ifric1 - IFRIC 1 IFRIC Interpretation 1 Changes in Existing...

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IFRIC 1 © IASCF A989 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities This version includes amendments resulting from IFRSs issued up to 31 December 2009. IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in May 2004. IFRIC 1 and its accompanying documents have been amended by the following IFRSs: •I A S 2 3 Borrowing Costs (as revised in March 2007) * A S 1 Presentation of Financial Statements (as revised in September 2007). * * effective date 1 January 2009
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IFRIC 1 A990 © IASCF C ONTENTS paragraphs IFRIC INTERPRETATION 1 CHANGES IN EXISTING DECOMMISSIONING, RESTORATION AND SIMILAR LIABILITIES REFERENCES BACKGROUND 1 SCOPE 2 ISSUE 3 CONSENSUS 4–8 EFFECTIVE DATE 9–9A TRANSITION 10 APPENDIX Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards ILLUSTRATIVE EXAMPLES Common facts IE1 Example 1: Cost model IE2–IE5 Example 2: Revaluation model IE6–IE12 Example 3: Transition IE13–IE18 BASIS FOR CONCLUSIONS FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION
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IFRIC 1 © IASCF A991 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (IFRIC 1) is set out in paragraphs 1–10 and the Appendix. IFRIC 1 is accompanied by illustrative examples and a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards .
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IFRIC 1 A992 © IASCF IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities References •I A S 1 Presentation of Financial Statements (as revised in 2007) A S 8 Accounting Policies, Changes in Accounting Estimates and Errors A S 1 6 Property, Plant and Equipment (as revised in 2003) A S 2 3 Borrowing Costs A S 3 6 Impairment of Assets (as revised in 2004) A S 3 7 Provisions, Contingent Liabilities and Contingent Assets Background 1 Many entities have obligations to dismantle, remove and restore items of property, plant and equipment. In this Interpretation such obligations are referred to as ‘decommissioning, restoration and similar liabilities’.
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This note was uploaded on 02/26/2011 for the course ACCOUNTING 310 taught by Professor Cruz during the Spring '11 term at Xavier - Ateneo de Cagayan.

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ifric1 - IFRIC 1 IFRIC Interpretation 1 Changes in Existing...

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