IFRS disclosure checklist 2017 - PwC

[Pages:248]IFRS disclosure checklist

2017

Introduction

IFRS disclosure checklist 2017

The IFRS disclosure checklist has been updated to outline the disclosures required for December 2017 year ends. It also contains a section (Section C) which provides the disclosures required of entities that early-adopt IFRSs effective for annual periods beginning after 1 January 2018.

The most recently issued standards and interpretations from the IASB and IFRIC are:

Standards and interpretations Amendment to IAS 7 on disclosure initiative

Amendment to IAS 12 on recognition of deferred tax assets for unrealised losses

IFRS effective date Annual periods beginning on or after 1 January 2017

Annual periods beginning on or after 1 January 2017

Forthcoming standards and interpretations IFRS 2, Share-based payment Amendment on clarifying sharebased payment transactions IFRS 9, Financial instruments

Amendment to IFRS 9, Financial instruments on general hedge accounting Amendment to IFRS 9,Financial instruments on prepayment features with negative compensation

Amendments to IFRS 4, `Insurance contracts' regarding the implementation of IFRS 9, `Financial instruments'

Annual periods beginning on or after 1 January 2018

Annual periods beginning on or after 1 January 2018

Annual periods beginning on or after 1 January 2018 Annual periods beginning on or after 1 January 2019 Annual periods beginning on or after 1 January 2018

Amendments to IAS 28

Annual periods beginning on or after 1 January 2019

IFRS 15, 'Revenue from contracts with customers'

Annual periods beginning on or after 1 January 2018

Amendments to IFRS 15 ' Revenue from contracts with customers' - Annual periods beginning on or after

Clarifications

1 January 2018

IFRS 16, 'Leases' IFRS 17,'Insurance contracts'

Annual periods beginning on or after 1 January 2019

Annual periods beginning on or after 1 January 2021

IFRIC 22, `Foreign currency transactions and advance consideration'

IFRIC 23, `Uncertainty over income tax treatments'

Annual periods beginning on or after 1 January 2018

Annual periods beginning on or after 1 January 2019

Introduction

Contents

IFRS disclosure checklist 2017

Section A A1 A2 A3 A4 A5 A6 A7 A8 A9

Disclosures for consideration by all entities General requirements Accounting policies Statement of Comprehensive Income/Income Statement Statement of Financial Position (Balance Sheet) Statement of Cash Flows Statement of Changes in Equity Statement of Recognised Income and Expense Capital Disclosure Fair Value Hierarchy Transfers

Section B B1 B2 B3 B4 B5 B6 B7

Additional Disclosures IFRS 1 First time adoption IAS 29 Hyperinflation IAS 33 Earnings per Share IAS 41 Agriculture IFRS 4 Insurance contracts IFRS 8 Operating Segments IFRS 14 - Regulatory deferral accounts

Section C

Standards not yet effective

C1

Revenue from contracts with customers

C2

Financial instruments - new disclosures required by IFRS 9 (2014)

C3

Leases - new disclosures required by IFRS 16

Page

5 10 18 33 157 162 163 163 164

171 176 177 180 183 186 193

201 209 241

Contents

Section A ? Disclosures for consideration by all entities

IFRS disclosure checklist 2017 Section A: Disclosures for consideration by all entities

Section A ? Disclosures for consideration by all entities

IFRS disclosure checklist 2017 ? Section A

A1. General requirements

Sources

Y-NM-NA Comments

1. Financial statement components Financial statements should include the following components:

IAS 1

(a) a statement of financial position as at the end of the period;

IAS 1 (2007) 10(a)

(b) a statement of profit or loss and other comprehensive IAS 1 (2007) -

income for the period;

10(b)

(c) a statement of changes in equity for the period;

IAS 1 (2007) 10(c)

(d) a statement of cash flows for the period;

IAS 1 (2007) 10(d)

(e) notes, comprising significant accounting policies and other explanatory information; and

IAS 1 (2007) 10(e)

(ea) comparative information in respect of the preceding period.

IAS 1 (2007) 10 (ea)

(f) a statement of financial position at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements or when it classifies items in its financial statements (in accordance with IAS 1 paragraphs 40A-40D .

IAS 1 (2007) 10 (f)

2. Equal Prominence of financial statements Has the entity presented all of the financial statements required in a complete set of IFRS financial statements with equal prominence?

IAS 1 (2007) 11

3. Presentation of similar items

IAS 1 (2007) -

Present each material class of similar items separately in 29

the financial statements.

4. Items of dissimilar nature of function

IAS 1 (2007) -

Present items of a dissimilar nature or function separately 29

unless they are immaterial.

5. Offsetting Do not offset assets and liabilities, or income and expenditure, unless required or permitted by an IFRS (Standard or Interpretation).

IAS 1 (2007) 32

The next question is 7

7. Comparative Information

IAS 1 (2007) -

Except when an IFRSs permit or require otherwise, an

38

entity shall present comparative information in respect of

the preceding period for all amounts presented in the

current period's financial statements. An entity shall

include comparative information for narrative and

5

Section A ? Disclosures for consideration by all entities

IFRS disclosure checklist 2017 ? Section A

descriptive information if it is relevant to an understanding the current period's financial statements.

Sources

Y-NM-NA Comments

8. Comparative Information - Minimum Requirements An entity shall present, as a minimum:

IAS 1

(a) two statements of financial position;

IAS 1 (2007) 38A

(b) two statements of profit or loss and other comprehensive income;

IAS 1 (2007) 38A

(c) two separate statements of profit or loss (if presented); IAS 1 (2007) 38A

(d) two separate statements of cash flows

IAS 1 (2007) 38A

(e) two statements of changes in equity; and

IAS 1 (2007) 38A

(f) related notes.

IAS 1 (2007) 38A

9. Third Statement of Financial Position

IAS 1 (2007) -

In addition to the above minimum requirements, if the

40D

entity makes the retrospective application, retrospective IAS 1 (2007) -

restatement or reclassification, the entity shall present a 40B

third statement of financial position as at the beginning of IAS 1 (2007) -

the preceding period if:

40A

(a) it applies an accounting policy retrospectively, makes IAS 1 (2007) -

a retrospective restatement of items in its financial

40C

statements or reclassifies items in its financial statements;

and

(b) the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period.. Note (1): The entity is not required to present the related notes to the opening statement of financial position at the beginning of the preceding period (third statement of financial position). Note (2): The date of that opening statement of financial position shall be at the beginning of the preceding period regardless of whether the entities present additional comparative information for earlier years. Note (3): The entity is only required to present the third statement of financial position if the effect of the retrospective application, retrospective restatement or reclassification has a material impact on that statement.

10. Comparative Information - Additional Comparatives Where an entity presents additional comparative

IAS 1 (2007) 38C

6

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