IFRS in your pocket 2019

IFRS in your pocket

2019

Contents

Abbreviations

1

Foreword

2

Our IAS Plus website

3

IFRS Standards around the world

5

The IFRS Foundation and the IASB

7

Standards and Interpretations

15

Standards and Interpretations

24

Summaries of Standards and Interpretations

in effect at 1 January 2019

Requirements that are not yet mandatory

29

100

IASB projects

104

Deloitte IFRS resources

111

Contacts

113

IFRS in your pocket |2019

Abbreviations

ARC

Accounting Regulatory Commission

ASAF

Accounting Standards Advisory Forum

DP

Discussion Paper

EC

European Commission

ED

Exposure Draft

EFRAG

European Financial Reporting Advisory Group

GAAP

Generally Accepted Accounting Principles

IAS

International Accounting Standard

IASB

International Accounting Standards Board

IASC International Accounting Standards Committee

(predecessor to the IASB)

IFRIC Interpretation issued by the IFRS Interpretations

Committee

IFRS

International Financial Reporting Standard

IFRS Standards All Standards and Interpretations issued by the IASB

(i.e. the set comprising every IFRS, IAS, IFRIC and SIC)

PIR

Post-implementation Review

SEC

US Securities and Exchange Commission

SIC Interpretation issued by the Standing Interpretations

Committee of the IASC

SMEs

Small and Medium-sized Entities

XBRL

Extensible Business Reporting Language

XML

Extensible Markup Language

1

IFRS in your pocket |2019

Foreword

Welcome to the 2019 edition of IFRS in Your Pocket.

It is a concise guide of the IASB¡¯s standard-setting activities that

has made this publication an annual, and indispensable, worldwide

favourite.

At its core is a comprehensive summary of the current Standards

and Interpretations along with details of the projects on the IASB

work plan. Backing this up is information about the IASB and an

analysis of the use of IFRS Standards around the world. It is the

ideal guide, update and refresher for everyone involved.

This is another year of important changes in IFRS. IFRS 16 Leases

is mandatory for annual periods beginning on or after 1 January

2019, along with a new Interpretation on uncertain tax positions

and seven amendments to Standards, of which four resulted from

the IASB¡¯s Annual Improvement process.

Further along the horizon IFRS 17 Insurance Contracts is effective

from 1 January 2021, although that is likely to be deferred until

1 January 2022.

The IASB will also be seeking input on other projects. We expect

to see continued activity on the projects under the umbrella of

Better Communication in Financial Reporting and a broad range of

research projects, including wider corporate reporting.

With so much going on, the best way you can keep up to date

continuously with the latest developments in the arenas of

international and domestic financial reporting, is through our

website . It is widely regarded as the most

comprehensive source of news, and comment, about international

financial reporting available today.

Veronica Poole

Global IFRS Leader

2

IFRS in your pocket |2019

Our IAS Plus website

Deloitte¡¯s IAS Plus () is one of the most comprehensive

sources of global financial reporting news on the Web. It is a central

repository for information about International Financial Reporting

Standards as well as the activities of the IASB. The site, which is also

available in German, includes portals tailored to the United Kingdom,

the United States, and Canada (in English and French) each with a

focus on local GAAP and jurisdiction-specific corporate reporting

requirements.

IAS Plus features:

?? News about global financial reporting developments, presented

intuitively with related news, publications, events and more

?? Pre-meeting summaries of the topics being discussed by the IASB

and IFRS Interpretations Committee, and summaries of the meeting

discussions and decisions reached

?? Summaries of all Standards, Interpretations and projects, with

complete histories of developments and standard-setter discussions

together with related news and publications

?? Rich jurisdiction-specific information, including background and

financial reporting requirements, links to country-specific resources,

related news and publications and a comprehensive history of the

adoption of IFRS Standards around the world

?? Detailed personalisation of the site, which is available by selecting

particular topics of interest and creating tailored views of the site

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