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Changes in This Edition - 2013 - IFRS - Blue Book
Changes in This Edition - 2013 - IFRS - Blue Book
Introduction
The text of this collection of International Financial Reporting Standards (IFRS) includes the latest
consolidated versions of all Standards (including IFRSs, IASs and Interpretations) as approved for
issue up to 31 December 2012 and required to be applied on 1 January 2013.
This volume does not contain those Standards or changes to Standards with an effective date after
1 January 2013. Readers seeking the consolidated text of IFRS issued at 1 January 2013 (including
Standards with an effective date after 1 January 2013) should refer to the two-part 2013 IFRS (the Red
Book), which is being published in the first quarter of 2013.
four new Standards: IFRS 10, IFRS 11, IFRS 12 and IFRS 13 (these include the amendments
made to these Standards in 2012);
consequential amendments to: IAS 1, IAS 24, IAS 32, IAS 34, IAS 36, IAS 40, IFRS 1, IFRS 2,
IFRS 7, IFRS 8, IFRIC 5 and IFRIC 14; and
minor amendments resulting from Annual Improvements to IFRSs 20092011 Cycle to: IAS 1,
IAS 16, IAS 32, IAS 34 and IFRS 1.
Details of the revised or amended Standards and amendments to Standards included in this edition
are as follows.
IFRS Foundation
IAS 27, together with IFRS 10 and IFRS 12, supersedes IAS 27 Consolidated and Separate
Financial Statements (as amended in 2008). IAS 28 prescribes the accounting for investments in
associates and sets out the requirements for the application of the equity method when accounting for
investments in associates and joint ventures.
IFRS 13
IFRS 13 Fair Value Measurement was issued in May 2011. It defines fair value, sets out a
framework for measuring fair value and requires disclosures about fair value measurement. It is
effective for annual periods beginning on or after 1 January 2013. Earlier application is permitted.
IAS 19
IAS 19 Employee Benefits was issued in June 2011. It prescribes the accounting and disclosure by
employers for employee benefits and is effective for annual periods beginning on or after 1 January
2013. Earlier application is permitted.
IFRIC 20
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine was issued in October 2011. It
clarifies how an entity allocates the stripping costs it incurs during the production phase of a surface
mine between inventory and other assets, as well as the period over which it should amortise any
capitalised stripping costs. It is effective for annual periods beginning on or after 1 January 2013.
Earlier application is permitted.
Amendments to IFRS 1
Government Loans (Amendments to IFRS 1), was issued in March 2012. The amendments are
required to be applied for annual periods beginning on or after 1 January 2013 (with earlier
application permitted).
Amendments to IFRS 7
DisclosuresOffsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) was
issued in December 2011. These amendments require entities to disclose information so that users of
its financial statements are able to evaluate the effect or potential effect of netting arrangements and
similar agreements on the entitys financial position. It is required to be applied for annual periods
beginning on or before 1 January 2013. Earlier application is permitted.
Annual Improvements
Annual Improvements to IFRSs 20092011 Cycle was issued in May 2012, making amendments to
IFRS 1 and IASs 1, 16, 32 and 34. The amendments are required to be applied for annual periods
beginning on or after 1 January 2013 (with earlier application permitted).
IFRS Foundation
IFRS 9
IFRS 9 Financial Instruments was issued in November 2009, as the first phase in a project to replace
IAS 39 Financial Instruments: Recognition and Measurement. It addresses the classification and
measurement of financial assets. IFRS 9 is required to be applied for annual periods beginning on or
after 1 January 2013. Earlier application is permitted. In October 2010 sections were added to
IFRS 9 addressing financial liabilities. The derecognition requirements in IAS 39 were also
transferred to IFRS 9. The effective date was not amended. Again, earlier application is permitted.
In December 2011 Mandatory Effective Date and Transition Disclosure (Amendments to IFRS 9
(2009), IFRS 9 (2010) and IFRS 7) extended the effective date from 1 January 2013 to 1 January
2015 (with earlier application still permitted).
IAS 32
Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) was issued in December
2011. The amendment is required to be applied for annual periods beginning on or after 1 January 2014
(with earlier application permitted).
IFRS Foundation