2010-04-05 Closing the GAAP: New IFRS Pronouncements Affecting 2013 Financial Statements (updated to March 31, 2010)

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This Newsletter presents a summary of new IFRS pronouncements relevant to financial statements prepared for 2009 (updated to March 31, 2010).

The following summarizes IFRS pronouncements that must be applied, if applicable, for the first time in 2009 to a company with a calendar year-end that is preparing financial statements in accordance with IFRS.

The listing includes the following pronouncements:

  • International Financial Reporting Standards ("IFRS")
  • International Financial Reporting Interpretations Committee ("IFRIC") Interpretations

The International Accounting Standards Board ("IASB") has a number of projects in progress. Information on these projects is available on the IASB website at http://www.iasb.org/Current+Projects/IASB+Projects/IASB+Work+Plan.htm.

Information on IFRIC projects is available at http://www.iasb.org/Current+Projects/IFRIC+Projects/IFRIC+Projects.htm.

This Newsletter will be updated quarterly. Newsletter 2010-01-04 Closing the GAAP: New IFRS Pronouncements Affecting 2013 Financial Statements (updated to December 31, 2009) is superseded by this Newsletter. Developments since the previous Newsletter, if any, are highlighted in grey below.

Reference Pronouncement and Effective Date
IFRS 9

Financial instruments - classification and measurement

This is the first part of a new standard on classification and measurement of financial assets that will replace IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 has two measurement categories: amortised cost and fair value. All equity instruments are measured at fair value. A debt instrument is at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest. Otherwise it is at fair value through profit or loss. Effective for years beginning on/after January 1, 2013.

While we have attempted to make this Newsletter as complete as possible, it may not include all changes or modifications to existing authoritative literature that may affect a particular enterprise.


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