International Financial Reporting Standards Disclosure ...
[Pages:101]International Financial Reporting Standards
Disclosure Checklist 2005
Meeting all IFRS requirements
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International Financial Reporting Standards ? Disclosure Checklist 2005
International Financial Reporting Standards Disclosure Checklist 2005
The IFRS Disclosure Checklist has been updated to take into account standards and interpretations amended or issued from March 2004 to September 2005, except for IAS 1 Amendment: Capital Disclosures, and IFRS 7, Financial Instruments: Disclosures.
The most recently issued standards and interpretations from the IASB and IFRIC are:
Effective date
? IAS 1 Amendment ? Presentation of Financial Statements: Capital Disclosures
1 January 2007*
? IAS 19 Amendment ? Actuarial Gains and Losses, Group Plans and Disclosures 1 January 2006*
? IAS 39 Amendment ? Cash Flow Hedge Accounting of Forecast Intragroup
1 January 2006*
Transactions
? IAS 39 Amendment ? The Fair Value Option
1 January 2006*
? IAS 39 Amendment ? Transition and Initial Recognition of Financial Assets
1 January 2005
and Financial Liabilities
? IAS 39 and IFRS 4 Amendment ? Financial Guarantee Contracts
1 January 2006*
? IFRS 1 and IFRS 6 Amendment
before 1 January 2006
? IFRS 6 ? Exploration for and Evaluation of Mineral Resources
1 January 2006*
? IFRS 7 ? Financial Instruments: Disclosures
1 January 2007*
? IFRIC amendment to SIC 12 ? Scope of SIC 12 Consolidation
? Special Purpose Entities
1 January 2005
? IFRIC 1 ? Changes in Existing Decommissioning, Restoration and Similar Liabilities 1 September 2004
? IFRIC 2 ? Members' Shares in Co-operative Entities and Similar Instruments
1 January 2005
? IFRIC 3 ? Emission Rights (withdrawn in 2005)
? IFRIC 4 ? Determining whether an Arrangement contains a Lease
1 January 2006*
? IFRIC 5 ? Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds
1 January 2006*
? IFRIC 6 ? Liabilities arising from Participating in a Specific Market:
Waste Electrical and Electronic Equipment
1 December 2005
* Earlier application is encouraged
This checklist outlines the disclosures required by all International Financial Reporting Standards (IFRS) published up to and including September 2005, except for IAS 1 Amendment: Capital Disclosures, and IFRS 7, Financial Instruments: Disclosures.
Disclosure requirements resulting from standards and interpretations that have been issued but are not yet effective are included in the relevant section, together with the disclosure requirements resulting from standards and interpretations that are still valid.
The checklist does not deal with the measurement requirements of IFRS; a thorough reading of those standards and interpretations that are relevant to the reporting entity's circumstances will be necessary.
This checklist is intended for general reference purposes only; it is not a substitute for reading the standards and interpretations themselves, or for professional judgement as to the fairness of presentation. Further specific information may be required in order to ensure fair presentation under IFRS depending on the circumstances. Additional accounting disclosures may be required in order to comply with local laws, national financial reporting standards and/or stock exchange regulations.
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International Financial Reporting Standards ? Disclosure Checklist 2005
Structure of Disclosure Checklist
Section A Section B Section C Section D Section E Section F Section G Section H Section I
Disclosures for consideration by all entities Disclosures required by all entities but only in certain situations Industry-specific disclosures Additional disclosures required for listed companies Additional disclosures required for banks and similar financial institutions Additional disclosures required for entities that issue insurance contracts Additional disclosures required for retirement benefit plans Suggested disclosures for financial review outside the financial statements Disclosures for interim financial reports
Format of Disclosure Checklist
The Disclosure Checklist is presented in a format designed to facilitate the collection and review of disclosures for each component of the financial statements. All disclosures have been grouped by subject, where appropriate. Additional notes and explanations in the checklist are shown in italics. The references in the left-hand margin of the checklist represent the paragraphs of the standards in which the disclosure requirements appear ? for example, `8p40' indicates IAS 8 para 40. The designation `DV' (disclosure voluntary) indicates that the relevant IFRS encourages, but does not require, the disclosure. Additional notes and explanations are shown in italics.
Disclosure requirements resulting from standards and interpretations that have been issued but are not yet effective are included in the relevant section, together with the disclosure requirements resulting from standards and interpretations that are still valid. The effective date for standards and interpretations that have been issued but are not yet effective is stated in the footnotes to the references in the left-hand column. The box in the right-hand margin of each page is designed to assist in completing the checklist. In the left-hand box (headed `Y-NA-NM') one of the following should be entered for each disclosure item:
? Y (`Yes') ? the appropriate disclosure has been made;
? NA (`Not applicable') ? the item does not apply to the reporting entity; or
? NM (`Not material') ? the item is regarded as not material to the financial statements of the reporting entity.
Materiality is defined in IAS 1 paragraph 11, and in paragraphs 29 and 30 of the IASB's Framework for the Preparation and Presentation of Financial Statements. IAS 1 paragraph 31 states that a specific disclosure requirement in a standard or an interpretation need not be satisfied if the information is not material.
The right-hand box on each page (headed `Ref') can be used to insert a reference to the relevant part of the financial statements (for example, Note 7) for all items that have been marked `Y' in the left-hand box.
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International Financial Reporting Standards ? Disclosure Checklist 2005
Section A Disclosures for consideration by all entities
6
A1
General disclosures
6
1. General disclosures
6
2. Presentation and functional currency
7
3. Other disclosures
7
A2
Accounting policies
9
1. General disclosures
9
2. Specific policies
9
3. Changes in accounting policy
11
A3
Income statement (and related notes)
13
1. General disclosures
13
2. Individual items
14
3. Income tax
16
4. Extraordinary items
16
A4
Statement of changes in shareholders' equity (and related notes)
17
1. Statement of changes in equity
17
2. Statement of recognised income and expense
18
3. General disclosures
19
A5
Balance sheet (and related notes)
20
1. General disclosures
20
2. Measurement uncertainty
21
3. Property, plant and equipment
22
4. Investment property
23
5. Intangible assets (excluding goodwill)
25
6. Goodwill and `negative goodwill'
27
7. Impairment of assets
27
8. Associates
30
9. Joint ventures
31
10. Subsidiaries
31
11. Investments ? financial assets
32
12. Inventory
33
13. Trade and other receivables
33
14. Income taxes
33
15. Trade and other payables
34
16. Provisions
35
17. Post-employment benefits ? defined benefit plans
36
18. Lease liabilities
40
19. Borrowings and other liabilities
42
20. Government grants
42
21. Related-party transactions
43
22. Commitments
44
23. Contingencies
44
24. Events after the balance sheet date
45
A6
Cash flow statement
46
1. General presentation
46
2. Individual items
47
A7
Business combinations and disposals
48
1. Business combinations
48
2. Disposals
50
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International Financial Reporting Standards ? Disclosure Checklist 2005
A8
Financial instruments
50
1. General disclosures
50
2. Risk management policies and hedging activities
52
3. Interest rate risk
53
4. Credit risk
55
5. Fair value
56
6. Derecognition
57
7. Collateral
58
8. Compound financial instruments with multiple embedded derivatives
58
9. Financial assets and financial liabilities at fair value through profit or loss
58
10. Defaults and breaches
60
11. Financial guarantees
60
A9
Non-current assets held for sale and discontinued operations
61
Section B Disclosures required by all entities but only in certain situations
63
B1
Correction of prior-period errors
63
B2
Reporting in the currency of a hyperinflationary economy
63
B3
Uncertainties about going concern
64
B4
Departure from IFRS
64
B5
Change of year-end
65
B6
Intermediate parent company ? consolidated financial statements not presented
65
B7
Share-based payments
66
B8
First-time adoption of IFRS
68
1. General disclosures
68
2. Explanation of transition to IFRS
68
3. Designation of financial assets or financial liabilities
69
4. Use of fair value as deemed cost
69
5. Interim financial reports
69
6. Exemption from restating comparatives for IAS 39 and IFRS 4
69
7. Exemption from providing comparative disclosures for IFRS 6
70
Section C Industry-specific disclosures
71
C1
Construction contracts
71
C2
Agriculture
71
1. General disclosures
71
2. Additional disclosures where fair value of biological assets cannot be measured
73
C3
Public service concession arrangements
73
C4
Accounting by a lessor
74
1. Lessors ? finance leases
74
2. Lessors ? operating leases
74
3. Arrangements that do not involve a lease in substance
75
C5
Decommissioning, restoration and environmental rehabilitation funds
75
Section D Additional disclosures required for listed companies
76
D1
Segment reporting
76
1. General disclosures
76
2. Primary segment format
76
3. Secondary segment format
78
4. Other disclosures
79
D2
Earnings per share
79
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International Financial Reporting Standards ? Disclosure Checklist 2005
Section E Additional disclosures required for banks and similar financial institutions
82
E1
Income statement
82
E2
Balance sheet
82
E3
Other disclosures
84
Section F Additional disclosures required by entities that issue insurance contracts
86
Section G Additional disclosures required for retirement benefit plans
89
Section H Suggested disclosures for financial review outside the financial statements
91
Section I Disclosures for interim financial reports
94
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Section A ? Disclosures for consideration by all entities
Section A
Disclosures for consideration by all entities
International Financial Reporting Standards ? Disclosure Checklist 2005
A1 General disclosures
Y-NA-NM REF
1. General disclosures
1p8
1. Include the following components in the financial statements:
(a) a balance sheet;
(b) an income statement;
(c) a statement of changes in equity showing either:
(i) all changes in equity; or
(ii) changes in equity other than those arising from transactions
with equity holders acting in their capacity as equity holders;
(d) a cash flow statement; and
(e) notes, comprising a summary of significant accounting policies
and other explanatory notes.
1p44
2. Financial statements should be clearly identified and distinguished
from other information in the same published document (for example,
by providing an index to the annual report).
1p46
3. Clearly identify each component of the financial statements.
10p17
4. Include the following in the notes to the financial statements: (a) the date when the financial statements were authorised for issue; (b) the body who gave that authorisation; and (c) whether the entity's owners or others have the power to amend the financial statements after issue.
1p46
5. Display prominently the following information and repeat when
necessary for a proper understanding of the information presented:
(a) the name of the reporting entity or other means of identification,
and any change in that information from the preceding balance
sheet date;
(b) whether the financial statements cover the individual entity or a
group of entities;
(c) the balance sheet date or the period covered by the financial
statements, whichever is appropriate to the related component
of the financial statements;
(d) the presentation currency; and
(e) level of precision used in the presentation of figures in the
financial statements (for example, thousands or millions of units
of the presentation currency).
6 PricewaterhouseCoopers
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