This edition includes changes made since 2008 which were incorporated in this edition of the IFRS volume.
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 required 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"
International Financial Reporting Standards 2008
This edition includes changes made since 2007 which were incorporated in this edition of IFRS volume.
Basis changes contained in this edition is a summary of the following:-
- 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.
International Financial Reporting Standards 2007
This Publication includes the latest changes made to this publication as distinct from 2005 (including International Accounting Standards and Interpretations) as of January 1, 2006 edition are as following:-
- 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- IAS 14, which is being superseded by IFRS 8,has been omitted.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 2006.