The Public Oversight, Accounting and Auditing Standards Authority (The Authority) has determined the criteria to be considered for the companies subject to the independent audit: The criterias, shown in the table, are effective from 1 January 2014 with the decision in the Official Gazette numbered 28585 dated 3 December 2014. With the decree of the Council of Ministers published in the Official Gazette numbered 29254 dated 1 February 2015, these figures were updated and effective from 1 January 2015.
The guide includes significant changes like IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint Agreements", IFRS 12 "Disclosure of Interests in Other Entities" and IFRS 13 "Fair Value Measurement" and also the changes related to the presentation of other comprehensive income in IAS 19 "Benefits Provided to Employees" and IAS 1 "Financial Statements Presentation". The criterias, shown in the table, are effective from 1 January 2014 with the decision in the Official Gazette numbered 28585 dated 3 December 2014. With the decree of the Council of Ministers published in the Official Gazette numbered 29254 dated 1 February 2015, these figures were updated and effective from 1 January 2015.
This practical guide summarizes the key proposals and their implications. Revised exposure draft will significantly change accounting for insurance contracts.
The 'IFRS disclosure checklist 2012' is designed to facilitate the collection and review of disclosures for each component of the IFRS financial statements. It has been updated to outline the disclosures required for December 2012 year ends. It also contains an appendix (Appendix H) which provides the disclosures required of entities that early-adopt IFRSs effective for annual periods beginning after 1 January 2012.
The financial statements of a fictional entity have been updated to illustrate the disclosure and presentation requirements of the IFRS standards and interpretations for financial years beginning on or after 1 January 2012. The entity is an existing preparer of IFRS financial statements. There are appendices for early adopters of IFRS 9, 'Financial instruments', IFRS 10, 'Consolidated financial statements', IFRS 11, 'Joint arrangements' IFRS 12, 'Disclosure of interests in other entities', IFRS 13 'Fair value measurement', IAS 19 (revised), ‘Employee benefits’ and IAS 1 (amendment), ‘Statement of profit or loss and other comprehensive income’
This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2012 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2012. It also appendices with example disclosures for first-time adopters and early adopters of IFRS 9, IFRS 11 and IFRS 13, and a disclosure checklist.
You may find in the January Issue of the IFRS Newsletter a number of topics related to IFRS ranging from Amendment to deferred tax accounting for investment property at fair value to IFRS 1 amended: exemption for severe hyperinflation, and removal of fixed dates, from Revenue recognition to Wave of accounting change looming for preparers.