This preview shows page 1. Sign up to view the full content.
Unformatted text preview: met.
IFRIC 20 is effective for annual periods beginning on or after January 1, 2013. The Company expects that there will be
no significant impact on the Company’s financial statements upon adoption of IFRIC 20 on January 1, 2013.
Consolidation and related standards
In May 2011, the IASB issued the following suite of consolidation and related standards, all of which are effective for
annual periods beginning on or after January 1, 2013.
IFRS 10 “Consolidated Financial Statements” (“IFRS 10”), which replaces parts of IAS 27, “Consolidated and Separate
Financial Statements” (“IAS 27”) and all of Standing Interpretations Committee (“SIC”) 12 “Consol idation – Special
Purpose Entities”, changes the definition of control which is the determining factor in whether an entity should be
consolidated. Under IFRS 10, an investor controls an investee when it is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the investee.
The Company expects no significant impact on the Company’s financial statements upon adoption of IFRS 10 on
January 1, 2013.
IAS 27 “Separate Financial Statements (2011)” (“IAS 27 (2011)”) was reissued and now only contains accounting and
disclosure requirements for the preparation of separate financial statements, as consolidation guidance is now
contained within IFRS 10. The Company expects no impact on the Company’s financial statements upon adoption of
IAS 27 (2011) on January 1, 2013.
IFRS 11 “Joint Arrangements” (“IFRS 11”), which replaces IAS 31 “Interests in Joint Ventures” and SIC -13 “Jointly
Controlled Entities – Non-monetary Contributions by Venturers”, requires a venturer to classify i ts interest in a joint
arrangement as either a joint operation or a joint venture. For a joint operation, the joint operator will recognize its
assets, liabilities, revenue, and expenses, and/or its relative share thereof. For a joint venture, the joint venturer will...
View Full Document
This document was uploaded on 03/30/2014.
- Spring '14