IFRS 2014
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Book Publish Date
03-Nov-2014
- What’s New?
This version contains the latest changes since the 2013 edition of the Bound Volume of International Financial Reporting Standards (the ‘Red Book’)
The following are the main changes made since 1 January 2013:
• Amendments to the following Standards: IFRS 7, IFRS 9, IAS 19, IAS 36 and IAS 39;
• Two sets of Annual Improvements;
• One new Interpretation—IFRIC 21 “Levies”; and
• IFRS Foundation Constitution and Due Process Handbook.
• It also contains the Annual Improvements to IFRSs 2011–2013 Cycle which were issued in December 2013.
Following are the four amendments related to the four Standards:-
| IFRS |
Subject of amendment |
| IFRS 1 First-time Adoption of International Financial Reporting Standards |
Meaning of ‘effective IFRSs’. |
| IFRS 3 Business Combinations |
Scope exceptions for joint ventures. |
| IFRS 13 Fair Value Measurement |
Scope of paragraph 52 (portfolio exception).
|
| IAS 40 Investment Property |
Clarifying the interrelationship between IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property. |
- • Amendments to the following were also issued:
Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36) issued in May 2013.
Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) issued in June 2013.
Defined Benefit Plans: Employee Contributions (Amendments to IAS 19) issued in November 2013.
This book is available to purchase as a printed copy or as a PDF from the official website of the IFRS Foundation.