2013-03-07 Interim Reporting for New or Amended IFRSs Effective in 2013

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For Canadian public entities, 2013 will be the first year that entities will be adopting a significant round of changes to IFRSs since adopting IFRS in 2011. New standards become effective for consolidation of subsidiaries, accounting for joint arrangements, disclosures about interests in other entities and measurement and disclosures about fair values. In addition, amendments have been made to several standards including the accounting for employee benefits and disclosures about offsetting of financial instruments. Complying with the requirements for reporting these changes in interim financial statements is proving to be deceptively challenging.

Attached is our publication which addresses some of the challenges in preparing interim financial reports for the first quarter of 2013. In this publication, we:

  • Identify the new or amended standards that entities will have to consider;
  • Address significant questions that have arisen about reporting their adoption in 2013 interim financial statements and Management’s Discussion & Analysis (“MD&A”); and
  • For some of the more significant of the new or amended standards, provide illustrative examples of the disclosures that an entity might provide about them in 2013 interim financial statements. The examples distinguish between minimum IFRS interim reporting requirements and supplementary information that entities may consider providing to assist readers in understanding the nature and effect of the changes.