Clearly IFRS

IAS 19 (2011): Employee Benefits

Clearly IFRS: A practical guide to implementing IAS 19 (rev. 2011) – Employee Benefits is intended to assist you in kick-starting your International Financial Reporting Standard (IFRS) adoption efforts and implementation of the standard. Featured in the guide are tools such as steps to implementation designed to help your organization make your adoption of the standard a seamless and easy one.

IAS 19: learn about the changes

With the IFRS adoption process fairly recently completed, Canadian entities may be surprised by the number of significant new IFRSs that are effective in 2013. IAS 19 (rev. 2011) (“IAS 19R”) is an amended standard with changes focused on a number of specific areas, most notably:

• Defined benefit plan accounting
• Definitions (and therefore measurement) of short- and long-term benefits, and employee termination benefits and disclosures

For some entities, the amended standard will have a significant impact; for others this change may be more limited.

To learn more, download the full guide.

IFRS 10: Consolidated Financial Statements

IFRS 10 – Consolidated financial statements is a new standard which supersedes IAS 27 Consolidated and Separate Financial Statements (“IAS 27”) and SIC-12 Consolidation - Special Purpose Entities (“SIC- 12”). The primary goal behind the new standard was to come up with a single model for control which could be applied to all entities.

At the heart of IFRS 10 is the requirement that in order for an investor to have control over an investee, the investor must have all three of the following:

1. Power over the investee;
2. Exposure or rights to variable returns from its involvement with the investee; and
3. The ability to use its power over the investee to affect the amount of the investor’s returns

To learn more, download the full guide.

IFRS 11: Joint Arrangements

Clearly IFRS: A practical guide to implementing IFRS 11 – Joint Arrangements is a resource intended to assist you in kick-starting your International Financial Reporting Standard (IFRS) adoption efforts and implementation of the standard. Featured in the guide are tools such as steps to implementation designed to help your organization make your adoption of the standard a seamless and easy one.

With the IFRS adoption process fairly recently completed, Canadian entities may be surprised by the number of significant new IFRSs that are effective in 2013. IFRS 11 is a new standard and supersedes IAS 31 Interests in Joint Ventures (“IAS 31”) and SIC-13 Jointly-Controlled Entities – Non-Monetary Contributions by Venturers (“SIC-13”).The primary goal behind the new standard was to arrive at an accounting treatment which accurately reflects the true nature of the economic interest held by an entity.

IFRS 11: learn about the changes

The existing policy choice under IAS 31 for jointly-controlled entities is replaced by a requirement to account for an interest depending on the nature of your rights and obligations under a joint arrangement. Under IFRS 11, the individual assets and liabilities within a jointly-controlled vehicle are not recognized in the financial statements of a party with joint control unless the rights and obligations for those assets and liabilities do in fact reside with the parties to the arrangement, rather than with the vehicle. For those entities previously using proportionate consolidation with joint arrangements that do not use a separate vehicle, the changes (and there are some) will be more limited.

To learn more, download the full guide.

IFRS 13: Fair Value Measurement

IFRS 13 – Fair Value Measurement (IFRS 13) is a standard which establishes a framework for the measurement of fair value. The standard does not determine when fair value should be measured but rather sets out requirements as to how fair value should be measured when another standard requires the use of fair value measurement or requires fair values to be disclosed. In addition to the measurement requirements of the standard, IFRS 13 also includes comprehensive disclosure requirements.

To learn more, download the full guide.

IFRS 15: Revenue from Contracts with Customers

IFRS 15 – Revenue from Contracts with Customers is a standard which outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. The core principle is that an entity will recognize revenue to reflect the transfer of goods or services, measured as the amount to which the entity expects to be entitled in exchange for those goods or services.

In particular, the new standard requires distinct goods or services to be accounted for separately, which may have a significant impact on the timing of revenue and profit recognition. The new standard requires significantly more disclosure relating to the reporting of revenue and entities will need to ensure that they can gather the appropriate information.

Visit Deloitte’s IFRS 15 page for more information about the impact of this standard, including nine industry-specific Canadian publications, our IFRS in Focus publication (which provides a general overview of the standard) and archived webcasts from subject matter experts.