IFRIC01 BV2009 - IFRIC 1 IFRIC Interpretation 1 Changes in...

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IFRIC 1 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities This version includes amendments resulting from IFRSs issued up to 31 December 2008. 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: IAS 23 Borrowing Costs (as revised in March 2007) 1 IAS 1 Presentation of Financial Statements (as revised in September 2007). 2 1 effective date 1 January 2009 2 effective date 1 January 2009 © IASCF 1
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IFRIC 1 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 2 © IASCF
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IFRIC 1 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 . © IASCF 3
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IFRIC 1 IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities References IAS 1 Presentation of Financial Statements (as revised in 2007) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 16 Property, Plant and Equipment (as revised in 2003) IAS 23 Borrowing Costs IAS 36 Impairment of Assets (as revised in 2004) IAS 37 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’. Under IAS 16, the cost of an item of property, plant and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. IAS 37 contains requirements on how to measure decommissioning, restoration and similar liabilities. This Interpretation provides guidance on how to account for the effect of changes in the measurement of existing decommissioning, restoration and similar liabilities.
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IFRIC01 BV2009 - IFRIC 1 IFRIC Interpretation 1 Changes in...

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