IFRS in Your Pocket 2021
IFRS in Your Pocket 2021
IFRS in Your Pocket 2021
2021
Contents
Abbreviations 1
Foreword 2
Deloitte Accounting Research Tool (DART) 4
Our IAS Plus website 6
IFRS Standards around the world 8
The IFRS Foundation and the Board 10
Standards, Interpretations and
Practice Statements 20
Board projects 127
Deloitte IFRS resources 137
Contacts 139
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Abbreviations
DP Discussion Paper
EC European Commission
ED Exposure Draft
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Foreword
With so much going on, the best way you can keep up to date on
IFRS and broader corporate reporting developments is through
our website www.iasplus.com, which is widely regarded as the
most comprehensive source of news and comment on this subject.
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Veronica Poole
Global IFRS Leader
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Europe
43 jurisdictions in Europe require IFRS Standards to be applied by all
or most of their domestic publicly accountable entities. Switzerland
permits the use of IFRS Standards.
Both the parliament and the council must not oppose (or in certain
circumstances must approve) endorsement within three months,
otherwise the proposal is sent back to the EC for further consideration.
Further information on endorsement is available from Deloitte:
www.iasplus.com/en/resources/ifrs-topics/europe. The most
recent status on EU endorsement of IFRS Standards can be found at:
www.efrag.org/Endorsement.
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The Americas
27 jurisdictions in the Americas require IFRS Standards to be applied
by all or most of their domestic publicly accountable entities. A further
8 jurisdictions permit or require IFRS Standards for at least some
domestic publicly accountable entities.
Asia-Oceania
25 jurisdictions in Asia-Oceania require IFRS Standards to be applied
by all or most of their domestic publicly accountable entities. A further
3 jurisdictions permit or require IFRS Standards for at least some
domestic publicly accountable entities.
Africa
36 jurisdictions in Africa require IFRS Standards to be applied by all or
most of their domestic publicly accountable entities and one permits or
requires IFRS Standards for at least some domestic publicly accountable
entities.
Middle East
13 jurisdictions in the Middle East require IFRS Standards to be applied
by all or most of their domestic publicly accountable entities.
Filing requirements
The Board is also gathering information about the filing requirements
for financial statements prepared in accordance with IFRS Standards.
This includes an assessment of requirements to file electronic versions
of the financial statements, and the form of those filings.
The SEC and European electronic filings must use the IFRS Taxonomy
maintained by the Board. More information is available at
www.ifrs.org/issued-standards/ifrs-taxonomy/.
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Due process
The Board and its Interpretations Committee follow a comprehensive
and open due process built on the principles of transparency, full and
fair consultation and accountability. The IFRS Foundation Trustees,
through its Due Process Oversight Committee, is responsible for
overseeing all aspects of the due process procedures of the Board
and the IFRS Interpretations Committee, and for ensuring that those
procedures reflect best practice.
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• Undertake fieldwork
Accountability An effects analysis and basis for conclusions (and
dissenting views) are published with each new
Standard.
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Consultative bodies
Advisory The IFRS Advisory Council meets twice a year. Its
groups members give advice to the Board on its work
programme, inform the Board of their views on
major standard-setting projects and give other
advice to the Board or the Trustees. The Advisory
Council has at least 30 members (and currently has
48), including a member from Deloitte. Members are
appointed by the Trustees and are organisations and
individuals with an interest in international financial
reporting from a broad range of geographical and
functional backgrounds.
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Asia-Oceania office
Otemachi Financial City - South Tower, 5F, 1-9-7, Otemachi,
Chiyoda-ku, Tokyo, 100-0004, Japan
Telephone: +81 (0) 3 5205 7281
Fax: +81 (0) 3 5205 7287
General e-mail: AsiaOceania@ifrs.org
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Governance
Monitoring Board
Oversees the
Trustees and
provides a formal link
between the Trustees
and public authorities
Trustees of the
IFRS Foundation
Responsible for
IFRS the governance and
Advisory oversight of the Board
council
A sounding
board for ASAF
the Board Board Provides technical
and the Responsible for support and advice
Trustees developing and to the Board
approving all
Standards and Project
Interpretations Consultative Groups
Provide advice on major
projects to develop a
Advises new Standard
IFRS Interpretations
Committee Standing
Reports to Consultative Groups
Considers requests
to interpret how IFRS Provide advice from
Standards should be a particular sector or
applied – can develop on a special topic
Interpretations or
minor amendments Transition
for the Board Resource Groups
Provide transition
support for major new
Standards
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Monitoring Board
The Monitoring Board provides formal interaction between capital
markets authorities and the IFRS Foundation. It provides public
accountability of the IFRS Foundation through a formal reporting line
from the Trustees of the Foundation to the Monitoring Board.
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Transition overlap
When the Board amends or issues new Standards it provides a period
of transition before the new requirements are mandatory, but generally
allows entities to apply the new requirements before the mandatory
date. The effect is that there is sometimes a choice of requirements
available to entities. For example, an entity could continue to apply
IFRS 4 Insurance Contracts in periods beginning 1 January 2021 or it
could elect to apply IFRS 17 Insurance Contracts.
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Telephone: +44 (0) 20 7332 2730 | Fax: +44 (0) 20 7332 2749
Website: shop.ifrs.org | e-mail: publications@ifrs.org
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Covers, among other things, the objectives of the Board, the scope
of IFRS Standards, due process for developing Standards and
Interpretations, equal status of ‘bold type’ and ‘plain type’ paragraphs,
policy on effective dates and use of English as the official language.
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Standards
IFRS 1 First-time Adoption of International Financial Reporting
Standards
IFRS 16 Leases
IAS 2 Inventories
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IAS 41 Agriculture
Interpretations
IFRIC 1 hanges in Existing Decommissioning, Restoration and
C
Similar Liabilities
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IFRIC 19
E xtinguishing Financial Liabilities with Equity Instruments
IFRIC 21 Levies
Practice Statements
PS 1 Management Commentary
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Amendments
IFRS 4 xtension of the Temporary Exemption from
E
Applying IFRS 9
Amendments
IAS 1 Classification of Liabilities as Current or Non-Current
(including Deferral of Effective Date)
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Interpretations None
Changes None
effective
this year
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Interpretations None
Changes
effective None
this year
Pending
None
changes
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These amendments:
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Interpretations None
Changes The Board issued amendments to IFRS 9, IAS 39,
effective IFRS 7, IFRS 4 and IFRS 16 that are titled Interest
this year Rate Benchmark Reform—Phase 2. The amendments
enable entities to reflect the effects of transitioning
from benchmark interest rates, such as interbank
offered rates (IBORs) to alternative benchmark
interest rates without giving rise to accounting
impacts that would not provide useful information
to users of financial statements.
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Changes None
effective
this year
Pending The Board is currently undertaking a PIR of IFRS 11.
changes
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Five steps The Standard sets out five steps an entity applies to
meet the core principle.
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IFRS 16 Leases
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• Notes
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Changes None
effective
this year
Pending The Board issued amendments to IAS 1 titled
changes Classification of Liabilities which are effective for
annual periods beginning on or after 1 January 2023
with earlier application permitted. An entity would
apply those amendments retrospectively.
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In particular:
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IAS 2 Inventories
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Interpretations None
Changes None
effective
this year
Pending The Board published amendments to IAS 8 titled
changes Definition of Accounting Estimates which are effective
for annual reporting periods beginning on or after
1 January 2023 to changes in accounting policies
and changes in accounting estimates that occur on
or after the start of that period. Earlier application
is permitted.
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Interpretations None
Changes None
effective
this year
Pending None
changes
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IAS 41 Agriculture
Changes None
effective this
year
Pending In May 2020, the Board issued Annual
changes Improvements to IFRS Standards 2018-2020. As
part of these annual improvements, the Board
removed the requirement in IAS 41 for entities to
exclude cash flows for taxation when measuring
fair value. This aligns the fair value measurement
in IAS 41 with the requirements of IFRS 13 to use
internally consistent cash flows and discount
rates and enables preparers to determine
whether to use pre-tax or post-tax cash flows and
discount rates for the most appropriate fair value
measurement.
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Additional Interpretations
IFRIC 12 and IFRIC 17 are summarised separately, because they draw from
several Standards and are more complex than most Interpretations.
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Practice Statements
Practice
Management Commentary
Statement 1
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Practice
Making Materiality Judgements
Statement 2
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Board projects
The Board updates its work plan each month, which can be viewed at
www.ifrs.org/projects/work-plan/
You can follow progress on the Board’s projects on IAS Plus. Previews of
the Board agenda papers are available on IAS Plus about a week before
each Board meeting, and summaries of the discussions and decisions
reached are available shortly after each meeting: www.iasplus.com/en/
meeting-types/iasb.
The information in the following tables reflects the Board’s work plan at
22 February 2021.
Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Standard/
Area
Interpretation Topic Description
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Standard/
Interpretation Topic Description
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Websites
www.deloitte.com
www.iasplus.com
Publications
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Our IAS Plus website also allows visitors to register and subscribe
to various publications, to receive emails as new editions are
released. Simply visit www.iasplus.com and select the ‘login or
register’ option at the top of the screen.
You can also keep up-to-date with the latest publications, and
financial reporting developments in general, through RSS (links
are available on www.iasplus.com) and Twitter (www.twitter.com/
iasplus).
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Contacts
Veronica Poole
Global IFRS Leader
ifrsglobalofficeuk@deloitte.co.uk
Europe–Africa
Belgium Thomas Carlier ifrs-belgium@deloitte.com
Denmark Søren Nielsen ifrs@deloitte.dk
France Laurence Rivat ifrs@deloitte.fr
Germany Jens Berger ifrs@deloitte.de
Italy Massimiliano Semprini ifrs-it@deloitte.it
Luxembourg Martin Flaunet ifrs@deloitte.lu
Netherlands Ralph Ter Hoeven ifrs@deloitte.nl
Russia Maria Proshina ifrs@deloitte.ru
South Africa Nita Ranchod ifrs@deloitte.co.za
Spain José Luis Daroca ifrs@deloitte.es
Switzerland Nadine Kusche ifrsdesk@deloitte.ch
United Kingdom Elizabeth Chrispin deloitteifrs@deloitte.co.uk
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