Annual improvements to IFRS

IFRS 1 – First-time Adoption of IFRSs

• Changes in accounting policies in the year of adoption
• Event-driven fair value measurement can be used as deemed cost
• Use of deemed cost for operations subject to rate-regulation

IFRS 3 – Business Combinations

• Transition requirements for contingent consideration from a business combination that occurred before the effective date of the revised IFRS
• Measurement of non-controlling interests
• Un-replaced and voluntarily replaced share-based payment awards

IFRIC 13 – Customer Loyalty Programmes

• Fair value of award credits

IFRS 7 – Financial Instruments: Disclosures

• Clarifies disclosures about the nature and extent of risks arising from financial instruments

IAS 1 – Presentation of Financial Statements

• Beginning/end of period reconciliations for changes resulting from other comprehensive income for each component of equity can be either detailed in the notes to or in the Statement of Changes in Equity

IAS 27 – Consolidated and Separate Financial Statements

• Amendments to IAS 21, IAS 28 and IAS 31 arising from the revision of IAS 27 in 2008 apply prospectively

IAS 34 – Interim Financial Reporting

• General principles for interim financial reporting, when an entity publishes a set of condensed financial statements

These amendments shall be applied on or after:

• 1 July 2010 for amendments to IFRS 3R and amendments arising as a result of IAS 27 (2008) apply prospectively; and

• 1 January 2011 for the others, with retrospective application in accordance with IAS 8.