IFRS standards roadmap Updated: 13.5. Based on IASB work plan as of April 30, (EU endorsement status as at April 5, ) Taru Kettunen
IASB Completed projects: Recently published, major projects MAJOR PROJECTS Issued Effective date Amendments to IAS 19 Employee benefits 6/2011 1 Jan. Additions to IFRS 9 Financial Instruments (financial liabilities at fair value) 10/2010 1 Jan. 2015 * IFRS 10: Consolidated Financial Statements (IAS 27) 5/2011 1 Jan. ** IFRS 11: Joint Arrangements (IAS 31) 5/2011 1 Jan. ** IFRS 12: Disclosure of interests in other entities 5/2011 1 Jan. ** IFRS 13: Fair value measurement 5/2011 1 Jan. 3 * Early application is permitted, but standard is not endorsed for use in EU ** Effective date in EU at Jan. 1, 2014 (endorsement date 11 Dec. 2012)
Uudet konsolidointiin liittyvät standardit (IFRS 10-12) IFRS 10 - Kontrollin määritelmä, suojaavat ja tosiasialliset oikeudet sekä potentiaaliset äänioikeudet IFRS 11 Joint operation ja Joint Venture määritelmä ja periaatteet konserniin yhdistelemiselle IFRS 12 uudet liitetietovaatimukset IASB:n määrittelemä voimaantulopäivä 1.1., mutta EU:ssa otettava käyttöön viimeistään 1.1.2014 ai sen jälkeen alkavalla tilikaudella
Uudet konsolidointiin liittyvät standardit (IFRS 10-12) ENNEN IAS 27 Konsernitilinpäätös ja erillistilinpäätös SIC 12 Konsernitilinpäätös erityistä tarkoitusta varten perustetut yhtiöt IAS 28 Sijoitukset osakkuusyrityksiin SIC 13 Yhteisessä määräysvallassa olevat yksiköt osapuolten eimonetaariset panostukset IAS 31 Osuudet yhteisyrityksissä JÄLKEEN IFRS 10 Konsernitilinpäätös IAS 27 Erillistilinpäätös IFRS 12 Tilinpäätöksessä IAS 28 Sijoitukset osakkuusyrityksiin ja yhteisyrityksiin IFRS 11 Yhteisjärjestelyt esitettävät tiedot muista yhtiöistä
IASB Completed projects: Recently published, narrow scope amendments Narrow scope amendments Issued Effective date Presentation of OCI (IAS 1) 6/2011 1 July 2012 Amendment to IFRS 1 First-time adoption of IFRSs, government loans 3/2012 1 Jan. * Annual Improvements 2009-2011 including e.g.: Amendment to IFRS 1 First-time adoption of IFRSs IAS 16 Property, Plant and Equipment (Classification of servicing equipment) IAS 32: Presentation: Tax effect of distribution to holders of equity instruments IAS 34: Interim financial reporting and segment information for total assets and liabilities 5/2012 1 Jan. Offsetting Financial Assets and Liabilities (Amendments to IFRS 7) 12/2011 1 Jan. Amendments to IFRS 10, 11, and 12 (Transition guidance) 6/2012 1 Jan * Investment Entities, Amendments to IFRS 10, IFRS 12 and IAS 27 10/2012 1 Jan. 2014 ** Offsetting Financial Assets and Liabilities (Amendments to IAS 32) 12/2011 1 Jan. 2014 6 * Effective date in EU at Jan. 1, 2014 ** The EU endorsement pending
IASB Active Projects Major IFRSs Latest step IFRS 9: Financial instruments (replacement of IAS 39) Classification and measurement (limited amendments) Nov/12 Survey May/12 Q2 Q3 Impairment (comments by 5 July) Mar/13 Redeliberations Q4 Effective date (EST) Redeliberations 1.1.2015 1.1.2015 General hedge accounting Q4/10 IFRS 1.1.2015 Macro hedge accounting Q4/10 DP 1.1.2015 Leases Q3/10 1 Jan 2015 Revenue recognition (Re-exp) Nov/11 IFRS 1 Jan 2015 Insurance contracts Q3/10 1 Jan 2014-15 Rate-regulated Activities 7 Interim IFRS (comments by 4 Sep) Apr/13 Redeliberations Rate regulation (RFI responses by 30 May) DP
IASB Active Projects Implementation Latest step Q2 Q3 Q4 Effective from (EST) Narrow scope amendments Acquisition of an Interest in a Joint Operation (IFRS 11) Dec/12 IFRS 1 Jan 2015 Actuarial assumptions: discount rate (IAS 19) Annual Improvements 2010-2012 May/12 IFRS 1 Jan 2014 Annual Improvements 2011- Nov/12 IFRS 1 Jan 2015 Annual Improvements 2012-2014 1 Jan 2015 Bearer plants (biological assets, IAS 41) Clarification of Acceptable Methods of Deprec. and Amortis. (IAS 16 and IAS 38) IFRS 1 Jan 2015 Defined benefit plans: employee contributions (IAS 19) Mar/13 IFRS 1 Jan 2015 Disclosure Requirements about Assessment of Going Concern (IAS 1) Equity Method: Share of Other Net Asset Changes (IAS 28) IFRS 1 Jan 2015 8
IASB Active Projects Implementation Latest step Q2 Q3 Q4 Effective from (EST) Narrow scope amendments, continued Fair Value Measurement: unit of Account (IFRS 13) Novation of Derivatives and Continuity of Hedge Accounting (ISA 39 and IFRS 9) IFRS 1 Jan 2014 Put Options Written on Non-controlling Interests (IAS 32) Recognition of Deferred Tax Assets for Unrealised Losses (IAS 12) Recoverable Amounts Disclosures for Non-Financial Assets Jan/13 IFRS 1 Jan 2014 Sales or Contributions of Assets between an Investor and its Associate or Joint Venture (IFRS 10 and IAS 28) Dec/12 IFRS 1 Jan 2015 Separate financial statements (equity method) (IAS 27) Post-implementation reviews IFRS 8 Operating segments ( was part of Annual Improvements 2010-2012) RFI July/12 Report 9 IFRS 3 Business Combinations Initiate review
IASB Projects Agenda consultation Agenda consultation was launched by IASB at July 26, 2011. Comments were requested by 30 November 2011 Public Round Tables held in March 2012 Feedback statement published Dec. 2012 Second triennial public consultation scheduled to start in 2015 Deferred / to be scheduled after agenda consultation Latest step Financial Statement Presentation (replacement of IAS 1 and IAS 7) ST Q3/10 FSP - Discontinued Operations (IFRS5) Q3/08 Financial instruments with characteristics of equity DP Q1/08 Emissions Trading Schemes Liabilities (IAS 37 amendments) Q1/11 Income taxes Q1/09 10
Thank you! Taru.kettunen@basware.com 11