IFRS publications library | IFRS Outlook, Developments, Applying IFRS, Supplements, Illustrative Financial Statements and more - Ernst & Young - Global

January 2012                  Download issue (pdf, 482kb).

• Global Accounting Standards post-2011 – a way forward
• Hedge accounting moves closer to risk management practices
• IFRS project update

October 2011                  Download issue(pdf, 316kb).

• A better revenue accounting model?
• Conversation with Wayne Upton — A tough balancing act for the IFRS Interpretations Committee
• IFRS project update

August 2011                  Download issue(pdf, 451kb).

• Lease accounting is entering a second phase of public consultation — the impact on lessees
• Reviews of two key IASB bodies throw light on underlying dynamics of IFRS
• SEC publishes Staff Paper on incorporating IFRS into the US Financial Reporting System — our views
• IFRS update

May & June 2011                  Download issue (pdf, 551kb)

• What you need to know about the new consolidation, joint arrangements and disclosure standards
• Fair value measurement: What you need to know about the new standard
• IFRS monthly update
• Resources

March & April 2011                  Download issue (pdf, 654kb)

• Effective dates — when will proposed new IFRS standards apply?
• What we think of the new proposed approach for impairment of financial assets
• Our views on the hedge accounting proposals
• IFRS monthly update

January & February 2011                  Download issue (pdf, 716kb)

• Past, present and future state of IFRS — regulators reflect on the adoption of IFRS in Europe and Australia
• IFRS update

December 2010                  Download issue (pdf, 316kb)

• Our views on the lease accounting proposals
• Proposals for insurance contracts — heading towards a new standard
• IFRS Foundation: Trustees solicit public comment on future strategy
• IFRS monthly update

November 2010                  Download issue (pdf, 486kb)

• When should proposed new IFRS standards be applied?
• Our views on the revenue recognition proposals
• IFRS monthly update

October 2010                  Download issue (pdf, 586kb)

• Building a bridge between valuation and accounting standards
• Proposed amendments to IAS 19: too much too soon?
• IFRS monthly update

September 2010                  Download issue (pdf, 686kb)

• The Asian-Oceanian Standard Setters Group – a growing voice to be heard at the table?
• Our views on the Extractive Activities project
• SEC solicits public comment on IFRS Work Plan topics
• IFRS monthly update

August 2010                  Download issue (pdf, 786kb)

• Our views on the Reporting Entity project
• Fair value option for financial liabilities — does the proposed change reduce or retain complexity?
• Proposal for accounting for insurance contracts
• IFRS monthly update

• IFRS Developments Issue 25: Boards weighing effects of putting leases on the balance sheet
  IFRS Developments Issue 25
  The IASB and the FASB remain committed to putting leases on the balance sheet. However, they continue to struggle with how to recognise related lease revenue and expense. This is likely to delay a new exposure draft. Our IFRS Developments publication summarises what you need to know about the status of the leases project.
  
  
• IFRS Developments Issue 24: IFRS Foundation announces changes to its governance
  IFRS Developments Issue 24
  The IFRS Foundation published two reports on 9 February 2012 that include key decisions on the organisation's governance and strategy. This publication discusses the principal highlights of the reports, including a number of proposals made on the composition and structure of the IASB, Trustees and Monitoring Board of the IFRS Foundation. Of note are the recommendations to limit the membership of the Monitoring Board to only those jurisdictions that commit to domestic use of IFRS in the jurisdiction's capital market and participate in the funding of the IFRS Foundation. The reports also include the decision not to open membership of the Monitoring Board to stakeholders outside of capital market authorities.
  
  
• IFRS Developments - Issue 23: Limited improvements to the IFRS 9 classification and measurement model.
  IFRS Developments Issue 23
  At its recent meeting, the IASB reached a tentative decision to consider making limited improvements to IFRS 9 Financial Instruments. While limiting the scope of the review, the IASB seeks to address the interaction between this standard's classification and measurement model and the accounting for insurance contract liabilities. The IASB also seeks to address specific application issues in IFRS 9 and consider possible alignment between IFRS 9 and the FASB's proposed classification and measurement model. Our IFRS Developments publication summarises what you need to know about these amendments.
  
  
• IFRS Developments - Issue 22: Offsetting of financial Instruments
  IFRS Developments Issue 22
  The recently issued amendments to IAS 32 and IFRS 7 on offsetting of financial instruments are intended to clarify existing application issues relating to the offsetting rules, reduce the level of diversity in current practice and to overcome the differences in the offsetting requirements under IFRS and US GAAP.
  The clarifying amendments to IAS 32 are effective for the annual periods beginning on or after 1 January 2014. The new disclosures in IFRS 7 are required for annual periods beginning on or after 1 January 2013 and interim periods within those annual periods. Both require retrospective application for comparative periods.
  Our IFRS Developments publication summarises what you need to know about these amendments.
  
  
• IFRS Developments - Issue 21: Impairment - a major step forward in achieving convergence
  IFRS Developments Issue 21
  The IASB and FASB made significant progress at their recent Joint Board meeting, having agreed on several tentative decisions in relation to the "three-bucket" expected loss approach to the impairment of financial assets. These include, the transfer principle from Bucket 1 into Bucket 2 or Bucket 3; the Bucket 1 impairment allowance; the differentiating factor between Bucket 2 and Bucket 3; the grouping of financial assets for impairment evaluation; and the application of the new impairment approach to retail loans, commercial loans and debt securities.
  Our IFRS Developments publication summarises what you need to know about these developments.
  
  
• IFRS Developments - Issue 20: Support grows for keeping US GAAP but basing future standards on IFRS
  IFRS Developments Issue 20
  Representatives of the SEC, the IASB and the FASB discussed the incorporation of IFRS into the US financial reporting system at the AICPA National Conference on Current SEC and PCAOB Developments (the Conference) in Washington D.C. last week. Our IFRS Developments publication summarises the highlights of the speeches made at the conference.
  
  
• SEC staff issues two papers on IFRS
  IFRS Developments Issue 19
  As part of its work plan to consider whether (and if so, when and how) IFRS should be incorporated into the US financial reporting system, the SEC staff has released two papers: An Analysis of IFRS in Practice and A Comparison of US GAAP and IFRS. Our IFRS Developments publication summarises what you need to know about these developments.
  
  
• IASB and FASB issue revised revenue recognition proposals
  IFRS Developments Issue 18
  The IASB and FASB have issued revised proposals to improve the accounting for revenue under both IFRS and US GAAP. Their decision to re-expose the proposals will delay the project, but gives constituents an opportunity to re-evaluate the revised model. The Boards' objective is to create a single revenue model that can be applied to most revenue transactions under both accounting frameworks. For some entities, the revised proposals may alleviate the burden of implementation as aspects of the proposed model are now more aligned with current practice. For other entities, when and how much revenue is reported may still be significantly impacted.
  
  
• Operating lease accounting survives for some real estate lessors.
  IFRS Developments Issue 17
  Recently IASB and the FASB significantly modified the proposed accounting for lessors that they had agreed to in July 2011. They removed the requirement that profit must be reasonably assured to recognise profit upon the commencement of the lease, and made other modifications to the proposed approach. In addition, the Boards decided that lessors with leases of investment property measured at cost would apply current operating lease accounting. Our IFRS Developments publication summarises what you need to know about these developments.
  
  
• Hedge accounting - summary of redeliberations.
  IFRS Developments Issue 16
  At its September meeting, the IASB completed redeliberations on the Exposure Draft Hedge Accounting (the ED). During the redeliberations, the Board made some significant changes to proposals in the ED addressing some, but not all, of the major concerns raised by constituents in their comment letters on the ED. This edition of IFRS Developments summarises the main tentative decisions of the IASB. The IASB also plans to publish a staff draft of the final standard on its website. The final standard is due to be issued in the next three months. Meanwhile, the Board continues to deliberate a separate proposal on macro hedge accounting.
  
  
• Proposal for investment entities to measure investments at fair value
  IFRS Developments Issue 15
  The IASB recently published an Exposure Draft (ED) Investment Entities, that proposes an exception to the principle in IFRS that an entity consolidates all controlled entities. Instead the ED would require an entity that meets the criteria to be an investment entity to measure all controlled investments at fair value, with changes recognised in profit or loss. Comments on the ED are due by 5 January 2012.
  
  
• A Step forward in hedge accounting
  IFRS Developments Issue 14
  At its July meetings, the IASB made a significant step towards releasing a new standard on hedge accounting. The tentative decisions taken by the Board at these meetings are consistent with its intention to link an entity's risk management strategy with the rationale for hedging and the impact of hedging on the financial statements. This will allow many entities, both financial institutions and corporations, to apply hedge accounting to more of their common hedging strategies.
  
  
• Accounting for waste removal costs in surface mines
  IFRS Developments Issue 13
  The IFRS Interpretations Committee considered the near final Interpretation on accounting for waste removal costs during the production phase of a surface mine at its July 2011 meeting.
  
  
• IFRS 9 mandatory effective date to move to 2015
  IFRS Developments Issue 12
  The IASB tentatively decided to move the mandatory effective date of IFRS 9 Financial Instruments to annual periods beginning on or after 1 January 2015, with earlier application permitted. The IASB plans to publish the proposed change in an exposure draft, which will have a comment period of 60 days.
  
  
• New credit impairment approach takes shape
  IFRS Developments Issue 11
  The IASB and FASB continued their discussion about the three-bucket approach for impairment of financial assets. The new three-bucket approach captures different phases of deterioration in credit quality of financial assets. All financial assets subject to impairment would be initially classified in Bucket 1. Any subsequent transfers to Buckets 2 and 3 would be based on changes in credit loss expectations.
  
  
• Boards to re-expose leases, and propose a new approach for lessors
  IFRS Developments Issue 10
  The IASB and the FASB decided to re-expose their joint leases proposal for a second time, due to significant changes to the model proposed last year. They also decided that lessors should apply a "receivable and residual" approach to all leases, with a few exceptions. This represents a significant change from current lease accounting and the proposals in last year's exposure draft.
  
  
• A new approach to credit impairment is in the works
  IFRS Developments Issue 9
  The IASB and US FASB are jointly developing a new credit impairment approach in their efforts to achieve convergence. The Boards have received mixed feedback on their previous proposals for credit impairment and have now decided to develop a new approach. This new approach considers splitting loans into three buckets based on their underlying credit risk characteristics and the information available. The model would represent a significant change from current practice under both IFRS and US GAAP. In addition, this would raise some new practical challenges for preparers of financial statements.
  
  
• Proposed improvements to IFRS
  IFRS Developments Issue 8
  The IASB has proposed seven necessary, but non-urgent, improvements to IFRS as part of its annual improvements project. The amendments are intended to clarify existing IFRS, typically where ambiguity exists. Our IFRS Developments publication summarises what you need to know about these developments.
  
  
• Changes to the presentation of other comprehensive income — amendments to IAS 1
  IFRS Developments Issue 7
  On 16 June 2011, the IASB and the US FASB issued amendments that are intended to improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with IFRS and US GAAP. The amendments to IAS 1 Presentation of Financial Statementsrequire companies preparing financial statements in accordance with IFRS to group together items within OCI that may be reclassified to the profit or loss section of the income statement. The amendments also reaffirm existing requirements that items in OCI and profit or loss should be presented as either a single statement or two consecutive statements.The amendments are effective for annual periods beginning on or after 1 July 2012.Our IFRS Developments publication summarises what you need to know about these developments.
  
  
• Significant changes to accounting for pensions
  IFRS Developments Issue 6
  The IASB has published amendments to IAS 19 Employee Benefits today, which proposes major changes to the accounting for employee benefits, including the removal of the option for deferred recognition of changes in pension plan assets and liabilities (known as the "corridor approach"). The result is greater balance sheet volatility for those entities currently applying the corridor approach. In addition, these amendments will limit the changes in the net pension asset (liability) recognised in profit or loss to net interest income (expense) and service costs. Expected returns on plan assets will be replaced by a credit to income based on the corporate bond yield rate. Our IFRS Developments publication summarises what you need to know about these developments.
  
  
• Boards to re-expose revenue proposal, delaying project to seek comments
  IFRS Developments Issue 5
  The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), (collectively, the Boards), have elected to formally expose their joint revenue recognition proposal for a second time because they have made significant changes to the model they proposed last year. Their decision will delay the project, possibly until September 2012, according to the staff paper presented to the Boards, but will give constituents a chance to comment on the changes. We support the Boards' decision to re-expose and strongly encourage companies to re-evaluate the proposed revised model and provide feedback to the Boards.
  
  
• SEC Staff Paper explores possible approach to incorporating IFRS
  IFRS Developments Issue 4
  The staff of the Securities and Exchange Commission (SEC) has published a Staff Paper exploring a possible approach for incorporating IFRS into the US financial reporting system. This issue of IFRS Developments provides a high-level summary of the Staff Paper. Under the proposed approach in the Staff Paper, US GAAP would be retained and the US FASB would incorporate IFRS into US GAAP during a transition period. Newly issued or amended IFRSs would be incorporated following an endorsement protocol.
  
  
• A U-turn on straight-line lease expense
  IFRS Developments Issue 3
  At their joint meeting on 19 May 2011, the IASB and the US FASB reversed course on their tentative decision to introduce lease classification and straight-line rent expense into their new accounting model for lessees. The Boards have decided to go back to their exposure draft approach of requiring lessees to recognize interest expense using the interest method and separately amortize the right-of-use asset (generally on a straight-line basis). This approach accelerates lease expense for today's operating leases.
  
  
• Fair value measurement guidance converges
  IFRS Developments Issue 2
  We've summarised the key points of IFRS 13 Fair Value Measurementand included our perspectives on the new standards.
  
  
• IASB issues three new standards
  IFRS Developments Issue 1
  We've summarised the key points of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interests in Other Entities and included our perspectives on the new standards.

Issue 101:             Download issue (pdf, 232kb)

• At their April 2011 meeting, the IASB and the US FASB redeliberated the remaining significant aspects of the revenue recognition exposure draft. This included estimating the transaction price when variable consideration exists, allocation of the transaction price, the accounting for licenses and the rights to use intellectual property, put options on sale and repurchase agreements, and fulfilment costs.

Issue 100:             Download issue (pdf, 261kb)

• The IASB and the FASB have continued to refine their proposed accounting for leases. They have completed their targeted outreach activities and have tentatively agreed to changes to the expense recognition pattern for lessees, accounting for variable lease payments and the guidance on the definition of a lease. They decided to introduce a distinction between different types of leases into their new accounting model and to require different expense recognition for leases that contain a significant financing component and those that do not. In this supplement, we summarise what you need to know about these developments.

Issue 99:             Download issue (pdf, 221kb)

• The IASB and the FASB are currently in the process of addressing the concerns raised by respondents about their June 2010 proposal for the new revenue recognition standard. Although the Boards still have a number of issues to redeliberate, this supplement considers the significant decisions that have already been made by the Boards in the first quarter of 2011.

Issue 98:             Download issue (pdf, 421kb)

• The IASB and the FASB have continued to refine their proposed accounting for leases and address certain concerns raised by constituents. The Boards have tentatively agreed to changes involving separating lease and non-lease components, accounting for purchase options included in a lease, initial measurement of lease-related assets and liabilities and accounting for short-term leases. The Boards have also tentatively agreed to make significant changes to the criteria for sale-leaseback transactions. Supplement to IFRS Outlook Issue 98 summarizes what you need to know about these developments.

Issue 97:             Download issue (pdf, 321kb)

• IFRS 7 Financial Instruments: Disclosures (IFRS 7) is continually evolving in response to demands for more robust disclosures in respect of financial instruments. During 2010, several changes were made to IFRS 7 that are set to take effect in 2011 and 2012. Generally, these changes are intended to simplify the disclosures and reduce the amount of time and effort needed to prepare an entity's financial statements. However, the new requirement to disclose the financial effect of collateral held as security is likely to be a systems challenge or a labour intensive exercise for many entities. In this supplement, we take a look at some of the practical considerations that may arise when implementing the changes in 2011 and 2012.

Issue 96:             Download issue (pdf, 421kb)

• In reponse to criticism, IASB and the FASB decided to make changes to their proposed model for lease accounting. commenters found the model overly complex and potentially costly to implement. The Boards tentatively agreed to revise the proposed definition of the lease term and the treatment of variable lease payments, but they still remain committed to requiring that all leases be recognised on the balance sheet.

Issue 95:             Download issue (pdf, 478kb)

• The IASB and US FASB jointly proposed a common approach to account for impairment of financial assets managed in an open portfolio. This proposals require that financial assets would be separated into a 'good book' and 'bad book'. Credit losses on the good book would be recognised over time, while all credit losses on the bad book would be recognised immediately on transfer. The IASB published these proposals as a supplementary document to its November 2009 Exposure Draft Financial Instruments: Amortised Cost and Impairment and is seeking feedback on this approach. Here, we take a look at the proposals and consider their likely impact on businesses. The comment are due April 2011.

Issue 94:             Download issue (pdf, 478kb)

• Ever since the introduction of IFRS in Europe, the offsetting of financial assets and liabilities on the balance sheet has been a controversial issue. The ability to offset under IFRS is more limited than under US GAAP, especially for derivatives. Given the greater focus on banks' risks since the financial crisis, the Basel Committee on Banking Supervision and the Financial Stability Board have raised concerns about the major GAAP difference. In response to these concerns, the IASB and the US FASB issued a joint exposure draft on 28 January 2011, proposing changes to their existing requirements to address such differences. This supplement considers the proposals and their likely impact on existing IFRS reporters.

Issue 93:             Download issue (pdf, 478kb)

• The IASB issued Deferred Tax: Recovery of Underlying Assets (amendments to IAS 12) concerning the determination of deferred tax on investment property measured at fair value. The amendments introduce a rebuttable presumption that deferred tax in relation to such property should be measured on the basis that the carrying amount will be recovered through sale as well, they also incorporate SIC-21 Income Taxes - Recovery of Revalued Non-Depreciable Assets into IAS 12.

Issue 92:             Download issue (pdf, 248kb)

• The IASB issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1). The amendments to IFRS 1 First-time adoption of International Financial Reporting Standards introduce a new deemed cost exemption for entities that have been subject to severe hyperinflation. They also remove the legacy fixed dates in IFRS 1 relating to derecognition and day one gain or loss transactions.

Issue 91:             Download issue (pdf, 138kb)

• The IASB has just released an Exposure Draft - Hedge Accounting (ED) with proposals to substantially simplify hedge accounting. This is the third phase of the IASB's project to replace IAS 39. However, proposals relating to macro (portfolio) hedge accounting have not been included in this ED. In this supplement, we take a look at the main changes proposed in the ED.

Issue 90:             Download issue (pdf, 148kb)

• On 29 November 2010, the IASB and the FASB jointly issued an updated progress report on their convergence projects. This supplement summarises the reports that have been prioritised for completion by 30 June 2011, those that have been deferred, and our views on the revised agenda.

Issue 89:             Download issue (pdf, 198kb)

• The IASB has issued the first part of Phase 1 of IFRS 9 dealing with the classification and measurement of financial assets. On 28 October 2010, the IASB issued amendments to IFRS 9 to address financial liabilities. Furthermore, these amendments also incorporate the current derecognition principles of IAS 39 into IFRS 9. Our supplement summarises the amendments.

Issue 86:             Download issue (pdf, 458kb)

• The IASB and FASB announced the completion of the first phase of their joint project to develop an improved conceptual framework for IFRS and US GAAP. The project's objective is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged. The first phase includes Chapter 1 The objective of general purpose financial statements and Chapter 3 Qualitative characteristics of useful financial information.

Issue 85:             Download issue (pdf, 389kb)

• The IASB issued Amendments to IFRS 7: Financial Instruments: Disclosures on 7 October 2010 to enhance the transparency of disclosure requirements for the transfer of financial assets. The amendments will assist users to understand the implications of transfers of financial assets and the potential risks that may remain with the transferor. This Supplement considers these new requirements and their possible impact.

Issue 79:             Download issue (pdf, 310kb)

• The IASB and the US FASB published for public comment joint proposals to improve the reporting of lease contracts. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts. Our supplement summarises the proposed accounting changes to leases.

Issue 78:             Download issue (pdf, 446kb)

• The IASB and the US FASB have posted to their respective websites, a staff draft of an exposure draft (the draft ED) of a new financial statement presentation standard. The draft ED reflects the Boards' tentative decisions to date regarding their efforts in developing a new financial statement presentation standard. The Boards' proposals are fundamentally the same, although there are some minor differences around segment disclosures.

Issue 77:             Download issue (pdf, 368kb)

• This supplement explores a number of topics following the release of the IASB's June 2010 exposure draft (ED 2010 7) Measurement Uncertainty Analysis Disclosure for Fair Value Measurements including:
  • the specific proposals of the ED for disclosures related to measurement uncertainty
  • how the ED fits in with the joint project with the FASB on Fair Value Measurements
  • how it compares with current IFRS, the May 2009 ED and US GAAP

Issue 75:             Download issue (pdf, 310kb)

• The IASB and the US FASB recently issued an Exposure Draft Revenue from Contracts with Customers (ED), containing a joint proposal for a single revenue recognition model for most revenue transactions.

Issue 73:             Download issue (pdf, 749kb)

• The US FASB released new proposals on accounting for financial instruments. If adopted as proposed, this would be a significant change from current US GAAP because many more financial instruments, including loans, will be measured at fair value.

Issue 71:             Download issue (pdf, 749kb)

• This document summarises the 11 amendments to six standards and one interpretation which result from proposals that were included in the Exposure Draft of Improvements to IFRSs, issued in August 2009.

Issue 69:             Download issue (pdf, 201kb)

• The lack of comprehensive financial reporting guidance for the minerals and oil and gas industries has led to significant divergence in financial reporting for extractive activities under IFRS. In response, the IASB has published a Discussion Paper (DP) for comment (that was first published in a working draft of the DP in August 2009). The DP presents the results of the research project and contains the views of the project team, which is comprised of staff from the national standard setters in Australia, Canada, Norway and South Africa. The DP does not represent the views of the Board. This supplement provides an overview of the DP.

Issue 68:             Download issue (pdf, 168kb)

• Our supplement summarises the proposed description of a reporting entity included in the Conceptual Framework exposure draft, which includes a discussion of what the proposals mean for consolidated financial statements, combined financial statements and parent-only financial statements.

Issue 66:             Download issue (pdf, 168kb)

• Our supplement summarises the proposed description of a reporting entity included in the Conceptual Framework exposure draft, which includes a discussion of what the proposals mean for consolidated financial statements, combined financial statements and parent-only financial statements.

Issue 64:             Download issue (pdf, 169kb)

• This issue summarises the IASB's amendment to correct an unintended consequence of IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction. The requirements of IFRIC 14 meant that some entities that were subject to minimum funding requirements could not treat any surplus in a defined benefit pension plan as an economic benefit. This amendment will allow these entities to recognise a prepayment of pension contributions as an asset rather than an expense.

Issue 62:             Download issue (pdf, 159kb)

• The IFRIC has issued Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments which clarifies the treatment of financial liabilities that are extinguished with equity instruments. In this supplement, we summarise the key features of IFRIC 19 and consider the potential impact the interpretation may have on businesses.

Issue 61:             Download issue (pdf, 2.1mb)

• The IASB is another step closer to replacing IAS 39 with the publication of a new Exposure Draft on financial instruments carried at amortised cost. In our supplement we summarise the ED which proposes a new impairment methodology, and changes the effective interest rate approach. We also look at the business implications of these proposals

Issue 60:             Download issue (pdf, 896kb)

• Phase 1 of the IASBs financial instruments project is now complete, with the issue of IFRS 9 Financial Instruments. Phase 1 establishes a new classification and measurement framework for financial assets, replacing the corresponding sections of IAS 39. In this supplement we highlight the main requirements of IFRS 9, significant issues redeliberated by the Board since June and discuss the key business impacts.

Issue 59:             Download issue (pdf, 89kb)

• The IASB has issued a revised version of IAS 24 Related Party Disclosures that clarifies and simplifies the definition of a related party. The revised standard also provides some relief for government-related entities (as defined in the amended standard) to disclose details of all transactions with other government-related entities (as well as with the government itself). In this supplement, we summarise the changes to IAS 24 and highlight the potential implications for businesses.

Issue 58:             Download issue (pdf, 89kb)

• The International Accounting Standards Board (IASB) has issued an amendment to IAS 32 Financial Instruments: Presentation on the classification of rights issues, options or warrants denominated in a foreign currency. The purpose of this publication is to summarise the Amendment and to highlight the potential impact on entities.

Issue 15:             Download issue (pdf, 86kb)

• Summarises the Exposure Draft, proposing amendments to IFRS 5.

First-time adopters: Good First-time Adopter: Good First-time Adopter (International) Limited:   Download(pdf, 775kb)

• This publication contains an illustrative set of consolidated financial statements of Good First-time Adopter (International) Limited, a large publicly listed manufacturing company and its subsidiaries (the Group), for the year ended 31 December 2011.

Consolidated Financial Statements: Good Group (International) Limited 2010:   Download (pdf, 775kb)

• This publication contains an illustrative set of consolidated financial statements of Good Group (International) Limited and subsidiaries ('the Group') for the year ended 31 December 2010. These illustrative financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as of 31 August 2010.

Interim Consolidated Financial Statements: Good Group (International) Limited Download (pdf, 238kb)

• This edition contains illustrative interim condensed consolidated financial statements of Good Group (International) Limited and subsidiaries for the interim period ending 30 June 2011. It is prepared in accordance with IFRS issued as at 31 March 2011 and effective for annual periods beginning on 1 January 2011.

Banking: Good Bank (International) Limited             Download issue (pdf, 1.41mb)

• This edition of Good Bank (International) Limited contains an illustrative set of consolidated financial statements for a fictitious banking entity, Good Bank (International) Limited and its subsidiaries, incorporated and listed in Goodland, with a reporting date of 31 December 2011. These illustrative financial statements have been prepared in accordance with IFRS that were in issue as at 30 September 2011, and effective for the year ending 31 December 2011.

Construction: Good Construction (International) Limited             Download issue (pdf, 932kb)

• This 2011 edition of Good Construction Group (International) Limited contains the consolidated financial statements of a construction company and its subsidiaries for the year ending 31 December 2011. These illustrative financial statements have been prepared in accordance with IFRS that were in issue as at 30 September 2011.

Insurance: Good Insurance (International) Limited 2011             Download issue (pdf, 1.58mb)

• This 2011 edition of Good Insurance (International) Limited contains the consolidated financial statements of a fictitious company and its subsidiaries with a reporting date of 31 December 2011. These illustrative financial statements have been produced in accordance with IFRS in issue at 30 September 2011.

Investment Fund: Good Investment Fund Limited 2011 (Equities):             Download issue (pdf, 632kb)

• This publications contains the illustrative financial statements of a fictitious investment fund whose puttable shares are classified as equity instruments for the year ended 31 December 2011.

Investment Fund: Good Investment Fund Limited 2011 (Liabilities):             Download issue (pdf, 526kb)

• This publication contains the illustrative financial statements of a fictitious investment fund whose puttable shares are classified as financial liabilities for the year ended 31 December 2011.

Mining: Good Mining (International) Limited             Download issue (pdf, 1.2MB)

• This publication provides an illustrative set of consolidated financial statements with a reporting date of 31 December 201-, prepared in accordance with IFRS in issue at 31 August 2010, for Good Mining (International) Limited, a fictitious group of mining companies.

Petroleum: Good Petroleum (International) Limited            Download issue (pdf, 1.2mb)

• This 2011 edition of Good Petroleum (International) Limited contains the consolidated financial statements of Good Petroleum Ltd., a fictitious group of oil and gas companies for the year ending 31 December 2011. These illustrative financial statements have been prepared in accordance with IFRS that were in issue as at 30 September 2011, and effective for the year ending 31 December 2011.

Real Estate: Good Real Estate (International) Limited            Download issue (pdf, 405kb)

• This 2011 edition of Good Real Estate (International) Limited provides an illustrative set of consolidated financial statements for a real estate company and its subsidiaries for the year ending 31 December 2011. These illustrative financial statements have been prepared in accordance with IFRS that were in issue as at 30 September 2011.