Book Publish Date
21-Dec-2015
The only official printed edition of the consolidated text of the IASB's authoritative pronouncements as issued at 1 January 2015.
What’s New?
This edition is presented in two volumes, parts A and B. It includes the following changes made since 1 January 2014:
- One revised Standard—IFRS 9 “ Financial Instruments ”;
In response to requests from interested parties that the accounting for financial instruments should be improved quickly, the IASB issued the completed version of IFRS 9 in July 2014, which includes:-
(A) a model for classifying financial assets that is driven by an asset’s cash flow characteristics and the business model in which it is held;
(B) a model for classifying financial liabilities, including recognition in other comprehensive income, rather than in profit or loss, of gains (and losses) that are due to the deterioration (improvement) in an entity’s own credit risk on financial liabilities that an entity has elected to measure at fair value;
(C) a single, forward-looking ‘expected loss’ impairment model for financial assets not measured at fair value through profit or loss that requires entities to account for expected credit losses from when the financial assets are first recognized, and to recognize full lifetime expected losses when credit risk has increased significantly since initial recognition; and
(D) a hedge accounting model that more closely aligns the accounting treatment with the entity’s risk management activities and (in IFRS 7 Financial Instruments: Disclosures) provides enhanced disclosures about risk management activity.
IFRS 9 is effective for annual periods beginning on or after 1 January 2018 with earlier application permitted.
- two new Standards—IFRS 14 “ Regulatory Deferral Accounts” and IFRS 15 “Revenue from Contracts with Customers” ;
- Annual Improvements to IFRSs 2012–2014 Cycle (which contained separate amendments to IFRS 5, IFRS 7, IAS 19 and IAS 34); and
- amendments to the following Standards: IFRS 10, IFRS 11, IFRS 12, IAS 1, IAS 16, IAS 27, IAS 28, IAS 38 and IAS 41.
- This edition includes amendments to Standards that have an effective date after 1 January 2015. It does not contain Standards that are being replaced or superseded but remain applicable if the reporting entity chooses not to adopt the newer versions early.
This book is available to purchase as a printed copy or as a PDF from the official website of the IFRS Foundation.