A summary of recent standards, interpretations and other pronouncements affecting companies that report under IFRS.
Under EU regulations companies listed on an EU regulated stock exchange must prepare accounts under IFRS as approved by the EU. AIM listed companies moved to IFRS on 1 January 2007. Other UK companies within the UK have a choice of reporting under UK GAAP or IFRS.
The European Financial Reporting Advisory Group (EFRAG) regularly publishes an Endorsement Status Report which provides an overview of standards and interpretations that have been endorsed and those pending endorsement.
Latest version Endorsement Status Report
Access to 'unaccompanied standards' (the core standards, excluding additional content such as basis for conclusions) is now freely available from the IASB’s website.
Recent standards
Amendment to IFRS 2 - Group cash-settled share-based payment transactions
Published: 18/06/09 - Effective: 01/01/10
Annual Improvements 2008-2009
Published: 16/04/09 - Effective: 01/10/09
Amendments to IFRIC 9 and IAS 39: Embedded derivatives
Published: 12/03/09 - Effective: 30/06/ 09
Amendment to IFRS 7 - Improving disclosures about financial instruments
Published: 05/03/09 - Effective: 01/01/ 09
Revised version of IFRS 1 with improved structure
Published: 27/11/08 - Effective: 01/07/09
Update to amendments to IAS 39 and IFRS 7: reclassification of financial assets
Published 27/11/2008 - Effective: 1/07/2008
Amendments to IAS 39 and IFRS 7: reclassification of financial assets*
Published: 13/10/2008 - Effective: 1/07/2008
Amendment to IAS 39 Financial Instruments: Eligible hedged items
Published: 31/07/2008 - Effective: 01/07/09
Amendments to IFRS 1 'First-time Adoption of IFRS' and IAS 27 'Consolidated and Separate Financial Statements' *
Published: 22/05/08 - Effective: 01/01/09
Improvements to IFRS *
Published: 22/05/08 - Effective: 01/01/09
IAS 32 Financial Instruments: Presentation and IAS 1 Financial Instrument Presentation Amendments - Puttable Financial Instruments and Obligations Arising on Liquidation *
Published: 14/02/08 - Effective: 01/01/09
IFRS 3 Business Combinations & IAS 27 Consolidated and Separate Financial statements *
Published: 10/01/08 - Effective: 01/07/09
IFRS 2 Share-based Payment (amendment)*
Published: 17/01/08 - Effective: 01/01/09
IAS 1 'Presentation of Financial Statements'*
Published: 06/09/08 - Effective: 01/01/09
IAS 23 'Borrowing Costs'*
Published: 29/03/07 - Effective: 01/01/09
IFRS 8 ‘Operating segments’*
Published: 11/06 - Effective: 01/01/09
* EU endorsed.
ASB statements applicable to UK IFRS reporters
Reporting Statement 'Retirement Benefits - Disclosures'
Published: 22/01/07
Recent IFRIC interpretations
IFRIC 18 Transfers of Assets from Customers
Published: 29/01/09 – Effective: 01/07/09
IFRIC 17 Distributions of Non-Cash Assets to Owners
Published: 27/11/08 - Effective: 01/07/09
IFRIC 16 ‘Hedges of a Net Investment in a Foreign Operation’*
Published: 03/07/08 - Effective: 01/10/08
IFRIC 15 ‘Agreements for the Construction of Real Estate’
Published: 02/07/08 - Effective: 01/01/09
IFRIC 14 ‘IAS 19 - Defined Benefit Asset and Minimum Funding Requirements’* Published: 05/07/07 - Effective: 01/01/08
IFRIC 13 ‘Customer Loyalty Programmes’*
Published: 28/06/07 - Effective: 01/07/08
IFRIC 12 ‘Service Concession Arrangements’*
Published: 30/11/06 - Effective: 01/01/08
IFRIC 11 ‘IFRS 2 Group and Treasury Share Transactions’*
Published: 02/11/06 - Effective: 01/03/07
IFRIC 10 ‘Interim Financial Reporting and Impairment’*
Published: 20/07/06 - Effective: 01/11/06
* EU endorsed.
Financial Reporting Council (FRC)
FRC Guidance on Going Concern for Smaller Companies
Published 3 March 2009
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