ASCA Jordan

This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2022, and was translated by the Saudi Organization for Chartered and Professional Accountants (SOCPA).

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The most important amendments in the 2021 , through this table:-

New amendments issued at 1 January 2021
Amendment	When issued	Effective date (early application is possible unless otherwise noted)	Standardsamended	Standards/ Interpretations withdrawn
Classification of Liabilities as Current or Non-current   Amendments to IAS 1	January 2020	1 January 2023	IAS 1
Annual Improvements to IFRS Standards 2018–2020	May 2020	Takes effect immediately	IFRS 16
Annual Improvements to IFRS Standards 2018–2020	May 2020	1 January 2022	IFRS 1, IFRS 9; IAS 41
Covid-19-Related Rent Concessions Amendment to IFRS 16	May 2020	1 June 2020	IFRS 16
Reference to the Conceptual Framework Amendments to IFRS 3	May 2020	1 January 2022	IFRS 3
Onerous Contracts—Cost of Fulfilling a Contract Amendments to IAS 37	May 2020	1 January 2022	IAS 37
Property, Plant and Equipment: Proceeds before Intended Use Amendments to IAS 16	May 2020	1 January 2022	IAS 16
Extension of the Temporary Exemption from Applying IFRS 9 Amendments to IFRS 4	June 2020	25 June 2022	IFRS 4
Amendments to IFRS 17	June 2020	1 January 2023	IFRS 3, IFRS 7, IFRS 9, IFRS 17; IAS 1, IAS 32, IAS 36, IAS 38
Classification of Liabilities as Current or Non-current—Deferral of Effective Date Amendment to IAS 1	July 2020	1 January 2023	IAS 1
Interest Rate Benchmark Reform—Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16	August 2020	1 January 2021	IFRS 4, IFRS 7, IFRS 9, IFRS 16; IAS 39

 

Annual Improvements to IFRS Standards 2018-2020

 Annual Improvements to IFRS Standards 2018-2020 contains the following amendments.

Standard	Subject of amendment
IFRS 1	Subsidiary as a First-time Adopter
IFRS 9	Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities
Illustrative Examples accompanying IFRS 16	Lease Incentives
IAS 41	Taxation in Fair Value Measurements

 

Covid-19-Related Rent Concessions

Covid-19-Related Rent Concessions, which amends IFRS 16, is effective from 1 June 2020 with earlier application permitted. The amendment permits lessees, as a practical expedient, not to assess whether rent concessions that occur as a direct consequence of the covid-19 pandemic and meet specified conditions are lease modifications and, instead, to account for those rent concessions as if they were not lease modifications.

Onerous Contracts—Cost of Fulfilling a Contract

Onerous Contracts—Cost of Fulfilling a Contract amends IAS 37. The amendments clarify that for the purpose of assessing whether a contract is onerous, the cost of fulfilling the contract includes both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts.

Property, Plant and Equipment: Proceeds before Intended Use

Property, Plant and Equipment: Proceeds before Intended Use amends IAS 16. The amendments prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the entity is preparing the asset for its intended use. Instead, an entity will recognise such sales proceeds and related cost in profit or loss.

Extension of the Temporary Exemption from Applying IFRS 9

Extension of the Temporary Exemption from Applying IFRS 9, which amends IFRS 4, extends the temporary exemption from applying IFRS 9 by two years. It will expire for annual reporting periods beginning on or after 1 January 2023.

Amendments to IFRS 17

After the Board issued IFRS 17 in May 2017, it has been carrying out activities to support entities and monitor their progress in implementing the Standard. These activities helped the Board to understand the concerns and challenges that some entities identified while implementing the Standard. The Board considered these concerns and challenges and decided to amend IFRS 17. The objective of the amendments is to assist entities implementing the Standard, while not unduly disrupting implementation or diminishing the usefulness of the information provided by applying IFRS 17.

IFRS 17, as amended in June 2020, is effective for annual reporting periods beginning on or after 1 January 2023.

Interest Rate Benchmark Reform—Phase 2

Interest Rate Benchmark Reform—Phase 2 (Phase 2 amendments) was issued in August 2020 and amends IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate. The objectives of the Phase 2 amendments are to:

•   support companies in applying IFRS Standards when changes are made to contractual cash flows or hedging relationships because of the reform; and

•   assist companies in providing useful information to users of financial statements.

It is worth mentioning that IASCA signed a cooperation agreement with the IFRS Foundation to re-print, publish, and distribute the IFRS 2019 and the International Standards in Small and Medium-sized Enterprises 2019 books; accordingly, the Society will distribute the two publications to all Arab countries. The 15-year of mutual cooperation between the Society and the IFRS indicates the keenness of IASCA to serve the accounting profession and professionals at regional and global levels. 

the most important amendments in the 2020 version which include:

• The main change made since January 1, 2019 is Interest Rate Benchmark Reform which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures.

• Interest Rate Benchmark Reform amends IFRS 9, IFRS 7 and IAS 39 and is effective from January 1, 2020.

The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the reform of benchmark interest rates, such as interbank offer rates (IBORs). In addition, the amendments require an entity to provide additional information to investors about its hedging relationships which are directly affected by any such uncertainty.

This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2019 and translated by Saudi Organization for Certified Public Accountants (SOCPA).
Furthermore, Dr. Abu-Ghazaleh underlined the most important amendments in the 2019 version which include:

• Amendment to the International Accounting Standard (IAS) 19; outlines post-employment benefits such as retirement benefits and how to be determined by the entity in case of amendment, curtailment or settlement in the pension plan.
• Modify the Definition of Business to assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition.
• Amendments to IAS 1, and IAS 8 on the Definition of Material, which resulted in consequential amendments to a number of other Standards.
• Amendments to the Conceptual Framework for Financial Reporting which contains updated definitions of an asset and a liability and updated criteria for including assets and liabilities in financial statements. In addition, new concepts and guidance have been added on the following topics:

(1) Measurement, including factors to be considered when selecting a measurement basis;
(2) Presentation and disclosure, including when to classify income and expenses in other comprehensive income;
(3) The reporting entity; and
(4) when assets and liabilities are removed from financial statements.
(5) The Conceptual Framework clarifies the roles of stewardship, prudence and measurement uncertainty in financial reporting.

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. 

• 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.

1. • 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. 

What’s New?

This edition is presented in two volumes, parts A and B. It includes the following changes made since 1 January 2012 as a result of amendments from:

The following IFRS requirements were issued during 2012:-
• Government Loans (Amendments to IFRS 1);

• Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12);

• Investment Entities (Am

endments to IFRS 10, IFRS 12 and IAS 27); and

• Annual Improvements to IFRSs 2009–2011 Cycle (which contained separate amendments to IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34).

Annual Improvements to IFRSs 2009–2011 Cycle was issued in May 2012. The six amendments related to five Standards:-

 

IFRS	Subject of amendment
IFRS 1 First-time Adoption of International Financial Reporting Standards	Repeated application of IFRS 1
	Borrowing costs
IAS 1 Presentation of Financial Statements	Clarification of the requirements for comparative information
IAS 16 Property, Plant and Equipment	Classification of servicing equipment
IAS 32 Financial Instruments: Presentation	Tax effect of distribution to holders of equity instruments
IAS 34 Interim Financial Reporting	Interim financial reporting and segment information for total assets and liabilities

 

This edition includes amendments to IFRSs that have an effective date after 1 January 2013. It does not contain documents 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 is also available to purchase as a PDF downloaded of the official website of the IFRS Foundation.

Is the only official printed edition of the consolidated text of the IASB's authoritative pronouncements as issued at 1 January 2012.

What’s New?
This edition is presented in two volumes, parts A and B, and includes the following changes made during 2011:
• Four new standards 
  - IFRS 10 " Consolidated Financial Statements" 
  - IFRS 11 " Joint Arrangements " 
  - IFRS 12 " Disclosure of Interests in Other Entities " 
  - IFRS 13 " Fair Value Measurement "

• One new Interpretation—IFRIC 20 " Stripping Costs in the Production Phase of a Surface Mine;
• Seven revised standards—IFRSs 7 and 9 and IASs 1, 12, 19, 27 and 28;
• Amendments to IFRSs that were issued as separate documents—IFRSs 7 and 9, IASs 1, 19 and 32; and
• Amendments to other IFRSs resulting from those amended standards.

This edition includes amendments to IFRSs that have an effective date after 1 January 2012. It does not contain documents 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 is also available to purchase as a PDF downloaded of the official website of the IFRS Foundation.

The latest Arabic translated version of the International Financial Reporting Standards, including  the amendments approved by the IASB, namely:-

• Adding IFRS 9 “Financial Instruments” (2010) which was issued in November 2009 as a first phase of the project to replace IAS 39 “Financial Instruments: Recognition and Measurement”, which tackles classification and measurement of financial assets.
• Amendments to IFRSs issued as separate documents.
• Amendments to IFRSs issued in the third annual improvements project.
• Amendments to other IFRSs resulting from amended standards.

The IASB also completed the first stage of its project to develop a new conceptual framework. The conceptual framework for financial reporting includes chapters addressing the objectives and qualitative characteristics of financial reports. It is immediately effective. This framework incorporates the sections related to the framework of financial statements preparation and presentation.

In addition, the IASB issued a practice pronouncement for IFRSs entitled “management commentary- a framework for presentation”, and updated the due process handbook of IASB and IFRIC.

 
The Arab Society of Certified Accountants (Jordan) has issued the approved Arabic translation of IFRSs 2010. This publication contains the changes made since 2009 edition.

Due to the large size of the contents of this edition, the volume has been published in two parts. Part A presents the IFRSs and their introductions and explanatory rubrics. Part B contains the accompanying documents, such as bases for conclusions, implementation guidance and illustrative examples.

In addition, it includes the following:-

• New IFRS 9 “Financial Instruments” issued in November 2009, which is the first phase of the replacement of IAS 39 “Financial Instruments: Recognition and Measurement” in its entirety by the end of 2010. IFRS 9 shall be effective as from January 1, 2013. Earlier application shall be permitted.
• Revised IAS 24.
• Two new interpretations, namely:- 
  - International Financial Reporting Interpretation Committee (IFRIC) 18 “Transfers of Assets from Customers”.
  - IFRIC 19 “Extinguishing Financial Liabilities with Equity”.

IFRIC 18 to be applied for the annual periods beginning on or after 1 July 2009. IFRIC 19 to be applied for the annual periods beginning on or after 1 July 2010. In either case, earlier application shall be permitted.

This edition includes changes made since 2008 .

Basic changes contained in this edition are summarized as follows:-

• A revised version of IFRS 1 "First-time Adoption of International Financial Reporting Standards". The revised IFRS 1 is to be applied from July 1, 2009. Earlier application is permitted.
• Amendments to IFRSs that were issued as separate documents.
  
• Amendments to IFRSs issued in the first annual improvements project.
• Amendments to other IFRSs resulting from those revised or amended standards.
• Three new interpretations for the International Financial Reporting Interpretations Committee (IFRICs) 15–17.
  - IFRIC 15 "Agreements for the Construction of Real Estate"
  - IFRIC 16 "Hedges of a Net Investment in a Foreign Operation"
  - IFRIC 17 "Distributions of Non-cash Assets to Owners"
  

This edition includes changes made since 2007 :-

Basis changes contained in this edition are:-

- Revising the following three standards:-

• International Financial Reporting Standard 3.
• International Accounting Standard 1.
• International Accounting Standard 23.
  - Amendment of International Accounting Standard 27.
  - Amendments to the International Financial Reporting Standards resulting from revised or amended standards.
  - Two new interpretations: 13 and 14.
• Interpretation 13 "Client Loyalty Programs".
• Interpretation 14 "International Accounting Standard 19 "The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction".
  The book also includes the due process for IFRIC interpretations published in February 2007.
  
  IFRS 3, IAS 1 and IAS 23 were replaced by new editions

This publication includes the latest changes made as of January 1, 2006 compared to the 2005 (including International Accounting Standards and Interpretations) edition:-

• One new standard —IFRS 8
• Four new Interpretations —IFRICs 9 –12
• Amendments to other IFRSs resulting from these pronouncements
• Amendments to the Preface to International Financial Reporting Standards.
• IAS 14, which is being superseded by IFRS 8, has been omitted.

It also includes the Due Process Handbook for the IASB which was published in April
One new standard —IFRS 8

The International Financial Reporting Standards 2006 Handbook outlines the modifications that occurred to the 2005 edition: new IFRS 7, in addition to the three new interpretations (IFRICS) 6 to 8.

Latest changes made to this publication as distinct from 2004 edition (including International Accounting Standards (IASs) and Interpretations as at 1 January 2005) including new standards IFRS 6 “Exploration and Evaluation of Mineral Resources”, amendments to IAS 19 “Employee Benefits (on actuarial gains and losses, group plans and disclosures)", and amendments to IAS 39 (on transition and initial recognitions of financial assets and financial liabilities ).

The official Arabic publication provides complete text of all the standards plus interpretations, and all material is extant as at 31 March 2004. This complete text features all IFRS, IAS, Interpretations and IASB-issued supporting documentation - bases for conclusions, implementation guidance and illustrative examples. It also includes the IASB framework for the preparation and presentation of financial statements, the preface to international financial reporting standards, an updated glossary of terms, and a new comprehensive index.

This publication is regarded as a major contribution to clarifying the implementation of International Accounting Standards. I It highlights the congruity of systems and procedures related to financial statement preparations and presentations. It is also regarded as excellent reference for the latest advancements and modifications in International Accounting Standards for both Arab students and professionals.

This edition includes 41 accounting standards and 35 interpretations. The Arabic version of the Standards and the implementation guidelines, consisting of 351 pages, has been issued as an important guiding reference for banks, investment companies, financial institutions, insurance companies, as well as accountants, auditors, judges, attorneys and members of arbitration panels. It is also a useful professional and academic reference for those preparing to sit for qualifying examinations of Certified Accountants all over the Arab world.

For many years the International Accounting Standards Committee (IASC) has been working to develop a set of accounting standards what can be used to bring about uniformity in financial reporting around the world. Uniform accounting will reduce the costs of preparing financial statements for multinational companies and facilitate the jobs of investment analysts, investors, and others in assessing business results.

A comprehensive listing of international standards in one easy-to-follow reference in Arabic. This guide helps accountants prepare and understand financial statements presented in accordance with the rapidly evolving, ever more widely utilized IAS.