Standards applicable at 30 June 2016
To coincide with the preparation of interim financial reports, we present an overview of the IASB’s most recent publications.
Keywords: Mazars, Thailand, IFRS, EU, IASB, IFRIC, IAS
11 July 2016
For each text, we clarify whether it is mandatory for this closing of accounts, or whether early application is permitted, based on the EU endorsement status report (Position 8 June 2016):
As a reminder, the following principles govern the first application of the IASB’s standards and interpretations:
- The IASB’s draft standards cannot be applied as they are not published standards.
- IFRIC’s draft interpretations may be applied if the two following conditions are met: The draft does not conflict with currently applicable IFRSs;
- The draft does not modify an existing interpretation which is currently mandatory.
- Standards published but not yet adopted by the European Union may be applied if the European adoption process is completed before the interim financial reports have been approved by the relevant authority (i.e. usually the board of directors).
- Interpretations published but not yet adopted by the European Union at the end of the interim financial reporting period may be applied unless they conflict with standards or interpretations currently applicable in Europe.
It should also be noted that under IAS 34 “Interim Financial Reporting”, the changes in accounting policies required by new standards must also be disclosed in the interim financial reporting published during the course of the year.
Situation of European Union adoption process for standards and amendments published by the IASB
Standard | Subject | Effective date according to IASB | Date of publication in the Official Journal | Application status at 30 June 2016 |
Annual improvements to IFRSs 2010-2012 Cycle | Annual improvements to various Standards (issued on 12 December 2013) | 1/07/2014 Early application permitted | 9 January 2015 Effective for annual periods beginning on or after 1 February 2015 | Mandatory |
Amendments to IAS 19 | Defined Benefit Plans: Employee Contributions (issued on 21 November 2013) | 1/07/2014 Early application permitted | 9 January 2015 Effective for annual periods beginning on or after 1 February 2015 | Mandatory |
Annual improvements to IFRSs 2012-2014 Cycle | Annual improvements to various Standards (issued on 25 September 2014) | 1/01/2016 Early application permitted | 16 December 2015 Effective for annual periods beginning on or after 1 January 2016 | Mandatory |
Amendments to IAS 16 and IAS 38 | Clarification of Acceptable Methods of Depreciation and Amortisation (issued on 12 May 2014) | 1/01/2016 Early application permitted (prospectively) | 3 December 2015 Effective for annual periods beginning on or after 1 January 2016 | Mandatory |
Amendments to IAS 16 and IAS 41 | Bearer Plants (issued on 30 June 2014) | 1/01/2016 Early application permitted | 24 November 2015 Effective for annual periods beginning onafter 1 January 2016 | Mandatory |
Amendment to IAS 27 | Equity Method in Separate Financial Statements (issued on 12 August 2014) | 1/01/2016 Early application permitted | 23 December 2015 Effective for annual periods beginning on or after 1 January 2016 | Mandatory |
Amendment to IAS 1 | Disclosure Initiative (issued on 18 December 2014) | 1/01/2016 Early application permitted | 19 December 2015 Effective for annual periods beginning on or after 1 January 2016 | Mandatory |
Amendments to IFRS 10, IFRS 12 and IAS 28 | Investment Entities: Applying the Consolidation Exception (issued on 18 December 2014) | 1/01/2016 Early application permitted | Awaiting endorsement by the EU (expected in Q3 2016) | Permitted (1) |
Amendments to IFRS 10 and IAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued on 11 September 2014) | Postponed Early application permitted | Differed | Permitted (2) |
(*) The IASB has deferred the effective date of IFRS 15 by one year (i.e. for annual reporting periods beginning on or after 1 January 2018.
(1) If the amendment is a clarification of an existing standard and is not in contradiction with current standards
(2) If the entity had not developed an accounting policy
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