IFRS 9)?
Financial assets measured at fair value through other comprehensive income
IFRS 7:11A Has the entity designated investments in equity instruments to be measured at fair value
through other comprehensive income, as permitted by paragraph 5.7.5. of IFRS 9?
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203
278
279
289
323
324
332
333
338
356
357
360
361
379
380
440
441
442
443
444
B C D E F
IFRS 7:11B Has the entity derecognized investments in equity instruments measured at fair value
through other comprehensive income during the reporting period?
Reclassification
IFRS 7:12B Did the entity reclassify any financial assets in accordance with paragraph 4.4.1 of IFRS
9, in the current or previous reporting periods?
IFRS 7:12D Has the entity reclassified financial assets so that they are measured at amortized cost
since its last annual reporting date?
Derecognition
Did the entity transfer financial assets in such a way that part or all of the financial
assets do not qualify for derecognition (see paragraphs 3.2.1 to 3.2.21 of IFRS 9)?
Collateral
Does the entity hold any financial assets at the reporting date that has been pledged as
collateral for liabilities or contingent liabilities?
Does the entity hold collateral (of financial or non-financial assets) and is the entity
permitted to sell or repledge the collateral in the absence of default by the owner of the
collateral?
Allowance account for credit losses
Does the entity hold any financial assets impaired by credit losses?
Compound financial instruments with multiple embedded derivatives
Has the entity issued any compound financial instruments with multiple embedded
derivatives?
Defaults and breaches
Did the entity incur any defaults or breaches on loans payable?
Items of income, expense, gains or losses
Note: IFRS 9 Financial Instruments , issued in October 2010, amended paragraph 20
and added paragraph 20A. The amendments should be applied when the entity applies
IFRS 9(2010).
Has the entity disclosed the following items of income, expense, gains or losses either in
the statement of comprehensive income or in the notes:
IFRS 7:20(a) a) net gains or net losses on:
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445
446
447
448
449
451
452
453
454
455
456
457
458
459
496
497
B C D E F
i) financial assets or financial liabilities measured at fair value through profit
or loss, showing separately those on financial assets or financial liabilities
designated as such upon initial recognition, and those on financial assets or
financial liabilities that are mandatorily measured at fair value in accordance with
IFRS 9 (e.g. financial liabilities that meet
the definition of held for trading in IFRS 9). For financial liabilities designated as at
fair value through profit or loss, an entity shall show separately the amount of
gain or loss recognised in other comprehensive income and the amount recognised
in profit or loss;
(ii) (iv) [deleted];
(v) financial liabilities measured at amortised cost;
(vi) financial assets measured at amortised cost;
(vii) financial assets measured at fair value through other comprehensive
income
IFRS 7:20(b) b) total interest income and total interest expense (calculated using the effective
interest method) for financial assets that are measured at amortized cost of financial
liabilities not at fair value through profit or loss;
IFRS 7:20(c) c) fee income and expense (other than amounts included in determining the
effective interest rate) arising from:
i) financial assets measured at amortized cost or financial liabilities that are
not at fair value through profit or loss; and
ii) trust and other fiduciary activities that result in the holding or investing of
assets on behalf of individuals, trusts, retirement benefit plans, and other
institutions;
IFRS 7:20(d) d) interest income on impaired financial assets accrued in accordance with
paragraph AG93 of IAS 39; and
IFRS 7:20(e) e) the amount of any impairment loss for each class of financial asset?
IFRS 7:20A Has the entity disclosed the following related to the gain or loss recognised in the
statement of comprehensive income arising from the derecognition of financial assets
measured at amortised cost:
i)an analysis of the gain or loss, showing separately gains and losses arising
from derecognition of those financial assets; and
ii) the reasons for derecognising those financial assets?
Other disclosures
Accounting policies
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498
536
537
571
572
574
578
579
581
587
588
589
591
592
593
595
B C D E F
IFRS 7:21 In accordance with paragraph 117 of IAS 1 Presentation of Financial Statements , an
entity discloses, in the summary of significant accounting policies, the measurement
basis (or bases) used in preparing the financial statements and the other accounting
policies used that are relevant to an understanding of the financial statements.
Hedge accounting
Has the entity applied hedge accounting in accordance with IAS 39?
Fair value
IFRS 7:25 Except as set out in paragraph 29 of IFRS 7 (see below), for each class of financial assets
and financial liabilities, the entity shall disclose the fair value of that class of assets and
liabilities in a way that permits it to be compared with its carrying amount.
IFRS 7:27 The entity shall disclose for each class of financial instruments the methods and, when a
valuation technique is used, the assumptions applied in determining fair values of each
class of financial assets or financial liabilities.
IFRS 7:27 If there has been a change in valuation technique, the entity shall disclose that change
and the reason for making it.
IFRS 7:27B For fair value measurements recognised in the statement of financial position an entity
shall disclose for each class of financial instruments:
IFRS 7:27B(a) a) the level in the fair value hierarchy into which the fair value measurements are
categorised in their entirety, segregating fair value measurements in accordance with
the levels defined in paragraph 27A (see guidance);
IFRS 7:27B(b) b) any significant transfers between Level 1 and Level 2 of the fair value hierarchy
and the reasons for those transfers, separately for:
i. transfers into each level
ii. transfers out of each level
IFRS 7:27B(c) c) for fair value measurements in Level 3 of the fair value hierarchy, a
reconciliation from the beginning balances to the ending balances, disclosing
separately changes during the period attributable to the following:
i) total gains or losses for the period recognised in profit or loss, and a
description of where they are presented in the statement of comprehensive
income or the separate income statement (if presented);
IFRS 7:27B(c) i) total gains or losses for the period recognised in profit or loss, and a
description of where they are presented in the statement(s) of profit or loss and
other comprehensive income;
ii) total gains or losses recognised in other comprehensive income;
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597
598
599
601
602
603
604
606
614
615
616
617
665
674
B C D E F
iii) purchases, sales, issues and settlements (each type of movement disclosed
separately); and
iv) transfers into or out of Level 3 (e.g. transfers attributable to changes in the
observability of market data) and the reasons for those transfers. For significant
transfers, transfers into Level 3 shall be disclosed and discussed separately from
transfers out of Level 3.
gains or losses are presented in the statement of comprehensive income or the
separate income statement (if presented).
gains or losses are presented in the statement(s) of profit or loss and other
comprehensive income; and
IFRS 7:27B(e) e) for fair value measurements in Level 3, if changing one or more of the inputs to
reasonably possible alternative assumptions would change fair value significantly, the
entity shall
i. state that fact;
ii. disclose the effect of those changes; and
iii. disclose how the effect of a change to a reasonably possible alternative
assumption was calculated.
IFRS 7:28 When the market for a financial instrument is not active, does a difference exist between
the fair value at initial recognition and the amount that would be determined at that date
using a valuation technique (see guidance)?
Disclosures of fair value are not required:
IFRS 7:29(a) a) when the carrying amount is a reasonable approximation of fair value (e.g. for
financial instruments such as short-term trade receivables and payables);
b) [deleted]
IFRS 7:29(c) c) for a contract containing a discretionary participation feature (as described in
IFRS 4 Insurance Contracts ) if the fair value of that feature cannot be measured
reliably.
IFRS 7:30 Does the case described in paragraph 29(c) of IFRS 7 (see above) apply to the entity?
Nature and extent of risks arising from financial instruments
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675
681
682
683
684
685
704
705
706
708
710
714
715
716
717
722
750
751
B C D E F
IFRS 7:31 The entity shall disclose information that enables users of its financial statements to
evaluate the nature and extent of risks arising from financial instruments to which the
entity is exposed at the end of the reporting period.
Qualitative disclosures
IFRS 7:33(a) a) the exposures to that risk and how they arise;
IFRS 7:33(b) b) its objectives, policies and processes for managing the risk and the methods
used to measure the risk; and
IFRS 7:33(c) c) any changes in 33(a) or (b) (see above) from the previous period.
Quantitative disclosures
IFRS 7:34(a) a) summary quantitative data about its exposure to that risk at the end of the
reporting period. This disclosure shall be based on the information provided internally
to key management personnel of the entity (as defined in IAS 24 Related Party
Disclosures ) (e.g. the entitys board of directors or chief executive officer);
IFRS 7:34(b) b) the disclosures required by paragraphs 36 to 42 of IFRS 7 (see below), to the
extent not provided in accordance with 34(a) (see above);
IFRS 7:34(c) c) concentrations of risk if not apparent from 34(a) and (b) (see above).
Disclosures of concentrations of risk shall include:
IFRS 7:B8(a) a) a description of how management determines concentrations;
IFRS 7:B8(b) b) a description of the shared characteristics that identifies each concentration
(e.g. counterparty, geographical area, currency or market); and
IFRS 7:B8(c) c) the amount of the risk exposure associated with all financial instruments
sharing that characteristic.
IFRS 7:35 If the quantitative data disclosed as at the end of the reporting period are
unrepresentative of an entitys exposure to risk during the period, the entity shall
provide further information that is representative.
Credit risk
The entity shall disclose by class of financial instrument:
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752
757
758
759
790
791
792
793
799
818
819
820
821
822
823
B C D E F
IFRS 7:36(a) a) the amount that best represents its maximum exposure to credit risk at the end
of the reporting period without taking account of any collateral held or other credit
enhancements (e.g. netting agreements that do not qualify for offset in accordance
with IAS 32 Financial Instruments: Presentation ) (see also IFRS 7:B9 and B10);
IFRS 7:36(b) b) a description of collateral held as security and of other credit enhancements,
and their financial effect (e.g. a quantification of the extent to which collateral and
other credit enhancements mitigate credit risk) in respect of the amount that best
represents the maximum exposure to credit risk (whether disclosed in accordance
with IFRS 7:36(a) (see above) or represented by the carrying amount of a financial
instrument)
IFRS 7:36(c) c) information about the credit quality of financial assets that are neither past due
nor impaired.
d) [deleted];
An entity shall disclose by class of financial asset:
IFRS 7:37(a) a) an analysis of the age of financial assets that are past due as at the end of the
reporting period but not impaired; and
IFRS 7:37(b) b) an analysis of financial assets that are individually determined to be impaired
as at the end of the reporting period, including the factors the entity considered in
determining that they are impaired.
IFRS 7:37(c) c) [deleted]
IFRS 7:38 Did the entity obtain financial or non-financial assets during the period by taking
possession of collateral it held as security or calling on other credit enhancements (e.g.
guarantees), and did such assets meet the recognition criteria in other IFRSs?
Liquidity risk
The entity shall disclose:
IFRS 7:39(a) a) a maturity analysis for non-derivative financial liabilities (including issued
financial guarantee contracts) that shows the remaining contractual maturities:
IFRS 7:39(b) b) a maturity analysis for derivative financial liabilities. The maturity analysis
shall include the remaining contractual maturities for those derivative financial
liabilities for which contractual maturities are essential for an understanding of the
timing of the cash flows (see paragraph B11B);
IFRS 7:39(c) c) a description of how it manages the liquidity risk inherent in 39(a) and 39
(b) (see above).
IFRS 7:B10A The entity shall explain how the summary quantitative data about its exposure to
liquidity risk are determined.
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824
825
826
827
852
853
854
855
856
857
858
859
860
861
862
B C D E F
IFRS 7:B10A If the outflows of cash (or another financial asset) included in those data could either:
a) occur significantly earlier than indicated in the data, or
b) be for significantly different amounts from those indicated in the data (e.g.
for a derivative that is not included in the data on a net settlement basis but for
which the counterparty has the option to require gross settlement),
the entity shall state that fact and provide quantitative information that enables users of
its financial statements to evaluate the extent of this risk unless that information is
included in the contractual maturity analyses required by paragraph 39(a) or (b).
IFRS 7:B11E In describing how an entity manages the liquidity risk inherent in the items disclosed in
the quantitative disclosures required in paragraph 39(a) and 39(b) of IFRS 7 (as required
by paragraph 39(c) of IFRS 7), an entity shall disclose a maturity analysis of financial
assets it holds for managing liquidity risk (e.g. financial assets that are readily saleable
or expected to generate cash inflows to meet cash outflows on financial liabilities), if that
information is necessary to enable users of its financial statements to evaluate the nature
and extent of liquidity risk.
IFRS 7:B11F Other factors that an entity might consider in providing the disclosure required in
paragraph 39(c) include, but are not limited to, whether the entity:
a) has committed borrowing facilities (e.g. commercial paper facilities) or other
lines of credit (e.g. stand-by credit facilities) that it can access to meet liquidity
needs;
b) holds deposits at central banks to meet liquidity needs;
c) has very diverse funding sources;
d) has significant concentrations of liquidity risk in either its assets or its funding
sources;
e) has internal control processes and contingency plans for managing liquidity
risk;
f) has instruments that include accelerated repayment terms (e.g. on the
downgrade of the entitys credit rating);
g) has instruments that could require the posting of collateral (e.g. margin calls
for derivatives);
h) has instruments that allows the entity to choose whether it settles its financial
liabilities by delivering cash (or another financial asset) or by delivering its own
shares; or
i) has instruments that are subject to master netting agreements.
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871
872
873
874
875
908
917
938
939
940
941
942
943
B C D E F
Market risk
Unless the entity complies with paragraph 41 of IFRS 7 (see below), it shall disclose:
IFRS 7:40(a) a) a sensitivity analysis for each type of market risk to which the entity is exposed
at the end of the reporting period, showing how profit or loss and equity would have
been affected by changes in the relevant risk variable that were reasonably possible
at that date;
IFRS 7:40(b) b) the methods and assumptions used in preparing the sensitivity analysis; and
IFRS 7:40(c) c) changes from the previous period in the methods and assumptions used, and
the reasons for such changes.
IFRS 7:41 Did the entity prepare a sensitivity analysis, such as value-at-risk, in accordance with
IFRS 7.41?
IFRS 7:42 When the sensitivity analyses disclosed in accordance with paragraphs 40 or 41 of IFRS 7
(see above) are unrepresentative of a risk inherent in a financial instrument (for
example, because the year-end exposure does not reflect the exposure during the year),
the entity shall disclose that fact and the reason it believes the sensitivity analyses are
unrepresentative.
Transfers of Financial Assets
IFRS 7:44M Note: Disclosures - Transfers of Financial Assets (Amendments to IFRS 7) issued in
October 2010 amended disclosure requirements relating to transfers of financial
assets. Specifically, DisclosuresTransfers of Financial Assets (Amendments to IFRS
7) deleted paragraph 13 and added paragraphs 42A42H and B29B39. These
amendments are effective for annual periods beginning on or after 1 July 2011, with
earlier application permitted.
Note: IFRS 9 Financial Instruments , issued in October 2010, amended paragraphs
42C42E and added paragraphs 44I and 44J. An entity shall apply those amendments
when it applies IFRS 9 as issued in October 2010.
IFRS 7:42A Note: The disclosure requirements in paragraphs 42B42H (see below) relating to
transfers of financial assets supplement the other disclosure requirements of this
IFRS. An entity shall present the disclosures required by paragraphs 42B42H (see
below) in a single note in its financial statements. An entity shall provide the required
disclosures for all transferred financial assets that are not derecognised and for any
continuing involvement in a transferred asset, existing at the reporting date,
irrespective of when the related transfer transaction occurred.
Has the entity transferred all or a part of a financial asset (the transferred financial
asset) by any of the following ways:
IFRS 7:42A(a) a. transferring the contractual rights to receive the cash flows of that financial asset;
or
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944
966
967
992
993
1075
1076
1077
1078
1079
1080
1081
1082
1083
1085
1086
B C D E F
IFRS 7:42A(b) b. retaining the contractual rights to receive the cash flows of that financial asset, but
assumes a contractual obligation to pay the cash flows to one or more recipients in an
arrangement.
Transferred Financial Assets That Are Not Derecognised in Their Entirety
IFRS 7:42D Has the entity transferred financial assets in such a way that part or all of the transferred
financial assets do not qualify for derecognition?
Transferred Financial Assets That Are Derecognised in Their Entirety
IFRS 7:42E Has the entity derecognised transferred financial assets in their entirety (see paragraph
3.2.6(a) and (c)(i) of IFRS 9) but has continuing involvement in them?
Transition to IFRS 9
IFRS 7:44I When an entity first applies IFRS 9, it shall disclose for each class of financial assets at
the date of initial application:
a) the original measurement category and carrying amount determined in
accordance with IAS 39;
b) the new measurement category and carrying amount determined in
accordance with IFRS 9;
c) the amount of any financial assets in the statement of financial position that
were previously designated as measured at fair value through profit or loss but are no
longer so designated, distinguishing between those that IFRS requires an entity to
reclassify and those that an entity elects to reclassify.
An entity shall present these quantitative disclosures in tabular format unless another
format is more appropriate.
IFRS 7:44J When an entity first applies IFRS 9, it shall disclose qualitative information to enable
users to understand:
a) how it applied the classification requirements in IFRS 9 to those financial
assets whose classification has changed as a result of applying IFRS 9.
b) the reasons for any designation or de-designation of financial assets or
financial liabilities as measured at fair value through profit or loss.
IFRS 7:44M If the entity has applied paragraphs 42A-42H arising from Disclosures - Transfers of
Financial Assets (Amendments to IFRS 7) issued in October 2010 before 1 July 2011 it
shall disclose that fact.
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1
2
3
4
5
20
21
22
23
24
B C D E F
IFRS 8 Operating Segments
This section of the checklist addresses IFRS 8, which requires certain entities to report
information regarding the nature and financial effects of their various operating
segments.
TQ
Reference
Yes / No /
N/A
Comments
8A Does the entity :
(a) have a debt or equity instruments that are traded in a public market (for example, a
domestic or foreign stock exchange or an over-the counter market); or
(b) file or is in the process of filing, its (consolidated) financial statements with a
securities commission or other regulatory organisation for the purpose of issuing any
class of instruments in a public market; or
(c) choose to disclose voluntary information about segments that is described as segment
information.
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1
2
3
4
5
6
17
67
68
69
70
B C D E F
Index AcctTQSummary
IFRS 9(2009) Financial Instruments
In 2009, the IASB announced an accelerated timetable for replacing IAS 39 Financial
Instruments: Recognition and Measurement in response to the input received from a
number of constituents. The IASB divided its project to replace IAS 39 into three main
phases, including classification and measurement, impairment methodology and hedge
accounting. Accordingly, in November 2009, the IASB issued the chapters of IFRS 9
Financial Instruments relating to the classification and measurement of financial assets.
IFRS 9(2009) is effective for annual periods beginning on or after 1 January 2013 with
This section of the checklist addresses the recognition and measurement requirements of
IFRS 9, as issued in November 2009. The objective of this IFRS is to establish principles
for the financial reporting of financial assets that will present relevant and useful
information to users of financial statements for their assessment of the amounts, timing
and uncertainty of the entitys future cash flows.
In conjunction with requirements outlined herein, an entity applying IFRS 9, as issued in
November 2009, must also apply the recognition and measurement requirements of IAS
39 insofar is it relates to financial liabilities, hedging and impairment. See relevant
requirements in the IAS39A tab.
This section of the checklist should not be used by entities which have early adopted the
requirements of IFRS 9, as issued in October 2010. For entities early adopting IFRS 9, as
issued in October 2010, relevant requirements are set forth in the IFRS9A(2010) tab.
N/A
Comments
Initial recognition of financial assets
9A Does the entity have financial assets that are within the scope of IAS 39?
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141
142
182
183
267
298
299
365
366
399
400
429
430
431
432
433
434
B C D E F
Option to designate a financial asset at fair value through profit or loss
9B Has the entity designated financial assets at fair value through profit or loss?
9C Has the entity got a hybrid contract that includes a non-derivative host with the effect
that some of the cash flows of the combined instrument vary in a way similar to a
standalone derivative?
9F Has the entity applied hedge accounting?
Reclassification
9D Has the entity reclassified financial assets?
Investments in equity instruments
9E Has the entity got financial assets which are equity instruments?
Effective date
IFRS 9:8.1.1 An entity shall apply IFRS 9 for annual periods beginning on or after 1 January 2013.
Earlier application is permitted. If an entity applies IFRS 9 in its financial statements for a
period beginning before 1 January 2013, it shall at the same time apply the amendments
to other IFRSs in Appendix C.
Transition
IFRS 9:8.2.1 An entity shall apply this IFRS retrospectively, except as specified in paragraphs
8.2.48.2.13 (see below). This IFRS shall not be applied to financial assets that have
already been derecognised at the date of initial application.
IFRS 9:8.2.2 For the purposes of the transition provisions in paragraphs 8.2.1 and 8.2.38.2.13, the
date of initial application is the date when an entity first applies the requirements of this
IFRS. The date of initial application may be:
a) any date between the issue of this IFRS and 31 December 2010, for entities initially
applying this IFRS before 1 January 2011; or
b) the beginning of the first reporting period in which the entity adopts this IFRS, for
entities initially applying this IFRS on or after 1 January 2011.
IFRS 9:8.2.3 If the date of initial application is not at the beginning of a reporting period, has the
entity disclosed that fact and the reasons for using that date of initial application?
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435
436
437
438
439
440
441
442
443
444
445
B C D E F
IFRS 9:8.2.4 Has the entity, at the date of initial application, assessed whether a financial asset meets
the condition in paragraph 4.2(a) of IFRS 9 on the basis of the facts and circumstances
that exist at the date of initial application?
IFRS 9:8.2.4 Has the resulting classification been applied retrospectively irrespective of the entitys
business model in prior reporting periods?
IFRS 9:8.2.5 If an entity measures a hybrid contract at fair value in accordance with paragraph 4.4 or
paragraph 4.5 of IFRS 9 but the fair value of the hybrid contract had not been
determined in comparative reporting periods, is the fair value of the hybrid contract in
the comparative reporting periods the sum of the fair values of the components (i.e. the
non-derivative host and the embedded derivative) at the end of each comparative
reporting period?
IFRS 9:8.2.6 Has the entity, at the date of initial application, recognised any difference between the
fair value of the entire hybrid contract at the date of initial application and the sum of the
fair values of the components of the hybrid contract at the date of initial application:
a) in the opening retained earnings of the reporting period of initial application if the
entity initially applies this IFRS at the beginning of a reporting period; or
b) in profit or loss if the entity initially applies this IFRS during a reporting period?
IFRS 9:8.2.7 Has the entity considered an option to, at the date of initial application, designate:
a) a financial asset as measured at fair value through profit or loss in accordance with
paragraph 4.5 of IFRS 9; or
b) an investment in an equity instrument as at fair value through other comprehensive
income in accordance with paragraph 5.4.4 of IFRS 9?
IFRS 9:8.2.7 If at the date of initial application the entity has designated a financial asset as measured
at fair value through profit or loss in accordance with paragraph 4.5 of IFRS 9; or
designated an investment in an equity instrument as at fair value through other
comprehensive income in accordance with paragraph 5.4.4 of IFRS 9, has such
designation been made on the basis of the facts and circumstances that exist at the date
of initial application, and has the classification been applied retrospectively?
IFRS 9:8.2.8 Has the entity, at the date of initial application:
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446
447
449
450
451
452
453
454
455
456
457
B C D E F
a) revoked its previous designation of a financial asset as measured at fair value
through profit or loss if that financial asset does not meet the condition in paragraph 4.5
of IFRS 9?
b) considered an option to revoke its previous designation of a financial asset as
measured at fair value through profit or loss if that financial asset meets the condition in
paragraph 4.5 of IFRS 9?
IFRS 9:8.2.8 Has such revocation been made on the basis of the facts and circumstances that exist at
the date of initial application, and the classification been applied retrospectively?
IFRS 9:8.2.9 Has the entity, at the date of initial application, applied paragraph 103M of IAS 39 to
determine when it:
a) may designate a financial liability as measured at fair value through profit or loss;
and
b) shall or may revoke its previous designation of a financial liability as measured at
fair value through profit or loss?
IFRS 9:8.2.9 Has such revocation been made on the basis of the facts and circumstances that exist at
the date of initial application, and the classification been applied retrospectively?
IFRS 9:8.2.10 If it is impracticable (as defined in IAS 8) for an entity to apply retrospectively the
effective interest method or the impairment requirements in paragraphs 5865 and
AG84AG93 of IAS 39, has the entity treated the fair value of the financial asset at the
end of each comparative period as its amortised cost?
IFRS 9:8.2.10 In those circumstances, has the entity treated the fair value of the financial asset at the
date of initial application as the new amortised cost of that financial asset at the date of
initial application of this IFRS?
IFRS 9:8.2.11 If an entity previously accounted for an investment in an unquoted equity instrument (or
a derivative that is linked to and must be settled by delivery of such an unquoted equity
instrument) at cost in accordance with IAS 39, has it measured that instrument at fair
value at the date of initial application?
IFRS 9:8.2.11 Has the entity recognised any difference between the previous carrying amount and fair
value in the opening retained earnings of the reporting period that includes the date of
initial application?
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1
2
3
4
5
6
9
36
37
38
40
B C D E F
Financial Instruments relating to the classification and measurement of financial assets.
IFRS 9(2009) is effective for annual periods beginning on or after 1 January 2013 with
IFRS 9, as issued in November 2009, does not generally provide presentation and
disclosure requirements IFRS 7 Financial Instruments: Disclosures and IAS 32
Financial Instruments: Presentation are the Standards providing guidance in these areas
(see relevant sections of this checklist). In conjunction with requirements outlined
herein, an entity applying IFRS 9, as issued in November 2009, must also apply the
presentation and disclosure requirements of IAS 39 insofar is it relates to financial
liabilities, hedging and impairment. See relevant requirements in the IAS39P tab.
This section of the checklist should not be used by entities which have early adopted the
requirements of IFRS 9, as issued in October 2010. For entities early adopting IFRS 9, as
issued in October 2010, relevant requirements are set forth in the IFRS9P(2010) tab.
TQ
Reference
Yes / No /
N/A
Adoption of Standard in advance of effective date
9A Has the entity applied IFRS 9 (and the amendments to other IFRSs listed in Appendix C
of IFRS 9) for a period beginning before 1 January 2013?
Yes
IFRS 9:8.1.1 It shall disclose that fact.
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41
B C D E F
Is the date of initial application of IFRS 9 not at the beginning of a reporting period?
Page 124 of 366 6/12/20143:46 AM
1
2
3
4
5
6
9
H I J K L
Index
(IFRS 9 & IAS 39 combined)
AcctTQSummary
Financial Instruments relating to the classification and measurement of financial
assets and in October 2010 it added the requirements for classification and
measurement of financial liabilities. IFRS 9 is effective for annual periods beginning on
or after 1 January 2013 with earlier application permitted.
ED/2011/3, published 4 August 2011, proposes a mandatory effective date of IFRS 9
for annual periods beginning on or after 1 January 2015, with earlier application
permitted. Comments on the exposure draft are due by 21 October 2011.
This section of the checklist addresses IFRS 9, which prescribes the accounting
treatment for financial instruments. The objective of this IFRS is to establish principles
for the financial reporting of financial assets and financial liabilities that will present
relevant and useful information to users of financial statements for their assessment
of the amounts, timing and uncertainty of the entitys future cash flows.
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60
61
62
63
H I J K L
N/A
Comments
Initial recognition of financial assets
9A Does the entity have financial assets and / or financial liabilities that are within the
scope of IAS 39?
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69
70
H I J K L
Derecognition of Financial Assets
9B Has the entity derecognised any financial assets?
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85
H I J K L
9C Has the entity transferred any financial assets?
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133
134
187
188
196
197
228
229
310
317
340
341
408
409
417
419
444
445
476
477
478
479
480
H I J K L
Derecognition of financial liabilities
9D Has the entity derecognised any financial liabilities?
Option to designate a financial asset at fair value through profit or loss
9F Has the entity designated financial assets at fair value through profit or loss?
Option to designate a financial liability at fair value through profit or loss
9G Has the entity designated financial liability at fair value through profit or loss?
9H Does the entity have a hybrid contract with the effect that some of the cash flows of
the combined instrument vary in a way similar to a standalone derivative?
9I Has the entity applied hedge accounting?
Fair value measurement
Reclassification
9J Has the entity reclassified financial instruments?
Investments in equity instruments
9K Has the entity got financial assets which are equity instruments?
Liabilities designated as at fair value through profit or loss
9L Has the entity got financial liabilities which are designated as at fair value through
profit or loss?
Effective date
Is the entity applying IFRS 9 prior to its annual period beginning on or after 1 January
2013?
Transition
IFRS 9:7.2.1 An entity shall apply this IFRS retrospectively, except as specified in paragraphs
7.2.47.2.15 (see below). This IFRS shall not be applied to items that have already
been derecognised at the date of initial application.
IFRS 9:7.2.2 For the purposes of the transition provisions in paragraphs 7.2.1 and 7.2.37.2.16,
the date of initial application is the date when an entity first applies the requirements
of this IFRS. The date of initial application may be:
a) any date between the issue of this IFRS and 31 December 2010, for entities
initially applying this IFRS before 1 January 2011; or
b) the beginning of the first reporting period in which the entity adopts this IFRS,
for entities initially applying this IFRS on or after 1 January 2011.
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481
482
483
484
485
486
487
488
489
490
491
492
493
494
496
H I J K L
IFRS 9:7.2.3 If the date of initial application is not at the beginning of a reporting period, has the
entity disclosed that fact and the reasons for using that date of initial application?
IFRS 9:7.2.4 Has the entity, at the date of initial application, assessed whether a financial asset
meets the condition in paragraph 4.1.2(a) of IFRS 9 on the basis of the facts and
circumstances that exist at the date of initial application?
IFRS 9:7.2.4 Has the resulting classification been applied retrospectively irrespective of the entitys
business model in prior reporting periods?
IFRS 9:7.2.5 If an entity measures a hybrid contract at fair value in accordance with paragraph
4.1.4 or paragraph 4.1.5 of IFRS 9 but the fair value of the hybrid contract had not
been determined in comparative reporting periods, is the fair value of the hybrid
contract in the comparative reporting periods the sum of the fair values of the
components (i.e. the non-derivative host and the embedded derivative) at the end of
each comparative reporting period?
IFRS 9:7.2.6 Has the entity, at the date of initial application, recognised any difference between the
fair value of the entire hybrid contract at the date of initial application and the sum of
the fair values of the components of the hybrid contract at the date of initial
application:
a) in the opening retained earnings of the reporting period of initial application if
the entity initially applies this IFRS at the beginning of a reporting period; or
b) in profit or loss if the entity initially applies this IFRS during a reporting period?
IFRS 9:7.2.7 Has the entity considered an option to, at the date of initial application, designate:
a) a financial asset as measured at fair value through profit or loss in accordance
with paragraph 4.1.5 of IFRS 9; or
b) an investment in an equity instrument as at fair value through other
comprehensive income in accordance with paragraph 5.7.5 of IFRS 9?
IFRS 9:7.2.7 If at the date of initial application the entity has designated a financial asset as
measured at fair value through profit or loss; or designated an investment in an equity
instrument as at fair value through other comprehensive income, has such designation
been made on the basis of the facts and circumstances that exist at the date of initial
application, and has the classification been applied retrospectively?
a) revoked its previous designation of a financial asset as measured at fair value
through profit or loss if that financial asset does not meet the condition in
paragraph 4.1.5 of IFRS 9?
b) considered an option to revoke its previous designation of a financial asset as
measured at fair value through profit or loss if that financial asset meets the
condition in paragraph 4.1.5 of IFRS 9?
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497
498
499
500
501
502
503
504
505
506
510
512
513
514
515
516
517
H I J K L
a) considered an option to designate a financial liability as measured at fair value
through profit or loss in accordance with paragraph 4.2.2(a); and
b) revoked its previous designation of a financial liability as measured at fair value
through profit or loss if such designation was made at initial recognition in
accordance with the condition now in paragraph 4.2.2(a) and such designation
does not satisfy that condition at the date of initial application?
c) considered an option to revoke its previous designation of a financial liability as
measured at fair value through profit or loss if such designation was made at initial
recognition in accordance with the condition now in paragraph 4.2.2(b) and such
designation satisfies that condition at the date of initial application?
IFRS 9:7.2.9 Has such revocation been made on the basis of the facts and circumstances that exist
at the date of initial application, and the classification been applied retrospectively?
IFRS 9:7.2.10 If it is impracticable (as defined in IAS 8) for an entity to apply retrospectively the
effective interest method or the impairment requirements in paragraphs 5865 and
AG84AG93 of IAS 39, has the entity treated the fair value of the financial asset at
the end of each comparative period as its amortised cost?
IFRS 9:7.2.10 In those circumstances, has the entity treated the fair value of the financial asset at
the date of initial application as the new amortised cost of that financial asset at the
date of initial application of this IFRS?
IFRS 9:7.2.11 If an entity previously accounted for an investment in an unquoted equity instrument
(or a derivative that is linked to and must be settled by delivery of such an unquoted
equity instrument) at cost in accordance with IAS 39, has it measured that instrument
at fair value at the date of initial application?
IFRS 9:7.2.11 Has the entity recognised any difference between the previous carrying amount and
fair value in the opening retained earnings of the reporting period that includes the
date of initial application?
IFRS 9:7.2.12 Has the entity measured a derivative liability at fair value at the date of initial
application if it has previously accounted for a derivative liability that is linked to and
must be settled by delivery of an unquoted equity instrument at cost in accordance
with IAS 39?
IFRS 9:7.2.12 Has the entity recognised any difference between the previous carrying amount and
fair value in the opening retained earnings of the reporting period that includes the
date of initial application?
Withdrawal of IFRIC 9 and IFRS 9 (2009)
IAS 39 Financial Instruments: Recognition and Measurement
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518
519
534
535
536
539
614
617
653
674
H I J K L
The objective of IAS 39 is to establish principles for recognising and measuring
financial assets, financial liabilities and some contracts to buy or sell non-financial
items. Requirements for presenting and disclosing information about financial
instruments are set out in IAS32 and IFRS 7.
The International Accounting Standards Board has decided to replace IAS 39 over a
period of time. The first instalment, dealing with classification and measurement of
financial assets, was issued as IFRS 9 Financial Instruments in November 2009. The
requirements for classification and measurement of financial liabilities and
derecognition of financial assets and liabilities were added to IFRS 9 in October 2010.
As a consequence, parts of IAS 39 are being superseded and will become obsolete for
annual periods beginning on or after 1 January 2013.
For additional guidance, select "Show" in the next column
N/A
Comments
SCOPE (PARAGRAPHS 2-7)
39A Does one or more of the scope exceptions result in the contract, or a portion of the
contract falling outside IAS 39?
IMPAIRMENT AND UNCOLLECTIBILITY OF FINANCIAL ASSETS (PARAGRAPHS
58 - 70)
39B IAS 39:59 Has the entity applied the IAS 39's impairment provisions to a financial asset or a
group of financial assets when and only when there is OBJECTIVE EVIDENCE of
impairment as a result of one or more events that occurred AFTER the initial
recognition of the asset and that loss event has an impact on the estimated future
cash flows of the financial asset or group of financial assets?
HEDGING (PARAGRAPHS 71 - 102)
39C IAS 39:71 Has the entity designated a hedging relationship for accounting purposes between one
or more hedging instruments and one or more hedged items?
Page 132 of 366 6/12/2014 3:46 AM
1
2
3
4
5
8
9
G H I J K
Index
(IFRS 9 & IAS 39 combined)
PresentTQSummary
IFRS 9 Financial Instruments
Financial Instruments relating to the classification and measurement of financial
assets and in October 2010 it added the requirements for classification and
measurement of financial liabilities.
IFRS 9 does not generally deal with presentation and disclosure IFRS 7 Financial
Instruments: Disclosures and IAS 32 Financial Instruments: Presentation are the
Standards providing guidance in these areas (see relevant sections of this checklist).
Page 133 of 366 6/12/2014 3:46 AM
30
31
32
41
42
43
44
45
46
47
G H I J K
N/A
Comments
Adoption of Standard in advance of effective date
9A Has the entity applied IFRS 9 (and the amendments to other IFRSs listed in Appendix
C of IFRS 9) for a period beginning before 1 January 2013?
The objective of IAS 39 is to establish principles for recognising and measuring
financial assets, financial liabilities and some contracts to buy or sell non-financial
items. IAS 39 does not generally deal with presentation and disclosure IFRS 7 and
IAS 32 are the standards providing guidance in these areas (see relevant sections of
this checklist). However, the points set out in this section continue to be dealt with in
IAS 39 and should be considered in relevant circumstances.
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55
58
59
G H I J K
TQ
Reference
Yes / No /
N/A
Comments
Fair Value Hedges
39A Did the entity implement any fair value hedges of the interest rate exposure of a
portion of a portfolio of financial assets or financial liabilities?
Page 135 of 366 6/12/2014 3:46 AM
G H I J K
Page 136 of 366 6/12/2014 3:46 AM
1
2
3
4
5
6
11
12
13
18
28
32
46
I J K L M
Index AcctTQsummary
IFRS 10 Consolidated Financial Statements
This section of the checklist addresses the accounting requirements of IFRS 10
Consolidated Financial Statements , which prescribes the accounting principles for the
presentation and preparation of consolidated financial statements where an entity
controls one or more other entities. The primary objectives of IFRS 10 are to (a) define
the principle of control, and establish control as the basis for consolidation in the
consolidated financial statements, (b) set out requirements on how to apply the principle
of control and (c) set out the accounting requirements for the preparation of consolidated
financial statements.
IFRS 10 is a replacement of IAS 27 Consolidated and Separate Financial Statements and
SIC-12 Consolidation Special Purpose Entities .
N/A
Comments
Requirement to prepare and present consolidated financial statements
10A Does the reporting entity 'control' one or more entities during or at the end of the
reporting period?
10A A) Does the reporting entity have power over an investee?
10A B) Does the reporting entity have exposure or rights to variable returns from its
involvement with the investee?
10A C) Does the reporting entity have ability to use its power over the investee to affect the
amount of the reporting entity's returns?
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86
I J K L M
Loss of Control
10B IFRS 10:25 Have changes in reporting entity's ownership interest in a subsidiary resulted in a loss of
control?
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I J K L M
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1
2
3
4
5
11
12
13
19
20
H I J K L
IFRS 10 Consolidated Financial Statements
IFRS 10 Consolidated Financial Statements , which prescribes the accounting principles
for the presentation and preparation of consolidated financial statements for a group of
entities under the control of a parent. The primary objectives of IFRS 10 are to (a) define
the principle of control, and establishes control as the basis for consolidation, (b) set out
how to apply the principle of control to identify whether an investor controls an investee
and therefore must consolidate the investee, and (c) set out the accounting requirements
for the preparation of consolidated financial statements.
TQ Reference Presentation/disclosure requirement Yes / No /
N/A
Comments
Effective Date
10A Is the entity applying IFRS 10 prior to its annual period beginning on or after 1 January
2013?
Transition
10B Is the entity applying IFRS 10 for the first time?
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1
2
3
4
5
6
G H I J K
Index AcctTQsummary
IFRS 11
Joint Arrangements
This section of the questionnaire addresses IFRS 11 Joint Arrangements , which
prescribes the accounting for interests in joint arrangements and the reporting of joint
arrangement assets, liabilities, income and expenses in the financial statements of joint
owners/venturers and investors. Joint arrangements can be structured in many different
ways. The Standard identifies two broad types of joint arrangements joint operations
and joint ventures.
The primary issues are (i) identifying the existence of joint arrangement and joint
control, (ii) identifying the type of joint arrangement, i.e., joint operation or a joint
venture and (iii) applying the appropriate accounting treatment for each type of
arrangement.
IFRS 11 supersedes IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled
EntitiesNon-Monetary Contributions by Venturers and is effective for annual periods
beginning on or after 1 January 2013.
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24
25
26
27
G H I J K
N/A
Comments
Joint arrangement
11A Does the entity participate in a contractual arrangement with one or more parties to
undertake an economic activity, which is subject to joint control?
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105
111
112
G H I J K
Effective Date
Is the entity applying IFRS 11 prior to its annual period beginning on or after 1 January
2013?
Transition
11C Is the entity applying IFRS 11 for the first time?
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1
2
3
4
6
10
11
12
13
19
20
26
27
32
33
F G H I J
IFRS 11 Joint Arrangements
IFRS 11 Joint Arrangements , which prescribes the accounting for interests in joint
arrangements and the reporting of joint arrangement assets, liabilities, income and
expenses in the financial statements of joint owners/venturers and investors.
Note: The disclosure requirements for parties with joint control of a joint arrangement
are specified in IFRS 12 Disclosure of Interests in Other Entities .
N/A
Comments
Transitional Disclosures:
Joint ventures
11A IFRS 11: C2 Has the entity transitioned from proportionate consolidation method to equity method,
while accounting for joint ventures?
Joint operations
11B Has the entity transitioned from the equity method to accounting for assets and
liabilities?
Separate financial statements
11C Was the entity previously accounting in separate financial statements?
IFRS 11: C1 Has the entity applied this IFRS for annual periods beginning prior to 1 January 2013?
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1
2
3
4
5
6
27
29
31
32
33
34
35
36
41
42
43
44
H I J K L
IFRS 12 Disclosures of Interests in Other Entities
This section of the checklist addresses IFRS 12 Disclosures of Interests in Other Entities ,
which prescribes the disclosure requirements for an entity that has any interest in
subsidiaries, joint arrangements, associates or an unconsolidated structured entities.
On 12 May 2011, the IASB issued IFRS 12, which integrates the disclosure requirements
for subsidiaries, joint arrangements, associates and unconsolidated structured entities
and presents those requirements in a single IFRS.
TQ Reference Presentation/disclosure requirement Yes / No
/ N/A
Comments
12A Does the entity have any interests in other entities, for example, subsidiaries, joint
arrangements (i.e., joint operations or joint ventures), associates or unconsolidated
structured entities?
Yes
IFRS 12.2(a) a) the significant judgements and assumptions it has made in determining the nature
of its interest in another entity or arrangement, and in determining the type of joint
arrangement in which it has an interest (paragraphs 79); and
IFRS 12.2(b) b) information about its interests in:
i) subsidiaries (paragraphs 1019);
ii) joint arrangements and associates (paragraphs 2023); and
iii) structured entities that are not controlled by the entity (unconsolidated
structured entities) (paragraphs 2431).
Significant judgements and assumptions
IFRS 12.7 An entity shall disclose information about significant judgements and assumptions it has
made (and changes to those judgements and assumptions) in determining:
IFRS 12.7(a) a) that it has control of another entity, i.e., an investee as described in paragraphs 5
and 6 of IFRS 10 Consolidated Financial Statements;
IFRS 12.7(b) b) that it has joint control of an arrangement or significant influence over another
entity; and
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45
54
55
86
87
95
96
99
109
113
119
120
209
210
H I J K L
IFRS 12.7(c) c) the type of joint arrangement (i.e., joint operation or joint venture) when the
arrangement has been structured through a separate vehicle.
Interests in subsidiaries
Does the entity have interests in subsidiaries?
The nature and extent of significant restrictions
Does the entity have significant restrictions (or protective rights causing significant
restrictions) on its ability to access or use assets, and settle liabilities, of the group?
Nature of the risks associated with an entitys interests in consolidated structured entities
Does the entity have any contractual arrangements that could require the parent or its
subsidiaries to provide financial support to a consolidated structured entity?
IFRS 12.15 Has a parent or any of its subsidiaries during the reporting period, without having a
contractual obligation to do so, provided financial or other support to a consolidated
structured entity (e.g., purchasing assets of or instruments issued by the structured
entity)?
Has there been a change in a parent's ownership interest in a subsidiary that did not
result in a loss of control?
Has there been a loss of control of a subsidiary during the reporting period?
Interests in joint arrangements and associates
Does the entity have interests in joint arrangements and associates?
Interests in unconsolidated structured entities
Does the entity have interests in unconsolidated structured entities?
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2
3
4
5
6
9
28
30
37
38
39
40
41
42
43
44
I J K L M
Index AcctTQsummary
IFRS 13 Fair Value Measurement
TQ Reference Measurement requirement
In May 2011 the IASB published IFRS 13 Fair Value Measurement which replaces the
guidance on fair value measurement in existing IFRS accounting literature with a single
standard. IFRS 13 defines fair value, provides guidance on its determination and requires
disclosures about fair value measurements but does not change the requirements about
the items that should be measured or disclosed at fair value.
This section of the questionnaire addresses IFRS 13. This IFRS applies to IFRSs that
require or permit fair value measurements or disclosures about fair value measurements
(and measurements, such as fair value less costs to sell, based on fair value or
disclosures about those measurements), except in specified circumstances.
IFRS 13 is effective for annual periods beginning on or after 1 January 2013 with early
application permitted.
N/A
Comments
13A Does the entity have any assets or liabilities for which another IFRS requires or permits
fair value measurements or disclosures about fair value measurements?
Yes
IFRS 13:C2 Has the entity applied IFRS 13 prospectively as of the beginning of the annual period in
which it is initially applied?
The fair value measurement approach
IFRS 13:B2 Has the entity determined all of the following:
a) the particular asset or liability that is the subject of the measurement
(consistently with its unit of account).
b) for a non-financial asset, the valuation premise that is appropriate for the
measurement (consistently with its highest and best use).
c) the principal (or most advantageous) market for the asset or liability.
d) the valuation technique(s) appropriate for the measurement, considering the
availability of data with which to develop inputs that represent the assumptions that
market participants would use when pricing the asset or liability and the level of the
fair value hierarchy within which the inputs are categorised?
The asset or liability
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45
46
47
49
50
51
52
53
54
56
58
59
60
62
63
I J K L M
IFRS 13:11 When measuring fair value, has the entity taken into account the characteristics of the
asset or liability if market participants would take those characteristics into account when
pricing the asset or liability at the measurement date, such as:
a) the condition and location of the asset and
b) restrictions, if any, on the sale or use of the asset
IFRS 13:14 Has the entity determined the unit of account for the asset or liability in accordance with
the IFRS that requires or permits the fair value measurement, except as provided in IFRS
13?
The transaction
IFRS 13:15 For the fair value measurement, has the entity assumed that the asset or liability is
exchanged in an orderly transaction between market participants to sell the asset or
transfer the liability at the measurement date under current market conditions?
IFRS 13:16 For the fair value measurement, has the entity assumed that the transaction to sell the
asset or transfer the liability takes place either:
a) in the principal market for the asset or liability; or
b) in the absence of a principal market, in the most advantageous market for the
asset or liability?
IFRS 13:18 If there is a principal market for the asset or liability, does the fair value measurement
represent the price in that market (whether that price is directly observable or estimated
using another valuation technique) even if the price in a different market is potentially
more advantageous at the measurement date?
IFRS 13:21 When there is no observable market to provide pricing information about the sale of an
asset or the transfer of a liability at the measurement date, has the entity assumed for
the fair value measurement, that a transaction takes place at that date, considered from
the perspective of a market participant that holds the asset or owes the liability?
Market participants
IFRS 13:22 In determining the fair value of an asset or a liability, has the entity used market
participants' assumptions (assuming that the market participants would act in their best
economic interest)?
The price
IFRS 13:24 Has the entity considered fair value as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction in the principal (or most
advantageous) market at the measurement date under current market conditions (i.e.,
an exit price) regardless of whether that price is directly observable or estimated using
another valuation technique?
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64
67
68
89
90
135
136
160
161
173
174
176
246
247
248
249
I J K L M
IFRS 13:25 Has the price in the principal (or most advantageous) market used to measure the fair
value of the asset or liability not been adjusted for transaction costs?
Application to non-financial assets
Does the entity have any non-financial assets for which another IFRS requires or permits
Application to liabilities and an entity's own equity instruments
Does the entity have any liabilities or own equity instruments, for which another IFRS
requires or permits fair value measurements or disclosures about fair value
measurements?
Application to financial assets and financial liabilities with offsetting positions
in market risks or counterparty credit risk
Does the entity have any financial assets and financial liabilities with offsetting positions
in market risks or counterparty credit risk, for which another IFRS requires or permits
Fair value at initial recognition
Does the entity have any assets and liabilities for which another IFRS requires or permits
measurement at fair value at initial recognition ?
Valuation Techniques
IFRS 13:61 Has the entity used valuation techniques that are appropriate in the circumstances and
for which sufficient data are available to measure fair value, maximising the use of
relevant observable inputs and minimising the use of unobservable inputs?
IFRS 13:62 Three widely used valuation techniques are the market approach, the cost approach and
the income approach. Has the entity used valuation techniques consistent with one or
more of those approaches to measure fair value:
Inputs to valuation techniques
General principles
IFRS 13:69 Has the entity selected inputs that are consistent with the characteristics of the asset or
liability that market participants would take into account in a transaction for the asset or
liability?
IFRS 13:69 Has the entity not incorporated premiums or discounts that reflect size as a characteristic
of the entitys holding (specifically, a blockage factor that adjusts the quoted price of an
asset or a liability because the markets normal daily trading volume is not sufficient to
absorb the quantity held by the entity, as described in paragraph 80 of IFRS 13) rather
than as a characteristic of the asset or liability (e.g., a control premium when measuring
the fair value of a controlling interest) in a fair value measurement?
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251
252
256
257
258
261
263
264
265
266
267
268
269
I J K L M
IFRS 13:69 If there is a quoted price in an active market (i.e., a Level 1 input) for an asset or a
liability, has the entity used that price without adjustment when measuring fair value,
except as specified in paragraph 79 of IFRS 13 (given below)?
Inputs based on bid and ask prices
IFRS 13:70 If an asset or a liability measured at fair value has a bid price and an ask price (e.g., an
input from a dealer market), has the entity used the price within the bid-ask spread that
is most representative of fair value in the circumstances to measure fair value regardless
of where the input is categorised within the fair value hierarchy?
Fair value hierarchy
IFRS 13:72 Note: To increase consistency and comparability in fair value measurements and
related disclosures, IFRS 13 establishes a fair value hierarchy that categorises into
three levels the inputs to valuation techniques used to measure fair value. The fair
value hierarchy gives the highest priority to quoted prices (unadjusted) in active
markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to
unobservable inputs (Level 3 inputs).
IFRS 13:73 Has the entity determined the level of the fair value hierarchy in its entirety based on the
lowest level input that is significant to the entire measurement?
IFRS 13:75 If an observable input requires an adjustment using an unobservable input and that
adjustment results in a significantly higher or lower fair value measurement, has the
entity categorised the resulting measurement within Level 3 of the fair value hierarchy?
Level 1 Inputs
IFRS 13:77 When available, has the entity determined fair value using quoted prices for identical
assets or liabilities in an active market without adjustment, except as specified in
paragraph 79 of IFRS 13 (given below):
IFRS 13:78 Has the entity determined both of the following for the Level 1 input?
IFRS 13:78(a) a) the principal market for the asset or liability or, in the absence of a principal
market, the most advantageous market for the asset or liability; and
IFRS 13:78(b) b) whether the entity can enter into a transaction for the asset or liability at the
price in that market at the measurement date.
IFRS 13:79 Has the entity not made an adjustment to a Level 1 input except in the following
circumstances:
IFRS 13:79(a) a) When an entity holds a large number of similar (but not identical) assets or
liabilities (e.g., debt securities) that are measured at fair value and a quoted price in
an active market is available but not readily accessible for each of those assets or
liabilities individually?
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273
275
277
278
279
280
281
282
283
286
287
292
293
294
I J K L M
IFRS 13:79(b) b) When a quoted price in an active market does not represent fair value at the
measurement date, has the entity established and consistently applied a policy for
identifying those events that might affect fair value measurements?
IFRS 13:79(c) c) When measuring the fair value of a liability or an entitys own equity instrument
using the quoted price for the identical item traded as an asset in an active market
and that price needs to be adjusted for factors specific to the item or the asset (see
paragraph 39 of IFRS 13).
IFRS 13:80 Has the fair value of a position in a single asset or liability traded in an active market
(including a position comprising a large number of identical assets or liabilities, such as a
holding of financial instruments) been measured within Level 1 as the product of the
quoted price for the individual asset or liability and the quantity held by the entity, even
if a markets normal daily trading volume is not sufficient to absorb the quantity held and
placing orders to sell the position in a single transaction might affect the quoted price?
Level 2 Inputs
IFRS 13:82 Note: If the asset or liability has a specified (contractual) term, a level 2 input must
be observable for substantially the full term of the asset or liability.
IFRS 13:82 Note: Level 2 inputs include the following:
a) quoted prices for similar assets or liabilities in active markets.
b) quoted prices for identical or similar assets or liabilities in markets that are not
active.
c) inputs other than quoted prices that are observable for the asset or liability, for
example: (i) interest rates and yield curves observable at commonly quoted intervals
(ii) implied volatilities and (iii) credit spreads
d) market-corroborated inputs.
IFRS 13:83 Has the entity adjusted Level 2 inputs depending on factors specific to the asset or
liability, such as:
a) the condition or location of the asset;
b) the extent to which inputs relate to items that are comparable to the asset or
liability; and
c) the volume or level of activity in the markets within which the inputs are observed.
Level 3 Inputs
IFRS 13:87 Has the entity only used unobservable inputs to the extent that relevant observable
inputs are not available?
Measuring fair value when the volume or level of activity for an asset or a
liability has significantly decreased
IFRS 13:B37 Has the entity evaluated the significance and relevance of the following factors to
determine, on the basis of the evidence available, whether there has been a significant
decrease in the volume or level of activity for an asset or liability?
a) There are few recent transactions.
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296
297
298
299
300
301
303
308
309
310
311
312
313
314
I J K L M
b) Price quotations are not developed using current information.
c) Price quotations vary substantially either over time or among market-makers
d) Indices that previously were highly correlated with the fair values of the asset or
liability are demonstrably uncorrelated with recent indications of fair value for that
asset or liability.
e) There is a significant increase in implied liquidity risk premiums, yields or
performance indicators (such as delinquency rates or loss severities) for observed
transactions or quoted prices when compared with the entitys estimate of expected
cash flows, taking into account all available market data about credit and other non-
performance risk for the asset or liability.
f) There is a wide bid-ask spread or significant increase in the bid-ask spread.
g) There is a significant decline in the activity of, or there is an absence of, a market
for new issues (i.e., a primary market) for the asset or liability or similar assets or
liabilities.
h) Little information is publicly available (e.g., for transactions that take place in a
principal-to-principal market)
IFRS 13:B38 If an entity concludes that there has been a significant decrease in the volume or level of
activity for the asset or liability in relation to normal market activity for the asset or
liability (or similar assets or liabilities) and determines that a transaction or quoted price
does not represent fair value, has the entity made an adjustment (which may be
significant to the fair value measurement in its entirety) to the transactions or quoted
prices that are used as a basis for measuring fair value?
Identifying transactions that are not orderly
IFRS 13:B43 Note: The determination of whether a transaction is orderly (or is not orderly) is more
difficult if there has been a significant decrease in the volume or level of activity for
the asset or liability in relation to normal market activity for the asset or liability (or
similar assets or liabilities). In such circumstances it is not appropriate to conclude
that all transactions in that market are not orderly (i.e., forced liquidations or distress
sales).
IFRS 13:B43 Has the entity considered the following circumstances that may indicate that a
transaction is not orderly:
a) There was not adequate exposure to the market for a period before the
measurement date to allow for marketing activities that are usual and customary for
transactions involving such assets or liabilities under current market conditions.
b) There was a usual and customary marketing period, but the seller marketed the
asset or liability to a single market participant.
c) The seller is in or near bankruptcy or receivership (i.e., the seller is distressed).
d) The seller was required to sell to meet regulatory or legal requirements (i.e., the
seller was forced).
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316
317
318
319
320
321
322
323
324
I J K L M
e) The transaction price is an outlier when compared with other recent transactions
for the same or similar asset or liability.
IFRS 13:B44 Has the entity considered all the following when measuring fair value or estimating
market risk premiums:
a) If the evidence indicates that a transaction is not orderly, an entity shall place
little, if any, weight (compared with other indications of fair value) on that transaction
price.
b) If the evidence indicates that a transaction is orderly, an entity shall take into
account that transaction price. The amount of weight placed on that transaction price
when compared with other indications of fair value will depend on the facts and
circumstances, such as (i) the volume of the transaction, (ii) the comparability of the
transaction to the asset or liability being measured, (iii) the proximity of the
transaction to the measurement date.
c) If an entity does not have sufficient information to conclude whether a transaction
is orderly, it shall take into account the transaction price, but place less weight on the
transaction when compared with other transactions that are known to be orderly.
Using quoted prices provided by third parties
IFRS 13:B45 Note: IFRS 13 does not preclude the use of quoted prices provided by third parties,
such as pricing services or brokers, if an entity has determined that the quoted prices
provided by those parties are developed in accordance with this IFRS.
IFRS 13:B46 If there has been a significant decrease in the volume or level of activity for the asset or
liability, has the entity evaluated whether the quoted prices provided by third parties are
developed using current information that reflects orderly transactions or a valuation
technique that reflects market participant assumptions (including assumptions about
risk)?
IFRS 13:B46 In weighting a quoted price as an input to a fair value measurement, has the entity
placed less weight (when compared with other indications of fair value that reflect the
results of transactions) on quotes that do not reflect the result of transactions?
IFRS 13:B47 Has the entity considered the nature of a quote (e.g., whether the quote is an indicative
price or a binding offer) when weighting the available evidence and placed more weight
to quotes provided by third parties that represent binding offers?
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1
2
3
4
5
6
7
8
26
28
97
G H I J K
IFRS 13 Fair Value Measurement
In May 2011 the IASB published IFRS 13 Fair Value Measurement which replaces the
guidance on fair value measurement in existing IFRS accounting literature with a single
standard. IFRS 13 defines fair value, provides guidance on its determination and requires
disclosures about fair value measurements but does not change the requirements about
the items that should be measured or disclosed at fair value. This IFRS applies to IFRSs
that require or permit fair value measurements or disclosures about fair value
measurements (and measurements, such as fair value less costs to sell, based on fair
value or disclosures about those measurements), except in specified circumstances.
IFRS 13.
IFRS 13 is effective for annual periods beginning on or after 1 January 2013 with early
N/A
Comments
13A Does the entity have assets and liabilities that are measured at fair value on a recurring
or non-recurring basis in the statement of financial position after initial recognition?
13B Does the entity have assets and liabilities not measured at fair value in the statement of
financial position but for which the fair value is disclosed?
Page 156 of 366
Index
Reference
IFRS # Description Paragraph
Change in Definition D1
IFRS 1 First-time Adoption of
International Financial
Reporting Standards (as
amended at September
2010)
D2
D3
D4
IFRS 2 Share-based Payment D5
IFRS 3 Business Combinations D6
IFRS 13 (Consq amendment)
D7
D8
IFRS 4 Insurance Contracts D9
IFRS 5 Non-current Assets Held
for Sale and Discontinued
Operations
D10
IFRS 7 Financial Instruments:
Disclosures (as amended
at October 2009)
D11
D12
D13
D14
D15
D16
D17
D17
(issued November 2009)
D18
D19
D20
D21
D22
D23
D24
D25
D26
D27
D28
(issued October 2010)
D29
D30
D31
D32
D33
D34
D35
D36
D37
D38
D39
D40
D41
D42
D43
D44
D45
D46
IAS 1 Presentation of Financial
Statements
D47
D48
IAS 2 Inventories D49
D50
IAS 8 Accounting Policies,
Changes in Accounting
Estimates and Errors
D51
D52
IAS 10 Events after the
Reporting Period
D53
D54
IAS 16 Property, Plant and
Equipment
D55
D56
D57
D58
IAS 17 Leases D59
IAS 18 Revenue D60
IAS 19 Employee Benefits D61
D62
D63
IAS 20 Accounting for
Government Grants and
Disclosure of Government
Assistance
D64
IAS 21 The Effects of Changes in
Foreign Exchange Rates
D65
D66
IAS 28 Investments in Associates
(as amended at October
2009)
D67
D68
IAS 31 Interests in Joint
Ventures (as amended at
October 2009)
D69
D70
IAS 32 Financial Instruments:
Presentation (as
amended at September
2010)
D71
D72
D73
IAS 33 Earnings per Share D74
D75
D76
IAS 34 Interim Financial
Reporting (as amended at
D77
D78
D79
IAS 36 Impairment of Assets D80
D81
D82
D83
D84
D85
D86
D87
IAS 38 Intangible Assets D88
D89
D90
D91
D92
D93
D94
D95
IAS 39 Financial Instruments:
Recognition and
Measurement (as
amended at October
2009)
D96
D97
D98
D99
D100
D101
D102
D103
D104
Estimated Fair Fair Value Percentage
Portion
Transferred
9,090 90%
Portion
retained
1,010 10%
Total 10,100
D105
D106
D107
Assume an entity has a portfolio of prepayable loans The fair value of the loans at the date of the transaction is CU10,100 and the estimated fair value of the
excess spread of 0.5 per cent is CU40.
The entity calculates the gain or loss on the sale of the 90 per cent share of cash flows. Assuming that separate fair values of the 90 per cent part transferred and the
10 per cent part retained are not available at the date of the transfer, the entity allocates the carrying amount of the asset in accordance with paragraph 28 as
follows:
D108
a.
D109
D110
D111
D112
IAS 40 Investment Property D113
1
D114
1
2
3
D115
D116
1
D117
D118
1
D119
1
2
D120
D121
1
D121
D122
D123
IAS 41 Agriculture D124, D125
D126
D127
D128
D129
D130
IFRIC 2 Members Shares in Co-
operative Entities and
Similar Instruments (as
amended at October
2009)
D131
D132
D133
D134
IFRIC 4 Determining whether an
Arrangement contains a
Lease
D135, D136
IFRIC 13 Customer Loyalty
Programmes
D137, D138
D139
D140
IFRIC 17 Distributions of Non-cash
Assets to Owners
D141
D142, D143
D144
IFRIC 19 Extinguishing Financial
Liabilities with Equity
Instruments (as amended
at September 2010)
D145
D146
D147
D148
IFRS 13 Consequential Amendments
Change
This appendix sets out amendments to other IFRSs that are a consequence of the Board issuing IFRS
13. An entity shall apply the amendments for annual periods beginning on or after 1 January 2013. If
an entity applies IFRS 13 for an earlier period, it shall apply the amendments for that earlier period.
Amended paragraphs are shown with new text underlined and deleted text struck through.
Change
In IFRSs 1, 35 and 9 (issued in October 2010) the definition of fair value is replaced with:
a. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. (See IFRS 13.)
In IASs 2, 16, 1821, 32 and 40 the definition of fair value is replaced with:
a. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. (See IFRS 13 Fair Value
Measurement.)
Paragraph 19 is deleted.
Paragraph 39J is added as follows:
1. IFRS 13 Fair Value Measurement, issued in May 2011, deleted paragraph 19, amended the
definition of fair value in Appendix A and amended paragraphs D15 and D20. An entity shall apply
those amendments when it applies IFRS 13.
Paragraphs D15 and D20 are amended as follows:
1. If a first-time adopter measures such an investment at cost in accordance with IAS 27, it shall
measure that investment at one of the following amounts in its separate opening IFRS statement of
financial position:
a. deemed cost. The deemed cost of such an investment shall be its:
i. fair value (determined in accordance with IAS 39) at the entitys date of transition to IFRSs in its
separate financial statements; or
2. Notwithstanding the requirements of paragraphs 7 and 9, an entity may apply the requirements in
the last sentence paragraph AG76(a) of IAS 39 paragraph AG76 and in paragraph AG76A, in either of
the following ways:
Paragraph 6A is added as follows:
1. This IFRS uses the term fair value in a way that differs in some respects from the definition of fair
value in IFRS 13 Fair Value Measurement. Therefore, when applying IFRS 2 an entity measures fair
value in accordance with this IFRS, not IFRS 13.
Paragraphs 20, 29, 33 and 47 are amended as follows:
1. Paragraphs B41B45 provide guidance on measuring the fair value of particular identifiable assets
and a non-controlling interest in an acquiree. Paragraphs 2431 specify the types of identifiable assets
and liabilities that include items for which this IFRS provides limited exceptions to the measurement
principle.
2. The acquirer shall measure the value of a reacquired right recognised as an intangible asset on the
basis of the remaining contractual term of the related contract regardless of whether market
participants would consider potential contractual renewals in determining when measuring its fair
value. Paragraphs B35 and B36 provide related application guidance.
3. To determine the amount of goodwill in a business combination in which no consideration is
transferred, the acquirer shall use the acquisition-date fair value of the acquirers interest in the
acquiree determined using a valuation technique in place of the acquisition-date fair value of the
consideration transferred (paragraph 32(a)(i)).
4. For example, unless an intervening event that changed its fair value can be identified, the sale of
an asset to a third party shortly after the acquisition date for an amount that differs significantly from
its provisional fair value determined measured at that date is likely to indicate an error in the
provisional amount.
Paragraph 64F is added as follows:
1. IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraphs 20, 29, 33,
47,amended the definition of fair value in Appendix A and amended paragraphs B22, B40, B43B46,
B49 and B64. An entity shall apply those amendments when it applies IFRS 13.
In Appendix B paragraphs B22 and B40, B43B46, B49 and B64 are amended as follows:
1. Because the consolidated financial statements represent the continuation of the financial
statements of the legal subsidiary except for its capital structure, the consolidated financial
statements reflect:
a. the amount recognised as issued equity interests in the consolidated financial statements
determined by adding the issued equity interest of the legal subsidiary (the accounting acquirer)
outstanding immediately before the business combination to the fair value of the legal parent
(accounting acquiree) determined in accordance with this IFRS. However,
2. The identifiability criteria determine whether an intangible asset is recognised separately from
goodwill. However, the criteria neither provide guidance for measuring the fair value of an intangible
asset nor restrict the assumptions used in estimating measuring the fair value of an intangible asset.
For example, the acquirer would take into account the assumptions that market participants would
consider use when pricing the intangible asset, such as expectations of future contract renewals, in
measuring fair value.
3. For To protect its competitive position, or for other reasons, the acquirer may intend not to use an
acquired non-financial asset actively, for example, a research and development intangible asset, or it
may not intend to use the asset in a way that is different from the way in which other market
participants would use it according to its highest and best use. For example, that might be the case
for an acquired research and development intangible asset that the acquirer plans to use defensively
by preventing others from using it. Nevertheless, the acquirer shall measure the fair value of the non-
financial asset at fair value determined in accordance with assuming its highest and best use by other
market participants in accordance with the appropriate valuation premise, both initially and when
measuring fair value less costs of disposal for subsequent impairment testing.
4. This IFRS allows the acquirer to measure a non-controlling interest in the acquiree at its fair value
at the acquisition date. Sometimes an acquirer will be able to measure the acquisition date fair value
of a non-controlling interest on the basis of a quoted price in an active market prices for the equity
shares (i.e. those not held by the acquirer). In other situations, however, a quoted price in an active
market price for the equity shares will not be available. In those situations, the acquirer would
measure the fair value of the non-controlling interest using another valuation techniques.
5. The fair values of the acquirers interest in the acquiree and the non-controlling interest on a per-
share basis might differ. The main difference is likely to be the inclusion of a control premium in the
per-share fair value of the acquirers interest in the acquiree or, conversely, the inclusion of a discount
for lack of control (also referred to as a minority non-controlling interest discount) in the per-share fair
value of the non-controlling interest if market participants would take into account such a premium or
discount when pricing the non controlling interest.
6. In a business combination achieved without the transfer of consideration, the acquirer must
substitute the acquisition-date fair value of its interest in the acquiree for the acquisition-date fair
value of the consideration transferred to measure goodwill or a gain on a bargain purchase (see
paragraphs 3234). The acquirer should measure the acquisition-date fair value of its interest in the
acquiree using one or more valuation techniques that are appropriate in the circumstances and for
which sufficient data are available. If more than one valuation technique is used, the acquirer should
evaluate the results of the techniques, considering the relevance and reliability of the inputs used and
the extent of the available data.
7. A fair value measurement of a mutual entity should include the assumptions that market
participants would make about future member benefits as well as any other relevant assumptions
market participants would make about the mutual entity. For example, an estimated cash flow model
a present value technique may be used to determine measure the fair value of a mutual entity. The
cash flows used as inputs to the model should be based on the expected cash flows of the mutual
entity, which are likely to reflect reductions for member benefits, such as reduced fees charged for
goods and services.
8. To meet the objective in paragraph 59, the acquirer shall disclose the following information for each
business combination that occurs during the reporting period:
a. the acquisition-date fair value of the total consideration transferred and the acquisition-date fair
value of each major class of consideration, such as:
i. equity interests of the acquirer, including the number of instruments or interests issued or issuable
and the method of determining measuring the fair value of those instruments or interests.
a. for each business combination in which the acquirer holds less than 100 percent of the equity
interests in the acquiree at the acquisition date:
i. for each non-controlling interest in an acquiree measured at fair value, the valuation technique (s )
and key model significant inputs used for determining to measure that value.
Paragraph 41E is added as follows:

1. IFRS 13 Fair Value Measurement, issued in May 2011, amended the definition of fair value in
Appendix A. An entity shall apply that amendment when it applies IFRS 13.
Paragraph 44H is added as follows:
1. IFRS 13 Fair Value Measurement, issued in May 2011, amended the definition of fair value in
Appendix A. An entity shall apply that amendment when it applies IFRS 13.
Paragraph IN5C is added as follows:
1. In May 2011 the Board relocated the disclosures about fair value measurements to IFRS 13 Fair
Value Measurement.
Paragraph 3 is amended as follows:
1. This IFRS shall be applied by all entities to all types of financial instruments, except:
a. ... in those cases, entities shall apply the requirements of this IFRS and, for those interests
measured at fair value, the requirements of IFRS 13 Fair Value Measurement. ...
Paragraphs 2727B are deleted.

1. If the market for a financial instrument is not active, an entity establishes its fair value using a
valuation technique (see paragraphs AG74AG79 of IAS 39). Nevertheless, the best evidence of fair
value at initial recognition is the transaction price (i.e. the fair value of the consideration given or
received), unless conditions described in paragraph AG76 of IAS 39 are met. It follows that there
could be a difference between the fair value at initial recognition and the amount that would be
determined at that date using the valuation technique. If such a difference exists, an entity shall
disclose, by class of financial instrument: In some cases, an entity does not recognise a gain or loss
on initial recognition of a financial asset or financial liability because the fair value is neither evidenced
by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) nor based
on a valuation technique that uses only data from observable markets (see paragraph AG76 of IAS
39). In such cases, the entity shall disclose by class of financial asset or financial liability:
...
a. its accounting policy for recognising in profit or loss the that difference between the fair value at
initial recognition and the transaction price in profit or loss to reflect a change in factors (including
time) that market participants would consider in setting a price take into account when pricing the
asset or liability (see paragraph AG76A AG76(b) of IAS 39) . ; and
a. why the entity concluded that the transaction price was not the best evidence of fair value,
including a description of the evidence that supports the fair value.
1. Disclosures of fair value are not required:
a. for an investment in equity instruments that do not have a quoted market price in an active market
for an identical instrument (i.e. a Level 1 input), or derivatives linked to such equity instruments, that
is measured at cost in accordance with IAS 39 because its fair value cannot otherwise be measured
reliably; or
Paragraph 44P is added as follows:

1. IFRS 13, issued in May 2011, amended paragraphs 3, 28, 29, B4 and B26 and Appendix A and
deleted paragraphs 2727B. An entity shall apply those amendments when it applies IFRS 13.
In Appendix A the definition of other price risk is amended as follows:
other price risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices (other than those arising from interest rate risk or currency risk),
whether those changes are caused by factors specific to the individual financial instrument or its
issuer, or by factors affecting all similar financial instruments traded in the market.
Paragraph 5.1.1 is amended as follows:
1. At initial recognition, an entity shall measure a financial asset at its fair value (see paragraphs
48, 48A and AG69AG82 of IAS 39) plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition of
the financial asset.
Paragraph 5.1.1A is added as follows:
1. However, if the fair value of the financial asset at initial recognition differs from the
transaction price, an entity shall apply paragraph B5.1 and paragraph AG76 of IAS 39.
Paragraphs 5.2.1, 5.3.2, 8.2.5 and 8.2.11 are amended as follows:

1. After initial recognition, an entity shall measure a financial asset in accordance with
paragraphs 4.14.5 at fair value (see paragraphs 48, 48A and AG69AG82 of IAS 39) or
amortised cost.
2. If, in accordance with paragraph 4.9, an entity reclassifies a financial asset so that it is
measured at fair value, its fair value is determined measured at the reclassification
date. Any gain or loss arising from a difference between the previous carrying amount and
fair value is recognised in profit or loss.
3. If an entity measures a hybrid contract at fair value in accordance with paragraph 4.4 or paragraph
4.5 but the fair value of the hybrid contract had not been determined measured in comparative
reporting periods, the fair value of the hybrid contract in the comparative reporting periods shall be
the sum of the fair values of the components (i.e. the non-derivative host and the embedded
derivative) at the end of each comparative reporting period.
4. If an entity previously accounted for an investment in an unquoted equity instrument that does not
have a quoted price in an active market for an identical instrument (i.e. a Level 1 input) (or a
derivative that is linked to and must be settled by delivery of such an unquoted equity instrument) at
cost in accordance with IAS 39, it shall measure that instrument at fair value at the date of initial
application. ...
Paragraph 8.1.3 is added as follows:

1. IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraphs 5.1.1, 5.2.1, 5.3.2,
8.2.5, 8.2.11, B5.1, B5.4, B5.5, B5.7, C8, C20, C22, C27 and C28 and added paragraph 5.1.1A. An
entity shall apply those amendments when it applies IFRS 13.
In Appendix A the introductory text is amended as follows:
a. The following terms are defined in paragraph 11 of IAS 32 Financial Instruments: Presentation, or
paragraph 9 of IAS 39 or Appendix A of IFRS 13 and are used in this IFRS with the meanings specified
in IAS 32 , or IAS 39 or IFRS 13: ...
In Appendix B paragraph B5.1, the heading above paragraph B5.5 and paragraphs B5.5 and B5.7 are
amended as follows:
1. The fair value of a financial asset at initial recognition is normally the transaction price (i.e. the fair
value of the consideration given, see also IFRS 13 and paragraph AG76 of IAS 39). However, if part of
the consideration given is for something other than the financial instrument, an entity shall measure
the fair value of the financial instrument is estimated using a valuation technique (see paragraphs
AG74AG79 of IAS 39). For example, the fair value of a long-term loan or receivable that carries no
interest can be estimated measured as the present value of all future cash receipts discounted using
the prevailing market rate(s) of interest for a similar instrument (similar as to currency, term, type of
interest rate and other factors) with a similar credit rating. Any additional amount lent is an expense
or a reduction of income unless it qualifies for recognition as some other type of asset.
Investments In Unquoted Equity Instruments (And Contracts On Those Investments That Must Be
Settled By Delivery Of The Unquoted Equity Instruments)
1. ... That may be the case if insufficient more recent information is available to determine measure
fair value, or if there is a wide range of possible fair value measurements and cost represents the best
estimate of fair value within that range.
2. ... In such cases, the entity must estimate measure fair value.
In Appendix C, in paragraph C8 the amendments to paragraph 29 of IFRS 7 Financial Instruments:
Disclosures are amended as follows:

1. Disclosures of fair value are not required:
a. for derivatives linked to investments in equity instruments that do not have a quoted market price
in an active market for an identical instrument (i.e. a Level 1 input) that are measured at cost in
accordance with IAS 39 because their fair value cannot otherwise be measured reliably; or
In paragraph C20 the amendments to paragraph 1 of IAS 28 Investments in Associates are amended
as follows:
1. This Standard shall be applied in accounting for investments in associates. However, it
does not apply to investments in associates held by:
a. venture capital organisations, or
b. mutual funds, unit trusts and similar entities including investment-linked insurance
funds that are measured at fair value through profit or loss in accordance with IFRS 9
Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement. An
entity shall measure such investments at fair value through profit or loss in accordance
with IFRS 9. An entity holding such an investment shall make the disclosures required by
paragraph 37(f).
In paragraph C22 the amendments to paragraph 1 of IAS 31 Interests in Joint Ventures are amended
as follows:
1. This Standard shall be applied in accounting for interests in joint ventures and the
reporting of joint venture assets, liabilities, income and expenses in the financial
statements of venturers and investors, regardless of the structures or forms under which
the joint venture activities take place. However, it does not apply to venturers interests in
jointly controlled entities held by:
funds
that are measured at fair value through profit or loss in accordance with IFRS 9 Financial
Instruments and IAS 39 Financial Instruments: Recognition and Measurement. An entity
shall measure such investments at fair value through profit or loss in accordance with IFRS
9. A venturer holding such an interest shall make the disclosures required by paragraph 55
and 56.
In paragraph C27 the amendments to paragraphs 9, 13 and 88 of IAS 39 Financial Instruments:
Recognition and Measurement are amended as follows:
1. ...
It should be noted that IFRS 13 Fair Value Measurement paragraphs 48, 48A, 49 and
Appendix A paragraphs AG69AG82, which sets out the requirements for determining a
reliable measure of measuring the fair value of a financial liability, apply equally to all
items that are measured at fair value, whether by designation or otherwise, or whose fair
value is disclosed.
...
2. If an entity is unable to determine measure reliably the fair value of an embedded derivative on the
basis of its terms and conditions, the fair value of the embedded derivative is the difference between
the fair value of the hybrid (combined) contract and the fair value of the host if those can be
determined under this Standard. If the entity is unable to determine measure the fair value of the
embedded derivative using this method, paragraph 12 applies and the hybrid (combined) contract is
designated as at fair value through profit or loss.
3. A hedging relationship qualifies for hedge accounting under paragraphs 89102 if, and
only if, all of the following conditions are met.
...
a. The effectiveness of the hedge can be reliably measured, i.e. the fair value or cash flows
of the hedged item that are attributable to the hedged risk and the fair value of the hedging
instrument can be reliably measured (see paragraph 47(a) and Appendix A paragraphs
AG80 and AG81 for guidance on determining fair value).
In paragraph C28 the amendments to paragraphs AG64, AG80, AG81 and AG96 of IAS 39 are
amended as follows:

1. The fair value of a financial liability on initial recognition is normally the transaction price (i.e. the
fair value of the consideration received, see also paragraph AG76 and IFRS 13). However, if part of
the consideration given or received is for something other than the financial liability, an entity shall
measure the fair value of the financial liability is estimated, using a valuation technique (see
paragraphs AG74AG79).
2. The fair value of derivatives that are linked to and must be settled by delivery of unquoted equity
instruments that do not have a quoted price in an active market for an identical instrument (i.e. a
Level 1 input) (see paragraph 47(a)) is reliably measurable if (a) the variability in the range of
reasonable fair value estimates measurements is not significant for that instrument or (b) the
probabilities of the various estimates within the range can be reasonably assessed and used in
estimating when measuring fair value.
3. There are many situations in which the variability in the range of reasonable fair value estimates
measurements of derivatives that are linked to and must be settled by delivery of unquoted equity
instruments that do not have a quoted price in an active market for an identical instrument (i.e. a
Level 1 input) (see paragraph 47(a)) is likely not to be significant. Normally it is possible to estimate
measure the fair value of such derivatives that an entity has acquired from an outside party. However,
if the range of reasonable fair value estimates measurements is significant and the probabilities of the
various estimates cannot be reasonably assessed, an entity is precluded from measuring the
instrument at fair value.
4. A derivative that is linked to and must be settled by delivery of unquoted equity instruments that
do not have a quoted price in an active market for an identical instrument (i.e. a Level 1 input) and is
not carried at fair value because its fair value cannot otherwise be reliably measured (see paragraph
47(a)) cannot be designated as a hedging instrument.
Paragraph IN7 is amended as follows:

1. In October 2010 the Board added to IFRS 9 the requirements for classification and measurement of
financial liabilities:
a. Consistently with the requirements in IFRS 9 for investments in unquoted equity instruments that
do not have a quoted price in an active market for an identical instrument (i.e. a Level 1 input) (and
derivative assets linked to those investments), the exception from fair value measurement was
eliminated for derivative liabilities that are linked to and must be settled by delivery of such an
unquoted equity instrument. Under IAS 39, if those derivatives were not reliably measurable, they
were required to be measured at cost. IFRS 9 requires them to be measured at fair value.
Paragraphs 3.2.14, 4.3.7 and 5.1.1 are amended as follows:

1. When an entity allocates the previous carrying amount of a larger financial asset between the part
that continues to be recognised and the part that is derecognised, the fair value of the part that
continues to be recognised needs to be determined measured. When the entity has a history of selling
parts similar to the part that continues to be recognised or other market transactions exist for such
parts, recent prices of actual transactions provide the best estimate of its fair value.
basis of its terms and conditions, the fair value of the embedded derivative is the difference between
the fair value of the hybrid contract and the fair value of the host, if those can be determined under
this IFRS. If the entity is unable to determine measure the fair value of the embedded derivative using
this method, paragraph 4.3.6 applies and the hybrid contract is designated as at fair value through
profit or loss.
3. At initial recognition, an entity shall measure a financial asset or financial liability at its
fair value (see paragraphs 5.4.15.4.3 and B5.4.1B5.4.17) plus or minus, in the case of a
financial asset or financial liability not at fair value through profit or loss, transaction costs
that are directly attributable to the acquisition or issue of the financial asset or financial
liability.
Paragraph 5.1.1A is added as follows:
1. However, if the fair value of the financial asset or financial liability at initial recognition
differs from the transaction price, an entity shall apply paragraph B5.1.2A.
Paragraph 5.2.1 is amended as follows:

1. After initial recognition, an entity shall measure a financial asset in accordance with
paragraphs 4.1.14.1.5 at fair value (see paragraphs 5.4.1, 5.4.2 and B5.4.1B5.4.17) or
amortised cost (see paragraphs 9 and AG5AG8 of IAS 39).
The heading above paragraph 5.4.1 and paragraphs 5.4.15.4.3 are deleted
Paragraphs 5.6.2, 7.2.5, 7.2.11 and 7.2.12 are amended as follows:

1. If, in accordance with paragraph 4.4.1, an entity reclassifies a financial asset so that it is measured
at fair value, its fair value is determined measured at the reclassification date. Any gain or loss arising
from a difference between the previous carrying amount and fair value is recognised in profit or loss.
2. If an entity measures a hybrid contract at fair value in accordance with paragraph 4.1.4 or
paragraph 4.1.5 but the fair value of the hybrid contract had not been determined measured in
comparative reporting periods, the fair value of the hybrid contract in the comparative reporting
periods shall be the sum of the fair values of the components (i.e. the non-derivative host and the
embedded derivative) at the end of each comparative reporting period.
3. If an entity previously accounted for an investment in an unquoted equity instrument that does not
have a quoted price in an active market for an identical instrument (i.e. a Level 1 input) (or a
derivative asset that is linked to and must be settled by delivery of such an unquoted equity
instrument) at cost in accordance with IAS 39, it shall measure that instrument at fair value at the
date of initial application. ...
4. If an entity previously accounted for a derivative liability that is linked to and must be settled by
delivery of an unquoted equity instrument that does not have a quoted price in an active market for
an identical instrument (i.e. a Level 1 input) at cost in accordance with IAS 39, it shall measure that
derivative liability at fair value at the date of initial application. ...
Paragraph 7.1.3 is added as follows:
1. IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraphs 3.2.14, 4.3.7, 5.1.1,
5.2.1, 5.4.1, 5.6.2, 7.2.5, 7.2.11, 7.2.12, amended the definition of fair value in Appendix A,
amended paragraphs B3.2.11, B3.2.17, B5.1.1, B5.2.2, B5.4.8, B5.4.14, B5.4.16, B5.7.20, C3, C11,
C26, C28, C30, C49 and C53, deleted paragraphs 5.4.2, B5.4.1 B5.4.13 and added paragraphs
5.1.1A, B5.1.2A and B5.2.2A. An entity shall apply those amendments when it applies IFRS 13.
In Appendix B paragraphs B3.2.11, B3.2.17, B5.1.1 and B5.2.2 are amended as follows:
1. In estimating When measuring the fair values of the part that continues to be recognised and the
part that is derecognised for the purposes of applying paragraph 3.2.13, an entity applies the fair
value measurement requirements in paragraphs 5.4.15.4.3 and B5.4.1B5.4.13 IFRS 13 in addition
to paragraph 3.2.14.
2. This paragraph illustrates the application of the continuing involvement approach when the entitys
continuing involvement is in a part of a financial asset.
Assume an entity has a portfolio of prepayable loans The fair value of the loans at the date of the
transaction is CU10,100 and the estimated fair value of the excess spread of 0.5 per cent is CU40.
The entity calculates the gain or loss on the sale of the 90 per cent share of cash flows. Assuming that
separate fair values of the 90 per cent part transferred and the 10 per cent part retained are not
available at the date of the transfer, the entity allocates the carrying amount of the asset in
accordance with paragraph 3.2.14 as follows:
Estimated fair Fair Value Percentage Allocated
carrying amount
Portion transferred 9,090 90%
9,000
Portion retained 1,010 10%
1,000
------------ ---
--------
Total 10,100
10,000
------------ ---
--------

1. The fair value of a financial instrument at initial recognition is normally the transaction price (i.e.
the fair value of the consideration given or received, see also paragraph B5.4.8 B5.1.2A and IFRS 13).
However, if part of the consideration given or received is for something other than the financial
instrument, an entity shall measure the fair value of the financial instrument is estimated using a
valuation technique (see paragraphs B5.4.6B5.4.12). For example, the fair value of a long-term loan
or receivable that carries no interest can be estimated measured as the present value of all future
cash receipts discounted using the prevailing market rate(s) of interest for a similar instrument
(similar as to currency, term, type of interest rate and other factors) with a similar credit rating. Any
additional amount lent is an expense or a reduction of income unless it qualifies for recognition as
some other type of asset.
Paragraphs B5.1.2A and B5.2.2A are added as follows:
1. The best evidence of the fair value of a financial instrument at initial recognition is normally the
transaction price (i.e. the fair value of the consideration given or received, see also IFRS 13). If an
entity determines that the fair value at initial recognition differs from the transaction price as
mentioned in paragraph 5.1.1A, the entity shall account for that instrument at that date as follows:
a. at the measurement required by paragraph 5.1.1 if that fair value is evidenced by a quoted price in
an active market for an identical asset or liability (i.e. a Level 1 input) or based on a valuation
technique that uses only data from observable markets. An entity shall recognise the difference
between the fair value at initial recognition and the transaction price as a gain or loss.
b. in all other cases, at the measurement required by paragraph 5.1.1, adjusted to defer the
difference between the fair value at initial recognition and the transaction price. After initial
recognition, the entity shall recognise that deferred difference as a gain or loss only to the extent that
it arises from a change in a factor (including time) that market participants would take into account
when pricing the asset or liability.
2. The subsequent measurement of a financial asset or financial liability and the subsequent
recognition of gains and losses described in paragraph B5.1.2A shall be consistent with the
requirements of this IFRS.
Paragraphs B5.4.1B5.4.13 and their related headings are deleted.
The heading above paragraph B5.4.14 and paragraphs B5.4.14, B5.4.16 and B5.7.20 are amended as
follows:
Investments In Unquoted Equity Instruments (And Contracts On Those Investments That
Must Be Settled By Delivery Of The Unquoted Equity Instruments)
1. ... That may be the case if insufficient more recent information is available to determine measure
fair value, or if there is a wide range of possible fair value measurements and cost represents the best
estimate of fair value within that range.
2. ... To the extent that any such relevant factors exist, they may indicate that cost might not be
representative of fair value. In such cases, the entity must estimate measure fair value.
3. As with all estimates of fair value measurements, an entitys measurement method for determining
the portion of the change in the liabilitys fair value that is attributable to changes in its credit risk
must make maximum use of market relevant observable inputs and minimum use of unobservable
inputs.
In Appendix C, in paragraph C3 the amendments to paragraphs D15 and D20 of IFRS 1 First-time
Adoption of International Financial Reporting Standards are amended as follows:

1. If a first-time adopter measures such an investment at cost in accordance with IAS 27, it shall
measure that investment at one of the following amounts in its separate opening IFRS statement of
financial position:
a. deemed cost. The deemed cost of such an investment shall be its:
...
i. fair value (determined in accordance with IFRS 9) at the entitys date of transition to IFRSs in its
separate financial statements; or
2. Despite the requirements of paragraphs 7 and 9, an entity may apply the requirements in the last
sentence of paragraph B5.4.8 and in paragraph B5.4.9 B5.1.2A(b) of IFRS 9, in either of the following
ways:
In paragraph C11 the amendments to paragraph 28 of IFRS 7 Financial Instruments: Disclosures are
amended as follows:
1. If the market for a financial instrument is not active, an entity establishes its fair value using a
valuation technique (see paragraphs B5.4.6B5.4.12 of IFRS 9). Nevertheless, the best evidence of
fair value at initial recognition is the transaction price (i.e. the fair value of the consideration given or
received), unless the conditions described in paragraph B5.4.8 of IFRS 9 are met. It follows that there
could be a difference between the fair value at initial recognition and the amount that would be
determined at that date using the valuation technique. If such a difference exists, an entity shall
disclose, by class of financial instrument: In some cases, an entity does not recognise a gain or loss
on initial recognition of a financial asset or financial liability because the fair value is neither evidenced
by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) nor based
on a valuation technique that uses only data from observable markets (see paragraph B5.1.2A of IFRS
9). In such cases, the entity shall disclose by class of financial asset or financial liability:
a. its accounting policy for recognising in profit or loss the that difference between the fair value at
initial recognition and the transaction price in profit or loss to reflect a change in factors (including
time) that market participants would consider in setting a price take into account when pricing the
asset or liability (see paragraph B5.4.9 B5.1.2A(b) of IFRS 9) . ; and
a. why the entity concluded that the transaction price was not the best evidence of fair value,
including a description of the evidence that supports the fair value.
In paragraph C26 the amendments to paragraph 1 of IAS 28 Investments in Associates are amended
as follows:
funds
Instruments. An entity shall measure such investments at fair value through profit or loss
in accordance with IFRS 9. An entity holding such an investment shall make the disclosures
required by paragraph 37(f).
In paragraph C28 the amendments to paragraph 1 of IAS 31 Interests in Joint Ventures are amended
as follows:
1. This Standard shall be applied in accounting for interests in joint ventures and the
reporting of joint venture assets, liabilities, income and expenses in the financial
statements of venturers and investors, regardless of the structures or forms under which
the joint venture activities take place. However, it does not apply to venturers interests in
jointly controlled entities held by:
funds
Instruments. An entity shall measure such investments at fair value through profit or loss
in accordance with IFRS 9. A venturer holding such an interest shall make the disclosures
required by paragraphs 55 and 56.
In paragraph C30 the amendments to paragraph 23 of IAS 32 Financial Instruments: Presentation are
amended as follows:
1. One example is an entitys obligation under a forward contract to purchase its own equity
instruments for cash. When the The financial liability is recognised initially at under IFRS 9, its fair
value (the present value of the redemption amount) , and is reclassified from equity.
In paragraph C49 the amendments to paragraph A8 of IFRIC 2 Members Shares in Co-operative
Entities and Similar Instruments are amended as follows:
1. Members shares in excess of the prohibition against redemption are financial liabilities. The co-
operative entity measures this financial liability at fair value at initial recognition. Because these
shares are redeemable on demand, the co-operative entity determines measures the fair value of such
financial liabilities in accordance with paragraph 47 of IFRS 13 as required by paragraph 5.4.3 of IFRS
9, which states: The fair value of a financial liability with a demand feature (e.g. a demand deposit) is
not less than the amount payable on demand Accordingly, the co-operative entity classifies as
financial liabilities the maximum amount payable on demand under the redemption provisions.
In paragraph C53 the amendments to paragraph 7 of IFRIC 19 Extinguishing Financial Liabilities with
Equity Instruments are amended as follows:
1. If the fair value of the equity instruments issued cannot be reliably measured then the equity
instruments shall be measured to reflect the fair value of the financial liability extinguished. In
measuring the fair value of a financial liability extinguished that includes a demand feature (e.g. a
demand deposit), paragraph 5.4.3 47 of IFRS 9 IFRS 13 is not applied.
Paragraphs 128 and 133 are amended as follows:
1. The disclosures in paragraph 125 are not required for assets and liabilities with a significant risk
that their carrying amounts might change materially within the next financial year if, at the end of the
reporting period, they are measured at fair value based on recently observed market prices a quoted
price in an active market for an identical asset or liability. Such fair values might change materially
within the next financial year but these changes would not arise from assumptions or other sources of
estimation uncertainty at the end of the reporting period.
2. Other IFRSs require the disclosure of some of the assumptions that would otherwise be required in
accordance with paragraph 125. For example, IAS 37 requires disclosure, in specified circumstances,
of major assumptions concerning future events affecting classes of provisions. IFRS 7 IFRS 13 Fair
Value Measurement requires disclosure of significant assumptions (including the valuation
technique(s) and inputs) the entity uses when measuring in estimating the fair values of financial
assets and financial liabilities that are carried at fair value. IAS 16 requires disclosure of significant
assumptions that the entity uses in estimating the fair values of revalued items of property, plant and
equipment.
Paragraph 139I is added as follows:
1. IFRS 13, issued in May 2011, amended paragraphs 128 and 133. An entity shall apply those
amendments when it applies IFRS 13.
1. Net realisable value refers to the net amount that an entity expects to realise from the sale of
inventory in the ordinary course of business. Fair value reflects the amount for which the same
inventory could be exchanged between knowledgeable and willing buyers and sellers in the
marketplace. Fair value reflects the price at which an orderly transaction to sell the same inventory in
the principal (or most advantageous) market for that inventory would take place between market
participants at the measurement date. The former is an entity-specific value; the latter is not. Net
realisable value for inventories may not equal fair value less costs to sell.
Paragraph 40C is added as follows:
1. IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 6 and amended
paragraph 7. An entity shall apply those amendments when it applies IFRS 13.
1. Therefore, retrospectively applying a new accounting policy or correcting a prior period error
requires distinguishing information that
a. provides evidence of circumstances that existed on the date(s) as at which the transaction, other
event or condition occurred, and
b. would have been available when the financial statements for that prior period were authorised for
issue
from other information. For some types of estimates (e.g. an estimate of a fair value measurement
that uses significant unobservable not based on an observable price or observable inputs), it is
impracticable to distinguish these types of information. When retrospective application or
retrospective restatement would require making a significant estimate for which it is impossible to
distinguish these two types of information, it is impracticable to apply the new accounting policy or
correct the prior period error retrospectively.
1. IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraph 52. An entity shall apply
that amendment when it applies IFRS 13.
1. An example of a non-adjusting event after the reporting period is a decline in market fair value of
investments between the end of the reporting period and the date when the financial statements are
authorised for issue. The decline in market fair value does not normally relate to the condition of the
investments at the end of the reporting period, but reflects circumstances that have arisen
subsequently.
1. IFRS 13, issued in May 2011, amended paragraph 11. An entity shall apply that amendment
when it applies IFRS 13.
1. The fair value of an asset for which comparable market transactions do not exist is reliably
measurable if (a) the variability in the range of reasonable fair value estimates measurements is not
significant for that asset or (b) the probabilities of the various estimates within the range can be
reasonably assessed and used in estimating when measuring fair value. If an entity is able to
determine measure reliably the fair value of either the asset received or the asset given up, then the
fair value of the asset given up is used to measure the cost of the asset received unless the fair value
of the asset received is more clearly evident.
Paragraphs 32 and 33 are deleted.
1. When an item of property, plant and equipment is revalued, any accumulated depreciation at the
date of the revaluation is treated in one of the following ways:
a. restated proportionately with the change in the gross carrying amount of the asset so that the
carrying amount of the asset after revaluation equals its revalued amount. This method is often used
when an asset is revalued by means of applying an index to determine its depreciated replacement
cost (see IFRS 13).
2. If items of property, plant and equipment are stated at revalued amounts, the following
shall be disclosed in addition to the disclosures required by IFRS 13:
a. [deleted] the methods and significant assumptions applied in estimating
the items fair values;
b. [deleted] the extent to which the items fair values were determined directly by
reference to observable prices in an active market or recent market transactions on arms
length terms or were estimated using other
1. IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 6, amended
paragraphs 26, 35 and 77 and deleted paragraphs 32 and 33. An entity shall apply those amendments
1. IAS 17 uses the term fair value in a way that differs in some respects from the definition of fair
value in IFRS 13 Fair Value Measurement. Therefore, when applying IAS 17 an entity measures fair
value in accordance with IAS 17, not IFRS 13.
In the rubric paragraphs 141 is amended to paragraphs 142. Paragraph 42 is added as follows:
1. IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 7. An entity shall
apply that amendment when it applies IFRS 13.
In the rubric, paragraphs 1161 is amended to paragraphs 1162
1. Accounting by an entity for defined benefit plans involves the following steps:
a. determining measuring the fair value of any plan assets (see paragraphs 102 104);
2. The fair value of any plan assets is deducted in determining the amount recognised in the
statement of financial position in accordance with under paragraph 54. When no market price is
available, the fair value of plan assets is estimated; for example, by discounting expected future cash
flows using a discount rate that reflects both the risk associated with the plan assets and the maturity
or expected disposal date of those assets (or, if they have no maturity, the expected period until the
settlement of the related obligation).
Paragraph 162 is added as follows:
paragraphs 50 and 102. An entity shall apply those amendments when it applies IFRS 13.
In the rubric paragraphs 144 is amended to paragraphs 145. Paragraph 45 is added as follows:
1. IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 3. An entity shall
apply that amendment when it applies IFRS 13.
1. At the end of each reporting period:
a. non-monetary items that are measured at fair value in a foreign currency shall be
translated using the exchange rates at the date when the fair value was determined
measured.
Paragraph 60G is added as follows:
paragraph 23. An entity shall apply those amendments when it applies IFRS 13.
funds
that upon initial recognition are designated as at fair value through profit or loss or are
classified as held for trading and accounted for in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. For such investments shall be measured at
fair value in accordance with IAS 39, an entity shall recognise with changes in fair value
recognised in profit or loss in the period of the change. An entity holding such an
investment shall make the disclosures required by paragraph 37(f).
2. The following disclosures shall be made:
...
a. the fair value of investments in associates for which there are published price quotations
quoted market prices;
1. IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraphs 1 and 37. An entity
shall apply those amendments when it applies IFRS 13.
1. This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint
venture assets, liabilities, income and expenses in the financial statements of venturers and investors,
regardless of the structures or forms under which the joint venture activities take place. However, it
does not apply to venturers
interests in jointly controlled entities held by:
b. mutual funds, unit trusts and similar entities including investment-linked insurance funds
that upon initial recognition are designated as at fair value through profit or loss or are classified as
held for trading and accounted for in accordance with IAS 39 Financial Instruments: Recognition and
Measurement. For such Such investments shall be measured at fair value in accordance with IAS 39,
an entity shall recognise with changes in fair value recognised in profit or loss in the period of the
change. A venturer holding such an interest shall make the disclosures required by paragraphs
55 and 56.
1. IFRS 13 Fair Value Measurement, issued in May 2011, amended paragraph 1. An entity shall
apply that amendment when it applies IFRS 13
1. When the The financial liability is recognised initially under IAS 39, its fair value ( at the present
value of the redemption amount) , and is reclassified from equity.
Paragraph 97J is added as follows:
paragraphs 23 and AG31. An entity shall apply those amendments when it applies IFRS 13.
1. A common form of compound financial instrument is a debt instrument with an embedded
conversion option, such as a bond convertible into ordinary shares of the issuer, and without any
other embedded derivative features. Paragraph 28 requires the issuer of such a financial instrument to
present the liability component and the equity component separately in the statement of financial
position, as follows:
...
a. The equity instrument is an embedded option to convert the liability into equity of the issuer. The
fair value of the option comprises its time value and its intrinsic value, if any. This option has value on
initial recognition even when it is out of the money.
Paragraphs 8 and 47A are amended as follows:
1. Terms defined in IAS 32 Financial Instruments: Presentation are used in this Standard with the
meanings specified in paragraph 11 of IAS 32, unless otherwise noted. IAS 32 defines financial
instrument, financial asset, financial liability, and equity instrument and fair value, and provides
guidance on applying those definitions. IFRS 13 Fair Value Measurement defines fair value and sets
out requirements for applying that definition.
2. For share options and other share-based payment arrangements to which IFRS 2 Share-based
Payment applies, the issue price referred to in paragraph 46 and the exercise price referred to in
paragraph 47 shall include the fair value (measured in accordance with IFRS 2) of any goods or
services to be supplied to the entity in the future under the share option or other share-based
payment arrangement.
1. IFRS 13, issued in May 2011, amended paragraphs 8, 47A and A2. An entity shall apply those
In Appendix A paragraph A2 is amended as follows:
1. The issue of ordinary shares at the time of exercise or conversion of potential ordinary shares does
not usually give rise to a bonus element. This is because the potential ordinary shares are usually
issued for full fair value, resulting in a proportionate change in the resources available to the entity. In
a rights issue, however, the exercise price is often less than the fair value of the shares. The
theoretical ex-rights fair value per share is calculated by adding the aggregate market fair value of the
shares immediately before the exercise of the rights to the proceeds from the exercise of the rights,
and dividing by the number of shares outstanding after the exercise of the rights. Where the rights are
to be publicly traded separately from the shares before the exercise date, fair value for the purposes
of this calculation is established measured at the close of the last day on which the shares are traded
together with the rights.
In the rubric paragraphs 149 is amended to paragraphs 150.
Paragraph 16A(j) is added as follows:
1. In addition to disclosing significant events and transactions in accordance with paragraphs 1515C,
an entity shall include the following information, in the notes to its
interim financial statements, if not disclosed elsewhere in the interim financial report. The information
shall normally be reported on a financial year-to-date basis.
a. for financial instruments, the disclosures about fair value required by paragraphs 9193(h), 9496,
98 and 99 of IFRS 13 Fair Value Measurement and paragraphs 25, 26 and 2830 of IFRS 7 Financial
Instruments: Disclosures.
1. IFRS 13, issued in May 2011, added paragraph 16A(j). An entity shall apply that amendment
1. This Standard does not apply to financial assets within the scope of IAS 39, investment property
measured at fair value in accordance with within the scope of IAS 40, or biological assets related to
agricultural activity measured at fair value less costs to sell in accordance with within the scope of IAS
41. However, this Standard applies to assets that are carried at revalued amount (i.e. fair value at the
date of the revaluation less any subsequent with other IFRSs, such as the revaluation model s in IAS
16 Property, Plant and Equipment and IAS 38 Intangible Assets. The only difference between an
assets fair value and its fair value less costs of disposal is the direct incremental costs attributable to
the disposal of the asset. Identifying whether a revalued asset may be impaired depends on the basis
used to determine fair value:
a. if the assets fair value is its market value, the only difference between the assets fair value and its
fair value less costs to sell is the direct incremental
costs to dispose of the asset:
i. if If the disposal costs are negligible, the recoverable amount of the revalued asset is necessarily
close to, or greater than, its revalued amount (i.e. fair value). In this case, after the revaluation
requirements have been applied, it is unlikely that the revalued asset is impaired and recoverable
amount need not be estimated.
ii. if the disposal costs are not negligible, the fair value less costs to sell of the revalued asset is
necessarily less than its fair value. Therefore, the revalued asset will be impaired if its value in use is
less than its revalued amount (i.e. fair value). In this case, after the revaluation requirements have
been applied, an entity applies this
Standard to determine whether the asset may be impaired.
b. [deleted] if the assets fair value is determined on a basis other than its market value, its revalued
amount (i.e. fair value) may be greater or lower than its recoverable amount. Hence, after the
revaluation requirements have been applied, an entity applies this Standard to determine whether the
asset may be
impaired.
c. If the disposal costs are not negligible, the fair value less costs of disposal of the revalued asset is
necessarily less than its fair value. Therefore, the revalued asset will be impaired if its value in use is
less than its revalued amount. In this case, after the revaluation requirements have been applied, an
entity applies this Standard to determine whether the asset may be impaired.
Paragraph 6 is amended as follows (as a consequence of the amendment to the definition of fair value
less costs to sell, all references to fair value less costs to sell in IAS 36 are replaced with fair value
less costs of disposal):
1. The following terms are used in this Standard with the meanings specified:
An active market is a market where all the following conditions exist:
a. the items traded within the market are homogeneous;
b. willing buyers and sellers can normally be found at any time; and
c. prices are available to the public.
Fair value less costs to sell is the amount obtainable from the sale of an asset or cash generating unit
in an arms length transaction between knowledgeable, willing parties, less the costs of disposal is the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. (See IFRS 13 Fair Value Measurement.)
Paragraphs 12, 20 and 22 are amended as follows:
1. In assessing whether there is any indication that an asset may be impaired, an entity shall
consider, as a minimum, the following indications:
External sources of information
a. during the period, there are observable indications that the an assets market value has declined
during the period significantly more than would be expected as a result of the passage of time or
normal use.
2. It may be possible to determine measure fair value less costs to sell of disposal, even if there is not
a quoted price in an active market for an identical asset is not traded in an active market. However,
sometimes it will not be possible to determine measure fair value less costs to sell of disposal because
there is no basis for making a reliable estimate of the amount obtainable from the sale of the asset in
an arms length transaction between knowledgeable and willing parties price at which an orderly
transaction to sell the asset would take place between market participants at the measurement date
under current market conditions. In this case, the entity may use the assets value in use as its
recoverable amount.
3. Recoverable amount is determined for an individual asset unless either:
a. the assets value in use can be estimated to be close to its fair value less costs to sell of disposal
and fair value less costs to sell of disposal can be determined measured.
Paragraphs 2527 are deleted.
1. Costs of disposal, other than those that have been recognised as liabilities, are deducted in
determining measuring fair value less costs to sell of disposal. Examples
1. Fair value differs from value in use. Fair value reflects the assumptions market participants would
use when pricing the asset. In contrast, value in use reflects the effects of factors that may be specific
to the entity and not applicable to entities in general. For example, fair value does not reflect any of
the following factors to the extent that they would not be generally available to market participants:
a. additional value derived from the grouping of assets (such as the creation of a
portfolio of investment properties in different locations);
b. synergies between the asset being measured and other assets;
c. legal rights or legal restrictions that are specific only to the current owner of the
asset; and
d. tax benefits or tax burdens that are specific to the current owner of the asset.
Paragraphs 78, 105, 111, 130 and 134 are amended as follows:
1. It may be necessary to consider some recognised liabilities to determine the recoverable amount of
a cash-generating unit. This may occur if the disposal of a cash-generating unit would require the
buyer to assume the liability. In this case, the fair value less costs to sell of disposal (or the estimated
cash flow from ultimate disposal) of the cash-generating unit is the estimated selling price to sell for
the assets of the cash-generating unit and the liability together, less the costs of disposal. To perform
a meaningful comparison between the carrying amount of the cash-generating unit and its recoverable
amount, the carrying amount of the liability is deducted in determining both the cash-generating
units value in use and its carrying amount.
2. In allocating an impairment loss in accordance with paragraph 104, an entity shall not reduce the
carrying amount of an asset below the highest of:
a. its fair value less costs to sell of disposal (if determinable measurable);
3. In assessing whether there is any indication that an impairment loss recognised in prior periods for
an asset other than goodwill may no longer exist or may have decreased, an entity shall consider, as a
minimum, the following indications:
External sources of information
a. there are observable indications that the assets market value has increased significantly during the
period.
...
4. An entity shall disclose the following for each material impairment loss recognised or reversed
during the period for an individual asset, including goodwill, or a cash generating unit:
a. if recoverable amount is fair value less costs to sell of disposal, the basis used to determine
measure fair value less costs to sell of disposal (such as whether fair value was determined measured
by reference to a quoted price in an active market for an identical asset). An entity is not required to
provide the disclosures required by IFRS 13.
5. An entity shall disclose the information required by (a)(f) for each cash-generating unit (group of
units) for which the carrying amount of goodwill or intangible assets
with indefinite useful lives allocated to that unit (group of units) is significant in comparison with the
entitys total carrying amount of goodwill or intangible assets with indefinite useful lives:
a. the recoverable amount of the unit (or group of units) and the basis on which the units (group of
units) recoverable amount has been determined (i.e. value in use or fair value less costs to sell of
disposal).
b. if the units (group of units) recoverable amount is based on value in use:
i. a description of each key assumption on which management has based its cash flow projections for
the period covered by the most recent budgets/forecasts. Key assumptions are those to which the
units (group of units) recoverable amount is most sensitive.
c. if the units (group of units) recoverable amount is based on fair value less costs to sell of disposal,
the methodology valuation technique(s) used to determine measure fair value less costs to sell of
disposal. An entity is not required to provide the disclosures required by IFRS 13. If fair value less
costs to sell of disposal is not determined measured using an observable market a quoted price for the
an identical unit (group of units), an entity shall disclose the following information shall also be
disclosed:
i. a description of each key assumption on which management has based its determination of fair
value less costs to sell of disposal. Key assumptions are those to which the units (group of units)
recoverable amount is most sensitive.
1. the level of the fair value hierarchy (see IFRS 13) within which the fair value measurement is
categorised in its entirety (without giving regard to the observability of costs
of disposal).
2. if there has been a change in valuation technique, the change and the reason(s) for making it.
If fair value less costs to sell of disposal is determined measured using discounted cash flow
projections, an entity shall disclose the following information shall also be disclosed:
i. the period over which management has projected cash flows.
ii. the growth rate used to extrapolate cash flow projections.
iii. the discount rate(s) applied to the cash flow projections.
Paragraph 140I is added as follows:
1. IFRS 13, issued in May 2011, amended paragraphs 5, 6, 12, 20, 78, 105, 111, 130 and 134,
deleted paragraphs 2527 and added paragraphs 25A and 53A. An entity shall apply those
An active market is a market in which all the following conditions exist:
a. the items traded in the market are homogeneous;
...
Fair value of an asset is the amount for which that asset could be exchanged between knowledgeable,
willing parties in an arms length transaction is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date.
(See IFRS 13 Fair Value Measurement.)
1. In accordance with IFRS 3 Business Combinations, if an intangible asset is acquired in a
business combination, the cost of that intangible asset is its fair value at the acquisition date.
The fair value of an intangible asset will reflect market participants expectations at the
acquisition date about the probability that the expected future economic benefits embodied in
the asset will flow to the entity.
The heading above paragraph 35 is amended as follows:
Measuring The Fair Value Of An I Intangible Asset Acquired In A Business
Combination
Paragraphs 47, 50, 75, 78, 82, 84 and 100 are amended as follows:
1. Paragraph 21(b) specifies that a condition for the recognition of an intangible asset is that the cost
of the asset can be measured reliably. The fair value of an intangible asset for which comparable
market transactions do not exist is reliably measurable if (a) the variability in the range of reasonable
fair value estimates measurements is not significant for that asset or (b) the probabilities of the
various estimates within the range can be reasonably assessed and used in estimating when
measuring fair value. If an entity is able to determine measure reliably the fair value of either the
asset received or the asset given up, then the fair value of the asset given up is used to measure cost
unless the fair value of the asset received is more clearly evident.
2. Differences between the market fair value of an entity and the carrying amount of its identifiable
net assets at any time may capture a range of factors that affect the fair value of the entity. However,
such differences do not represent the cost of intangible assets controlled by the entity.
3. For the purpose of revaluations under this Standard, fair value shall be determined measured
by reference to an active market.
4. It is uncommon for an active market with the characteristics described in paragraph 8 to exist for
an intangible asset, although this may happen.
5. If the fair value of a revalued intangible asset can no longer be determined measured by
reference to an active market, the carrying amount of the asset shall be its revalued
amount at the date of the last revaluation by reference to the active market less any
subsequent accumulated amortisation and any subsequent accumulated impairment losses.
6. If the fair value of the asset can be determined measured by reference to an active market at a
subsequent measurement date, the revaluation model is applied from that date.
7. The residual value of an intangible asset with a finite useful life shall be assumed to be zero unless:
a. there is an active market (as defined in IFRS 13) for the asset and:
1. If intangible assets are accounted for at revalued amounts, an entity shall disclose the
following:
a. by class of intangible assets:
i. the carrying amount paragraph 74; and
b. the amount of shareholders; and .
c. [deleted] the methods and significant assumptions applied in estimating
the assets fair values.
Paragraph 130E is deleted.
1. IFRS 13, issued in May 2011, amended paragraphs 8, 33, 47, 50, 75, 78, 82, 84, 100 and 124 and
deleted paragraphs 3941 and 130E. An entity shall apply those amendments when it applies IFRS
13.
The heading above paragraph IN18 and paragraphs IN18 and IN19 are deleted.
It should be noted that IFRS 13 Fair Value Measurement paragraphs 48, 48A, 49 and Appendix A
paragraphs AG69AG82, which set s out the requirements for determining a reliable
measure of measuring the fair value of a financial asset or financial liability, apply equally
to all items that are measured at fair value, whether by designation or otherwise, or whose
fair value is disclosed.
Fair value is the amount for which an asset could be exchanged, or a liability settled,
between knowledgeable, willing parties in an arms length transaction.* price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. (See IFRS 13.)
The footnote to the definition of fair value is deleted.
basis of its terms and conditions (for example, because the embedded derivative is based on an
unquoted equity instrument that does not have a quoted price in an active market for an identical
instrument, i.e. a Level 1 input), the fair value of the embedded derivative is the difference between
the fair value of the hybrid (combined) instrument and the fair value of the host contract, if those can
be determined under this Standard. If the entity is unable to determine measure the fair value of the
embedded derivative using this method, paragraph 12 applies and the hybrid (combined) instrument
is designated as at fair value through profit or loss.
2. When an entity allocates the previous carrying amount of a larger financial asset between the part
that continues to be recognised and the part that is derecognised, the fair value of the part that
continues to be recognised needs to be determined measured. ...
Paragraph 43A is added.
1. However, if the fair value of the financial asset or financial liability at initial recognition differs from
the transaction price, an entity shall apply paragraph AG76.
1. After initial recognition, an entity shall measure all financial liabilities at amortised cost using the
effective interest method, except for:
a. financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are
liabilities, shall be measured at fair value except for a derivative liability that is linked to and must be
settled by delivery of an unquoted equity instrument that does not have a quoted price in an
active market for an identical instrument (i.e. a Level 1 input) whose fair value cannot
otherwise be reliably measured, which shall be measured at cost.
1. A hedging relationship qualifies for hedge accounting under paragraphs 89102 if, and only if, all of
the following conditions are met.
a. The effectiveness of the hedge can be reliably measured, i.e. the fair value or cash flows of the
hedged item that are attributable to the hedged risk and the fair value of the hedging instrument can
be reliably measured (see paragraphs 46 and 47 and Appendix A paragraphs AG80 and AG81
for guidance on determining fair value).
Paragraph 103Q is added as follows:
1. IFRS 13, issued in May 2011, amended paragraphs 9, 13, 28, 47, 88, AG46, AG52, AG64, AG76,
AG76A, AG80, AG81 and AG96, added paragraph 43A and deleted paragraphs 48
49, AG69AG75, AG77AG79 and AG82. An entity shall apply those amendments when it applies IFRS
13.
In Appendix A paragraphs AG46, AG52 and AG64 are amended as follows:
1. In estimating When measuring the fair values of the part that continues to be recognised and the
part that is derecognised for the purposes of applying paragraph 27, an entity applies the fair value
measurement requirements in IFRS 13 and paragraphs 4849 and AG69AG82 in addition to
paragraph 28.
2. This paragraph illustrates the application of the continuing involvement approach when the entitys
continuing involvement is in a part of a financial asset.
Allocated carrying amount
9,000
1,000
10,000
Paragraph AG64 is amended as follows:
1. The fair value of a financial instrument on initial recognition is normally the transaction price (i.e.
the fair value of the consideration given or received, see also IFRS 13 and paragraph AG76). However,
if part of the consideration given or received is for something other than the financial instrument, an
entity shall measure the fair value of the financial instrument is estimated using a valuation technique
(see paragraphs AG74AG79). For example, the fair value of a long-term loan or receivable that
carries no interest can be estimated measured as the present value of all future cash receipts
discounted using the prevailing market rate(s) of interest for a similar instrument (similar as to
currency, term, type of interest rate and other factors) with a similar credit rating. Any additional
amount lent is an expense or a reduction of income unless it qualifies for recognition as some other
type of asset.
Paragraphs AG69AG75 and their related headings are deleted.
1. Therefore, a valuation technique (a) incorporates all factors that market participants would consider
in setting a price and (b) is consistent with accepted economic methodologies for pricing financial
instruments. Periodically, an entity calibrates the valuation technique and tests it for validity using
prices from any observable current market transactions in the same instrument (i.e. without
modification or repackaging) or based on any available observable market data. An entity obtains
market data consistently in the same market where the instrument was originated or purchased. The
best evidence of the fair value of a financial instrument at initial recognition is normally the
transaction price (i.e. the fair value of the consideration given or received , see also IFRS 13). If an
entity determines that the fair value at initial recognition differs from the transaction price as
mentioned in paragraph 43A, the entity shall account for unless the fair value of that instrument at
that date as follows:
Assume an entity has a portfolio of prepayable loans The fair value of the loans at the date of the transaction is CU10,100 and the estimated fair value of the
excess spread of 0.5 per cent is CU40.
The entity calculates the gain or loss on the sale of the 90 per cent share of cash flows. Assuming that separate fair values of the 90 per cent part transferred and the
10 per cent part retained are not available at the date of the transfer, the entity allocates the carrying amount of the asset in accordance with paragraph 28 as
follows:
a. at the measurement required by paragraph 43 if that fair value is evidenced by comparison with
other observable current market transactions in the same instrument (i.e. without modification or
repackaging) a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input)
or based on a valuation technique whose variables include that uses only data from observable
markets. An entity shall recognise the difference between the fair value at initial recognition and the
transaction price as a gain or loss.
b. in all other cases, at the measurement required by paragraph 43, adjusted to defer the difference
between the fair value at initial recognition and the transaction price. After initial recognition, the
entity shall recognise that deferred difference as a gain or loss only to the extent that it arises from a
change in a factor (including time) that market participants would take into account when pricing the
asset or liability.
Paragraph AG76A is amended as follows:
The subsequent measurement of the financial asset or financial liability and the subsequent
recognition of gains and losses shall be consistent with the requirements of this Standard.
The application of paragraph AG76 may result in no gain or loss being recognised on the
initial recognition of a financial asset or financial liability. In such a case, IAS 39 requires that
a gain or loss shall be recognised after initial recognition only to the extent that it arises from
a change in a factor (including time) that market participants would consider in setting a price.
Paragraphs AG77AG79 are deleted.
Paragraphs AG80 and AG81 are amended as follows:
1. The fair value of investments in equity instruments that do not have a quoted market price in an
active market for an identical instrument (i.e. a Level 1 input) and derivatives that are linked to and
must be settled by delivery of such an unquoted equity instrument (see paragraphs 46(c) and 47) is
reliably measurable if (a) the variability in the range of reasonable fair value estimates measurements
is not significant for that instrument or (b) the probabilities of the various estimates within the range
can be reasonably assessed and used in estimating when measuring fair value.
2. There are many situations in which the variability in the range of reasonable fair value estimates
measurements of investments in equity instruments that do not have a quoted market price in an
active market for an identical instrument (i.e. a Level 1 input) and derivatives that are linked to and
must be settled by delivery of such an unquoted equity instrument (see paragraphs 46(c) and 47) is
likely not to be significant. Normally it is possible to estimate measure the fair value of a financial
asset that an entity has acquired from an outside party. However, if the range of reasonable fair value
estimates measurements is significant and the probabilities of the various estimates cannot be
reasonably assessed, an entity is precluded from measuring the instrument at fair value.
The heading above paragraph AG82 and paragraph AG82 are deleted.
1. An investment in an unquoted equity instrument that does not have a quoted price in an active
market for an identical instrument (i.e. a Level 1 input) is not carried at fair value because its fair
value cannot otherwise be reliably measured or a derivative that is linked to and must be settled by
delivery of such an unquoted equity instrument (see paragraphs 46(c) and 47) cannot be designated
as a hedging instrument.
Paragraph IN16 is amended as follows:
In exceptional cases, when an entity has adopted the fair value model, there may be clear evidence
when an entity first acquires an investment property (or when an existing property first becomes
investment property following the completion of construction or development, or after a change in
use) that its fair value will not be reliably determinable measurable on a continuing basis.
Guidance on determining measuring the fair value of a property interest is set out for the fair value
model in paragraphs 33 35, 40, 41, 48, 50 and 52 and in IFRS 13. That guidance is also relevant to
the determination measurement of fair value when that value is used as cost for initial recognition
purposes.
The fair value of an asset for which comparable market transactions do not exist is reliably measurable
if (a) the variability in the range of reasonable fair value estimates measurements is not significant for
that asset or (b) the probabilities of the various estimates within the range can be reasonably
assessed and used in estimating when measuring fair value. If the entity is able to determine measure
reliably the fair value of either the asset received or the asset given up, then the fair value of the
asset given up is used to measure cost unless the fair value of the asset received is more clearly
evident.
This Standard requires all entities to determine measure the fair value of investment property, for the
purpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the
cost model). An entity is encouraged, but not required, to determine measure the fair value of
investment property on the basis of a valuation by an independent valuer who holds a recognised and
relevant professional qualification and has recent experience in the location and category of the
investment property being valued.
When measuring the The fair value of investment property in accordance with IFRS 13, an entity shall
ensure that the fair value reflects, among other things, rental income from current leases and
reasonable and supportable other assumptions that represent what knowledgeable, willing parties
market participants would assume use when pricing the investment property about rental income from
future leases in the light of under current market conditions. It also reflects, on a similar basis, any
cash outflows (including rental payments and other outflows) that could be expected in respect of the
property. Some of those outflows are reflected in the liability whereas others relate to outflows that
are not recognised in the financial statements until a later date (e.g. periodic payments such as
contingent rents).
Paragraphs 4247, 49, 51 and 75(d) are deleted.
In exceptional cases, there is clear evidence when an entity first acquires an investment property (or
when an existing property first becomes investment property after a change in use) that the variability
in the range of reasonable fair value estimates measurements will be so great, and the probabilities of
the various outcomes so difficult to assess, that the usefulness of a single estimate measure of fair
value is negated. This may indicate that the fair value of the property will not be reliably determinable
measurable on a continuing basis (see paragraph 53).
The heading above paragraph 53 and paragraphs 53 and 53B are amended as follows:
Inability to determine measure fair value reliably
There is a rebuttable presumption that an entity can reliably determine measure the fair value of an
investment property on a continuing basis. However, in exceptional cases, there is clear evidence
when an entity first acquires an investment property (or when an existing property first becomes
investment property after a change in use) that the fair value of the investment property is not
reliably determinable measurable on a continuing basis. This arises when, and only when, the market
for comparable market properties is inactive (e.g. there are few recent transactions , price quotations
are not current or observed transaction prices indicate that the seller was forced to sell) are infrequent
and alternative reliable estimates measurements of fair value (for example, based on discounted cash
flow projections) are not available. If an entity determines that the fair value of an investment
property under construction is not reliably determinable measurable but expects the fair value of the
property to be reliably determinable measurable when construction is complete, it shall measure that
investment property under construction at cost until either its fair value becomes reliably determinable
measurable or construction is completed (whichever is earlier).
If an entity determines that the fair value of an investment property (other than an investment
property under construction) is not reliably determinable measurable on a continuing basis, the entity
shall measure that investment property using the cost model in IAS 16. The residual value of the
investment property shall be assumed to be zero. The entity shall apply IAS 16 until disposal of the
investment property.
An entity that has measured an item of investment property under construction at fair value may
not conclude that the fair value of the completed investment property cannot be determined measured
reliably.
Paragraph 75(d) is deleted.
Paragraphs 7880 are amended as follows:
In the exceptional cases referred to in paragraph 53, when an entity measures investment property
using the cost model in IAS 16, the reconciliation required by paragraph 76 shall disclose amounts
relating to that investment property separately from amounts relating to other investment property.
In addition, an entity shall disclose:
a. an explanation of why fair value cannot be determined measured reliably; Paragraphs 7880 are
amended as follows:
1. In the exceptional cases referred to in paragraph 53, when an entity measures
investment property using the cost model in IAS 16, the reconciliation required by
paragraph 76 shall disclose amounts relating to that investment property separately
from amounts relating to other investment property. In addition, an entity shall
disclose:
a. an explanation of why fair value cannot be determined measured reliably;

2. In addition to the disclosures required by paragraph 75, an entity that applies the cost model in
paragraph 56 shall disclose:

a. the fair value of investment property. In the exceptional cases described in paragraph 53, when an
entity cannot determined measure the fair value of the investment property reliably, it shall disclose:
i. an explanation of why fair value cannot be determined measured reliably; and
. An entity that has previously applied IAS 40 (2000) and elects for the first time to classify and
account for some or all eligible property interests held under operating leases as investment property
shall recognise the effect of that election as an adjustment to the opening balance of retained earnings
for the period in which the election is first made. In addition:
a. if the entity has previously disclosed publicly (in financial statements or otherwise) the fair value of
those property interests in earlier periods(determined measured on a basis that satisfies the definition
of fair value in paragraph 5 and the guidance in paragraphs 3652 IFRS 13), the entity is encouraged,
but not required:
Paragraph 85B is amended as follows:
1. An entity is permitted to apply the amendments to investment property under construction from
any date before 1 January 2009 provided that the fair values of investment properties under
construction were determined measured at those dates.
1. IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 5, amended
paragraphs 26, 29, 32, 40, 48, 53, 53B, 7880 and 85B and deleted paragraphs 3639, 42 47, 49,
51 and 75(d). An entity shall apply those amendments when it applies IFRS 13.
D124 In the rubric paragraphs 160 is amended to paragraphs 161. D125 Paragraph IN3 is
amended as follows:
1. There is a presumption that fair value can be measured reliably for a biological asset.
However, that presumption can be rebutted only on initial recognition for a biological asset for which
quoted market-determined prices or values are not available and for which alternative estimates of
fair value measurements are determined to be clearly unreliable.
1. The following terms are used in this Standard with the meanings specified: An active market is a
market where all the following conditions exist:
a. the items traded within the market are homogeneous;
...
Fair value is the amount for which an asset could be exchanged, or a liability settled,
between knowledgeable, willing parties in an arms length transaction price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. (See IFRS 13 Fair Value Measurement.)
2. The determination of fair value measurement of for a biological asset or agricultural produce may
be facilitated by grouping biological assets or agricultural produce according to significant attributes;
for example, by age or quality.
3.
Entities often enter into contracts to sell their biological assets or agricultural produce at a future date.
Contract prices are not necessarily relevant in determining measuring fair value, because fair value
reflects the current market conditions in which a willing buyer and seller
market participant buyers and sellers would enter into a transaction.
Paragraphs 9, 1721 and 23 are deleted.
1 An entity may use information regarding the combined assets to determine measure the fair value
for of the biological assets.
2 There is a presumption that fair value can be measured reliably for a biological asset. However, that
presumption can be rebutted only on initial recognition for a biological asset for which quoted market-
determined prices or values are not available and for which alternative estimates of fair value
measurements are determined to be clearly unreliable.
Paragraphs 47 and 48 are deleted.
1. IFRS 13, issued in May 2011, amended paragraphs 8, 15, 16, 25 and 30 and deleted paragraphs 9,
1721, 23, 47 and 48. An entity shall apply those amendments when it applies IFRS 13.
In the rubric, paragraphs 114A is amended to paragraphs 116
Below the heading References a reference to IFRS 13 Fair Value Measurement is added.
1. IFRS 13, issued in May 2011, amended paragraph A8. An entity shall apply that amendment when
it applies IFRS 13.
In the Appendix paragraph A8 is amended as follows:
1. Members shares in excess of the prohibition against redemption are financial liabilities. The co-
operative entity measures this financial liability at fair value at initial recognition. Because these
shares are redeemable on demand, the co-operative entity determines measures the fair value of such
financial liabilities as required by paragraph 49 of IAS 39 47 of IFRS 13, which states: The fair value
of a financial liability with a demand feature (egg a demand deposit) is not less than the amount
payable on demand Accordingly, the co-operative entity classifies as financial liabilities the
maximum amount payable on demand under the redemption provisions.
D135 Below the heading References a reference to IFRS 13 Fair Value Measurement is added. D136
In paragraph 15(a) fair value is footnoted as follows:
1. IAS 17 uses the term fair value in a way that differs in some respects from the definition of fair
value in IFRS 13. Therefore, when applying IAS 17 an entity measures fair value in accordance with
IAS 17, not IFRS 13.
1. The consideration allocated to the award credits shall be measured by reference to their fair value,
i.e. the amount for which the award credits could be sold separately.
Paragraph 10B is added as follows:
1. IFRS 13, issued in May 2011, amended paragraphs 6 and AG1AG3. An entity shall apply those
In the Application Guidance paragraphs AG1AG3 are amended as follows:
1. Paragraph 6 of the consensus requires the consideration allocated to award credits to be
measured by reference to their fair value, i.e. the amount for which the award credits could be sold
separately. If the fair value there is not directly observable a quoted market price for an identical
award credit, it fair value must be estimated measured using another valuation technique.
2. An entity may estimate measure the fair value of award credits by reference to the fair value of the
awards for which they could be redeemed. The fair value of the award credits takes into account, as
appropriate:
a. the amount of the discounts or incentives that would otherwise be offered to customers who have
not earned award credits from an initial sale; and
b. the proportion of award credits that are not expected to be redeemed by customers. ; and
c. non-performance risk.
If customers can choose from a range of different awards, the fair value of the award credits will
reflect s the fair values of the range of available awards, weighted in proportion to the frequency with
which each award is expected to be selected.
3. In some circumstances, other estimation valuation techniques may be available used. For example,
if a third party will supply the awards and the entity pays the third party for each award credit it
grants, it could estimate measure the fair value of the award credits by reference to the amount it
pays the third party, adding a reasonable profit margin. Judgement is required to select and apply the
estimation valuation technique that satisfies the requirements of paragraph 6 of the consensus and is
most appropriate in the circumstances.
In the rubric paragraphs 119 is amended to paragraphs 120
1. If, after the end of a reporting period but before the financial statements are authorised for issue,
an entity declares a dividend to distribute a non-cash asset, it shall disclose:
...
a. the estimated fair value of the asset to be distributed as of the end of the reporting period, if it is
different from its carrying amount, and the information about the method (s) used to determine
measure that fair value required by IFRS 7 paragraph 2727B(a) paragraphs 93(b), (d), (g) and (i)
and 99 of IFRS 13
1. IFRS 13, issued in May 2011, amended paragraph 17. An entity shall apply that amendment when
it applies IFRS 13.
D145 In the rubric paragraphs 114 is amended to paragraphs 115.
Below the heading References a reference to IFRS 13 Fair Value Measurement is added.
1. If the fair value of the equity instruments issued cannot be reliably measured then the equity
instruments shall be measured to reflect the fair value of the financial liability extinguished. In
measuring the fair value of a financial liability extinguished that includes a demand feature (e.g. a
demand deposit), paragraph 49 47 of IAS 39 IFRS 13 is not applied.
IFRS 13, issued in May 2011, amended paragraph 7. An entity shall apply that amendment when it
applies IFRS 13.
Comments
1
3
4
5
6
20
21
22
23
24
25
27
28
29
30
39
41
52
B C D E F
IAS 1 Presentation of Financial Statements
This section of the checklist addresses IAS 1, which prescribes the basis for presentation
of general purpose financial statements to ensure comparability both with the entitys
financial statements of previous periods and with the financial statements of other
entities.
TQ
Reference
Yes / No /
N/A
Comments
Complete set of financial statements
A complete set of financial statements comprises:
IAS 1:10(a) a) a statement of financial position as at the end of the period;
IAS 1:10(b) b) an statement of comprehensive income for the period;
IAS 1:10(b) b) a statement of profit or loss and other comprehensive income for the period;
IAS 1:10(c) c) a statement of changes in equity for the period:
IAS 1:10(d) d) a statement of cash flows for the period;
IAS 1:10(e) e) notes, comprising a summary of significant accounting policies and other
explanatory information; and
IAS 1:10(f) f) when an entity applies an accounting policy retrospectively or makes a
retrospective restatement of items in its financial statements, or when it reclassifies
items in its financial statements, a statement of financial position as at the beginning
of the earliest comparative period.
IAS 1:11 All of the financial statements in a complete set of financial statements shall be
presented with equal prominence.
1A Does the entity present an income statement?
Fair presentation and compliance with IFRSs
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60
72
112
126
127
128
137
152
153
154
155
172
173
176
B C D E F
IAS 1:15 The financial statements shall present fairly the financial position, financial performance
and cash flows of the entity.
IAS 1:16 Did the entity whose financial statements comply with IFRSs, has made an explicit and
unreserved statement of such compliance in the notes?
1B IAS 1:19 Does management, in extremely rare circumstances, conclude that compliance with a
requirement in an IFRS would be so misleading that it would conflict with the objective of
financial statements set out in the Framework?
1C Has the entity departed from a requirement of an IFRS in a prior period, and does that
departure affect the amounts recognised in the financial statements for the current
period?
Going concern
IAS 1:25 When preparing financial statements, management shall make an assessment of an
entitys ability to continue as a going concern.
IAS 1:25 An entity shall prepare financial statements on a going concern basis unless management
either intends to liquidate the entity or to cease trading, or has no realistic alternative
but to do so.
1D Is management aware, in making its assessment of the entity's ability to continue as a
going concern, of material uncertainties related to events or conditions that may cast
significant doubt upon the entitys ability to continue as a going concern?
Accrual basis of accounting
IAS 1:27 An entity shall prepare its financial statements, except for cash flow information, using
the accrual basis of accounting.
Materiality and aggregation
IAS 1:29 An entity shall present each material class of similar items separately in the financial
statements.
Offsetting
IAS 1:32 An entity shall not offset assets and liabilities or income and expenses, unless required or
permitted by an IFRS.
IAS 1:34 Where an entity undertakes, in the course of its ordinary activities, transactions that do
not generate revenue but that are incidental to its main revenue-generating activities,
the results of such transactions are presented by netting any income with the related
expenses arising on the same transaction, when such presentation reflects the substance
of the transaction or other event.
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191
192
211
212
213
231
273
274
275
277
288
289
291
292
293
294
B C D E F
IAS 1:35 An entity presents gains and losses arising from a group of similar transactions (e.g.
foreign exchange gains and losses, or gains and losses arising on financial instruments
held for trading) on a net basis unless the gains and losses are material, in which case
the entity presents such gains and losses separately.
Frequency of reporting
1E Did the entity change the end of its reporting period and are the financial statements
presented for a period longer or shorter than one year?
Comparative information
IAS 1:38 Except when IFRSs permit or require otherwise, an entity shall disclose comparative
information in respect of the previous period for all amounts reported in the current
period's financial statements.
IAS 1:38 An entity shall include comparative information for narrative and descriptive information
when it is relevant to an understanding of the current periods financial statements.
1F Has the presentation or classification of items in the financial statements been changed?
Consistency of presentation
IAS 1:45 An entity shall retain the presentation and classification of items in the financial
statements from one period to the next, unless:
IAS 1:45(a) a) it is apparent, following a significant change in the nature of the entitys
operations or a review of its financial statements, that another presentation or
classification would be more appropriate having regard to the criteria for the selection
and application of accounting policies in IAS 8; or
IAS 1:45(b) b) an IFRS requires a change in presentation.
Identification of the financial statements
IAS 1:49 An entity shall clearly identify the financial statements and distinguish them from other
information in the same published document.
IAS 1:51 An entity shall clearly identify each financial statement and the notes.
IAS 1:51 An entity shall display the following information prominently, and repeat it when it is
necessary for the information presented to be understandable:
IAS 1:51(a) a) the name of the reporting entity or other means of identification, and any change
in that information from the end of the preceding reporting period;
IAS 1:51(b) b) whether the financial statements are of the individual entity or a group of entities;
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296
297
311
312
313
314
315
316
317
318
319
320
321
322
323
324
B C D E F
IAS 1:51(c) c) the date of the end of the reporting period or the period covered by the set of
financial statements or notes;
IAS 1:51(d) d) the presentation currency, as defined in IAS 21 The Effects of Foreign Exchange
Rates ; and
IAS 1:51(e) e) the level of rounding used in presenting amounts in the financial statements.
Information to be presented in the statement of financial position
IAS 1:54 As a minimum, the statement of financial position sheet shall include line items that
present the following amounts:
IAS 1:54(a) a) property, plant and equipment;
IAS 1:54(b) b) investment property;
IAS 1:54(c) c) intangible assets;
IAS 1:54(d) d) financial assets (excluding amounts shown under (e), (h) and (i) below);
IAS 1:54(e) e) investments accounted for using the equity method;
IAS 1:54(f) f) biological assets
IAS 1:54(g) g) inventories;
IAS 1:54(h) h) trade and other receivables;
IAS 1:54(i) i) cash and cash equivalents;
IAS 1:54(j) j) the total of assets classified as held for sale and assets included in disposal
groups classified as held for sale in accordance with IFRS 5 Non-current Assets Held
for Sale and Discontinued Operations ;
IAS 1:54(k) k) trade and other payables;
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326
327
328
329
330
331
337
344
355
356
357
363
373
374
B C D E F
IAS 1:54(l) l) provisions;
IAS 1:54(m) m) financial liabilities (excluding amounts shown under (k) and (l) above);
IAS 1:54(n) n) liabilities and assets for current tax, as defined in IAS 12 Income Taxes ;
IAS 1:54(o) o) deferred tax liabilities and deferred tax assets, as defined in IAS 12;
IAS 1:54(p) p) liabilities included in disposal groups classified as held for sale in accordance
with IFRS 5;
IAS 1:54(q) q) non-controlling interest, presented within equity; and
IAS 1:54(r) r) issued capital and reserves attributable to owners of the parent.
IAS 1:55 An entity shall present additional line items, headings and sub-totals in the statement of
financial position such presentation is relevant to an understanding of the entitys
financial position.
IAS 1:56 When an entity presents current and non-current assets, and current and non-current
liabilities, as separate classifications in its statement of financial position, it shall not
classify deferred tax assets (liabilities) as current assets (liabilities).
Current/non-current distinction
IAS 1:60 An entity shall present current and non-current assets, and current and non-current
liabilities, as separate classifications in its statement of financial position except when a
presentation based on liquidity provides information that is reliable and more relevant.
1G Does a presentation based on liquidity provide information that is reliable and more
relevant than presentation on a current/non-current basis?
IAS 1:61 Whichever of the methods of presentation allowed for under paragraph 60 of IAS 1 (see
above) is adopted, for each asset and liability line item that combines amounts expected
to be recovered or settled (i) no more than twelve months after the reporting period, and
(ii) more than twelve months after the reporting period, an entity shall disclose the
amount expected to be recovered or settled after more than twelve months.
Current assets
An entity shall classify an asset as current when any of the following criteria are met:
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379
380
381
382
394
395
396
398
399
400
403
404
405
406
B C D E F
IAS 1:66(a) a) it expects to realise the asset, or intends to sell or consume it, in its normal
operating cycle;
IAS 1:66(b) b) it holds the asset primarily for the purpose of trading;
IAS 1:66(c) c)it expects to realise the asset within twelve months after the reporting period;
or
IAS 1:66(d) d) the asset is cash or a cash equivalent (as defined in IAS 7 Statement of Cash
Flows), unless the asset is restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period.
IAS 1:66 An entity shall classify all assets, other than those meeting one of the criteria set out in
paragraph 66 of IAS 1 (see above), as non-current.
Current liabilities
An entity shall classify a liability as current when:
IAS 1:69(a) a) it expects to settle the liability in its normal operating cycle;
IAS 1:69(b) b) it holds the liability primarily for the purpose of trading;
IAS 1:69(c) c) the liability is due to be settled within twelve months after the reporting
period; or
IAS 1:69(d) d) it does not have an unconditional right to defer settlement of the liability for at
least twelve months after the reporting period (see paragraph 73 below). Terms of a
liability that could at the option of the counterparty result in its settlement by the
issue of equity instruments do not affect its classification.
IAS 1:69 An entity shall classify all liabilities, other than those meeting one of the criteria set out
in paragraph 69 of IAS 1 (see above), as non-current.
IAS 1:72 An entity classifies financial liabilities as current when they are due to be settled within
twelve months after the reporting period, even if:
a) the original term was for a period longer than twelve months; and
b) an agreement to refinance, or to reschedule payments, on a long-term basis is
completed after the reporting period and before the financial statements are
authorised for issue.
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407
417
424
425
426
427
433
434
446
447
448
449
450
451
452
453
B C D E F
IAS 1:73 If an entity expects, and has the discretion, to refinance or roll over an obligation for at
least twelve months after the reporting period under an existing loan facility, it classifies
the obligation as non-current, even if it would otherwise be due within a shorter period.
1H Did the entity breach a provision of a long-term loan agreement on or before the end of
the reporting period with the effect that the liability becomes payable on demand?
IAS 1:76 In respect of loans classified as current liabilities, if the following events occur between
the end of the reporting period and the date the financial statements are authorised for
issue, those events are disclosed as non-adjusting events in accordance with IAS 10
Events after the Reporting Period :
a) refinancing on a long-term basis;
b) rectification of a breach of a long-term loan agreement; and
c) the granting by the lender of a period of grace to rectify a breach of a long-
term loan agreement ending at least twelve months after the reporting period.
Information to be presented either in the statement of financial position or in
the notes
IAS 1:77 An entity shall disclose, either in the statement of financial position or in the notes,
further sub-classifications of the line items presented, classified in a manner appropriate
to the entitys operations.
An entity shall disclose the following, either in the statement of financial position or the
statement of changes in equity, or in the notes:
IAS 1:79(a) a) for each class of share capital:
i) the number of shares authorised;
ii) the number of shares issued and fully paid, and issued but not fully paid;
iii) par value per share, or that the shares have no par value;
iv) a reconciliation of the number of shares outstanding at the beginning and
at the end of the period;
v) the rights, preferences and restrictions attaching to that class, including
restrictions on the distribution of dividends and the repayment of capital;
vi) shares in the entity held by the entity or by its subsidiaries or associates;
and
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455
456
466
471
472
473
474
475
476
477
478
479
481
482
483
485
B C D E F
vii) shares reserved for issue under options and contracts for the sale of shares,
including the terms and amounts; and
IAS 1:79(b) b) a description of the nature and purpose of each reserve within equity.
IAS 1:80 An entity without share capital (e.g. a partnership or trust), shall disclose information
equivalent to that required by paragraph 79(a) of IAS 1 (see above), showing changes
during the period in each category of equity interest and the rights, preferences and
restrictions attaching to each category of equity interest.
1I Did the entity hold a puttable financial instrument or an instrument that imposes on the
entity some obligations arising on liquidation?
IAS 1:81 An entity shall present all items of income and expense recognised in a period either:
IAS 1:81 (a) a) in a single statement of comprehensive income; or
IAS 1:81 (b) b) in two statements: a statement displaying components of profit or loss
(separate income statement) and a second statement beginning with profit or loss
and displaying components of other comprehensive income (statement of
comprehensive income).
Statement(s) of profit or loss and other comprehensive income
IAS 1:81A The statement of profit or loss and other comprehensive income shall present, in addition
to the profit or loss and other comprehensive income sections:
IAS 1:81A (a) a)profit or loss;
IAS 1:81A (b) b) total other comprehensive income;
IAS 1:81A (c) c)comprehensive income for the period, being the total of profit or loss and other
comprehensive income.
IAS 1:81B An entity shall present the following items, in addition to the profit or loss and other
comprehensive income sections, as allocation of profit or loss and other comprehensive
income for the period:
IAS 1:81B (a) a) profit or loss for the period attributable to:
(i) non-controlling interests, and
(ii) owners of the parent.
IAS 1:81B (b) b) comprehensive income for the period attributable to:
(i) non-controlling interests, and
(ii) owners of the parent.
Information to be presented in the statement of comprehensive income
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488
489
491
492
493
495
497
498
499
500
502
503
504
505
506
507
508
509
B C D E F
As a minimum, the statement of comprehensive income shall include line items that
present the following amounts for the period:
IAS 1:82(a) a) revenue
IAS 1:82(aa) aa) gains and losses arising from the derecognition of financial assets measured at
amortised cost;
IAS 1:82(b) b) finance costs;
IAS 1:82(c) c) share of profit or loss of associates and joint ventures accounted for using the
equity method;
IAS 1:82(ca) ca) if a financial assets is reclassified so that it is measured at fair value, any gain
or loss arising from a difference between the previous carrying amount and its fair
value at the reclassification date (as defined in IFRS 9);
IAS 1:82(d) d) tax expense;
IAS 1:82(e) e) a single amount comprising the total of:
i) the post-tax profit or loss of discontinued operations; and
ii) the post-tax gain or loss recognised on the measurement to fair value less
costs to sell or on the disposal of the assets or disposal group(s) constituting the
discontinued operation;
IAS 1:82(ea) ea) a single amount for the total of discontinued operations (see IFRS 5).
IAS 1:82(f) f) profit or loss;
IAS 1:82(g) g) each component of other comprehensive income classified by nature (excluding
amounts in (h) (see below);
IAS 1:82(h) h) share of the other comprehensive income of associates and joint ventures
accounted for using the equity method; and
IAS 1:82(i) i) total comprehensive income.
An entity shall disclose the following items in the statement of comprehensive income as
allocations for the period:
IAS 1:83(a) a) profit or loss for the period attributable to:
i) non-controlling interests; and
ii) owners of the parent; and
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510
511
512
513
514
516
517
518
519
520
522
523
524
526
527
528
B C D E F
IAS 1:83(b) b) total comprehensive income for the period attributable to:
i) non-controlling interests; and
ii) owners of the parent.
IAS 1:84 An entity may present the line items in paragraphs 82(a) - (f) and the disclosures in
paragraph 83(a) of IAS 1 (see above) in a separate income statement (see paragraph
81(b) above).
IAS 1:85 An entity shall present additional line items, headings and subtotals in the statement of
comprehensive income and the separate income statement (if presented), when such
presentation is relevant to an understanding of the entitys financial performance.
IAS 1:87 An entity shall not present any items of income or expense as extraordinary items, in the
statement of comprehensive income or in the separate income statement (if presented),
or in the notes.
Information to be presented in the profit or loss section or the statement of
profit or loss
IAS 1:82 In addition to items required by other IFRSs, the profit or loss section or the statement
of profit or loss shall include line items that present the following amounts for the period:
IAS 1:82(a) a) revenue
IAS 1:82(aa) aa) gains and losses arising from the derecognition of financial assets measured at
amortised cost;
IAS 1:82(b) b) finance costs;
IAS 1:82(c) c) share of profit or loss of associates and joint ventures accounted for using the
equity method;
IAS 1:82(ca) ca) if a financial assets is reclassified so that it is measured at fair value, any gain
or loss arising from a difference between the previous carrying amount and its fair
value at the reclassification date (as defined in IFRS 9);
IAS 1:82(d) d) tax expense;
IAS 1:82(ea) ea) a single amount for the total of discontinued operations (see IFRS 5).
Information to be presented in the other comprehensive income section
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530
531
532
534
536
537
541
542
543
548
552
553
555
B C D E F
IAS 1:82A The other comprehensive income section shall present line items for amounts of other
comprehensive income in the period, classified by nature (including share of the other
comprehensive income of associates and joint ventures accounted for using the equity
method) and grouped into those that, in accordance with other IFRSs:
IAS 1:82A (a) a) will not be reclassified subsequently to profit or loss; and
IAS 1:82A (b) b) will be reclassified subsequently to profit or loss when specific conditions are
met.
IAS 1:85 An entity shall present additional line items, headings and subtotals in the statement(s)
presenting profit or loss and other comprehensive income, when such presentation is
relevant to an understanding of the entitys financial performance.
IAS 1:87 An entity shall not present any items of income or expense as extraordinary items, in the
statement of comprehensive income or in the separate income statement (if presented),
or in the notes.
Profit or loss for the period
IAS 1:88 An entity shall recognise all items of income and expense in a period in profit or loss
unless an IFRS requires or permits otherwise.
Other comprehensive income for the period
IAS 1:90 An entity shall disclose the amount of income tax relating to each component of other
comprehensive income, including reclassification adjustments, either in the statement of
comprehensive income or in the notes.
IAS 1:90 An entity shall disclose the amount of income tax relating to each item of other
comprehensive income, including reclassification adjustments, either in the statement of
profit or loss and other comprehensive income or in the notes.
IAS 1:92 An entity shall disclose reclassification adjustments relating to components of other
IAS 1:94 An entity may present reclassification adjustments in the statement of comprehensive
income or in the notes.
IAS 1:94 An entity may present reclassification adjustments in the statement(s) of profit or loss
and other comprehensive income or in the notes.
IAS 1:94 An entity presenting reclassification adjustments in the notes, presents the components
of other comprehensive income after any related reclassification adjustments.
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556
562
563
572
579
587
588
589
590
591
592
593
594
595
596
600
B C D E F
IAS 1:94 An entity presenting reclassification adjustments in the notes, presents the items of
other comprehensive income after any related reclassification adjustments.
Information to be presented in the statement of comprehensive income or in
the notes
IAS 1:97 When items of income and expense are material, an entity shall disclose their nature and
amount separately.
IAS 1:99 An entity shall present an analysis of expenses recognised in profit or loss using a
classification based on either the nature of expenses or their function within the entity,
whichever provides information that is reliable and more relevant.
IAS 1:104 An entity classifying expenses by function shall disclose additional information on the
nature of expenses, including depreciation and amortisation expense and employee
benefits expense.
Statement of changes in equity
Information to be presented in the statement of changes in equity
An entity shall present a statement of changes in equity as required by paragraph 10 of
IAS 1. The statement of changes in equity includes the following information:
IAS 1:106(a) a) total comprehensive income for the period, showing separately the total amounts
attributable to owners of the parent and to non-controlling interests;
IAS 1:106(b) b) for each component of equity, the effects of retrospective application or
retrospective restatement recognised in accordance with IAS 8; and
IAS 1:106(c) c) [deleted]
IAS 1:106(d) d) for each component of equity, a reconciliation between the carrying amount at
the beginning and the end of the period, separately disclosing changes resulting
from:
i) profit or loss;
ii) other comprehensive income; and
iii) transactions with owners in their capacity as owners, showing separately
contributions by and distributions to owners and changes in ownership interests in
subsidiaries that do not result in a loss of control.
Information to be presented in the statement of changes in equity or in the
notes
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601
602
603
604
611
612
613
614
615
616
617
634
635
636
637
645
656
B C D E F
IAS 1:106A For each component of equity an entity shall present, either in the statement of changes
in equity or in the notes, an analysis of other comprehensive income by item (see
paragraphs 106(d)(ii)(above).
IAS 1:107 An entity shall present, either in the statement of changes in equity or in the notes:
a) the amount of dividends recognised as distributions to owners during the
period, and
b) the related amount of dividends per share.
Notes
Structure of notes
The notes shall:
IAS 1:112(a) a) present information about the basis of preparation of the financial statements
and the specific accounting policies used in accordance with paragraphs 117-124 of
IAS 1 (see below);
IAS 1:112(b) b) disclose the information required by IFRSs that is not presented elsewhere in
the financial statements; and
IAS 1:112(c) c) provide information that is not presented elsewhere in the financial
statements, but is relevant to an understanding of any of them.
IAS 1:113 An entity shall, as far as practicable, present notes in a systematic manner. An entity
shall cross-reference each item in the statements of financial position and of
comprehensive income, in the separate income statement (if presented), and in the
statements of changes in equity and of cash flows to any related information in the
notes.
Disclosure of accounting policies
An entity shall disclose in the summary of significant accounting policies:
IAS 1:117(a) a) the measurement basis (or bases) used in preparing the financial statements;
and
IAS 1:117(b) b) the other accounting policies used that are relevant to an understanding of the
financial statements.
IAS 1:121 It is appropriate to disclose each significant accounting policy that is not specifically
required by IFRSs, but the entity selects and applies in accordance with IAS 8.
Judgements made in the process of applying accounting policies
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657
675
676
677
678
679
684
692
703
704
705
706
707
708
709
B C D E F
IAS 1:122 An entity shall disclose, in the summary of significant accounting policies or other notes,
the judgements (apart from those involving estimations see paragraph 125 of IAS 1 as
described below) that management has made in the process of applying the entitys
accounting policies that have the most significant effect on the amounts recognised in
the financial statements.
Sources of estimation uncertainty
IAS 1:125 An entity shall disclose information about the assumptions it makes about the future,
and other major sources of estimation uncertainty at the end of the reporting period,
that have a significant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities within the next financial year.
In respect of such assets and liabilities, the notes shall include details of:
IAS 1:125(a) a) their nature; and
IAS 1:125(b) b) their carrying amount as at the end of the reporting period.
IAS 1:129 An entity presents the disclosures in paragraph 125 of IAS 1 (see above) in a manner
that helps users of financial statements to understand the judgements management
makes about the future and about other sources of estimation uncertainty.
IAS 1:131 When it is impracticable to disclose the extent of the possible effects of an assumption or
another source of estimation uncertainty at the end of the reporting period, the entity
discloses that it is reasonably possible, on the basis of existing knowledge, that outcomes
within the next financial year that are different from assumptions could require a
material adjustment to the carrying amount of the asset or liability affected. In all cases,
the entity discloses the nature and carrying amount of the specific asset or liability (or
class of assets or liabilities) affected by the assumption.
Capital
IAS 1:134 An entity shall disclose information that enables users of its financial statements to
evaluate the entitys objectives, policies and processes for managing capital.
To comply with paragraph 134 of IAS 1 (see above), the entity discloses the following:
IAS 1:135(a) a) qualitative information about its objectives, policies and processes for
managing capital, including:
i) a description of what it manages as capital;
ii) when an entity is subject to externally imposed capital requirements, the
nature of those requirements and how those requirements are incorporated into
the management of capital; and
iii) how it is meeting its objectives for managing capital;
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712
713
714
716
747
748
749
750
751
752
753
754
755
757
758
B C D E F
IAS 1:135(b) b) summary quantitative data about what it manages as capital;
IAS 1:135(c) c) any changes in 135(a) and 135(b) (see above) from the previous period;
IAS 1:135(d) d) whether during the period it complied with any externally imposed capital
requirements to which it is subject; and
IAS 1:135(e) e) when the entity has not complied with such externally imposed capital
requirements, the consequences of such non-compliance.
IAS 1:136 When an aggregate disclosure of capital requirements and how capital is managed would
not provide useful information or distorts a financial statement users understanding of
an entitys capital resources, the entity shall disclose separate information for each
capital requirement to which the entity is subject.
Other disclosures
An entity shall disclose in the notes:
IAS 1:137(a) a) the amount of dividends proposed or declared before the financial statements
were authorised for issue but not recognised as a distribution to owners during the
period, and the related amount per share; and
IAS 1:137(b) b) the amount of any cumulative preference dividends not recognised.
An entity shall disclose the following, if not disclosed elsewhere in information published
with the financial statements:
IAS 1:138(a) a) the domicile and legal form of the entity, its country of incorporation and the
address of its registered office (or principal place of business, if different from the
registered office);
IAS 1:138(b) b) a description of the nature of the entitys operations and its principal activities;
IAS 1:138(c) c) the name of the parent entity and the ultimate parent of the group; and
IAS 1:138(d) d) if it is a limited life entity, information regarding the length of its life.
Adoption of Standard and amendments to Standard in advance of effective
dates
IAS 1:139F If the entity has applied paragraph 106A and the amended paragraphs 106 and 107
arising from Improvements to IFRSs issued in May 2010 for an annual period
beginning before 1 January 2011, it shall disclose that fact.
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759
B C D E F
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1),
issued in June 2011, amended paragraphs 7, 10, 82, 8587, 90, 91, 94, 100 and
115, added paragraphs 10A, 81A81B and 82A, and deleted paragraphs 12, 81, 83
and 84. An entity shall apply those amendments for annual periods beginning on or
after 1 July 2012. Earlier application is permitted. If an entity applies the
amendments for an earlier period it shall disclose that fact.
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1
2
3
4
5
29
30
32
33
34
111
112
180
B C D E F
Index AcctTQsummary
IAS 2 Inventories
This section of the questionnaire addresses IAS 2, which prescribes the accounting
treatment for inventories. The primary issues are: the costs that may be capitalised as
an asset, the subsequent recognition as an expense, including the write-down to net
realisable value and determining the cost formulas to be used in assigning costs to
inventories.
N/A
Comments
Detailed compliance questions
2A Does the entity purchase goods for resale (for example merchandise, land)?
2B Does the entity produce or manufacture inventories?
2C Does the entity purchase any materials or supplies to be used in the rendering of
services?
Cost of agricultural produce harvested from biological assets
2D Does the entity hold any agricultural produce measured in accordance with IAS 2?
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1
2
3
4
5
10
11
13
14
15
16
17
18
19
20
21
22
28
B C D E F
IAS 2 Inventories
IAS 2, which prescribes the accounting treatment for inventories. The primary issues are:
the costs that may be capitalised as an asset, the subsequent recognition as an expense,
including the write-down to net realisable value, and determining the cost formulas to be
used in assigning costs to inventories.
TQ
Reference
Yes / No /
N/A
Comments
2A Did the entity have inventories? Yes
The financial statements shall disclose:
IAS 2:36(a) a) the accounting policies adopted in measuring inventories, including the cost
formula used;
IAS 2:36(b) b) the total carrying amount of inventories;
IAS 2:36(b) c) the carrying amount of inventories in classifications appropriate to the
entity;
IAS 2:36(c) d) the carrying amount of inventories carried at fair value less costs to sell;
IAS 2:36(d) e) the amount of inventories recognised as an expense during the period;
IAS 2:36(e) f) the amount of any write-down of inventories recognised as an expense in
the period in accordance with paragraph 34 of IAS 2;
IAS 2:36(f) g) the amount of any reversal of any write-down that is recognised as a
reduction in the amount of inventories recognised as expense in the period in
accordance with paragraph 34 of IAS 2;
IAS 2:36(g) h) the circumstances or events that led to the reversal of a write-down of
inventories in accordance with paragraph 34 of IAS 2; and
IAS 2:36(h) i) the carrying amount of inventories pledged as security for liabilities.
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1
2
3
4
5
10
11
12
22
23
27
28
29
30
35
36
37
38
B C D E F
IAS 7 Statement of Cash Flows
This section of the checklist addresses IAS 7, which prescribes the manner in which
statement of cash flows should be prepared. In particular, it specifies the treatment in
the statement of cash flows of items such as interest, dividends, taxes and the
acquisition or disposal of businesses.
Under IAS 7, all entities are required to prepare a statement of cash flows as part of their
IFRS financial statements.
TQ
Reference
Yes / No /
N/A
Comments
Requirement to present a statement of cash flows
IAS 7:1 An entity shall prepare a statement of cash flows in accordance with the requirements of
IAS 7 and shall present it as an integral part of its financial statements for each period
for which financial statements are presented.
Classification of cash flows
IAS 7:10 The statement of cash flows shall report cash flows during the period classified by
operating, investing and financing activities.
Reporting cash flows from operating activities
An entity shall report cash flows from operating activities using either:
IAS 7:18(a) a) the direct method, whereby major classes of gross cash receipts and gross cash
payments are disclosed; or
IAS 7:18(b) b) the indirect method, whereby profit or loss is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future
operating cash receipts or payments, and items of income or expense associated with
investing or financing cash flows.
Reporting cash flows from investing and financing activities
IAS 7:21 An entity shall report separately major classes of gross cash receipts and gross cash
payments arising from investing and financing activities, except to the extent that the
cash flows described in paragraphs 22 and 24 of IAS 7 (see guidance) are reported on a
net basis.
IAS 7:16 Only expenditures that result in a recognised asset in the statement of financial position
are eligible for classification as investing activities.
Reporting cash flows on a net basis
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39
40
41
53
54
59
60
61
66
67
68
73
74
79
85
86
102
103
B C D E F
IAS 7:22 Cash flows arising from the following operating, investing or financing activities may be
reported on a net basis:
IAS 7:22(a) a) cash receipts and payments on behalf of customers when the cash flows reflect
the activities of the customer rather than those of the entity; and
IAS 7:22(b) b) cash receipts and payments for items in which the turnover is quick, the
amounts are large, and the maturities are short.
Foreign currency cash flows
IAS 7:28 The effect of exchange rate changes on cash and cash equivalents held or due in a
foreign currency is reported in the statement of cash flows in order to reconcile cash and
cash equivalents at the beginning and the end of the period.
Interest and dividends
IAS 7:31 Cash flows arising from interest and dividends received and paid shall each be disclosed
separately.
IAS 7:31 Cash flows from interest and dividends received and paid shall each be classified in a
consistent manner from period to period as either operating, investing or financing
activities.
Taxes on income
IAS 7:35 Cash flows arising from taxes on income shall be separately disclosed.
IAS 7:35 Cash flows arising from taxes on income shall be classified as cash flows from operating
activities unless they can be specifically identified with financing and investing activities.
Investments in subsidiaries, associates and joint ventures
7A Did the entity have any cash flows arising from an investment in an associate or a
subsidiary accounted by the use of the equity or cost method (e.g. dividends or
advances)?
7B Did the entity have any cash flows arising from an investment in a jointly controlled
entity accounted for by the use of the proportionate consolidation or equity method ?
Changes in ownership interests in subsidiaries and other businesses
7C Did the entity have any cash flows arising from changes in ownership interests in
subsidiaries and other businesses?
Non-cash transactions
IAS 7:43 Investing and financing transactions that do not require the use of cash or cash
equivalents shall be excluded from the statement of cash flows.
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104
109
110
111
112
113
117
118
120
B C D E F
IAS 7:43 Investing and financing transactions that do not require the use of cash or cash
equivalents shall be disclosed elsewhere in the financial statements in a way that
provides all the relevant information about these investing and financing activities.
Components of cash and cash equivalents
IAS 7:45 An entity shall disclose the components of cash and cash equivalents.
IAS 7:45 An entity shall present a reconciliation of the amounts for cash and cash equivalents in its
statement of cash flows with the equivalent items reported in the statement of financial
position.
IAS 7:46 In order to comply with IAS 1 Presentation of Financial Statements , an entity discloses
the policy that it adopts in determining the composition of cash and cash equivalents.
IAS 7:47 The effect of any change in the policy for determining components of cash and cash
equivalents (e.g. a change in the classification of financial instruments previously
considered to be part of an entitys investment portfolio), is reported in accordance with
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors .
Other disclosures
IAS 7:48 An entity shall disclose, together with a commentary by management, the amount of
significant cash and cash equivalent balances held by the entity that are not available for
use by the group.
IAS 7:50 The entity is encouraged to disclose additional information that may be relevant to users
in understanding the financial position and liquidity of the entity, together with a
commentary by management.
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1
2
3
4
5
13
14
15
16
45
46
47
103
108
118
125
B C D E F
Index AcctTQsummary
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
TQ
Reference
This section of the questionnaire addresses IAS 8, which prescribes the criteria for
selecting and changing accounting policies, together with the accounting treatment and
disclosure of changes in accounting policies, changes in accounting estimates and
corrections of errors.
TQ
Reference
Yes / No /
N/A
Comments
Accounting policies
Selection and application of accounting policies
8E Has the entity developed, in accordance with IFRSs, accounting policies that represent
the specific principles, bases, conventions, rules and practices to be applied in preparing
and presenting its financial statements?
Changes in accounting policies
8C Has the adoption of an IFRS or an Interpretation resulted in a change in accounting
policy?
8D Has the entity voluntarily changed any accounting policy during the year (except for
changes resulting from the adoption of a new Standard)?
Changes in accounting estimates
8A Has there been a change in accounting estimate during the year?
Errors
8B During the current period, did the entity discover any errors in the preparation of
financial statements of prior periods?
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1
2
3
4
5
13
14
15
33
48
49
66
67
77
78
B C D E F
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 8, which prescribes the criteria for selecting and changing accounting policies,
together with the accounting treatment and disclosure of changes in accounting policies,
changes in accounting estimates and corrections of errors.
Reference
Yes / No /
N/A
Comments
Disclosure of changes in accounting policies
8A Did the entity change any accounting policies during the reporting period due to the
initial application of a standard?
8B Did the entity voluntarily change any accounting policies during the reporting period?
Standards or Interpretations in issue but not yet effective
8C Has the entity not applied a new IFRS that has been issued but is not yet effective?
Disclosing the effect of a change in accounting estimate
8D Did the entity change any accounting estimate that has an effect on the current or future
reporting periods?
Disclosure of prior period errors
8E Did the entity discover any prior period errors?
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1
2
3
4
5
15
16
17
18
19
34
35
40
41
B C D E F
Index AcctTQsummary
IAS 10 Events after the Reporting Period
This section of the questionnaire addresses IAS 10, which prescribes when an entity
should adjust its financial statements for events after the reporting period, and the
disclosures that an entity should give about the date when the financial statements were
authorised for issue and about events after the reporting period.
N/A
Comments
Adjusting events after the reporting period
10A Has any favourable or unfavourable event, affecting the reporting entity, occurred after
the reporting period but before the date when the financial statements are authorised for
issue?
Dividends
10B Has the entity proposed or declared dividends after the reporting period?
Going concern
10C Has management determined after the reporting period that it intends to liquidate the
entity or to cease trading or have there been indicators that the reporting entity may no
longer be a going concern?
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1
2
3
4
5
13
14
15
17
24
25
26
27
32
33
34
39
40
42
48
49
B C D E F
IAS 10 Events after the Reporting Period
IAS 10, which prescribes when an entity should adjust its financial statements for events
occurring after the reporting period, and the disclosures that an entity should give about
the date when the financial statements were authorised for issue and about events after
the reporting period. The principal issue is determining whether an event after the
reporting period is an adjusting or a non-adjusting event.
TQ
Reference
Yes / No /
N/A
Comments
Dividends
10A IAS 10:13 Are dividends declared (i.e. the dividends are appropriately authorised and are no longer
at the discretion of the entity) after the reporting period but before the financial
statements are authorised for issue?
IAS 10:13 Such dividends are disclosed in the notes in accordance with IAS 1 Presentation of
Financial Statements.
Going concern
IAS 10:16 IAS 1 specifies required disclosures if:
a) the financial statements are not prepared on a going concern basis; or
b) management is aware of material uncertainties related to events or conditions
that may cast significant doubt upon the entitys ability to continue as a going
concern.
Date of authorisation for issue
IAS 10:17 An entity shall disclose the date when the financial statements were authorised for issue
and who gave that authorisation.
IAS 10:17 If the entitys owners or others have the power to amend the financial statements after
issuance, the entity shall disclose that fact.
Updating disclosures about conditions at the end of the reporting period
10B IAS 10:19 Has the entity received information after the reporting period about conditions that
existed at the end of the reporting period?
IAS 10:19 The entity shall update disclosures that relate to those conditions, in the light of the new
information.
Non-adjusting events after the reporting period
10C Have any non-adjusting events occurred after the reporting period but before the
financial statements are authorised for issue?
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An entity shall disclose the following information for each material category of non-
adjusting event after the reporting period:
IAS 10:21(a) a) the nature of the event; and
IAS 10:21(b) b) an estimate of its financial effect, or a statement that such an estimate cannot be
made.
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13
14
15
20
28
36
42
43
44
45
46
47
48
52
60
B C D E F
Index AcctTQsummary
IAS 11 Construction Contracts
IAS 11 should be applied in accounting for construction contracts in the financial
statements of contractors. A construction contract is defined as a contract specifically
negotiated for the construction of an asset or a combination of assets that are closely
interrelated or interdependent in terms of their design, technology and function or their
ultimate purpose or use. The term contractor is not defined.
N/A
Comments
Detailed compliance questions
Combining and segmenting construction contracts
11A Has the entity negotiated a contract for the construction of a single asset, or the
construction of a number of assets which are closely interrelated or interdependent in
terms of their design, technology and function or their ultimate purpose or use (i.e. a
construction contract as defined in IAS 11)?
Yes
Does the contract cover a number of assets?
IAS 11:9 Is a group of contracts, whether with a single customer or with several customers,
treated as a single construction contract?
IAS 11:10 Does the contract provide for the construction of an additional asset at the option of the
customer or is it amended to include the construction of an additional asset?
Contract revenue
IAS 11:11 Does contract revenue comprise:
a) the initial amount of revenue agreed in the contract; and
b) variations in contract work, claims and incentive payments, to the extent that
both of the following conditions are satisfied:
i) it is probable that they will result in revenue; and
ii) they are capable of being reliably measured?
IAS 11:12 Is contract revenue measured at the fair value of the consideration received or
receivable?
Is the recognition of variations as contract revenue deferred?
Is the recognition of claims as contract revenue deferred?
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78
79
80
81
82
83
84
85
86
87
91
95
101
102
103
104
108
109
115
125
B C D E F
Is the recognition of incentive payments as contract revenue deferred?
Contract costs
IAS 11:16 Do contract costs comprise all of the following:
a) costs that relate directly to the specific contract (e.g. labour, materials,
depreciation of plant and equipment used for the contract);
b) costs that are attributable to contract activity in general and can be allocated
to the contract (e.g. insurance, design and technical assistance, construction
overheads, borrowing costs); and
c) such other costs as are specifically chargeable to the customer under the
terms of the contract?
IAS 11:17 Are costs that relate directly to a specific contract reduced by any incidental income that
is not included in contract revenue?
IAS 11:18 Where costs are attributable to contract activity in general and they can be allocated to
the contract:
a) are such costs allocated using methods that are systematic and rational?
b) are those methods applied consistently to all costs having similar
characteristics?
c) is the allocation based on the normal level of construction activity?
IAS 11:18 Does the entity capitalise borrowing costs incurred on qualifying assets, in accordance
with IAS 23 Borrowing Costs?
IAS 11:20 Do contract costs specifically exclude those costs that cannot be attributed to contract
activity or cannot be allocated to a contract?
IAS 11:21 Have costs that relate directly to the contract and that have been incurred in securing
the contract been included as part of the contract costs, provided that all of the following
conditions apply:
a) these costs can be separately identified;
b) reliably measured; and
c) it is probable that the contract will be obtained?
Recognition of contract revenue and expenses
Can the outcome of a construction contract be estimated reliably?
Is the construction contract a fixed price contract?
Is the construction contract a cost plus contract?
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137
142
146
153
166
168
169
177
178
B C D E F
Does the entity have construction contracts that contain characteristics of both a fixed
price contract and a cost plus contract (e.g. a cost plus contract with an agreed
maximum price)?
IAS 11:27 Are contract costs incurred by the entity that relate to future activity on the contract,
recognised as an asset, provided it is probable that they will be recovered?
Has uncertainty arisen about the collectability of an amount already included in contract
revenue (and in profit or loss)?
IAS 11:30 Has a reasonable basis been used to assess the percentage of completion (and
consequent revenue recognition) of the contract?
Is the stage of completion determined with reference to the contract costs incurred to
date?
IAS 11:35 When the uncertainties that prevented the outcome of the contract being estimated
reliably no longer exist, are revenue and expenses associated with the construction
contract recognised by reference to the stage of completion of the contract activity at the
end of the reporting period?
Recognition of expected losses
Is it probable that total contract costs will exceed total contract revenue?
Change in estimates
Has there been a change in the estimate of contract revenue or costs, or has there been
a change in the estimate of the outcome of a contract?
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4
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11
12
14
15
16
17
21
22
23
24
32
33
34
47
B C D E F
IAS 11 Construction Contracts
This section of the checklist addresses the presentation and disclosures requirements of
IAS 11, which should be applied in accounting for construction contracts in the financial
statements of contractors. A construction contract is defined as a contract specifically
negotiated for the construction of an asset or a combination of assets that are closely
interrelated or interdependent in terms of their design, technology and function or their
ultimate purpose or use. The term contractor is not defined.
TQ
Reference
Yes / No /
N/A
Comments
11A Did the entity have any construction contracts, for which it is the contractor? Yes
IAS 11:39(a) a) the amount of contract revenue recognised as revenue in the period;
IAS 11:39(b) b) the methods used to determine the contract revenue recognised in the period;
and
IAS 11:39(c) c) the methods used to determine the stage of completion of contracts in progress.
An entity shall disclose each of the following for contracts in progress at the end of the
reporting period:
IAS 11:40(a) a) the aggregate amount of costs incurred and recognised profits (less recognised
losses) to date;
IAS 11:40(b) b) the amount of advances received; and
IAS 11:40(c) c) the amount of retentions.
An entity shall present:
IAS 11:42(a) a) the gross amount due from customers for contract work as an asset; and
IAS 11:42(b) b) the gross amount due to customers for contract work as a liability.
IAS 11:45 An entity discloses any contingent liabilities and contingent assets in accordance with IAS
37 Provisions, Contingent Liabilities and Contingent Assets , which may arise from such
items as warranty costs, claims, penalties or possible losses.
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2
3
4
5
6
32
33
34
35
57
58
59
69
70
77
83
87
B C D E F
Index AcctTQsummary
IAS 12 Income Taxes
This section of the questionnaire addresses IAS 12 which prescribes the accounting
treatment for income taxes.
IAS 12 uses the balance sheet approach / balance sheet liability method to
determine the amount of deferred tax liabilities or assets. Under this method, the
carrying amounts of assets and liabilities are compared to their tax bases, and any
resulting difference is either a taxable temporary difference or a deductible
temporary difference. IAS 12 prescribes the criteria for the recognition and
measurement of deferred tax liabilities or assets that arise from these temporary
differences.
N/A
Comments
Tax base
12A Is the entity subject to income tax legislation imposed either domestically and/or by
foreign legislators, including withholding taxes, which are payable by a subsidiary,
associate or joint venture on distributions to the reporting entity?
Recognition of deferred tax liabilities and deferred tax assets
Taxable temporary differences
12B Do taxable temporary differences exist?
Goodwill
12J Was the entity involved in a business combination or acquisition in a past reporting
period, for which a deferred tax liability in relation to goodwill has not been
recognised?
Initial recognition of an asset or a liability (other than goodwill)
12F Has the entity been involved in a business combination in the current reporting
period?
12G Does the entity carry assets at fair value or at a revalued amount (e.g. under the
revaluation models of IAS 16 Property, Plant and Equipment and IAS 38 Intangible
Assets; at fair value under IAS 40 Investment Property or IAS 39 Financial
Instruments: Recognition and Measurement)?
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106
107
132
133
145
146
237
238
266
267
271
326
357
388
389
B C D E F
12G Does the entity carry assets at fair value or at a revalued amount (e.g. under the
revaluation models of IAS 16 Property, Plant and Equipment and IAS 38 Intangible
Assets ; at fair value under IAS 40 Investment Property or IFRS 9 Financial
Instruments )?
Deductible temporary differences
12C Do deductible temporary differences exist?
Unused tax losses and unused tax credits
12D Did the entity have any unused tax losses or unused tax credits during or at the end
of the current reporting period?
Investments in subsidiaries, branches and associates and interests in joint
ventures
12E Has the entity held investments in subsidiaries, branches, associates or interests in
joint ventures during or at the end of the current reporting period?
Recognition of current and deferred tax
Items recognised in profit or loss
Changes in the tax status of an entity or its shareholders
12H Has there been a change in the tax status of the entity or of its shareholders during
the current reporting period?
Items recognised outside profit or loss
Deferred tax arising from a business combination
12K Was the entity involved in a business combination or acquisition in a past reporting
period and a deferred tax asset was not recognised for the acquirees income tax loss
carry forwards or other deferred tax assets because the recognition criteria in IFRS 3
Business Combinations were not met?
Current and deferred tax arising from share-based payment transactions
12I Does the entity have share-based payment transactions within the scope of IFRS 2
Share-based Payment outstanding during the current reporting period?
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4
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13
14
15
16
17
21
22
23
24
25
29
30
31
B C D E F
IAS 12 Income Taxes
IAS 12 which prescribes the accounting treatment for income taxes.
N/A
Comments
Presentation
Offset of tax assets and liabilities
IAS 12:71 An entity shall offset current tax assets and current tax liabilities if, and only if, the
entity:
a) has a legally enforceable right to set off the recognised amounts; and
b) intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
An entity shall offset deferred tax assets and deferred tax liabilities if, and only if:
IAS 12:74(a) a) there is a legally enforceable right to set off current tax assets against current tax
liabilities (see above); and
IAS 12:74(b) b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied
by the same taxation authority on either:
i) the same taxable entity; or
ii) different taxable entities which intend either to settle current tax liabilities and
assets on a net basis, or to realise the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax
liabilities or assets are expected to be settled or recovered.
Tax expense
IAS 12:77 The tax expense (income) related to profit or loss from ordinary activities shall be
presented in the statement of comprehensive income.
IAS 12:77 The tax expense (income) related to profit or loss from ordinary activities shall be
presented as part of profit or loss in the statement(s) of profit or loss and other
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34
36
37
47
48
49
51
52
53
58
59
60
64
65
B C D E F
IAS 12:77A If an entity presents the components of profit or loss in a separate income statement as
described in paragraph 81 of IAS 1, it presents the tax expense (income) related to profit
or loss from ordinary activities in that separate statement.
IAS 12:78 Where exchange differences on deferred foreign tax liabilities or assets are recognised in
the statement of comprehensive income, such differences may be classified as deferred
tax expense (income) if that presentation is considered to be the most useful to financial
statement users.
Disclosure
IAS 12:79 The major components of tax expense(income) shall be separately disclosed.
The following shall also be disclosed separately:
IAS 12:81(a) a) the aggregate current and deferred tax relating to items that are charged or
credited directly to equity (see paragraph 62A of IAS 12);
IAS 12:81(ab) b) the amount of income tax relating to each component of other comprehensive
income (see paragraph 62 of IAS 12 and IAS 1);
IAS 12:81(c) c) an explanation of the relationship between tax expense (income) and
accounting profit in either or both of the following forms:
i) a numerical reconciliation between tax expense (income) and the product
of accounting profit multiplied by the applicable tax rate(s), disclosing also the
basis on which the applicable tax rate(s) is (are) computed; or
ii) a numerical reconciliation between the average effective tax rate and the
applicable tax rate, disclosing also the basis on which the applicable tax rate is
computed;
IAS 12:81(d) d) an explanation of changes in the applicable tax rate(s) compared to the
previous accounting period;
IAS 12:81(e) e) the amount (and expiry date, if any) of deductible temporary differences,
unused tax losses, and unused tax credits for which no deferred tax asset is
recognised in the statement of financial position;
IAS 12:81(f) f) the aggregate amount of temporary differences associated with investments in
subsidiaries, branches and associates, and interests in joint ventures, for which
deferred tax liabilities have not been recognised (see paragraph 39 of IAS 12);
IAS 12:81(g) g) in respect of each type of temporary difference, and in respect of each type of
unused tax losses and unused tax credits:
i) the amount of the deferred tax assets and liabilities recognised in the
statement of financial position for each period presented; and
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67
68
69
70
71
72
73
85
98
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B C D E F
ii) the amount of the deferred tax income or expense recognised in profit or
loss, if this is not apparent from the changes in the amounts recognised in the
statement of financial position;
IAS 12:81(h) h) in respect of discontinued operations, the tax expense relating to:
i) the gain or loss on discontinuance; and
ii) the profit or loss from the ordinary activities of the discontinued operation
for the period, together with the corresponding amounts for each prior period
presented; and
IAS 12:81(i) i) the amount of income tax consequences of dividends to shareholders of the
entity that were proposed or declared before the financial statements were authorised
for issue, but are not recognised as a liability in the financial statements;
IAS 12:81(j) j) if a business combination in which the entity is the acquirer causes a change in
the amount recognised for its pre-acquisition deferred tax asset (see paragraph 67 of
IAS 12), the amount of that change; and
IAS 12:81(k) k) if the deferred tax benefits acquired in a business combination are not
recognised at the acquisition date but are recognised after the acquisition date (see
paragraph 68 of IAS 12), a description of the event or change in circumstances that
caused the deferred tax benefits to be recognised.
12A Did the entity have any deferred tax assets?
12B Is the entity subject to income tax in a jurisdiction whereby income taxes are payable at
a higher or lower rate, or may be refundable or payable, if part or all of the net profit or
retained earnings is paid out as a dividend?
IAS 12:88 An entity discloses any tax-related contingent liabilities and contingent assets in
accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
12C IAS 12:88 Are changes in tax rates or tax laws enacted or announced after the reporting period?
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2
3
4
5
24
25
26
27
48
49
75
79
110
114
140
141
144
B C D E F
Index AcctTQsummary
IAS 16 Property, Plant and Equipment
This section of the questionnaire deals with IAS 16, which prescribes the accounting
treatment for property, plant and equipment. The principal issues in accounting for
property, plant and equipment are: the recognition of assets, the determination of their
carrying amounts and the recognition of depreciation charges and impairment losses.
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
addresses how the effect of following events that change the measurement of an existing
decommissioning, restoration or similar liability should be accounted for: (a) a change in
the estimated outflow of resources embodying economic benefits required to settle the
obligation; (b) a change in the current market-based discount rate as defined in
paragraph 47 of IAS 37; and (c) an increase that reflects the passage of time.
TQ
Reference
Yes / No /
N/A
Comments
Recognition
16A Did the entity hold, construct or acquire any property, plant or equipment during the
year?
Subsequent costs
16B Did the entity incur any subsequent expenditure relating to an existing item of property,
plant and equipment during the year?
Elements of cost
16G Does the entity have any obligations to dismantle, remove and restore items of property,
plant and equipment (commonly referred to as decommissioning, restoration and similar
liabilities)?
Measurement of cost
16F Did the entity acquire an item of property, plant and equipment in exchange for another
asset?
Cost model
16C Does the entity hold/own assets held at cost less accumulated depreciation and
accumulated impairment loss under the cost model?
Revaluation model
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16D Does the entity revalue any class of its property, plant and equipment under the
revaluation model?
Derecognition
16E Did the entity sell, scrap or otherwise dispose of any property, plant and equipment
during the year?
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2
3
4
5
8
9
10
96
97
B C D E F
Index
PresentTQSummary
IAS 16 Property, Plant and Equipment
IAS 16, which prescribes the accounting treatment for property, plant and equipment.
The principal issues in accounting for property, plant and equipment are: the recognition
of assets, the determination of their carrying amounts and the recognition of depreciation
charges and impairment losses.
This section of the checklist also addresses the presentation and disclosure requirements
of IFRIC 1, which contains guidance on accounting for changes in decommissioning,
restoration and similar liabilities that have previously been recognised both as part of the
cost of an item of property, plant and equipment under IAS 16 Property, Plant and
Equipment , and as a provision (liability) under IAS 37 Provisions, Contingent Liabilities
and Contingent Assets.
TQ
Reference
Yes / No /
N/A
Comments
General disclosures
16A Did the entity hold or acquire any property, plant or equipment?
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar
Liabilities
16B Does the entity have any obligations to dismantle, remove and restore items of property,
plant and equipment (commonly referred to as decommissioning, restoration and similar
liabilities)?
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2
3
4
5
27
28
29
30
31
40
41
82
83
84
B C D E F
Index
AcctTQSummary
IAS 17 Leases
This section of the questionnaire addresses the accounting for leases from the
perspectives of both the lessee and the lessor.
SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
addresses when an agreement with an unrelated party or parties involves the legal form
of a lease, how to determine whether a series of transactions is linked and should be
accounted for as one transaction and whether the arrangement meets the definition of a
lease under IAS 17.
IFRIC 4 Determining whether an Arrangement contains a Lease provides guidance for
determining whether an arrangement is, or contain, lease that should be accounted for in
accordance with IAS 17.
TQ
Reference
Yes / No /
N/A
Comments
Determining whether an arrangement constitutes a lease under IAS 17
Arrangements involving the legal form of a lease
17G Has the entity entered into a transaction or a series of structured transactions (an
arrangement) with an unrelated party or parties (an investor) that involves the legal
form of a lease where the substance of the arrangement may be such that it does not
meet the definition of a lease under IAS 17?
Arrangements not involving the legal form of a lease
17H Is the entity a party to an arrangement, comprising a transaction or a series of related
transactions, that does not take the legal form of a lease but that conveys a right to use
an asset (e.g. an item of property, plant or equipment) in return for a payment or series
of payments?
Classification of leases
17A Has the entity entered into a lease agreement, rental agreement, hire purchase
agreement or any other agreement that gives the entity the right to use an asset or part
of an asset for a period of time? (Is the entity a lessee?)
17B Has the entity financed the purchase of an asset by another entity, sold an asset with
finance, transferred the right to use an asset, or rented an asset to another entity? (Is
the entity a lessor?)
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104
105
114
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17C Has the entity entered into any sale and leaseback or lease and leaseback transactions in
respect of the same asset?
Lease classification determined at the inception of the lease and not
subsequently revisited
17D During the period, have there been amendments to the terms of an existing lease
agreement?
Leases of land and buildings
17E Has the entity entered into a lease agreement that includes both land and building(s)
elements?
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2
3
4
5
10
11
12
13
35
36
53
54
55
75
76
92
B C D E F
IAS 17 Leases
IAS 17, which deals with the accounting for leases from both the perspective of the
lessee and lessor, IFRIC 4 Determining whether an Arrangement contains a Lease and
SIC 27 Evaluating the Substance of Transactions involving the Legal Form of a Lease .
The object of IFRIC 4 is to provide guidance to assist in determining whether an
arrangement is, or contains, a lease. Any arrangement that is determined to involve a
lease will fall within the scope of IAS 17 Leases , and will be subject to the presentation
and disclosure requirements of that Standard.
Not all transactions that involve the legal form of a lease will fall within the definition of a
lease for the purposes of IAS 17 Leases . In some cases, such transactions may be
designed to achieve a particular tax effect, which is shared between the parties, rather
than conveying the right to use an asset. SIC-27 addresses issues that may arise when
an entity enters into a transaction or a series of structured transactions with an unrelated
party or parties that involves the legal form of a lease.
TQ
Reference
Yes / No /
N/A
Comments
Financial statements of lessees
Finance leases
17A Did the entity hold any assets under finance leases (i.e. the entity is a lessee under a
finance lease)?
Operating leases
17B Is the entity a lessee under any operating lease?
Financial statements of lessors
Finance leases
17C Is the entity a lessor under any finance lease?
Operating leases
17D Did the entity hold any assets which are leased out under operating leases (i.e. the entity
is a lessor under an operating lease)?
Sale and leaseback transactions
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93
111
112
130
131
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17E Are any of the arrangements where the entity is acting as a lessor or a lessee (either
under any operating lease or under a financing lease) sale and leaseback arrangements?
IFRIC 4 Determining whether an Arrangement contains a Lease
17F Did the entity enter into an arrangement, comprising a transaction or a series of related
transactions, that does not take the legal form of a lease but that conveys a right to use
an asset (e.g. an item of property, plant or equipment) in return for a payment or series
of payments?
SIC 27 Evaluating the Substance of Transactions involving the Legal Form of a
Lease
17G Did the entity have any arrangements that have a legal form of a lease but that do not,
in substance, involve a lease under IAS 17?
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2
3
4
5
6
7
8
24
25
26
27
28
29
34
62
63
76
77
B C D E F
Index AcctTQsummary
IAS 18 Revenue
This section of the questionnaire addresses the requirements of IAS 18 regarding
accounting for revenue. Revenue is income that arises in the course of ordinary activities
of an entity and is referred to by a variety of different names including sales, fees,
interest, dividends and royalties. The primary issue in accounting for revenue is when to
recognise revenue.
The text below is based on the requirements of IAS 18 . Users should also be familiar
with the Appendix accompanying IAS 18, which provides a number of illustrative
examples of the application of IAS 18.
IFRIC 13 Customer Loyalty Programmes addresses the accounting by entities that
provide their customers with incentives to buy goods or services by providing award
credits as part of a sales transaction.
IFRIC 15 Agreements for the Construction of Real Estate clarifies the application of IAS
18 and IAS 11 to agreements for the construction of Real Estate.
N/A
Comments
Definition of revenue
18A Does the entity sell goods to its customers (this may include both goods that were
manufactured or produced by the entity for the purpose of sale, or goods that were
specifically purchased for resale)?
18B Does the entity render a service to its customers (the rendering of a service normally
involves the performance of a contractually agreed task over a period of time)?
18C Does the entity generate income by allowing customers the use of its assets?
18D Does the entity provide finance in conjunction with the sale of goods?
Exchanges of goods or services
18G Has the entity accepted goods or other services in exchange for the delivery of goods or
services (i.e. has it entered into any exchange or barter transactions)?
Identification of the transaction
18E Does the entity enter into transactions that comprise more than one component (e.g.
delivery of both goods and services, delivery of a number of different goods or services)?
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122
207
208
246
247
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Sale of goods
18F Does the entity enter into buy-back / repurchase agreements?
IFRIC 13 Customer Loyalty Programmes
18H Does the entity provide its customers with incentives to buy goods or services by
providing award credits as part of sales transactions?
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 15 gives guidance on the accounting for revenue and associated expenses by
entities that undertake the construction of real estate directly or through
subcontractors. The primary issues are whether the agreement is within scope of
IAS 11 or IAS 18, and when revenue from the construction of real estate should be
recognised.
18I Does the entity enter into agreements for the construction of real estate?
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2
3
4
5
10
11
44
45
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IAS 18 Revenue
IAS 18. Revenue is income that arises in the course of the ordinary activities of an entity
and is referred to by a variety of different names including sales, fees, interest, dividends
and royalties. The primary issue in accounting for revenue is determining when to
recognise revenue.
of IFRIC 15 which deals with the accounting for revenue and associated expenses by
entities that undertake the construction of real estate directly or indirectly through
subcontractors. The Interpretation considers the classification of such contracts (whether
within the scope of IAS 11 Construction Contracts or IAS 18 Revenue ) and the
recognition of revenue from the construction of real estate.
TQ
Reference
Yes / No /
N/A
Comments
18A Did the entity recognise any revenue?
IFRIC 15 Agreements for the Construction of Real Estate
18C Does the entity enter into agreements for the construction of real estate?
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2
3
4
5
6
7
8
9
10
44
45
46
47
48
49
50
51
133
B C D E F
Index AcctTQsummary
IAS 19 Employee Benefits
This section of the questionnaire addresses IAS 19, which prescribes the accounting for
employee benefits. The principal issues relate to the determination of employee benefit
liabilities, assets and expenses for short term and long term employee benefits.
In July 2007, the IASB issued IFRIC 14 IAS 19 The Limit of a Defined Benefit Asset,
Minimum Funding Requirements and their Interaction. The Interpretation addresses the
application of paragraph 58 of IAS 19 which limits the measurement of a defined benefit
asset to the present value of economic benefits available in the form of refunds from the
plan or reductions in future contributions to the plan plus unrecognised gains and losses.
Further, minimum funding requirements exist in many countries and such requirements
may limit the ability of the entity to reduce future contributions and also give rise to a
liability. IFRIC 14 addresses:

when refunds or reductions in future contributions should be regarded as available
in accordance with paragraph 58 of IAS 19,
how a minimum funding requirement might affect the availability of reductions in
future contributions; and
when a minimum funding requirement might give rise to a liability.
The requirements of IFRIC 14 are set out in this section following the requirements of
paragraph 58 of IAS 19.
N/A
Comments
Short-term employee benefits
General
19A Does the entity have expenses arising from short term employee benefits (other than
those to which IFRS 2 Share-based Payment applies) such as:
b) short-term compensated absences (e.g. absences due to vacation, sickness and
short-term disability, maternity or paternity, jury service and military service);
c) profit-sharing and bonuses payable within twelve months after the end of the
period in which the employees render the related service; and
d) non-monetary benefits (such as medical care, housing, cars and free or subsidised
goods or services) for current employees?
Post-employment benefits
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134
135
136
519
520
548
549
621
622
693
694
734
735
766
767
806
807
808
809
810
811
812
861
B C D E F
19B Does the entity provide post-employment benefits such as:
a) retirement benefits, such as pensions; and
b) other post-employment benefits, such as post-employment life insurance and post-
employment medical care?
Business combinations
19I Has the entity been involved in a business combination or acquisition in the current
reporting period, which has brought together separate entities into one economic entity
as a result of obtaining control over the net assets and operations of another entity?
Curtailments and settlements
19F Has a curtailment or settlement occurred in the current financial year?
Multi-employer plans
19C Does the entity participate in any multi-employer post-employment benefit plans?
Defined benefit plans that share risks between various entities under common
control
19J Does the entity participate in a plan that shares risks between various entities under
common control?
State plans
19D Does the entity participate in a state post-employment benefit plan?
Insured benefits
19E Does the entity pay insurance premiums to fund a post employment benefit plan?
Other long-term employee benefits
19G Does the entity have any other long-term employee benefit liabilities (other than those to
which IFRS 2 Share-based Payment applies) such as:
a) long-term compensated absences (e.g. long-service or sabbatical leave);
d) profit-sharing and bonuses payable twelve months or more after the end of the
period in which the employees render the related service; and
e) deferred compensation paid twelve months or more after the end of the period in
which it is earned?
Termination benefits
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862
863
864
B C D E F
19H Is the entity due to pay any employee benefits as a result of either:
a) its decision to terminate an employee's employment before the normal retirement
date; or
b) an employee's decision to accept voluntary redundancy in exchange for those
benefits?
Page 294 of 366 6/12/2014 3:46 AM
1
2
3
4
10
17
18
19
26
27
71
72
203
204
211
212
B C D E F
IAS 19 Employee Benefits
IAS 19, which prescribes the accounting for employee benefits. The principal issues relate
to the determination of employee benefit liabilities, assets and expenses for short-term
and long-term employee benefits.
of IFRIC 14, which applies to post-employment defined benefits and other long-term
employee defined benefits and provides guidance on:
a) when refunds or reductions in future contributions should be regarded as available in
accordance with paragraph 58 of IAS 19 Employee Benefits .
b) how a minimum funding requirement might affect the availability of reductions in
future contributions; and
c) when a minimum funding requirement might give rise to a liability.
TQ
Reference
Yes / No /
N/A
Comments
19A Did the entity provide any short-term employee benefits?
Post-employment benefits multi-employer plans
19B Did the entity participate in any defined benefit plans for post-employment benefits?
Post-employment benefits defined contribution plans
19C Did the entity participate in any defined contributions plans for post-employment
benefits?
19D Did the entity provide any other long-term employee benefits?
19E Did the entity offer or grant any termination benefits?
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1
2
3
4
5
6
7
8
17
18
19
20
21
22
23
24
61
I J K L M
Index AcctTQsummary
IAS 19(2011) Employee Benefits
This section of the questionnaire addresses IAS 19 Employee Benefits (2011), which
prescribes the accounting for employee benefits. The principal issues relate to the
determination of employee benefit liabilities, assets and expenses for short term and long
term employee benefits.
In June 2011 the International Accounting Standards Board (IASB) announced the completion
of its project to improve the accounting for pensions and other post-employment benefits by
issuing an amended version of IAS 19. The amendments make important improvements by:
eliminating an option to defer the recognition of gains and losses, known as the corridor
method, improving comparability and providing a more faithful representation of the financial
effect of the defined benefit plan.
segregating changes in the defined benefit obligation and the fair value of plan assets
into those associated with service costs, net interest on the net defined benefit liability (asset)
and remeasurements.
streamlining the presentation of changes in assets and liabilities arising from defined
benefit plans, including requiring remeasurements to be presented in other comprehensive
income (OCI), thereby separating those changes from changes that many perceive to be the
result of an entitys day-to-day operations.
enhancing the disclosure requirements for defined benefit plans, providing better
information about the characteristics of defined benefit plans and the risks that entities are
exposed to through participation in those plans.

IFRS 19(2011) is effective for annual periods beginning on or after 1 January 2013 with early
This section of the checklist should be completed only if the entity has adopted IFRS 19(2011)
in advance of its effective date.
N/A
Comments
General
19A IAS 19(2011):9 Does the entity have expenses arising from short term employee benefits (other than those to
which IFRS 2 applies), such as the following, if expected to be settled wholly before twelve
months after the end of the annual reporting period in which the employees render the related
service:
a)wages, salaries and social security contributions;
b) paid annual leave and paid sick leave;
c) profit-sharing and bonuses; and
d) non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or
services) for current employees.
Post-employment benefits
Page 296 of 366 6/12/2014 3:46 AM
62
63
64
307
308
323
324
336
337
351
352
364
365
366
367
368
369
370
386
387
388
389
I J K L M
19B IAS 19(2011):26 Has the entity post-employment benefits such as:
a) retirement benefits (e.g., pensions and lump sum payments on retirement); or
b) other post-employment benefits, such as post-employment life insurance and
postemployment medical care?
Multi-employer plans
19C Does the entity participate in any multi-employer post-employment benefit plans, classified
either as a defined contribution or defined benefit plan?
Defined benefit plans that share risks between various entities under common
control
19J Does the entity participate in a plan that shares risks between various entities under common
control?
State plans
19D Does the entity participate in any state post-employment benefit plans, classified either as a
defined contribution or defined benefit plan?
Insured benefits
19E Does the entity pay insurance premiums to fund a post employment benefit plan?
19G IAS 19(2011):153 Does the entity have any other long-term employee benefits including items such as the
following, if not expected to be settled wholly before twelve months after the end of the
annual reporting period in which the employees render the related service:
a) long-term paid absences such as long-service or sabbatical leave;
d) profit-sharing and bonuses; and
e) deferred remuneration?
19H IAS 19(2011):
159
Is the entity due to pay any employee benefits as a result of either:
a) its decision to terminate an employee's employment before the normal retirement date; or
b) an employee's decision to accept an offer of benefits in exchange for the termination of
employment?
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1
2
3
4
5
9
10
11
17
22
23
150
151
155
156
F G H I J
IAS 19(2011) Employee Benefits
IAS 19 Employee Benefits (2011), which prescribes the accounting for employee
benefits. The principal issues relate to the determination of employee benefit liabilities,
assets and expenses for short-term and long-term employee benefits.
N/A
Comments
19A Did the entity provide any short-term employee benefits?
19B Did the entity participate in any defined benefit plans for post-employment benefits?
Post-employment benefits defined contribution plans
19C Did the entity participate in any defined contributions plans for post-employment
benefits?
19D Did the entity provide any other long-term employee benefits?
19E Did the entity offer or grant any termination benefits?
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1
2
3
4
5
17
18
19
20
104
105
B C D E F
Index AcctTQsummary
IAS 20
This section of the questionnaire addresses IAS 20 Government Grants and Disclosure of
Government Assistance. IAS 20 distinguishes between Government Grants for which
it prescribes the accounting treatment and Government Assistance which cannot
reasonably have a value placed on it, but may have a significant impact on the entity and
therefore should be disclosed.
N/A
Comments
Government grants
20A Did the entity receive any grants, subsidies, subventions or other transfer of resources
from government, government bodies or similar agencies?
Repayment of government grants
20B Have any government grants been repaid or become repayable?
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1
2
3
4
5
10
11
12
60
61
B C D E F
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 20. The Standard distinguishes between government grants (for which it prescribes
the accounting treatment) and government assistance (which cannot reasonably have a
value placed on it, but may have a significant impact on the entity and, therefore, should
be disclosed).
TQ
Reference
Yes / No /
N/A
Comments
Contingent liabilities and contingent assets related to government grants
20A Did the entity receive any government grants?
Government assistance
20B Did the entity receive any government assistance (including government grants)?
Page 300 of 366 6/12/2014 3:46 AM
1
2
3
4
5
38
39
40
41
42
66
83
84
88
89
90
91
92
93
128
131
B C D E F
Index
AcctTQSummary
IAS 21 The Effects of Changes in Foreign Exchange Rates
TQ
Reference
treatment for transactions in foreign currencies and foreign operations as well as the
presentation of an entity's financial statements in a foreign currency. The principal issues
are: how to include foreign currency transactions and foreign operations in the financial
statements of an entity, how to translate the financial statements into a presentation
currency and the selection of an appropriate exchange rate, and how to report the
effects of changes in exchange rates in the financial statements.
TQ
Reference
Yes / No /
N/A
Comments
Functional currency
21A Does the entity have transactions in foreign currencies?
21E Does the entity have any foreign operations?
21H Is the functional currency of the entity the currency of a hyperinflationary economy in
accordance with IAS 29 Financial Reporting in Hyperinflationary Economies ?
Foreign currency assets or liabilities for hedging purposes
21D Does the entity hold any foreign currency denominated assets or liabilities that are used
for hedging purposes?
Reporting foreign currency transactions in the functional currency
21B Does the entity:
a) buy or sell goods or provide services whose price is denominated in a foreign
currency;
b) borrow or lend funds where the amounts payable or receivable are denominated in
a foreign currency;
c) acquire or dispose of assets, or incur or settle liabilities, denominated in a foreign
currency?
21C Does the entity have any assets or liabilities that are denominated in a foreign currency?
Use of a presentation currency other than the functional currency
Translation to the presentation currency
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132
188
189
B C D E F
21G Is the entity using a currency other than its functional currency for presenting its
financial statements (the presentation currency)?
Disposal or partial disposal of a foreign operation
21F Has the entity disposed (or partially disposed) of a foreign operation during the current
period?
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1
2
3
4
5
12
13
14
15
16
B C D E F
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 21, which prescribes the accounting treatment for transactions in foreign currencies
and foreign operations as well as the presentation of an entitys financial statements in a
foreign currency. The principal issues are: the determination of the method of including
foreign currency transactions and foreign operations in the financial statements of an
entity, how to translate the financial statements into a presentation currency and the
selection of an appropriate exchange rate, and how to report the effects of changes in
exchange rates in financial statements.
TQ
Reference
Yes / No /
N/A
Comments
21A Did the entity :
- have transactions or balances in foreign currencies;
- have any foreign operations; or
- present its financial statements in a foreign currency?
Page 303 of 366 6/12/2014 3:46 AM
1
2
3
4
5
6
30
31
32
38
B C D E F
Index AcctTQsummary
IAS 23
Borrowing Costs
IAS 23 requires that borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset form part of the cost of that asset. Other
borrowing costs are recognised as an expense.
When application constitutes a change in accounting policy, an entity shall apply the
Standard to borrowing costs relating to qualifying assets for which the commencement
date for capitalisation is on or after the effective date. However, an entity may designate
any date before the effective date and apply the Standard to borrowing costs relating to
all qualifying assets for which the commencement date for capitalisation is on or after
that date.
N/A
Comments
23A Has the entity incurred borrowing costs that are not directly attributable to the
acquisition, construction or production of a qualifying asset?
23B Has the entity incurred borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset?
Page 304 of 366 6/12/2014 3:46 AM
1
2
3
4
5
12
13
14
22
B C D E F
IAS 23 Borrowing Costs
IAS 23, which prescribes the accounting treatment for borrowing costs. Following the
adoption of the revised IAS 23(2007), which is effective for annual periods beginning on
or after 1 January 2009, capitalisation is the only permitted accounting treatment for
borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset.
TQ
Reference
Yes / No /
N/A
Comments
23A Did the entity incur any borrowing costs?
Page 305 of 366 6/12/20143:46 AM
1
2
3
4
10
39
40
41
42
43
44
46
47
55
56
57
B C D E F
IAS 24 Related Party Disclosures
the identification of related parties and transactions with related parties. The primary
issue is to ensure that all related parties are identified. The objective of IAS 24 is to
ensure that an entitys financial statements contain the disclosures necessary to draw
attention to the possibility that its financial position and profit or loss may have been
affected by the existence of related parties and by transactions and outstanding
balances, including commitments, with such parties.
TQ
Reference
Yes / No /
N/A
Comments
Identification of related parties
IAS 24:9 A related party is a person or entity that is related to the entity that is preparing its
financial statements (also referred to as the reporting entity):
IAS 24:9(a) a) A person or a close member of that persons family is related to a reporting entity
if that person:
IAS 24:9(a)(i) (i) has control or joint control over the reporting entity;
IAS 24:9(a)(i) (i) has control or joint control of the reporting entity;
IAS 24:9(a)(ii) (ii) has significant influence over the reporting entity; or
IAS 24:9.(a)(iii) (iii) is a member of the key management personnel of the reporting entity or of a
parent of the reporting entity
IAS 24:9(b) b) An entity is related to a reporting entity if any of the following conditions applies.
IAS 24:9(b)(i) (i) The entity and the reporting entity are members of the same group (which
means that each parent, subsidiary and fellow subsidiary is related to the others).
IAS 24:9(b)(ii) (ii) One entity is an associate or joint venture of the other entity (or an associate
or joint venture of a member of a group of which the other entity is a member).
Page 306 of 366 6/12/20143:46 AM
58
59
60
61
62
99
100
101
107
143
144
260
261
B C D E F
IAS 24:9(b)(iii) (iii) Both entities are joint ventures of the same third party.
IAS 24:9(b)(iv) (iv) One entity is a joint venture of a third entity and the other entity is an
associate of the third entity.
IAS 24:9(b)(v) (v) The entity is a post-employment benefit plan for the benefit of employees of
either the reporting entity or an entity related to the reporting entity. If the
reporting entity is itself such a plan, the sponsoring employers are also related to
the reporting entity.
IAS 24:9(b)(vi) (vi) The entity is controlled or jointly controlled by a person identified in
paragraph 9(a) of IAS 24 (see above).
IAS 24:9(b)(vii) (vii) A person identified in paragraph 9(a)(i) of IAS 24 (see above) has significant
influence over the entity or is a member of the key management personnel of the
entity (or of a parent of the entity).
Related party disclosures
All entities
24A Is the entity a subsidiary of another entity?
IAS 24:14 To enable users of financial statements to form a view about the effects of related party
relationships on an entity, it is appropriate to disclose the related party relationship when
control exists, irrespective of whether there have been transactions between the related
parties.
Compensation of key management personnel
24B Did the entity have any related party transactions and outstanding balances with related
parties, including compensation for its key management personnel?
Government-related entities
24C Is the entity exempt from the disclosure requirements of related party transactions with
the government?
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1
2
3
4
5
17
18
19
35
36
74
76
77
78
79
80
81
82
83
84
B C D E F
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 26, which should be applied in the financial statements of retirement benefit plans
where such financial statements are prepared. Retirement benefit plans are sometimes
referred to by various other names such as pension schemes, superannuation schemes
or retirement benefit schemes.
TQ
Reference
Yes / No /
N/A
Comments
Defined contribution plans
26A Is it a defined contribution plan (if the plan contains characteristics of both defined
contribution plans and defined benefit plans, it is considered to be a defined benefit plan
for the purpose of IAS 26)?
Defined benefit plans
26B Is it a defined benefit plan (if the plan contains characteristics of both defined
contribution plans and defined benefit plans, it is considered to be a defined benefit plan
for the purpose of IAS 26)?
All plans
IAS 26:32 Where plan investments are held for which an estimate of fair value is not possible,
disclosure shall be made of the reason why fair value is not used.
IAS 26:33 To the extent that investments are carried at amounts other than market value or fair
value, fair value is generally also disclosed.
The financial statements of the retirement benefit plan, whether defined benefit or
defined contribution, shall also contain the following information:
IAS 26:34(a) a) a statement of changes in net assets available for benefits;
IAS 26:34(b) b) a summary of significant accounting policies; and
IAS 26:34(c) c) a description of the plan and the effect of any changes in the plan during the
period.
The financial statements provided by retirement benefit plans include the following, if
applicable:
IAS 26:35(a) a) a statement of net assets available for benefits disclosing:
i) assets at the end of the period suitably classified;
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85
86
87
88
95
96
97
98
99
100
101
102
103
104
105
106
107
115
116
117
B C D E F
ii) the basis of valuation of assets;
iii) details of any single investment exceeding either 5% of the net assets
available for benefits or 5% of any class or type of security;
iv) details of any investment in the employer; and
v) liabilities other than the actuarial present value of promised retirement
benefits;
IAS 26:35(b) b) a statement of changes in net assets available for benefits showing the
following:
i) employer contributions;
ii) employee contributions;
iii) investment income such as interest and dividends;
iv) other income;
v) benefits paid or payable (analysed, for example, as retirement, death and
disability benefits, and lump sum payments);
vi) administrative expenses;
vii) other expenses;
viii) taxes on income;
ix) profits and losses on disposal of investments and changes in value of
investments; and
x) transfers from and to other plans;
IAS 26:35(c) c) a description of the funding policy;
IAS 26:35(d) d) for defined benefit plans, the actuarial present value of promised retirement
benefits (which may distinguish between vested benefits and non-vested benefits)
based on the benefits promised under the terms of the plan, on service rendered to
date and using either current salary levels or projected salary levels; and
IAS 26:35(e) e) for defined benefit plans, a description of the significant actuarial assumptions
made and the method used to calculate the actuarial present value of promised
retirement benefits.
The report of a retirement benefit plan contains a description of the plan, either as part
of the financial information or in a separate report. It may contain the following:
IAS 26:36(a) a) the names of the employers and the employee groups covered;
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118
119
120
121
122
123
B C D E F
IAS 26:36(b) b) the number of participants receiving benefits and the number of other
participants, classified as appropriate;
IAS 26:36(c) c) the type of plan - defined contribution or defined benefit;
IAS 26:36(d) d) a note as to whether participants contribute to the plan;
IAS 26:36(e) e) a description of the retirement benefits promised to participants;
IAS 26:36(f) f) a description of any plan termination terms; and
IAS 26:36(g) g) changes in items (a) to (f) above during the period covered by the report.
Page 310 of 366 6/12/2014 3:46 AM
1
2
3
4
6
34
35
36
98
139
213
214
309
310
B C D E F
Index AcctTQSummary
IAS 27(2008) Consolidated and Separate Financial Statements
This section of the questionnaire addresses IAS 27(2008), which prescribes the
accounting principles for the preparation of consolidated financial statements for a
group of entities under the control of a parent. IAS 27(2008) also applies to the
accounting for investments in subsidiaries, jointly controlled entities and associates
when an entity elects, or is required by local regulations, to present separate
financial statements. The primary issues are identifying the circumstances in which
an entity must consolidate the financial statements of another entity, how to apply
consolidation procedures, non-controlling interests and changes in the ownership
interests.
N/A
Comments
Requirement to present consolidated financial statements
27A Has the reporting entity controlled one or more entities during or at the end of the
reporting period?
27B During the reporting period, has the reporting entity created, sponsored or engaged
in transactions with an entity that was established to accomplish a narrow and well-
defined objective of the reporting entity (so-called Special Purpose Entity SPE)?
27D Has there been a non-controlling interest in any subsidiary in the reporting entity
during or at the end of the reporting period?
Disposals
27C Did the reporting entity lose control of an existing subsidiary during the reporting
period (e.g. as a result of the disposal of portion of the ownership interest)?
Accounting for investments in separate financial statements
27E Does the entity prepare separate financial statements?
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1
2
3
4
5
18
19
92
93
134
135
B C D E F
IAS 27(2008) Consolidated and Separate Financial Statements
IAS 27(2008) , which prescribes the accounting principles for the preparation of
consolidated financial statements for a group of entities under the control of a parent.
The Standard also applies to the accounting for investments in subsidiaries, jointly
controlled entities and associates when an entity elects, or is required by local
regulations, to present separate financial statements.
TQ
Reference
Yes / No /
N/A
Comments
27 Has the entity prepared either consolidated financial statements or separate financial
statements (or both)?
Yes
Non-controlling interests
Has the entity prepared consolidated financial statements?
Has the entity prepared separate financial statements?
Page 312 of 366 6/12/2014 3:46 AM
Index AcctTQsummary
IAS 27(2011) Separate Financial Statements
This section of the checklist addresses IAS 27 Separate Financial Statements (2011)
accounting requirements for investments in subsidiaries, joint ventures and
associates when an entity prepares separate financial statements.
IAS 27 (2011) is an amendment for the issuance of IFRS 10 Consolidated Financial
Statements but retains current guidance for separate financial statements.
N/A
Comments
Accounting for investments in separate financial statements
27A Has the entity prepared separate financial statements?
27B Is the entity applying IAS 27(2011) prior to its annual period beginning on or after 1
January 2013?
Page 313 of 366 6/12/2014 3:46 AM
IAS 27(2011) Separate Financial Statements
IAS 27 Separate Financial Statements (2011) for investments in subsidiaries, joint
ventures and associates when an entity prepares separate financial statements.
N/A
Comments
27A IAS 27(2011):16 Has the parent, in accordance with paragraph 4(a) of IFRS 10, elected not to prepare
consolidated financial statements and instead prepares separate financial statements?
27B IAS 27(2011):17 When a parent (other than a parent covered by paragraph 16) or an investor with joint
control of, or significant influence over, an investee prepares separate financial
statements, has the parent or investor identified the financial statements prepared in
accordance with IFRS 10, IFRS 11 or IAS 28 (as amended in 2011) to which they relate?
27C Is the entity applying IAS 27(2011) prior to its annual period beginning on or after 1
January 2013?
Page 314 of 366 6/12/2014 3:46 AM
1
2
3
4
5
20
21
22
23
93
94
263
264
B C D E F
Index AcctTQSummary
IAS 28(2008) Investments in Associates
This section of the questionnaire addresses IAS 28(2008), which prescribes the
accounting by an investor for investments in associates. The primary issues are
identifying whether significant influence exists and the application of the equity
method.
N/A
Comments
Requirement to account for associates using the equity method
28A Does the reporting entity exercise significant influence over one or more
entities?
Investment ceases to be classified as an associate
28B Has the reporting entity ceased to exercise significant influence during the
reporting period (e.g. as a result of the disposal of a portion of the ownership
interest)?
28C Does the reporting entity have investments in associates and prepare separate
financial statements?
Page 315 of 366 6/12/2014 3:46 AM
1
2
3
4
5
15
16
18
19
25
26
27
28
29
30
31
32
33
34
B C D E F
IAS 28(2008) Investments in Associates
IAS 28(2008), which prescribes the accounting by an investor for investments in
associates. The primary issues are identifying whether significant influence exists and the
application of the equity method.
TQ
Reference
Yes / No /
N/A
Comments
28A Did the entity have any investments in associates? Yes
Presentation
IAS 28:38 Investments in associates accounted for using the equity method shall be classified as
non-current assets.
Disclosure
The following disclosures shall be made:
IAS 28:37(a) a) the fair value of investments in associates for which there are published price
quotations;
IAS 28:37(b) b) summarised financial information of associates, including the aggregated
amounts of assets, liabilities, revenues and profit or loss;
IAS 28:37(c) c) the reasons why the presumption that an investor does not have significant
influence is overcome if the investor holds, directly or indirectly through subsidiaries,
less than 20 per cent of the voting or potential voting power of the investee but
concludes that it has significant influence;
IAS 28:37(d) d) the reasons why the presumption that an investor has significant influence is
overcome if the investor holds, directly or indirectly through subsidiaries, 20 per cent
or more of the voting or potential voting power of the investee but concludes that it
does not have significant influence;
IAS 28:37(e) e) when the financial statements of an associate used in applying the equity
method are as of a date or for a period that is different from that of the investor:
i) the end of the reporting period of the financial statements of the associate;
and
ii) the reason for using a different date or different period;
IAS 28:37(f) f) the nature and extent of any significant restrictions (e.g. resulting from
borrowing arrangements or regulatory requirements) on the ability of associates to
transfer funds to the investor in the form of cash dividends, or repayment of loans or
advances;
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39
40
43
44
45
46
47
48
49
50
51
B C D E F
IAS 28:37(g) g) the unrecognised share of losses of an associate, both for the period and
cumulatively, if an investor has discontinued recognition of its share of losses of an
associate;
IAS 28:37(h) h) the fact that an associate is not accounted for using the equity method in
accordance with paragraph 13 of IAS 28; and
IAS 28:37(i) i) summarised financial information of associates, either individually or in groups,
that are not accounted for using the equity method, including the amounts of total
assets, total liabilities, revenues and profit or loss.
IAS 28:38 The following shall be separately disclosed:
a) the investor's share of the profit or loss of associates accounted for using the
equity method;
b) the carrying amount of those investments; and
c) the investor's share of any discontinued operations of such associates.
IAS 28:39 The investors share of changes recognised in other comprehensive income by the
associate shall be recognised by the investor in other comprehensive income.
In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets , the
investor shall disclose:
IAS 28:40(a) a) its share of the contingent liabilities of an associate incurred jointly with other
investors; and
IAS 28:40(b) b) those contingent liabilities that arise because the investor is severally liable for
all or part of the liabilities of the associate.
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2
3
4
5
6
11
12
13
14
68
69
139
140
142
I J K L M
Index AcctTQsummary
IAS 28(2011) Investments in Associates and Joint Ventures
This section of the questionnaire addresses IAS 28(2011) Investments in
Associates and Joint Ventures , which prescribes the accounting for investments
in associates and joint ventures and sets the requirements for the application of
the equity method when accounting for investments in associates and joint
ventures. The primary issues are identifying whether significant influence exists
and the application of the equity method.
IAS 28(2011) has been amended for conforming changes based on the issuance
of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements .
N/A
Comments
Requirement to account for associates or joint ventures using the
equity method
28A Does the reporting entity exercise significant influence over one or more entities
or is the reporting entity a party to a joint venture that has joint control of that
joint venture?
Investment ceases to be classified as an associate
28B Has the reporting entity ceased to exercise significant influence or joint control
of an investee during the reporting period (e.g., as a result of the disposal of a
portion of the ownership interest)?
28C Does the reporting entity have investments in associates or joint ventures and
prepare separate financial statements?
28D Is the entity applying IAS 28(2011) prior to its annual period beginning on or
after 1 January 2013?
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IAS 28(2011) Investments in Associates and Joint Ventures
This section of the questionnaire addresses IAS 28 Investments in Associates and Joint
Ventures (2011), which prescribes the accounting for investments in associates and joint
ventures and sets the requirements for the application of the equity method when
accounting for investments in associates and joint ventures. The primary issues are
identifying whether significant influence exists and the application of the equity method.
N/A
Disclosure
Joint ventures
28A IAS 28(2011):16 Are investments in associates or a joint venture accounted for using the equity method?
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Comments
Comments
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3
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5
6
7
8
22
23
24
25
34
76
135
136
155
B C D E F
Index AcctTQSummary
IAS 29
This section of the questionnaire addresses IAS 29, which deals with the restatement of
financial statements that report in a currency of a hyperinflationary economy.
In November 2005, IFRIC 7 Applying the Restatement Approach under IAS 29 was
issued, which clarifies the requirements in the reporting period in which an entity starts
to apply IAS 29 regarding:
how comparative amounts in financial statements should be restated;
and
how deferred tax items in the opening statement of financial position
should be restated.
N/A
Comments
The restatement of financial statements
29A Does the entity or any of its subsidiaries prepare historical cost financial statements in
the functional currency of a hyperinflationary economy?
29B Does the entity or any of its subsidiaries prepare current cost financial statements in a
currency of a hyperinflationary economy?
29D During the current reporting period, has the economy of the entity or any of its
subsidiaries functional currencies been identified as hyperinflationary, when that
economy was not hyperinflationary in the prior period?
Economies ceasing to be hyperinflationary
29C Has the economy of the entitys or any of its subsidiaries functional currency ceased to
be hyperinflationary during the period?
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2
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4
5
14
15
17
18
22
27
28
29
30
31
B C D E F
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 29, which is applied to the financial statements, including the consolidated financial
statements, of any entity whose functional currency is the currency of a hyperinflationary
economy. The Standard does not establish an absolute rate at which hyperinflation is
deemed to arise but cites a number of characteristics of the economic environment of a
country which indicate the presence of hyperinflation. Refer to the text of the Standard
for details.
TQ
Reference
Yes / No /
N/A
Comments
29 Has the parent entity, or any of its subsidiaries, associates or joint ventures in the
consolidated financial statements (if applicable), had a functional currency being the
currency of a hyperinflationary economy?
Yes
Gain or loss on net monetary position
IAS 29:9 The gain or loss on the net monetary position shall be included in profit or loss and
separately disclosed.
IAS 29:28 It may be helpful if other income and expense items, such as interest income and
expense, and foreign exchange differences related to invested or borrowed funds, which
are also associated with the net monetary position, are presented together with the gain
or loss on net monetary position in the statement of comprehensive income. The
adjustment to those assets and liabilities linked by agreement to changes in prices made
in accordance with paragraph 13 is offset against the gain or loss on net monetary
position.
Other disclosures
The following disclosures shall be made:
IAS 29:39(a) a) the fact that the financial statements and the corresponding figures for previous
periods have been restated for the changes in the general purchasing power of the
functional currency and, as a result, are stated in terms of the measuring unit current
at the end of the reporting period;
IAS 29:39(b) b) whether the financial statements are based on a historical cost approach or a
current cost approach; and
IAS 29:39(c) c) the identity and level of the price index at the end of the reporting period and
the movement in the index during the current and the previous reporting period.
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2
3
4
5
31
32
33
34
57
58
67
B C D E F
Index AcctTQSummary
IAS 31
for interests in joint ventures and the reporting of joint venture assets, liabilities,
income and expenses in the financial statements of venturers and investors. Joint
ventures can be structured in many different ways. The Standard identifies three
broad types of joint ventures jointly controlled operations, jointly controlled assets
and jointly controlled entities. The primary issues are identifying whether joint
control exists, identifying the type of joint venture and the application of the
proportionate consolidation method or the equity method by a venturer with an
interest in a jointly controlled entity.
SIC 13 Jointly Controlled Entities Non-Monetary Contributions by Venturers deals
with the venturer's accounting for non-monetary contributions to a jointly controlled
entity in exchange for an equity interest in the jointly controlled entity that is
accounted for using either the equity method or proportionate consolidation.
N/A
Comments
Joint control
31A Does the entity participate in a contractual arrangement with one or more parties to
undertake an economic activity, which is subject to joint control? (Is the entity a
party to a joint venture?)
Jointly controlled operations
31B Does the entity have joint control over a joint venture that involves the use of the
assets and other resources of the venturers rather than the establishment of a
corporation, partnership or other entity, or a financial structure that is separate from
the venturers themselves? (Is the entity a venturer in a jointly controlled
operation? )
Jointly controlled assets
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68
80
81
82
95
96
110
111
175
176
205
206
240
B C D E F
31C Does the entity have joint control over a joint venture that involves joint control, and
often the joint ownership, by the venturers of one or more assets contributed to, or
acquired for the purpose of, the joint venture and dedicated to the purposes of the
joint venture, with the objective that each venturer has control over its share of
future economic benefits through its share of the jointly controlled asset? (Is the
entity a venturer in a jointly controlled asset ?)
Jointly controlled entities
Requirement to account for jointly controlled entities using either
proportionate consolidation or the equity method
31D Does the entity have joint control over a joint venture established as a separate
corporation, partnership or other entity in which each venturer has an interest? ( Is
the entity a venturer in a jointly controlled entity ? )
Proportionate consolidation
31E Is the entitys accounting policy to account for jointly controlled entities in which it is
a venturer using proportionate consolidation?
Equity method
31F Is the entitys accounting policy to account for jointly controlled entities in which it is
a venturer using the equity method?
Separate financial statements of a venturer
31I Does the reporting entity have interests in jointly controlled entities and prepare
separate financial statements?
Transactions between a venturer and a joint venture
31G Has the reporting entity contributed or sold non-monetary assets to a joint venture in
which it is a venturer?
31H Has the reporting entity purchased assets from a joint venture in which it is a
venturer?
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1
2
3
4
5
16
17
18
20
35
36
50
63
64
65
67
B C D E F
IAS 31 Interests in Joint Ventures
IAS 31, which prescribes the accounting for interests in joint ventures and the reporting
of joint venture assets, liabilities, income and expenses in the financial statements of
venturers and investors. Joint ventures can be structured in many different ways. The
Standard identifies three broad types of joint ventures jointly controlled operations,
jointly controlled assets and jointly controlled entities. The primary issues are identifying
whether joint control exists, identifying the type of joint venture and the application of
proportionate consolidation or the equity method of accounting.
TQ
Reference
Yes / No /
N/A
Comments
Reporting formats for interests accounted for using proportionate consolidation
31A Did the entity have joint control over any jointly controlled entities? Yes
IAS 31:30 Is proportionate consolidation used by a venturer to account for its interest in a jointly
controlled entity?
Disclosure
Did the entity have any contingent liabilities, or share in any contingent liabilities, as a
result of having such interests in joint ventures?
Did the entity have any capital commitments relating to such interests in joint ventures,
or share in any capital commitments, as a result of having such interests in joint
ventures?
IAS 31:56 A venturer shall disclose a listing and description of interests in significant joint ventures.
IAS 31:56 A venturer shall disclose the proportion of ownership interest held in each of its jointly
controlled entities.
IAS 31:56 A venturer that recognises its interests in jointly controlled entities using the line-by-line
reporting format for proportionate consolidation or the equity method, shall disclose the
aggregate amounts of each of current assets, long-term assets, current liabilities, long-
term liabilities, income and expenses related to its interests in joint ventures.
IAS 31:57 A venturer shall disclose the method it uses to recognise its interests in jointly controlled
entities.
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2
3
4
5
15
16
235
236
320
321
B C D E F
IAS 32 Financial Instruments: Presentation
This section of the checklist addresses IAS 32, which prescribes the presentation of
financial instruments. The presentation requirements apply to the classification of
financial instruments, from the perspective of the issuer, into financial assets, financial
liabilities and equity instruments; the classification of related interest, dividends, losses
and gains; and the circumstances in which financial assets and financial liabilities should
be offset.
TQ
Reference
Yes / No /
N/A
Comments
32A Did the entity issue a financial instrument?
IAS 32:AG37 Interest, dividends, losses and gains
32B Did the entity recognise any interest, dividends, losses and gains related to a financial
instruments or a component of a financial instrument?
IFRIC 2 Members Shares in Co-operative Entities and Similar Instruments
32C Does the entity issue financial instruments, such as member's share in co-operative
entities, which have characteristics of equity but give the holder the right to request
redemption for cash or another financial asset?
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2
3
4
5
6
39
40
41
42
84
90
99
107
145
146
269
270
279
B C D E F
Index AcctTQSummary
IAS 33 Earnings per Share
This section of the questionnaire addresses IAS 33, which prescribes principles for
the determination and presentation of earnings per share (EPS).
Appendix A to IAS 33, which is an integral part of the Standard, provides application
guidance for the principles established in IAS 33.
TQ
Reference
Yes / No /
N/A
Comments
Basic EPS
33A Does the entity have ordinary shares or potential ordinary shares that are publicly
traded, is the entity in the process of issuing ordinary shares or potential ordinary
shares in public securities markets, or has it voluntarily chosen to disclose EPS
information in accordance with IAS 33?
33C Has the entity entered into a business combination during the year?
33B Does the entity (or its subsidiary, associates and joint ventures) have potential
ordinary shares?
33E Does the entity have agreements whereby the issuance of ordinary shares is
contingent upon the occurrence or non-occurrence of certain events?
33D Have any events occurred (other than the conversion of potential ordinary shares)
that have changed the number of ordinary shares outstanding, without a
corresponding change in resources?
Participating equity instruments and two classes of ordinary shares
33I Does the entity have participating equity instruments that are not convertible into a
class of ordinary shares or two-classes of ordinary shares?
Contracts that may be settled in ordinary shares or cash
33F Does the entity have contracts that may be settled in ordinary shares or cash?
Purchased options
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285
286
B C D E F
33G Has the entity held purchase options during the year (i.e. options held by the entity
on its own shares)?
Written put options
33H Has the entity held written options or forward purchase options during the year (i.e.
contracts that require the entity to repurchase its own shares)?
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2
3
4
5
6
18
19
20
21
114
B C D E F
IAS 33 Earnings per Share
IAS 33, which prescribes principles for the determination and presentation of earnings
per share (EPS).
IAS 33 shall be applied by entities whose ordinary shares or potential ordinary shares are
publicly traded and by entities that are filed or in the process of issuing ordinary shares
or potential ordinary shares in public markets. An entity that discloses EPS shall calculate
and disclose EPS in accordance with the Standard.
TQ
Reference
Yes / No /
N/A
Comments
33A Does the entity have ordinary shares or potential ordinary shares that are publicly
traded; or
Is the entity in the process of issuing such shares; or
Has the entity chosen to disclose earnings per share (EPS) information voluntarily?
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3
4
5
6
24
25
27
29
30
31
32
33
35
38
39
40
45
46
71
B C D E F
IAS 34 Interim Financial Reporting
This section of the checklist addresses the presentation and disclosure of IAS 34 which
prescribes the accounting treatment for interim financial reporting. The principal issues
are: the minimum content required for an interim financial report and the recognition and
measurement principles for complete or condensed interim financial reports.
IFRS 1 First-time Adoption of International Financial Reporting Standards, includes
additional disclosure requirements for interim periods covered by an entitys first IFRS
financial statements. See relevant section of this checklist for details.
TQ
Reference
Yes / No /
N/A
Comments
Minimum components of an interim financial report
34A Did the entity publish any financial interim reports? Yes
An interim financial report shall include, at a minimum, the following components:
IAS 34:8(a) a) a condensed statement of financial position;
IAS 34:8(b) b) a condensed statement of comprehensive income, presented as either:
i) a condensed single statement; or
ii) a condensed separate income statement and a condensed statement of
comprehensive income;
IAS 34:8(b) b) a condensed statement or condensed statements of profit or loss and other
comprehensive income;
IAS 34:8(c) c) a condensed statement of changes in equity;
IAS 34:8(d) d) a condensed statement of cash flows; and
IAS 34:8(e) e) selected explanatory notes.
Form and content of interim financial statements
IAS 34:9 Did the entity publish a complete set of financial statements in its interim financial
report?
IAS 34:11 In the statement that presents the components of profit or loss for an interim period, an
entity shall present basic and diluted earnings per share for that period when the entity is
within scope of IAS 33.
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159
160
161
162
265
266
268
269
271
272
274
277
278
B C D E F
IAS 34:14 An interim report is prepared on a consolidated basis if the entitys most recent annual
financial statements were consolidated statements.
Significant events and transactions
This section of IAS 34 was amended by Improvements to IFRSs issued in May 2010
to provide clarification regarding the principles underlying the disclosure requirements
in the Standard.
Although the title of the section has been changed (from Selected explanatory notes
to Significant events and transactions) and the requirements rearranged, there has
been little substantive change.
The text below has been rewritten and re-ordered in line with the revised text of the
Standard. The amendments are effective for annual periods beginning on or after 1
January 2011, with earlier application permitted.
IAS 34:15-
15C,16A
Are there significant events and transactions that caused changes in financial position
and performance of the entity since the end of the last annual reporting period?
Disclosure of compliance with IFRSs
IAS 34:19 If an entitys interim financial report is in compliance with IAS 34, that fact shall be
disclosed.
Periods for which interim financial statements are required to be presented
Interim reports shall include interim financial statements (condensed or complete) for
periods as follows:
IAS 34:20(a) a) statement of financial position as of the end of the current interim period and a
comparative statement of financial position as of the end of the immediately
preceding financial year;
IAS 34:20(b) b)statements of comprehensive income for the current interim period and
cumulatively for the current financial year to date, with comparative statements of
comprehensive income for the comparable interim periods (current and year-to-date)
of the immediately preceding financial year;
IAS 34:20(b) b)statements of profit or loss and other comprehensive income for the current
interim period and cumulatively for the current financial year to date, with
comparative statements of profit or loss and other comprehensive income for the
comparable interim periods (current and year-to-date) of the immediately preceding
financial year;
IAS 34:20(c) c) statement of changes in equity cumulatively for the current financial year to
date, with a comparative statement for the comparable year-to-date period of the
immediately preceding financial year; and
IAS 34:20(d) d) statement of cash flows cumulatively for the current financial year to date, with
a comparative statement for the comparable year-to-date period of the immediately
preceding financial year.
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287
288
301
302
314
315
316
317
318
320
321
331
332
333
334
345
B C D E F
IAS 34:21 Entities whose business is highly seasonal are encouraged (but not required) to report
financial information for the twelve months up to the end of the interim period, and
comparative information for the prior twelve-month period.
Materiality
IAS 34:23 In deciding how to recognise, measure, classify, or disclose an item for interim financial
reporting purposes, materiality shall be assessed in relation to the interim period financial
data.
Disclosure in annual financial statements
IAS 34:26 Was an estimate of an amount reported in an interim period changed significantly during
the final interim period of the financial year?
IAS 34:40 Note: Appendix B to IAS 34 provides examples of applying the general recognition
and measurement principles set out in paragraphs 28 to 39 of IAS 34.
Same accounting policies as annual financial statements
IAS 34:28 An entity shall apply the same accounting policies in its interim financial statements as
are applied in its annual financial statements, except for accounting policy changes made
after the date of the most recent annual financial statements that are to be reflected in
the next annual financial statements.
IAS 34:28 However, the frequency of an entity's reporting (annual, half-yearly, or quarterly) shall
not affect the measurement of its annual results. To achieve that objective,
measurements for interim reporting purposes shall be made on a year-to-date basis.
Revenues received seasonally, cyclically, or occasionally
IAS 34:37 Revenues that are received seasonally, cyclically, or occasionally within a financial year
shall not be anticipated or deferred as of an interim date if anticipation or deferral would
not be appropriate at the end of the entitys financial year.
Costs incurred unevenly during the financial year
IAS 34:39 Costs that are incurred unevenly during an entity's financial year shall be anticipated or
deferred for interim reporting purposes if, and only if, it is also appropriate to anticipate
or defer that type of cost at the end of the financial year.
Use of estimates
IAS 34:41 The measurement procedures to be followed in an interim financial report shall be
designed to ensure that the resulting information is reliable and that all material financial
information that is relevant to an understanding of the financial position or performance
of the entity is appropriately disclosed.
Restatement of previously reported interim periods
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346
362
363
B C D E F
IAS 34:43 Did the entity change an accounting policy (other than one for which the transition is
specified by a new IFRS)?
Restatement of previously reported segment information
IFRS 8:29 Did the entity change the structure of its internal organisation in a manner that causes
the composition of its reportable segments to change?
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2
3
4
5
6
7
43
44
45
46
56
71
102
103
265
266
267
384
B C D E F
Index AcctTQSummary
IAS 36 Impairment of Assets
TQ
Reference
This section of the questionnaire addresses IAS 36. The purpose of this Standard is
to ensure that assets are not carried at an amount that is greater than their
recoverable amount. If an asset is carried at more than its recoverable amount, the
asset is described as impaired and IAS 36 requires the entity to recognise an
impairment loss.
The principal issues are: how to determine whether impairment exists, how to
recognise an impairment loss and when an entity should reverse an impairment loss.
In July 2006, IFRIC 10 Interim Financial Reporting and Impairment was issued,
which clarifies that certain impairment losses recognised in an interim period cannot
be reversed in subsequent financial statements.
TQ
Reference
Yes / No /
N/A
Comments
Identifying an asset that may be impaired
36A Does the entity recognise assets such as property, plant and equipment and
investment properties that are measured on a cost basis, or intangible assets?
36G Has the entity recognised any intangible assets with an indefinite useful life or any
intangible assets not yet available for use?
36D Has the entity recognised goodwill acquired in a business combination in its financial
statements?
Measuring recoverable amount
36C Does the entity recognise assets, for which there is an indication that the assets may
be impaired? (Refer to compliance questions for 36A)
Cash-generating units and goodwill
36B Does the entity have different divisions, business units, branches or outlets that
generate cash flows independently from the other businesses within the entity? OR
Does the entity have investments in subsidiaries, associates or joint ventures?
Corporate assets
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385
421
422
B C D E F
36E Does the entity have any corporate assets that exist for the benefit of different
divisions or business units within the larger entity, but do not generate cash-flows
independently from the other divisions/business units, for example the building of a
headquarters or a research centre?
Reversing an impairment loss
36F Did the entity recognise an impairment loss in a previous period?
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2
3
4
5
6
16
17
18
95
96
B C D E F
IAS 36 Impairment of Assets
IAS 36. The objective of this Standard is to ensure that assets are not carried at an
amount that is greater than their recoverable amount. If an asset is carried at more than
its recoverable amount, the asset is described as impaired and IAS 36 requires the entity
to recognise an impairment loss.
The principal issues are: how to determine whether impairment exists, how to recognise
an impairment loss and when an entity should reverse an impairment loss.
TQ
Reference
Yes / No /
N/A
Comments
General disclosures
36A Did the entity recognise any impairment losses, or reversals of impairment losses, during
the period on assets within the scope of IAS 36?
Goodwill not yet allocated to a cash-generating unit
36B Did the entity have any goodwill or intangible assets with indefinite useful lives?
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2
3
4
5
30
31
32
33
34
61
62
66
67
125
B C D E F
Index AcctTQSummary
IAS 37
This section of the questionnaire addresses IAS 37, which prescribes the accounting for
all provisions (including provisions for restructuring and onerous contracts), contingent
liabilities and contingent assets.
IFRIC 6 Liabilities arising from Participating in a Specific Market Waste Electrical and
Electronic Equipment provides guidance on the recognition, in the financial statements of
producers, of liabilities for waste management under the European Union's Directive on
Waste Electrical and Electronic Equipment in respect of sales of historical household
equipment.
20B
N/A
Comments
Recognition
Provisions
37A Does the entity have any present obligations at the end of the reporting period (legal or
constructive) of uncertain timing or amount that are expected to result in outflows of
resources embodying economic benefits?
Contingent liabilities
37B Does the entity have any possible obligations arising from past events that will only be
confirmed by the occurrence of uncertain future events that are not wholly within the
control of the entity, OR
Does the entity have any present obligations arising from past events that have not been
recognised as a provision because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability? (Does the entity have any
contingent liabilities?)
Contingent assets
37C Does the entity have any possible assets that arise from past events and whose
existence will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the entity? (Does the entity have
any contingent assets?)
Onerous contracts
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136
137
172
174
175
201
203
B C D E F
37D Is the entity a party to any contract where the unavoidable costs of meeting the
obligations under the contract exceed the economic benefits expected to be received
under it, for example the long-term lease of a building that the entity is no longer using?
(Is the entity party to any onerous contracts?)
Restructuring
37E Has the entity planned or embarked on a restructuring of the business, i.e. a programme
that is planned and controlled by management that materially changes the scope of the
business undertaken by the entity; or the manner in which business is conducted?
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds
Accounting for an interest in a fund
37F Did the entity have an interest in, or have an obligation to make potential additional
contributions to, a fund or a trust in order to segregate assets to fund some or all of the
costs of decommissioning, restoration and environmental rehabilitation?
IFRIC 6 Liabilities arising from Participating in a Specific MarketWaste
Electrical and Electronic Equipment (WE&EE)
37G Does the entity have any obligations related to decommissioning of waste electrical and
electronic equipment pursuant to the European Unions Directive on Waste Electrical and
Electronic Equipment (WE&EE)?
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1
2
3
4
5
14
25
26
51
52
77
78
B C D E F
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 37, which prescribes the accounting for provisions (including provisions for
restructuring and onerous contracts), contingent liabilities and contingent assets.
TQ
Reference
Yes / No /
N/A
Comments
Reimbursements
37A Did the entity have any contingent assets or reimbursements?
Provisions
37B Did the entity have any provisions?
Contingent liabilities
37C Did the entity have any contingent liabilities?
Page 339 of 366 6/12/2014 3:46 AM
1
2
3
4
5
29
30
31
33
34
35
80
89
123
276
277
442
443
466
B C D E F
Index AcctTQSummary
IAS 38 Intangible Assets
treatment for intangible assets that are not specifically dealt with in another Standard.
The principal issues are when an intangible asset may be recognised, as well as the
determination of the subsequent carrying amount. The Standard prescribes certain
criteria that should be met before an intangible asset may be recognised.
SIC 32 Intangible Assets Web Site Costs provides guidance on the accounting
treatment for internal expenditure on the development and operation of an entity's own
web site for internal or external access.
TQ
Reference
Yes / No /
N/A
Comments
Intangible assets
Identifiability
38A Did the entity hold or acquire any intangible assets (for example intellectual property,
trademarks, brands, patents, copyrights or customer lists) during the year?
38B Does the entity recognise any intangible assets that have been generated internally (for
example designs, processes, goodwill, customer lists or web sites) on its statement of
financial position?
38E Did the entity incur additional expenditure, relating to an existing item of intangible
assets during the year?
Separate acquisition
38D Did the entity incur expenditure on starting up an operation or business, training or
advertising & promotion?
Internally generated intangible assets
38C Did the entity incur expenditure related to research and/or development?
Cost model
38F Does the entity hold/own intangible assets accounted for using the cost model?
Revaluation model
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467
546
547
736
737
777
778
B C D E F
38G Does the entity revalue any class of its intangible assets under the revaluation model?
Useful life
38J Does the entity hold any intangible assets with an indefinite useful life?
Retirements and disposals
38H Did the entity sell, scrap or otherwise dispose of any intangible assets during the year, or
are there intangible assets from which no further economic benefits are anticipated?
SIC 32 Intangible Assets Web Site Costs
38I Has the entity incurred costs related to the development of an internet web site or
intranet?
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1
2
3
4
5
13
14
16
17
18
19
20
21
22
23
24
25
B C D E F
IAS 38 Intangible Assets
IAS 38 which prescribes the accounting treatment for intangible assets that are not
specifically dealt with in another Standard. The principal issues are when an intangible
asset may be recognised, as well as the determination of the subsequent carrying
amount. The Standard prescribes certain criteria that should be met before an intangible
asset may be recognised.
TQ
Reference
Yes / No /
N/A
Comments
38A Did the entity recognise any intangible assets on its balance sheet? Yes
Disclosures - General
An entity shall disclose the following for each class of intangible assets, distinguishing
between internally generated intangible assets and other intangible assets:
IAS 38:118(a) a) whether the useful lives are indefinite or finite;
IAS 38:118(a) b) the useful lives or the amortisation rates used for intangible assets with finite
useful lives;
IAS 38:118(b) c)the amortisation methods used for intangible assets with finite useful lives;
IAS 38:118(c) d) the gross carrying amount and any accumulated amortisation (aggregated with
accumulated impairment losses) at the beginning and end of the period;
IAS 38:118(d) e) the line item(s) of the statement of comprehensive income in which any
amortisation of intangible assets is included; and
IAS 38:118(e) f)a reconciliation of the carrying amount at the beginning and end of the period
showing:
i) additions, indicating separately those from internal development, those
acquired separately, and those acquired through business combinations;
ii) assets classified as held for sale or included in a disposal group classified as
held for sale in accordance with IFRS 5 and other disposals;
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26
27
28
29
30
31
32
49
50
63
79
80
86
97
98
99
108
B C D E F
iii) increases or decreases during the period resulting from revaluations under
paragraphs 75, 85 and 86 of IAS 38 and from impairment losses recognised or
reversed in other comprehensive income in accordance with IAS 36 (if any);
iv) impairment losses recognised in profit or loss during the period in
accordance with IAS 36 (if any);
v) impairment losses reversed in profit or loss during the period in accordance
with IAS 36 (if any);
vi) any amortisation recognised during the period;
vii) net exchange differences arising on the translation of the financial
statements into the presentation currency and on the translation of a foreign
operation into the presentation currency of the entity; and
viii) other changes in the carrying amount during the period.
IAS 38:119 The classes of intangible assets are disaggregated (aggregated) into smaller (larger)
classes if this results in more relevant information for the users of the financial
statements.
IAS 38:120 An entity discloses information on impaired intangible assets in accordance with IAS 36
Impairment of Assets in addition to the information required by paragraphs 118(e)(iii) to
(v) of IAS 38 (see above).
IAS 38:121 An entity discloses the nature and amount of any change in an accounting estimate
relating to intangible assets that has a material effect in the current period or that is
expected to have a material effect in subsequent periods, under IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors .
Did the entity have any intangible assets assessed as having indefinite lives?
An entity shall also disclose:
IAS 38:122(b) c) a description, the carrying amount and remaining amortisation period of any
individual intangible asset that is material to the financial statements of the entity;
IAS 38:122(c) d) Did the entity initially recognise at fair value (see paragraph 44 of IAS 38) any
intangible assets acquired by way of a government grant?
An entity shall also disclose:
IAS 38:122(d) e) the existence and carrying amounts of intangible assets whose title is restricted
and the carrying amounts of intangible assets pledged as security for liabilities; and
IAS 38:122(e) f) the amount of contractual commitments for the acquisition of intangible assets.
Intangible assets measured after recognition using the revaluation model
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109
131
132
144
145
146
147
B C D E F
Did the entity account for any intangible assets at revalued amounts?
Research and development expenditure
Did the entity recognise any research and development expenditure as an expense?
Additional encouraged disclosures
An entity is encouraged, but not required, to disclose the following information:
IAS 38:128(a) a) a description of any fully amortised intangible asset that is still in use; and
IAS 38:128(b) b) a brief description of significant intangible assets controlled by the entity but
not recognised as assets because they did not meet the recognition criteria of IAS 38
or because they were acquired or generated before IAS 38 (1998 version) was
effective.
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1
2
3
4
5
6
48
49
50
53
206
211
231
249
392
453
505
1027
1030
1126
1494
1578
1897
B C D E F
Index AcctTQSummary
The objective of IAS 39 is to establish principles for recognising and measuring financial
assets, financial liabilities and some contracts to buy or sell non-financial items.
Requirements for presenting and disclosing information about financial instruments are
set out in IAS32 and IFRS 7.
In July 2006, IFRIC 10 Interim Financial Reporting and Impairment was issued, which
clarifies that certain impairment losses recognised in a previous interim period cannot be
reversed in subsequent financial statements.
N/A
Comments
SCOPE (PARAGRAPHS 2-7)
39H Does one or more of the scope exceptions result in the contract, or a portion of the
contract falling outside IAS 39?
EMBEDDED DERIVATIVES (PARAGRAPHS 10-13)
39A IAS 32:AG3-12 Is the contract a financial asset?
39B IAS 32:AG3-12 Is the contract a financial liability?
39D Does the contract contain one or more embedded derivatives?
INITIAL RECOGNITION (PARAGRAPH 14 & PARAGRAPH 38)
39C IAS 32:AG15-19 Is the contract a derivative instrument?
39E IAS 39:9 Has the entity removed (i.e. derecognised) a previously recognised financial asset (or a
portion of the financial asset) from its statement of financial position?
DERECOGNITION OF A FINANCIAL LIABILITY (PARAGRAPHS 39 - 42)
39F IAS 39:9 Has the entity removed (i.e. derecognised) a previously recognised financial liability (or a
portion of the financial liability) from its statement of financial position?
INITIAL MEASUREMENT (PARAGRAPHS 43 - 44)
SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES (PARAGRAPH 47)
FAIR VALUE MEASUREMENT CONSIDERATIONS (PARAGRAPHS 48 - 49)
IMPAIRMENT AND UNCOLLECTIBILITY OF FINANCIAL ASSETS (PARAGRAPHS 58 - 70)
Page 345 of 366 6/12/2014 3:46 AM
2080
2127
2879
B C D E F
HEDGING (PARAGRAPHS 71 - 102)
39G IAS 39:71 Has the entity designated a hedging relationship for accounting purposes between one or
more hedging instruments and one or more hedged items?
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1
2
3
4
5
15
16
17
36
37
B C D E F
IAS 39, which establishes principles for recognising, derecognising and measuring
financial assets (until the application of IFRS 9 (see below)) and financial liabilities and
some contracts to buy and sell non-financial items. IAS 39 does not generally deal with
presentation and disclosure IFRS 7 Financial Instruments: Disclosures and IAS 32
Financial Instruments: Presentation are the standards providing guidance in these areas
(see relevant sections of this checklist). However, the points set out in this section
continue to be dealt with in IAS 39 and should be considered in relevant circumstances.
TQ
Reference
Yes / No /
N/A
Comments
Classification of financial assets
39A Did the entity recognise any financial assets on its statement of financial position?
Fair Value Hedges
39B Did the entity implement any fair value hedges of the interest rate exposure of a portion
of a portfolio of financial assets or financial liabilities?
Page 347 of 366 6/12/2014 3:46 AM
1
2
3
4
5
32
33
34
44
75
76
77
116
132
133
134
135
202
203
228
B C D E F
Index AcctTQSummary
IAS 40 Investment Property
treatment for investment property. The Standard allows entities to choose between a fair
value model and a cost model for the measurement of investment property. One of the
key issues is the determination of whether a property meets the definition of an
investment property, or is excluded from the scope of this Standard and is instead
covered by IAS 16 Property, Plant and Equipment or IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
TQ
Reference
Yes / No /
N/A
Comments
40A During the year, did the entity hold, lease under a finance lease, or acquire any land,
buildings or properties?
40H Did the entity hold a property interest under an operating lease that is accounted for as
an investment property?
Recognition
40B During the year, did the entity hold, lease under a finance lease, or acquire any property
meeting IAS 40s definition of investment property?
40C During the year, did the entity incur additional expenditure relating to an existing
40I Has the entity acquired investment property in exchange for a non-monetary asset(s), or
a combination of monetary and non-monetary asset(s)?
Measurement after recognition
Selection of accounting policy
40D Has the entity chosen the fair value model to account for all its investment property?
40E Has the entity chosen the cost model to account for all its investment property?
Transfers
40F Has any item of investment property been transferred during the year?
Disposals
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229
257
265
266
B C D E F
40G During the period, did the entity dispose of any investment property (whether by sale or
entering a finance lease or otherwise) or permanently withdraw any investment property
from use?
40J During the period, has the entity received compensation from third parties for investment
property that was impaired, lost or given up?
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1
2
3
4
5
15
16
18
19
20
21
24
25
26
27
28
B C D E F
IAS 40 Investment Property
IAS 40, which prescribes the accounting treatment for the recognition and measurement
of investment property and the related disclosure requirements. The Standard allows
entities to choose between a fair value model and a cost model for the measurement of
investment property, except in the case of investment property held under an operating
lease, when the fair value model is required to be applied. One of the key issues is the
determination of whether a property meets the definition of an investment property, or is
excluded from the scope of this Standard and is instead covered by IAS 16 Property,
Plant and Equipment, or IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations.
TQ
Reference
Yes / No /
N/A
Comments
40A Does the entity have any investment property? Yes
General disclosure requirements
IAS 40:75(a) a) whether it applies the fair value model or the cost model;
Does the entity apply the fair value model for any of its investment property?
IAS 40:75(c) c) when classification is difficult (see paragraph 14 of IAS 40), the criteria it uses
to distinguish investment property from owner-occupied property and from property
held for sale in the ordinary course of business;
IAS 40:75(d) d) the methods and significant assumptions applied in determining the fair value
of investment property, including a statement whether the determination of fair value
was supported by market evidence or was more heavily based on other factors (which
the entity shall disclose) because of the nature of the property and lack of comparable
market data;
IAS 40:75(e) e) the extent to which the fair value of investment property (as measured or
disclosed in the financial statements) is based on a valuation by an independent
valuer who holds a recognised and relevant professional qualification and has recent
experience in the location and category of the investment property being valued;
IAS 40:75(e) f) if there has been no valuation by an appropriately qualified independent valuer,
that fact;
IAS 40:75(f) g) the amounts recognised in profit or loss for:
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29
30
31
32
33
34
96
97
B C D E F
i) rental income from investment property;
ii) direct operating expenses (including repairs and maintenance) arising from
investment property that generated rental income during the period;
iii) direct operating expenses (including repairs and maintenance) arising from
investment property that did not generate rental income during the period; and
iv) where the entity has selected a different model (cost or fair value) to account
for its investment property backing liabilities that pay a return linked directly to
the fair value of, or the returns from, specified assets (including the investment
property), the cumulative change in fair value recognised in profit or loss on a sale
of investment property from a pool of assets in which the cost model is used into a
pool in which the fair value model is used (see paragraph 32C of IAS 40);
IAS 40:75(g) h) the existence and amounts of restrictions on the realisability of investment
property or the remittance of income and proceeds of disposal; and
IAS 40:75(h) i) contractual obligations to purchase, construct or develop investment property or
for repairs, maintenance or enhancements.
Cost model
Did the entity apply the cost model for any of its investment property?
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1
2
3
4
5
26
27
28
29
90
91
108
109
B C D E F
Index AcctTQSummary
IAS 41 Agriculture
treatment for agricultural activity. The primary issues are determining whether the
Standard is applicable to the activities undertaken by the entity, and the determination of
the fair value of biological assets and agricultural produce.
TQ
Reference
Yes / No /
N/A
Comments
41A Is the entity involved in agricultural or farming activities with respect to living plants or
animals or does it own or control any biological assets?
Inability to measure fair value reliably
41B Is the entity unable to measure at initial recognition the fair value of any of its biological
assets reliably?
Government grants
41C Has the entity received government grants, subsidies or subventions related to biological
assets, agricultural activity or farming (including grants that require an entity not to
engage in agricultural activity)?
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1
2
3
4
5
15
16
17
18
140
B C D E F
IAS 41 Agriculture
IAS 41 which prescribes the accounting treatment for agricultural activity. Agricultural
activity is the management by an entity of the biological transformation of living animals
or plants (biological assets) for sale, into agricultural produce, or into additional biological
assets. The primary issues are determining whether the Standard is applicable to the
activities undertaken by the entity, and the determination of fair value of biological
assets and agricultural produce.
TQ
Reference
Yes / No /
N/A
Comments
41A Did the entity:
- operate in agricultural or farming activities with respect to living plants or animals; or
- own or control any biological assets?
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1
2
3
4
5
14
15
17
22
29
B C D E F
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds
IFRIC 5, which deals with the accounting, in the financial statements of the contributor,
for interests in decommissioning, restoration and environmental rehabilitation funds
established to fund some or all of the costs of decommissioning assets or to undertake
environmental rehabilitation.
TQ
Reference
Yes / No /
N/A
Comments
IFRIC
5A
Does the entity have any interests in decommissioning, restoration and environmental
rehabilitation funds, where the entity is the contributor?
Yes
IFRIC 5:11 A contributor shall disclose the nature of its interest in a fund and any restrictions on
access to the assets in the fund.
IFRIC 5:12 Does the contributor have an obligation to make potential additional contributions that is
not recognised as a liability (see paragraph 10 of IFRIC 5)?
IFRIC 5:13 Does the contributor account for its interest in the fund in accordance with paragraph 9
of IFRIC 5?
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1
2
3
4
5
8
32
33
34
62
110
B C D E F
Index AcctTQSummary
IFRIC 12 Service Concession Arrangements
This section of the questionnaire addresses IFRIC 12, which gives guidance on the
accounting by operators for public-to-private service concession arrangements. The
primary issues are determining whether the Interpretation applies to the arrangements
undertaken by the entity, and, if so, determining the appropriate classification of the
service concession arrangement assets.
Entities that enter into service concession arrangements must comply with the disclosure
requirements of SIC 29. In addition, entities that recognise financial assets arising from
service concession arrangements must comply with the disclosure requirements of IFRS 7
in respect of those financial assets.
TQ
Reference
Yes / No /
N/A
Comments
Treatment of the operators rights over infrastructure
12A Is the entity a private sector operator that is party to a service concession arrangement
within the scope of IFRIC 12?
12B Has the entity recognised a financial asset in respect of a service concession
arrangement in accordance with IFRIC 12?
12C Has the entity recognised an intangible asset in respect of a service concession
arrangement in accordance with IFRIC 12?
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1
2
3
4
5
15
16
18
19
20
21
22
23
24
25
B C D E F
SIC 29 Service Concession Arrangements: Disclosures
SIC-29, which deals with what information should be disclosed in the notes in the
financial statements of the operator and the grantor involved in a service concession
arrangement. Under such arrangements, an entity (the operator) may enter into an
arrangement with another entity (the grantor) to provide services that give the public
access to major economic and social facilities. The grantor may be a public or private
sector entity, including a governmental body. Examples of service concession
arrangements involve water treatment and supply facilities, motorways, car parks,
tunnels, bridges, airports and telecommunication networks. Examples of arrangements
that are not service concession arrangements include an entity outsourcing the operation
of its internal services (e.g. employee cafeteria, building maintenance, and accounting or
information technology functions).
Yes / No /
N/A
Comments
SIC 29 Was the entity an operator or a grantor under service concession arrangements? Yes
SIC-29:6 All aspects of a service concession arrangement shall be considered in determining the
appropriate disclosures in the notes.
An operator and a grantor shall disclose the following in each period:
SIC-29:6(a) a) a description of the arrangement;
SIC-29:6(b) b) significant terms of the arrangement that may affect the amount, timing and
certainty of future cash flows (e.g. the period of the concession, re-pricing dates and
the basis upon which re-pricing or re-negotiation is determined);
SIC-29:6(c) c)the nature and extent (e.g. quantity, time period or amount as appropriate) of:
i) rights to use specified assets;
ii) obligations to provide or rights to expect provision of services;
iii) obligations to acquire or build items of property, plant and equipment;
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26
27
28
29
30
31
33
B C D E F
iv) obligations to deliver or rights to receive specified assets at the end of the
concession period;
v) renewal and termination options; and
vi) other rights and obligations (e.g. major overhauls); and
SIC-29:6(d) d) changes in the arrangement occurring during the period; and
SIC-29:6(e) e) how the service arrangement has been classified.
SIC-29: 6A An operator shall disclose the amount of revenue and profits or losses recognised in the
period on exchanging construction services for a financial asset or an intangible asset.
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1
2
3
4
5
6
7
8
9
37
76
79
80
120
121
126
B C D E F
Index AcctTQSummary
IFRIC 17 Distributions of Non-cash Assets to Owners
This section of the questionnaire addresses IFRIC 17. Sometimes an entity distributes
assets other than cash (non-cash assets) as dividends to its owners acting in their
capacity as owners. In those situations, an entity may also give its owners a choice of
receiving either non-cash assets or a cash alternative. IFRIC 17 gives guidance on how
an entity should account for such distributions.
IAS 1 requires an entity to present details of dividends recognised as distributions to
owners either in the statement of changes in equity or in the notes to the financial
statements.
When an entity declares a distribution and has an obligation to distribute the assets
concerned to its owners, it must recognise a liability for the dividend payable.
Consequently, this Interpretation addresses the following issues:
a) When should the entity recognise the dividend payable?
b) How should an entity measure the dividend payable?
c) When an entity settles the dividend payable, how should it account for any
difference between the carrying amount of the assets distributed and the carrying
amount of the dividend payable?
N/A
Comments
When to recognise a dividend payable
17A Has the entity distributed assets other than cash as dividends to its owners acting in their
capacity as owners?
Accounting for any difference between the carrying amount of the assets
distributed and the carrying amount of the dividend payable when an entity
settles the dividend payable
17B Has there been any difference between the carrying amount of the assets distributed and
the carrying amount of the dividend payable when the entity has settled the dividend
payable?
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1
2
3
4
32
54
55
57
59
60
61
63
64
65
66
67
B C D E F
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 17 which provides guidance on distribution of non-cash assets to owners.
Yes / No /
N/A
Comments
17A Has the entity distributed non-cash assets as dividends to its owners? Yes
IFRIC 17:15 An entity shall present the difference described in paragraph 14 of IFRIC 17 as a
separate line item in profit or loss.
IFRIC 17:16 An entity shall disclose the following information, if applicable:
a) the carrying amount of the dividend payable at the beginning and end of the
period; and
b) the increase or decrease in the carrying amount recognised in the period in
accordance with paragraph 13 of IFRIC 17 as result of a change in the fair value of
the assets to be distributed.
IFRIC 17:17 If, after the end of a reporting period but before the financial statements are authorised
for issue, an entity declares a dividend to distribute a non-cash asset, it shall disclose:
a) the nature of the asset to be distributed;
b) the carrying amount of the asset to be distributed as of the end of the reporting
period; and
c) the estimated fair value of the asset to be distributed as of the end of the
reporting period, if it is different from its carrying amount, and the information about
the method used to determine that fair value required by IFRS 7 Financial
Instruments: Disclosure paragraph 27-27B(a).
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1
2
3
4
5
6
7
8
9
10
11
46
87
88
89
252
253
286
B C D E F
Index AcctTQSummary
IFRIC 18 Transfers of Assets from Customers
TQ Reference Recognition/measurement requirement Yes / No / N/A
This section of the questionnaire addresses IFRIC 18. In the utilities industry, an entity
may receive from its customers items of property, plant and equipment that must be
used to connect those customers to a network and provide them with ongoing access to
a supply of commodities such as electricity, gas or water. Alternatively, an entity may
receive cash from customers for the acquisition or construction of such items of property,
plant and equipment. Typically, customers are required to pay additional amounts for the
purchase of goods or services based on usage.
Transfers of assets from customers may also occur in industries other than utilities. For
example, an entity outsourcing its information technology functions may transfer its
existing items of property, plant and equipment to the outsourcing provider.
In some cases, the transferor of the asset may not be the entity that will eventually have
ongoing access to the supply of goods or services and will be the recipient of those goods
or services. However, for convenience this Interpretation refers to the entity transferring
the asset as the customer.
The Interpretation addresses the following issues:
a) Is the definition of an asset met?
b) If the definition of an asset is met, how should the transferred item of property,
plant and equipment be measured on initial recognition?
c) If the item of property, plant and equipment is measured at fair value on initial
recognition, how should the resulting credit be accounted for?
d) How should the entity account for a transfer of cash from its customer?
N/A
Comments
Is the definition of an asset met?
18A Has the entity received a transfer of an item of property, plant and equipment from a
customer?
How should the entity account for a transfer of cash from its customer?
18B Has the entity received a transfer of cash from a customer?
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1
2
3
4
5
6
7
8
9
10
43
74
75
76
78
B C D E F
Index AcctTQSummary
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
This section of the questionnaire addresses IFRIC 19. A debtor and creditor might renegotiate
the terms of a financial liability with the result that the debtor extinguishes the liability fully or
partially by issuing equity instruments to the creditor. These transactions are sometimes referred
to as debt for equity swaps. IFRIC 19 gives guidance on how an entity should account for such
transactions.
IFRIC 19 addresses the following issues:
(a) Are an entitys equity instruments issued to extinguish all or part of a financial liability
consideration paid in accordance with paragraph 41 of IAS 39?
(a) Are an entitys equity instruments issued to extinguish all or part of a financial liability
consideration paid in accordance with paragraph 3.3.3 of IFRS 9 Financial Instruments ?
Note: IFRS 9, issued in October 2010, amends paragraph 4(a) of IFRIC 19. An entity shall
apply this amendment when it applies IFRS 9(2010).
(b) How should an entity initially measure the equity instruments issued to extinguish
such a financial liability?
(c) How should an entity account for any difference between the carrying amount of the
financial liability extinguished and the initial measurement amount of the equity instruments
issued?
N/A
Comments
Are equity instruments issued to extinguish all or part of a financial liability
consideration paid?
19A Has the entity renegotiated the terms of a financial liability with the result that the entity is
issuing equity instruments to a creditor of the entity to extinguish all or part of the financial
liability?
Yes
IFRIC 19:5 Has the entity removed a financial liability (or part of a financial liability) from its statement of
financial position when, and only when, it is extinguished in accordance with paragraph 39 of IAS
39?
Page 361 of 366
80
83
84
85
93
127
128
129
131
158
159
160
161
B C D E F
financial position when, and only when, it is extinguished in accordance with paragraph 3.3.1 of
IFRS 9(2010)?
Initial measurement of equity instruments issued to extinguish a financial liability
IFRIC 19:9 Have the equity instruments issued been recognised initially and measured at the date the
financial liability (or part of that liability) is extinguished?
IFRIC 19:6 Has the entity, when equity instruments issued to a creditor to extinguish all or part of a
financial liability recognised initially the equity instruments issued at their fair value, unless that
fair value cannot be reliably measured?
IFRIC 19:8 Is only part of the financial liability extinguished?
Accounting for any difference between the carrying amount of the financial liability
extinguished and the initial measurement amount of the equity instruments issued
IFRIC 19:9 Has the difference between the carrying amount of the financial liability (or part of a financial
liability) extinguished, and the consideration paid, been recognised in profit or loss, in
accordance with paragraph 3.3.3 of IFRS 9(2010)?
Is only part of the financial liability extinguished?
Effective date
IFRIC 19:12 An entity shall apply this Interpretation for annual periods beginning on or after 1 July 2010.
IFRIC 19:13 An entity shall apply a change in accounting policy in accordance with IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors from the beginning of the earliest comparative
period presented.
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1
2
3
4
18
60
61
63
75
76
B C D E
Index
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IFRIC 19 which provides guidance on extinguishing financial liabilities with equity
instruments.
Yes / No /
N/A
19A Has the entity issued equity instruments to extinguish all or part of a financial liability Yes
IFRIC 19:11 An entity shall disclose a gain or loss recognised in accordance with paragraphs 9 and 10
of IFRIC 19 as a separate line item in profit or loss or in the notes.
IFRIC 19:12 An entity shall apply this Interpretation for annual periods beginning on or after 1 July
2010.
Page 363 of 366 6/12/20143:46 AM
1
2
3
4
18
60
61
63
75
76
F
PresentTQSummary
Comments
Page 364 of 366 6/12/20143:46 AM
1
2
3
4
5
6
7
8
9
10
45
88
89
90
92
94
B C D E F
Index AcctTQSummary
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (entity has adopted IFRS 9(2010))
This section of the questionnaire addresses IFRIC 19 Extinguishing Financial Liabilities with
Equity Instruments . A debtor and creditor might renegotiate the terms of a financial liability with
the result that the debtor extinguishes the liability fully or partially by issuing equity instruments
to the creditor. These transactions are sometimes referred to as debt for equity swaps. IFRIC 19
gives guidance on how an entity should account for such transactions.
IFRIC 19:4 IFRIC 19 addresses the following issues:
a) Are an entitys equity instruments issued to extinguish all or part of a financial liability
consideration paid in accordance with paragraph 41 of IAS 39 Financial Instruments:
Recognition and Measurement ?
a) Are an entitys equity instruments issued to extinguish all or part of a financial liability
consideration paid in accordance with paragraph 3.3.3 of IFRS 9 Financial Instruments ?
Note: IFRS 9, issued in October 2010, amends paragraph 4(a) of IFRIC 19. An entity shall
apply this amendment when it applies IFRS 9(2010).
(b) How should an entity initially measure the equity instruments issued to extinguish
such a financial liability?
(c) How should an entity account for any difference between the carrying amount of the
financial liability extinguished and the initial measurement amount of the equity instruments
issued?
N/A
Comments
Are equity instruments issued to extinguish all or part of a financial liability
consideration paid?
19A Has the entity renegotiated the terms of a financial liability with the result that the entity is
issuing equity instruments to a creditor of the entity to extinguish all or part of the financial
liability?
Yes
financial position when, and only when, it is extinguished in accordance with paragraph 39 of IAS
39?
financial position when, and only when, it is extinguished in accordance with paragraph 3.3.1 of
IFRS 9(2010)?
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98
99
107
141
142
143
145
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175
176
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B C D E F
Initial measurement of equity instruments issued to extinguish a financial liability
IFRIC 19:9 Have the equity instruments issued been recognised initially and measured at the date the
financial liability (or part of that liability) is extinguished?
IFRIC 19:6 Has the entity, when equity instruments issued to a creditor to extinguish all or part of a
financial liability recognised initially the equity instruments issued at their fair value, unless that
fair value cannot be reliably measured?
IFRIC 19:8 Is only part of the financial liability extinguished?
Accounting for any difference between the carrying amount of the financial liability
extinguished and the initial measurement amount of the equity instruments issued
accordance with paragraph 3.3.3 of IFRS 9(2010)?
Is only part of the financial liability extinguished?
Effective date
IFRIC 19:12 An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2011.
IFRIC 19:13 An entity shall apply a change in accounting policy in accordance with IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors from the beginning of the earliest comparative
period presented.
Page 366 of 366

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a. an explanation of why fair value cannot be determined measured reliably;

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