Commission Regulation (EC) No 1725/2003 of 29 September 2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance) (repealed)

EU Regulation No 1725/2003 · Adopted 29 September 2003 · Extends to United Kingdom

Contents

1. 1Article 1 Repealed
2. 2Article 2 Repealed
3. Signature
4. Annex Annex Repealed
5. Presentation of Financial Statements Repealed
6. Division Repealed
7. OBJECTIVE Repealed
8. SCOPE Repealed
9. PURPOSE OF FINANCIAL STATEMENTS Repealed
10. COMPONENTS OF FINANCIAL STATEMENTS Repealed
11. DEFINITIONS Repealed
12. OVERALL CONSIDERATIONS Repealed
13. Fair Presentation and Compliance with IFRSs Repealed
14. Going Concern Repealed
15. Accrual Basis of Accounting Repealed
16. Consistency of Presentation Repealed
17. Materiality and Aggregation Repealed
18. Offsetting Repealed
19. Comparative Information Repealed
20. STRUCTURE AND CONTENT Repealed
21. Introduction Repealed
22. Identification of the Financial Statements Repealed
23. Reporting Period Repealed
24. Balance Sheet Repealed
25. Current/Non-current Distinction Repealed
26. Current Assets Repealed
27. Current Liabilities Repealed
28. Information to be Presented on the Face of the Balance Sheet Repealed
29. Information to be Presented either on the Face of the Balance Sheet or in the Notes Repealed
30. Income Statement Repealed
31. Profit or Loss for the Period Repealed
32. Information to be Presented on the Face of the Income Statement Repealed
33. Information to be Presented either on the Face of the Income Statement or in the Notes Repealed
34. Statement of Changes in Equity Repealed
35. Cash Flow Statement Repealed
36. Notes Repealed
37. Structure Repealed
38. Disclosure of Accounting Policies Repealed
39. Key Sources of Estimation Uncertainty Repealed
40. Capital Repealed
41. Other Disclosures Repealed
42. EFFECTIVE DATE Repealed
43. WITHDRAWAL OF IAS 1 (REVISED 1997) Repealed
44. APPENDIXAmendments to Other Pronouncements Repealed
45. APPENDIXAmendments to Other Pronouncements Repealed
46. APPENDIXAmendments to Other Pronouncements Repealed
47. APPENDIXAmendments to Other Pronouncements Repealed
48. APPENDIXAmendments to Other Pronouncements Repealed
49. APPENDIXAmendments to Other Pronouncements Repealed
50. APPENDIXAmendments to Other Pronouncements Repealed
51. APPENDIX ADefined terms Repealed
52. Definition of an insurance contract Repealed
53. Division Repealed
54. Division Repealed
55. Uncertain future event Repealed
56. Payments in kind Repealed
57. Distinction between insurance risk and other risks Repealed
58. Examples of insurance contracts Repealed
59. Significant insurance risk Repealed
60. Changes in the level of insurance risk Repealed
61. Amendments to other IFRSs Repealed
62. Division Repealed
63. Amendments to IAS 32 and IAS 39 Repealed
64. Amendments to other IFRSs Repealed
65. APPENDIXAmendment to IAS 30 Repealed
66. APPENDIXAmendments to Other Pronouncements Repealed
67. APPENDIXAmendments to Other Pronouncements Repealed
68. APPENDIXAmendments to Other Pronouncements Repealed
69. Application Guidance IAS 32 Financial Instruments: Disclosure and Presentation Repealed
70. Division Repealed
71. Definitions (paragraphs 11-14) Repealed
72. Financial Assets and Financial Liabilities Repealed
73. Equity Instruments Repealed
74. Derivative Financial Instruments Repealed
75. Contracts to Buy or Sell Non-Financial Items (paragraphs 8-10) Repealed
76. Presentation Repealed
77. Liabilities and Equity (paragraphs 15-27) Repealed
78. No Contractual Obligation to Deliver Cash or Another Financial Asset (paragraphs 17-20) Repealed
79. Settlement in the Entity’s Own Equity Instruments (paragraphs 21-24) Repealed
80. Contingent Settlement Provisions (paragraph 25) Repealed
81. Treatment in Consolidated Financial Statements Repealed
82. Compound Financial Instruments (paragraphs 28-32) Repealed
83. Treasury Shares (paragraphs 33 and 34) Repealed
84. Interest, Dividends, Losses and Gains (paragraphs 35-41) Repealed
85. Offsetting a Financial Asset and a Financial Liability (paragraphs 42-50) Repealed
86. Disclosure Repealed
87. Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss (paragraph 94(f)) Repealed
88. APPENDIX AApplication Guidance Repealed
89. Profit or Loss Attributable to the Parent Entity Repealed
90. Rights Issues Repealed
91. Control Number Repealed
92. Average Market Price of Ordinary Shares Repealed
93. Options, Warrants and Their Equivalents Repealed
94. Written Put Options Repealed
95. Instruments of Subsidiaries, Joint Ventures or Associates Repealed
96. Participating Equity Instruments and Two-Class OrdDivision Participating Equity Instruments and Two-Class Ord Repealed
97. Partly Paid SharesDivision Partly Paid Shares Repealed
98. APPENDIX BAmendments to Other Pronouncements Repealed
99. INTERNATIONAL ACCOUNTING STANDARD IAS 34 Repealed
100. Interim financial reporting Repealed
101. INTRODUCTION Repealed
102. 1Division 1 Repealed
103. 2Division 2 Repealed
104. 3Division 3 Repealed
105. 4This Standard: Repealed
106. 5Division 5 Repealed
107. 6Division 6 Repealed
108. 7Division 7 Repealed
109. 8Division 8 Repealed
110. 9Division 9 Repealed
111. CONTENTS Repealed
112. OBJECTIVE Repealed
113. SCOPE Repealed
114. 1This Standard does not mandate which enterprises should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require enterprises whose debt or equity securities are publicly traded to publish interim financial reports. This Standard applies if an enterprise is required or elects to publish an interim financial report in accordance with International Accounting Standards. The International Accounting Standards Committee encourages publicly traded enterprises to provide interim financial reports that conform to the recognition, measurement, and disclosure principles set out in this Standard. Specifically, publicly traded enterprises are encouraged: Repealed
115. 2Division 2 Repealed
116. 3Division 3 Repealed
117. DEFINITIONS Repealed
118. 4The following terms are used in this Standard with the meanings specified: Repealed
119. CONTENT OF AN INTERIM FINANCIAL REPORT Repealed
120. 5IAS 1 defines a complete set of financial statements as including the following components: Repealed
121. 6Division 6 Repealed
122. 7Division 7 Repealed
123. Minimum components of an interim financial report Repealed
124. 8An interim financial report should include, at a minimum, the following components: Repealed
125. Form and content of interim financial statements Repealed
126. 9Division 9 Repealed
127. 10Division 10 Repealed
128. 11Division 11 Repealed
129. 12Division 12 Repealed
130. 13Division 13 Repealed
131. 14Division 14 Repealed
132. Selected explanatory notes Repealed
133. 15Division 15 Repealed
134. 16An enterprise should include the following information, as a minimum, in the notes to its interim financial statements, if material and if not disclosed elsewhere in the interim financial report. The information should normally be reported on a financial year-to-date basis. However, the enterprise should also disclose any events or transactions that are material to an understanding of the current interim period: Repealed
135. 17Examples of the kinds of disclosures that are required by paragraph 16 are set out below. Individual International Accounting Standards provide guidance regarding disclosures for many of these items: Repealed
136. 18Division 18 Repealed
137. Disclosure of compliance with IAS Repealed
138. 19Division 19 Repealed
139. Periods for which interim financial statements are required to be presented Repealed
140. 20Interim reports should include interim financial statements (condensed or complete) for periods as follows: Repealed
141. 21Division 21 Repealed
142. 22Division 22 Repealed
143. Materiality Repealed
144. 23Division 23 Repealed
145. 24Division 24 Repealed
146. 25Division 25 Repealed
147. DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS Repealed
148. 26Division 26 Repealed
149. 27Division 27 Repealed
150. RECOGNITION AND MEASUREMENT Repealed
151. Same accounting policies as annual Repealed
152. 28Division 28 Repealed
153. 29Division 29 Repealed
154. 30To illustrate: Repealed
155. 31Division 31 Repealed
156. 32Division 32 Repealed
157. 33Division 33 Repealed
158. 34Division 34 Repealed
159. 35Division 35 Repealed
160. 36Division 36 Repealed
161. Revenues received seasonally, cyclically, or occasionally Repealed
162. 37Division 37 Repealed
163. 38Division 38 Repealed
164. Costs incurred unevenly during the financial year Repealed
165. 39Division 39 Repealed
166. Applying the recognition and measurement principles Repealed
167. 40Division 40 Repealed
168. Use of estimates Repealed
169. 41Division 41 Repealed
170. 42Division 42 Repealed
171. RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS Repealed
172. 43A change in accounting policy, other than one for which the transition is specified by a new International Accounting Standard, should be reflected by: Repealed
173. 44Division 44 Repealed
174. 45Division 45 Repealed
175. EFFECTIVE DATE Repealed
176. 46Division 46 Repealed
177. APPENDIX ADefined terms Repealed
178. APPENDIX BApplication supplement Repealed
179. EXTENSION OF THE PERIOD REQUIRED TO COMPLETE A SALE Repealed
180. APPENDIX CAmendments to other IFRSs Repealed
181. Using PresentValue Techniques to Measure Value in Use Repealed
182. Division Repealed
183. The Components of a Present Value Measurement Repealed
184. General Principles Repealed
185. Traditional and Expected Cash Flow Approaches to Present Value Repealed
186. Traditional Approach Repealed
187. Expected Cash Flow Approach Repealed
188. Discount Rate Repealed
189. APPENDIX BAmendment to IAS 16 Repealed
190. INTERNATIONAL ACCOUNTING STANDARD IAS 37 Repealed
191. Provisions, contingent liabilities and contingent assets Repealed
192. INTRODUCTION Repealed
193. 1IAS 37 prescribes the accounting and disclosure for all provisions, contingent liabilities and contingent assets, except: Repealed
194. Provisions Repealed
195. 2The Standard defines provisions as liabilities of uncertain timing or amount. A provision should be recognised when, and only when: Repealed
196. 3The Standard defines a constructive obligation as an obligation that derives from an enterprise's actions where: Repealed
197. 4Division 4 Repealed
198. 5Division 5 Repealed
199. 6The Standard requires that an enterprise should, in measuring a provision: Repealed
200. 7An enterprise may expect reimbursement of some or all of the expenditure required to settle a provision (for example, through insurance contracts, indemnity clauses or suppliers' warranties). An enterprise should: Repealed
201. 8Division 8 Repealed
202. 9Division 9 Repealed
203. Provisions — specific applications Repealed
204. 10Division 10 Repealed
205. 11Division 11 Repealed
206. 12Division 12 Repealed
207. 13The Standard defines a restructuring as a programme that is planned and controlled by management, and materially changes either: Repealed
208. 14A provision for restructuring costs is recognised only when the general recognition criteria for provisions are met. In this context, a constructive obligation to restructure arises only when an enterprise: Repealed
209. 15A management or board decision to restructure does not give rise to a constructive obligation at the balance sheet date unless the enterprise has, before the balance sheet date: Repealed
210. 16Division 16 Repealed
211. 17A restructuring provision should include only the direct expenditures arising from the restructuring, which are those that are both: Repealed
212. Contingent liabilities Repealed
213. 18The Standard supersedes the parts of IAS 10, contingencies and events occurring after the balance sheet date, that deal with contingencies. The Standard defines a contingent liability as: Repealed
214. 19Division 19 Repealed
215. Contingent assets Repealed
216. 20Division 20 Repealed
217. 21Division 21 Repealed
218. 22Division 22 Repealed
219. Effective date Repealed
220. 23Division 23 Repealed
221. CONTENTS Repealed
222. OBJECTIVE Repealed
223. SCOPE Repealed
224. 1This Standard should be applied by all enterprises in accounting for provisions, contingent liabilities and contingent assets, except: Repealed
225. 2Division 2 Repealed
226. 3Division 3 Repealed
227. 4Division 4 Repealed
228. 5Where another International Accounting Standard deals with a specific type of provision, contingent liability or contingent asset, an enterprise applies that Standard instead of this Standard. For example, certain types of provisions are also addressed in Standards on: Repealed
229. 6Division 6 Repealed
230. 7Division 7 Repealed
231. 8Division 8 Repealed
232. 9Division 9 Repealed
233. DEFINITIONS Repealed
234. 10The following terms are used in this Standard with the meanings specified: Repealed
235. Provisions and other liabilities Repealed
236. 11Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast: Repealed
237. Relationship between provisions and contingent liabilities Repealed
238. 12Division 12 Repealed
239. 13This Standard distinguishes between: Repealed
240. RECOGNITION Repealed
241. Provisions Repealed
242. 14A provision should be recognised when: Repealed
243. Present obligation Repealed
244. 15Division 15 Repealed
245. 16In almost all cases it will be clear whether a past event has given rise to a present obligation. In rare cases, for example in a law suit, it may be disputed either whether certain events have occurred or whether those events result in a present obligation. In such a case, an enterprise determines whether a present obligation exists at the balance sheet date by taking account of all available evidence, including, for example, the opinion of experts. The evidence considered includes any additional evidence provided by events after the balance sheet date. On the basis of such evidence: Repealed
246. Past event Repealed
247. 17A past event that leads to a present obligation is called an obligating event. For an event to be an obligating event, it is necessary that the enterprise has no realistic alternative to settling the obligation created by the event. This is the case only: Repealed
248. 18Division 18 Repealed
249. 19Division 19 Repealed
250. 20Division 20 Repealed
251. 21Division 21 Repealed
252. 22Division 22 Repealed
253. Probable outflow of resources embodying economic benefits Repealed
254. 23Division 23 Repealed
255. 24Division 24 Repealed
256. Reliable estimate of the obligation Repealed
257. 25Division 25 Repealed
258. 26Division 26 Repealed
259. Contingent liabilities Repealed
260. 27Division 27 Repealed
261. 28Division 28 Repealed
262. 29Division 29 Repealed
263. 30Division 30 Repealed
264. Contingent assets Repealed
265. 31Division 31 Repealed
266. 32Division 32 Repealed
267. 33Division 33 Repealed
268. 34Division 34 Repealed
269. 35Division 35 Repealed
270. MEASUREMENT Repealed
271. Best estimate Repealed
272. 36Division 36 Repealed
273. 37Division 37 Repealed
274. 38Division 38 Repealed
275. 39Division 39 Repealed
276. Example Repealed
277. 40Division 40 Repealed
278. 41Division 41 Repealed
279. Risks and uncertainties Repealed
280. 42Division 42 Repealed
281. 43Division 43 Repealed
282. 44Division 44 Repealed
283. Present value Repealed
284. 45Division 45 Repealed
285. 46Division 46 Repealed
286. 47Division 47 Repealed
287. Future events Repealed
288. 48Division 48 Repealed
289. 49Division 49 Repealed
290. 50Division 50 Repealed
291. Expected disposal of assets Repealed
292. 51Division 51 Repealed
293. 52Division 52 Repealed
294. REIMBURSEMENTS Repealed
295. 53Division 53 Repealed
296. 54Division 54 Repealed
297. 55Division 55 Repealed
298. 56Division 56 Repealed
299. 57Division 57 Repealed
300. 58Division 58 Repealed
301. CHANGES IN PROVISIONS Repealed
302. 59Division 59 Repealed
303. 60Division 60 Repealed
304. USE OF PROVISIONS Repealed
305. 61Division 61 Repealed
306. 62Division 62 Repealed
307. APPLICATION OF THE RECOGNITION AND MEASUREMENT RULES Repealed
308. Future operating losses Repealed
309. 63Division 63 Repealed
310. 64Division 64 Repealed
311. 65Division 65 Repealed
312. Onerous contracts Repealed
313. 66Division 66 Repealed
314. 67Division 67 Repealed
315. 68Division 68 Repealed
316. 69Division 69 Repealed
317. Restructuring Repealed
318. 70The following are examples of events that may fall under the definition of restructuring: Repealed
319. 71Division 71 Repealed
320. 72A constructive obligation to restructure arises only when an enterprise: Repealed
321. 73Division 73 Repealed
322. 74Division 74 Repealed
323. 75A management or board decision to restructure taken before the balance sheet date does not give rise to a constructive obligation at the balance sheet date unless the enterprise has, before the balance sheet date: Repealed
324. 76Division 76 Repealed
325. 77Division 77 Repealed
326. 78Division 78 Repealed
327. 79Division 79 Repealed
328. 80A restructuring provision should include only the direct expenditures arising from the restructuring, which are those that are both: Repealed
329. 81A restructuring provision does not include such costs as: Repealed
330. 82Division 82 Repealed
331. 83Division 83 Repealed
332. DISCLOSURE Repealed
333. 84For each class of provision, an enterprise should disclose: Repealed
334. 85An enterprise should disclose the following for each class of provision: Repealed
335. 86Unless the possibility of any outflow in settlement is remote, an enterprise should disclose for each class of contingent liability at the balance sheet date a brief description of the nature of the contingent liability and, where practicable: Repealed
336. 87Division 87 Repealed
337. 88Division 88 Repealed
338. 89Division 89 Repealed
339. 90Division 90 Repealed
340. 91Division 91 Repealed
341. 92Division 92 Repealed
342. TRANSITIONAL PROVISIONS Repealed
343. 93Division 93 Repealed
344. 94Division 94 Repealed
345. EFFECTIVE DATE Repealed
346. 95Division 95 Repealed
347. 96Division 96 Repealed
348. Application Guidance Repealed
349. Division Repealed
350. Scope (paragraphs 2-7) Repealed
351. Definitions (paragraphs 8-9) Repealed
352. Effective Interest Rate Repealed
353. Derivatives Repealed
354. Transaction Costs Repealed
355. Financial Assets and Financial Liabilities Held for Trading Repealed
356. Held-to-Maturity Investments Repealed
357. Loans and Receivables Repealed
358. Embedded Derivatives (paragraphs 10-13) Repealed
359. Recognition and Derecognition (paragraphs 14-42) Repealed
360. Initial Recognition (paragraph 14) Repealed
361. Derecognition of a Financial Asset (paragraphs 15-37) Repealed
362. Transfers that Qualify for Derecognition Repealed
363. Transfers that Do Not Qualify for Derecognition Repealed
364. Continuing Involvement in Transferred Assets Repealed
365. All Transfers Repealed
366. Examples Repealed
367. Regular Way Purchase or Sale of a Financial Asset (paragraph 38) Repealed
368. Derecognition of a Financial Liability (paragraphs 39-42) Repealed
369. Measurement (paragraphs 43-70) Repealed
370. Initial Measurement of Financial Assets and Financial Liabilities (paragraph 43) Repealed
371. Subsequent Measurement of Financial Assets (paragraphs 45 and 46) Repealed
372. Fair Value Measurement Considerations (paragraphs 48 and 49) Repealed
373. Active Market: Quoted Price Repealed
374. No Active Market: Valuation Technique Repealed
375. No Active Market: Equity Instruments Repealed
376. Inputs to Valuation Techniques Repealed
377. Gains and Losses (paragraphs 55-57) Repealed
378. Impairment and Uncollectibility of Financial Assets (paragraphs 58-70) Repealed
379. Financial Assets Carried at Amortised Cost (paragraphs 63-65) Repealed
380. Interest Income After Impairment Recognition Repealed
381. Hedging (paragraphs 71-102) Repealed
382. Hedging Instruments (paragraphs 72-77) Repealed
383. Qualifying Instruments (paragraphs 72 and 73) Repealed
384. Hedged Items (paragraphs 78-84) Repealed
385. Qualifying Items (paragraphs 78-80) Repealed
386. Designation of Financial Items as Hedged Items (paragraphs 81 and 81A) Repealed
387. Designation of Non-Financial Items as Hedged Items (paragraph 82) Repealed
388. Designation of Groups of Items as Hedged Items (paragraphs 83 and 84) Repealed
389. Hedge Accounting (paragraphs 85-102) Repealed
390. Assessing Hedge Effectiveness Repealed
391. Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk Repealed
392. Amendments to Other Pronouncements Repealed
393. Division Repealed
394. Amendments to IFRS 1 Repealed
395. Division Repealed
396. APPENDIX A Repealed
397. Amendments to IAS 12 Repealed
398. Amendments to IAS 18 Repealed
399. Amendments to IAS 19 Repealed
400. Amendments to IAS 30 Repealed
401. Amendments to IAS 32 Repealed
402. Amendments to IAS 36 Repealed
403. Amendments to IAS 37 Repealed
404. Amendments to SIC 27 Repealed
405. AMENDMENTS TO INTERNATIONAL ACCOUNTING STANDARD 39Financial Instruments: Recognition and Measurement Repealed
406. DEFINITIONS Repealed
407. 9Division 9 Repealed
408. Definitions of Four Categories of Financial Instruments Repealed
409. EMBEDDED DERIVATIVES Repealed
410. 11ADivision 11A Repealed
411. 12Division 12 Repealed
412. 13Division 13 Repealed
413. FAIR VALUE MEASUREMENT CONSIDERATIONS Repealed
414. 48ADivision 48A Repealed
415. EFFECTIVE DATE AND TRANSITION Repealed
416. 105Division 105 Repealed
417. 105ADivision 105A Repealed
418. 105BDivision 105B Repealed
419. 105CDivision 105C Repealed
420. 105DDivision 105D Repealed
421. APPENDIX AApplication Guidance Repealed
422. DEFINITIONS (paragraphs 8 and 9) Repealed
423. Designation as at Fair Value through Profit or Loss Repealed
424. AG4BDivision AG4B Repealed
425. AG4CDivision AG4C Repealed
426. Paragraph 9(b)(i): Designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise Repealed
427. AG4DDivision AG4D Repealed
428. AG4EDivision AG4E Repealed
429. AG4FDivision AG4F Repealed
430. AG4GDivision AG4G Repealed
431. Paragraph 9(b)(ii): A group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy Repealed
432. AG4HDivision AG4H Repealed
433. AG4IDivision AG4I Repealed
434. AG4JDivision AG4J Repealed
435. AG4KDivision AG4K Repealed
436. Instruments containing Embedded Derivatives Repealed
437. AG33ADivision AG33A Repealed
438. AG33BDivision AG33B Repealed
439. INTERNATIONAL ACCOUNTING STANDARD IAS 41 Repealed
440. Agriculture Repealed
441. INTRODUCTION Repealed
442. 1Division 1 Repealed
443. 2Division 2 Repealed
444. 3Division 3 Repealed
445. 4Division 4 Repealed
446. 5Division 5 Repealed
447. 6Division 6 Repealed
448. 7Division 7 Repealed
449. 8Division 8 Repealed
450. 9Division 9 Repealed
451. CONTENTS Repealed
452. OBJECTIVE Repealed
453. SCOPE Repealed
454. 1This Standard should be applied to account for the following when they relate to agricultural activity: Repealed
455. 2This Standard does not apply to: Repealed
456. 3Division 3 Repealed
457. 4Division 4 Repealed
458. DEFINITIONS Repealed
459. Agriculture-related definitions Repealed
460. 5The following terms are used in this Standard with the meanings specified: Repealed
461. 6Agricultural activity covers a diverse range of activities; for example, raising livestock, forestry, annual or perennial cropping, cultivating orchards and plantations, floriculture, and aquaculture (including fish farming). Certain common features exist within this diversity: Repealed
462. 7Biological transformation results in the following types of outcomes: Repealed
463. General definitions Repealed
464. 8The following terms are used in this Standard with the meanings specified: Repealed
465. 9Division 9 Repealed
466. RECOGNITION AND MEASUREMENT Repealed
467. 10An enterprise should recognise a biological asset or agricultural produce when, and only when: Repealed
468. 11Division 11 Repealed
469. 12Division 12 Repealed
470. 13Division 13 Repealed
471. 14Division 14 Repealed
472. 15Division 15 Repealed
473. 16Division 16 Repealed
474. 17Division 17 Repealed
475. 18If an active market does not exist, an enterprise uses one or more of the following, when available, in determining fair value: Repealed
476. 19Division 19 Repealed
477. 20Division 20 Repealed
478. 21Division 21 Repealed
479. 22Division 22 Repealed
480. 23Division 23 Repealed
481. 24Cost may sometimes approximate fair value, particularly when: Repealed
482. 25Division 25 Repealed
483. Gains and losses Repealed
484. 26Division 26 Repealed
485. 27Division 27 Repealed
486. 28Division 28 Repealed
487. 29Division 29 Repealed
488. Inability to measure fair value reliably Repealed
489. 30Division 30 Repealed
490. 31Division 31 Repealed
491. 32Division 32 Repealed
492. 33Division 33 Repealed
493. GOVERNMENT GRANTS Repealed
494. 34Division 34 Repealed
495. 35Division 35 Repealed
496. 36Division 36 Repealed
497. 37Division 37 Repealed
498. 38Division 38 Repealed
499. PRESENTATION AND DISCLOSURE Repealed
500. Presentation Repealed
501. 39Division 39 Repealed
502. Disclosure Repealed
503. General Repealed
504. 40Division 40 Repealed
505. 41Division 41 Repealed
506. 42Division 42 Repealed
507. 43Division 43 Repealed
508. 44Division 44 Repealed
509. 45Division 45 Repealed
510. 46If not disclosed elsewhere in information published with the financial statements, an enterprise should describe: Repealed
511. 47Division 47 Repealed
512. 48Division 48 Repealed
513. 49An enterprise should disclose: Repealed
514. 50An enterprise should present a reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period. Comparative information is not required. The reconciliation should include: Repealed
515. 51Division 51 Repealed
516. 52Division 52 Repealed
517. 53Division 53 Repealed
518. Additional disclosures for biological assets where fair value cannot be measured reliably Repealed
519. 54If an enterprise measures biological assets at their cost less any accumulated depreciation and any accumulated impairment losses (see paragraph 30) at the end of the period, the enterprise should disclose for such biological assets: Repealed
520. 55If, during the current period, an enterprise measures biological assets at their cost less any accumulated depreciation and any accumulated impairment losses (see paragraph 30), an enterprise should disclose any gain or loss recognised on disposal of such biological assets and the reconciliation required by paragraph 50 should disclose amounts related to such biological assets separately. In addition, the reconciliation should include the following amounts included in net profit or loss related to those biological assets: Repealed
521. 56If the fair value of biological assets previously measured at their cost less any accumulated depreciation and any accumulated impairment losses becomes reliably measurable during the current period, an enterprise should disclose for those biological assets: Repealed
522. Government grants Repealed
523. 57An enterprise should disclose the following related to agricultural activity covered by this Standard: Repealed
524. EFFECTIVE DATE AND TRANSITION Repealed
525. 58Division 58 Repealed
526. 59Division 59 Repealed
527. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-1 Repealed
528. Consistency — different cost formulas for inventories Repealed
529. Issue Repealed
530. 1Division 1 Repealed
531. 2Division 2 Repealed
532. Consensus Repealed
533. 3An enterprise should use the same cost formula for all inventories having similar nature and use to the enterprise. For inventories with a different nature or use (for example, certain commodities used in one business segment and the same type of commodities used in another business segment), different cost formulas may be justified. A difference in geographical location of inventories (and in the respective tax rules), by itself, is not sufficient to justify the use of different cost formulas. Repealed
534. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-2 Repealed
535. Consistency — capitalisation of borrowing costs Repealed
536. Issue Repealed
537. 1IAS 23.07 and 23.11 allow the choice of either: Repealed
538. 2Division 2 Repealed
539. Consensus Repealed
540. 3Where an enterprise adopts the allowed alternative treatment, that treatment should be applied consistently to all borrowing costs that are directly attributable to the acquisition, construction or production of all qualifying assets of the enterprise. If all the conditions laid down in IAS 23.11 are met, an enterprise should continue to capitalise such borrowing costs even if the carrying amount of the asset exceeds its recoverable amount. However, IAS 23.19 explains that the carrying amount of the asset should be written down to recognise impairment losses in such cases. Repealed
541. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-3 Repealed
542. Elimination of unrealised profits and losses on transactions with associates Repealed
543. Issue Repealed
544. 1Division 1 Repealed
545. 2Division 2 Repealed
546. Consensus Repealed
547. 3Division 3 Repealed
548. 4Unrealised losses should not be eliminated to the extent that the transaction provides evidence of an impairment of the asset transferred. Repealed
549. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-6 Repealed
550. Costs of modifying existing software Repealed
551. Issue Repealed
552. 1Division 1 Repealed
553. 2The issues are: Repealed
554. 3Division 3 Repealed
555. Consensus Repealed
556. 4Division 4 Repealed
557. Disclosure Repealed
558. 5A need for major software modifications may give rise to uncertainties. In accordance with IAS 1.08 (revised 1997), enterprises are encouraged to present, outside the financial statements, information about the principal uncertainties they face (for example, a description of the activities and expenditure both incurred and planned to be incurred in future periods, in respect of significant software modifications). Repealed
559. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-7 Repealed
560. Introduction of the euro Repealed
561. Issue Repealed
562. 1Division 1 Repealed
563. 2Division 2 Repealed
564. Consensus Repealed
565. 3Division 3 Repealed
566. 4This means that, in particular: Repealed
567. IFRS 1 — FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARD Repealed
568. INTRODUCTION Repealed
569. Reasons for issuing the IFRS Repealed
570. IN1The IFRS replaces SIC-8 First-time Application of IASs as the Primary Basis of Accounting. The Board developed this IFRS to address concerns that: Repealed
571. Main features of the IFRS Repealed
572. IN2Division IN2 Repealed
573. IN3In general, the IFRS requires an entity to comply with each IFRS effective at the reporting date for its first IFRS financial statements. In particular, the IFRS requires an entity to do the following in the opening IFRS balance sheet that it prepares as a starting point for its accounting under IFRSs: Repealed
574. IN4Division IN4 Repealed
575. IN5Division IN5 Repealed
576. IN6Division IN6 Repealed
577. Changes from previous requirements Repealed
578. IN7Like SIC-8, the IFRS requires retrospective application in most areas. Unlike SIC-8, the IFRS: Repealed
579. INTERNATIONAL FINANCIAL REPORTING STANDARD 1 Repealed
580. First-time adoption of International Financial Reporting Standards Repealed
581. OBJECTIVE Repealed
582. 1The objective of this IFRS is to ensure that an entity's first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: Repealed
583. SCOPE Repealed
584. 2An entity shall apply this IFRS in: Repealed
585. 3An entity's first IFRS financial statements are the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements under IFRSs are an entity's first IFRS financial statements if, for example, the entity: Repealed
586. 4This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an entity: Repealed
587. 5This IFRS does not apply to changes in accounting policies made by an entity that already applies IFRSs. Such changes are the subject of: Repealed
588. RECOGNITION AND MEASUREMENT Repealed
589. Opening IFRS balance sheet Repealed
590. 6Division 6 Repealed
591. Accounting policies Repealed
592. 7Division 7 Repealed
593. 8Division 8 Repealed
594. Example: Consistent application of latest version of IFRSs Repealed
595. BACKGROUND Repealed
596. APPLICATION OF REQUIREMENTS Repealed
597. 9Division 9 Repealed
598. 10Except as described in paragraphs 13 to 34, an entity shall, in its opening IFRS balance sheet: Repealed
599. 11Division 11 Repealed
600. 12This IFRS establishes two categories of exceptions to the principle that an entity's opening IFRS balance sheet shall comply with each IFRS: Repealed
601. Exemptions from other IFRSs Repealed
602. 13An entity may elect to use one or more of the following exemptions: Repealed
603. 14Division 14 Repealed
604. Business combinations Repealed
605. 15Division 15 Repealed
606. Fair value or revaluation as deemed cost Repealed
607. 16Division 16 Repealed
608. 17A first-time adopter may elect to use a previous GAAP revaluation of an item of property, plant and equipment at, or before, the date of transition to IFRSs as deemed cost at the date of the revaluation, if the revaluation was, at the date of the revaluation, broadly comparable to: Repealed
609. 18The elections in paragraphs 16 and 17 are also available for: Repealed
610. 19Division 19 Repealed
611. Employee benefits Repealed
612. 20Division 20 Repealed
613. 20ADivision 20A Repealed
614. Cumulative translation differences Repealed
615. 21IAS 21 The Effects of Changes in Foreign Exchange Rates requires an entity: Repealed
616. 22However, a first-time adopter need not comply with these requirements for cumulative translation differences that existed at the date of transition to IFRSs. If a first-time adopter uses this exemption: Repealed
617. Compound financial instruments Repealed
618. 23Division 23 Repealed
619. Assets and liabilities of subsidiaries, associates and joint ventures Repealed
620. 24If a subsidiary becomes a first-time adopter later than its parent, the subsidiary shall, in its separate financial statements, measure its assets and liabilities at either: Repealed
621. 25Division 25 Repealed
622. LEASES Repealed
623. IFRIC 4 Determining whether an arrangement contains a lease Repealed
624. 25FDivision 25F Repealed
625. Exceptions to retrospective application of other IFRSs Repealed
626. 26This IFRS prohibits retrospective application of some aspects of other IFRSs relating to: Repealed
627. Derecognition of financial assets and financial liabilities Repealed
628. 27A first-time adopter shall apply the derecognition requirements in IAS 39 Financial Instruments: Recognition and Measurement prospectively from the effective date of IAS 39. In other words, if a first-time adopter derecognised financial assets or financial liabilities under its previous GAAP in a financial year beginning before 1 January 2001, it shall not recognise those assets and liabilities under IFRSs (unless they qualify for recognition as a result of a later transaction or event). However, the first-time adopter shall: Repealed
629. Hedge accounting Repealed
630. 28As required by IAS 39 Financial Instruments: Recognition and Measurement, at the date of transition to IFRSs, an entity shall: Repealed
631. 29Division 29 Repealed
632. 30Division 30 Repealed
633. Estimates Repealed
634. 31Division 31 Repealed
635. 32Division 32 Repealed
636. 33Division 33 Repealed
637. 34Division 34 Repealed
638. PRESENTATION AND DISCLOSURE Repealed
639. 35Division 35 Repealed
640. Comparative information Repealed
641. 36Division 36 Repealed
642. Exemption from the requirement to present comparative information for IFRS 6 Repealed
643. 36BDivision 36B Repealed
644. 37Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information under IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information under previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information under previous GAAP, an entity shall: Repealed
645. Explanation of transition to IFRSs Repealed
646. 38Division 38 Repealed
647. Reconciliations Repealed
648. 39To comply with paragraph 38, an entity's first IFRS financial statements shall include: Repealed
649. 40Division 40 Repealed
650. 41Division 41 Repealed
651. 42Division 42 Repealed
652. 43Division 43 Repealed
653. Use of fair value as deemed cost Repealed
654. 44If an entity uses fair value in its opening IFRS balance sheet as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset (see paragraphs 16 and 18), the entity's first IFRS financial statements shall disclose, for each line item in the opening IFRS balance sheet: Repealed
655. Interim financial reports Repealed
656. 45To comply with paragraph 38, if an entity presents an interim financial report under IAS 34 Interim Financial Reporting for part of the period covered by its first IFRS financial statements, the entity shall satisfy the following requirements in addition to the requirements of IAS 34: Repealed
657. 46Division 46 Repealed
658. EFFECTIVE DATE Repealed
659. 47Division 47 Repealed
660. APPENDIX ADefined terms Repealed
661. APPENDIX BBusiness combinations Repealed
662. B1Division B1 Repealed
663. B2If a first-time adopter does not apply IAS 22 retrospectively to a past business combination, this has the following consequences for that business combination: Repealed
664. B3Division B3 Repealed
665. B4Division B4 Repealed
666. APPENDIX CAmendments to other IFRSs Repealed
667. C1Division C1 Repealed
668. C2This IFRS amends paragraph 172(h) of IAS 39 Financial Instruments: Recognition and Measurement to read as follows: Repealed
669. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-9 Repealed
670. Business combinations — classification either as acquisitions or unitings of interests Repealed
671. ISSUE Repealed
672. 1Division 1 Repealed
673. 2The issues are: Repealed
674. 3Division 3 Repealed
675. Consensus Repealed
676. 4Division 4 Repealed
677. 5Division 5 Repealed
678. 6Division 6 Repealed
679. 7All business combinations under IAS 22 are either an ‘acquisition’ or a ‘uniting of interests’. Repealed
680. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-10 Repealed
681. Government assistance — no specific relation to operating activities Repealed
682. Issue Repealed
683. 1In some countries government assistance to enterprises may be aimed at encouragement or long-term support of business activities either in certain regions or industry sectors. Conditions to receive such assistance may not be specifically related to the operating activities of the enterprise. Examples of such assistance are transfers of resources by governments to enterprises which: Repealed
684. 2Division 2 Repealed
685. Consensus Repealed
686. 3Government assistance to enterprises meets the definition of government grants in IAS 20, even if there are no conditions specifically relating to the operating activities of the enterprise other than the requirement to operate in certain regions or industry sectors. Such grants should therefore not be credited directly to equity. Repealed
687. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-11 Repealed
688. Foreign exchange — capitalisation of losses resulting from severe currency devaluations Repealed
689. Issue Repealed
690. 1Division 1 Repealed
691. 2The issues are: Repealed
692. Consensus Repealed
693. 3Division 3 Repealed
694. 4Division 4 Repealed
695. 5Division 5 Repealed
696. 6‘Recent’ acquisitions of assets are acquisitions within 12 months prior to the severe devaluation or depreciation of the reporting currency. Repealed
697. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-12 Repealed
698. Consolidation — special purpose entities Repealed
699. Issue Repealed
700. 1Division 1 Repealed
701. 2Division 2 Repealed
702. 3Division 3 Repealed
703. 4Division 4 Repealed
704. 5Division 5 Repealed
705. 6Division 6 Repealed
706. 7Division 7 Repealed
707. Consensus Repealed
708. 8Division 8 Repealed
709. 9Division 9 Repealed
710. 10In addition to the situations described in IAS 27.12, the following circumstances, for example, may indicate a relationship in which an enterprise controls an SPE and consequently should consolidate the SPE (additional guidance is provided in the appendix to this interpretation): Repealed
711. 11Predetermination of the ongoing activities of an SPE by an enterprise (the sponsor or other party with a beneficial interest) would not represent the type of restrictions referred to in IAS 27.13(b). Repealed
712. IFRIC Repealed
713. IFRIC AMENDMENT TO SIC-12 Repealed
714. REFERENCES Repealed
715. BACKGROUND Repealed
716. 1Division 1 Repealed
717. 2IFRS 2 is effective for annual periods beginning on or after 1 January 2005. IFRS 2 will amend IAS 19 by: Repealed
718. 3Division 3 Repealed
719. ISSUES Repealed
720. 4Division 4 Repealed
721. 5Division 5 Repealed
722. AMENDMENT Repealed
723. 6Paragraph 6 of SIC-12 is amended as follows. Repealed
724. EFFECTIVE DATE Repealed
725. 7Division 7 Repealed
726. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-13 Repealed
727. Jointly controlled entities — non-monetary contributions by venturers Repealed
728. Issue Repealed
729. 1Division 1 Repealed
730. 2Division 2 Repealed
731. 3The issues are: Repealed
732. 4Division 4 Repealed
733. Consensus Repealed
734. 5In applying IAS 31.39 to non-monetary contributions to a JCE in exchange for an equity interest in the JCE, a venturer should recognise in the income statement for the period the portion of a gain or loss attributable to the equity interests of the other venturers except when: Repealed
735. 6Division 6 Repealed
736. 7Unrealised gains or losses on non-monetary assets contributed to JCEs should be eliminated against the underlying assets under the proportionate consolidation method or against the investment under the equity method. Such unrealised gains or losses should not be presented as deferred gains or losses in the venturer's consolidated balance sheet. Repealed
737. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-14 Repealed
738. Property, plant and equipment — compensation for the impairment or loss of items Repealed
739. Issue Repealed
740. 1Division 1 Repealed
741. 2Examples of such cases may include: Repealed
742. 3The issue is how an enterprise should account for: Repealed
743. Consensus Repealed
744. 4Impairments or losses of items of property, plant and equipment, related claims for or payments of compensation from third parties and any subsequent purchase or construction of replacement assets are separate economic events and should be accounted for as such. The three economic events should be accounted for separately as follows: Repealed
745. Disclosure Repealed
746. 5Monetary or non-monetary compensation recognised for the impairment or loss of items of property, plant and equipment should be disclosed separately. Repealed
747. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-15 Repealed
748. Operating leases — incentives Repealed
749. Issue Repealed
750. 1Division 1 Repealed
751. 2Division 2 Repealed
752. Consensus Repealed
753. 3Division 3 Repealed
754. 4Division 4 Repealed
755. 5Division 5 Repealed
756. 6Costs incurred by the lessee, including costs in connection with a pre-existing lease (for example costs for termination, relocation or leasehold improvements), should be accounted for by the lessee in accordance with the International Accounting Standards applicable to those costs, including costs which are effectively reimbursed through an incentive arrangement. Repealed
757. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-18 Repealed
758. Consistency — alternative methods Repealed
759. Issue Repealed
760. 1Division 1 Repealed
761. 2Division 2 Repealed
762. Consensus Repealed
763. 3Division 3 Repealed
764. 4Once the appropriate initial policy has been selected under the requirements of paragraph 3, a change in accounting policy should only be made in accordance with IAS 8.42 and applied to all items or categories of items in the manner specified in paragraph 3. Repealed
765. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-19 Repealed
766. Reporting currency — measurement and presentation of financial statements under IAS 21 and IAS 29 Repealed
767. Issue Repealed
768. 1Division 1 Repealed
769. 2Division 2 Repealed
770. 3The issues are: Repealed
771. 4Division 4 Repealed
772. Consensus Repealed
773. 5Division 5 Repealed
774. 6Division 6 Repealed
775. 7If the measurement currency, determined in accordance with paragraph 5 of this Interpretation, is the currency of a hyperinflationary economy, then: Repealed
776. 8Division 8 Repealed
777. 9Division 9 Repealed
778. Disclosure Repealed
779. 10The following should be disclosed: Repealed
780. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-20 Repealed
781. Equity accounting method — recognition of losses Repealed
782. Issue Repealed
783. 1Division 1 Repealed
784. 2Division 2 Repealed
785. 3In applying the equity method, the issues are: Repealed
786. 4Division 4 Repealed
787. Consensus Repealed
788. 5Division 5 Repealed
789. 6Division 6 Repealed
790. 7Division 7 Repealed
791. 8Division 8 Repealed
792. 9Division 9 Repealed
793. Disclosure Repealed
794. 10If an investor discontinues recognition of its share of losses of an investee, the investor should disclose in the notes to the financial statements the amount of its unrecognised share of losses of the investee, both during the period and cumulatively. Repealed
795. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-21 Repealed
796. Income taxes — recovery of revalued non-depreciable assets Repealed
797. Issue Repealed
798. 1Division 1 Repealed
799. 2Division 2 Repealed
800. 3Division 3 Repealed
801. 4Division 4 Repealed
802. Consensus Repealed
803. 5The deferred tax liability or asset that arises from the revaluation of a non-depreciable asset under IAS 16.29 should be measured based on the tax consequences that would follow from recovery of the carrying amount of that asset through sale, regardless of the basis of measuring the carrying amount of that asset. Accordingly, if the tax law specifies a tax rate applicable to the taxable amount derived from the sale of an asset that differs from the tax rate applicable to the taxable amount derived from using an asset, the former rate is applied in measuring the deferred tax liability or asset related to a non-depreciable asset. Repealed
804. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-22 Repealed
805. Business combinations — subsequent adjustment of fair values and goodwill initially reported Repealed
806. Issue Repealed
807. 1Division 1 Repealed
808. 2IAS 22.71 (revised 1998) indicates that in accounting for a business acquisition, identifiable assets and liabilities, which are acquired but do not satisfy the criteria … for separate recognition when the acquisition is initially accounted for, should be recognised subsequently as and when they satisfy the criteria. The carrying amounts of identifiable assets and liabilities acquired should be adjusted when, subsequent to acquisition, additional evidence becomes available to assist with the estimation of the amounts assigned to those identifiable assets and liabilities when the acquisition was initially accounted for. The amount assigned to goodwill or negative goodwill should also be adjusted, when necessary, to the extent that: Repealed
809. 3The issues are, in making adjustments in the limited circumstances described by IAS 22.71: Repealed
810. 4This interpretation does not apply to the following items as they are specifically addressed elsewhere in International Accounting Standards: Repealed
811. Consensus Repealed
812. 5Division 5 Repealed
813. 6Division 6 Repealed
814. 7Division 7 Repealed
815. Disclosure Repealed
816. 8Adjustments to the carrying amounts of identifiable assets or liabilities or goodwill or negative goodwill should be disclosed and explained in the financial statements of the period in which the adjustment is made. The amount of an adjustment which relates to prior and comparative periods should also be disclosed. Repealed
817. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-23 Repealed
818. Property, plant and equipment — major inspection or overhaul costs Repealed
819. Issue Repealed
820. 1Division 1 Repealed
821. 2Division 2 Repealed
822. 3Division 3 Repealed
823. 4Division 4 Repealed
824. Consensus Repealed
825. 5The cost of a major inspection or overhaul of an item of property, plant and equipment occurring at regular intervals over the useful life of an asset and made to allow the continued use of the asset should be recognised as an expense in the period in which it is incurred except when: Repealed
826. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-24 Repealed
827. Earnings per share — financial instruments and other contracts that may be settled in shares Repealed
828. Issue Repealed
829. 1Division 1 Repealed
830. 2Division 2 Repealed
831. 3Division 3 Repealed
832. Consensus Repealed
833. 4All financial instruments or other contracts that may result in the issuance of ordinary shares of the reporting enterprise to the holder of the financial instrument or other contract, at the option of the issuer or the holder, are potential ordinary shares of the enterprise. Repealed
834. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-25 Repealed
835. Income taxes — changes in the tax status of an enterprise or its shareholders Repealed
836. Issue Repealed
837. 1Division 1 Repealed
838. 2Division 2 Repealed
839. 3Division 3 Repealed
840. Consensus Repealed
841. 4A change in the tax status of an enterprise or its shareholders does not give rise to increases or decreases in amounts recognised directly in equity. The current and deferred tax consequences of a change in tax status should be included in net profit or loss for the period, unless those consequences relate to transactions and events that result, in the same or a different period, in a direct credit or charge to the recognised amount of equity. Those tax consequences that relate to changes in the recognised amount of equity, in the same or a different period (not included in net profit or loss), should be charged or credited directly to equity. Repealed
842. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-27 Repealed
843. Evaluating the substance of transactions involving the legal form of a lease Repealed
844. Issue Repealed
845. 1Division 1 Repealed
846. 2When an arrangement with an investor involves the legal form of a lease, the issues are: Repealed
847. Consensus Repealed
848. 3Division 3 Repealed
849. 4Division 4 Repealed
850. 5IAS 17 applies when the substance of an arrangement includes the conveyance of the right to use an asset for an agreed period of time. Indicators that individually demonstrate that an arrangement may not, in substance, involve a lease under IAS 17 include (Appendix B provides illustrations of application of this interpretation): Repealed
851. 6The definitions and guidance in paragraphs 49 to 64 of the framework should be applied in determining whether, in substance, a separate investment account and lease payment obligations represent assets and liabilities of the enterprise. Indicators that collectively demonstrate that, in substance, a separate investment account and lease payment obligations do not meet the definitions of an asset and a liability and should not be recognised by the enterprise include: Repealed
852. 7Division 7 Repealed
853. 8The criteria in paragraph 20 of IAS 18 should be applied to the facts and circumstances of each arrangement in determining when to recognise a fee as income that an enterprise might receive. Factors such as whether there is continuing involvement in the form of significant future performance obligations necessary to earn the fee, whether there are retained risks, the terms of any guarantee arrangements, and the risk of repayment of the fee, should be considered. Indicators that individually demonstrate that recognition of the entire fee as income when received, if received at the beginning of the arrangement, is inappropriate include: Repealed
854. 9Division 9 Repealed
855. Disclosure Repealed
856. 10All aspects of an arrangement that does not, in substance, involve a lease under IAS 17 should be considered in determining the appropriate disclosures that are necessary to understand the arrangement and the accounting treatment adopted. An enterprise should disclose the following in each period that an arrangement exists: Repealed
857. 11The disclosures required in accordance with paragraph 10 of this interpretation should be provided individually for each arrangement or in aggregate for each class of arrangement. A class is a grouping of arrangements with underlying assets of a similar nature (e.g. power plants). Repealed
858. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-28 Repealed
859. Business combinations — ‘date of exchange’ and fair value of equity instruments Repealed
860. Issue Repealed
861. 1Division 1 Repealed
862. 2Division 2 Repealed
863. 3The issues are: Repealed
864. 4Division 4 Repealed
865. Consensus Repealed
866. 5Division 5 Repealed
867. 6Division 6 Repealed
868. Disclosure Repealed
869. 7When a published price of an equity instrument issued as purchase consideration exists at the date of exchange, but has not been used as the instruments' fair value, an enterprise should disclose: Repealed
870. 8When an equity instrument issued as purchase consideration does not have a published price at the date of exchange, an enterprise should disclose that fact and the method and significant assumptions applied in determining the fair value. Repealed
871. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-29 Repealed
872. Disclosure — service concession arrangements Repealed
873. Issue Repealed
874. 1Division 1 Repealed
875. 2A service concession arrangement generally involves the concession provider conveying for the period of the concession to the concession operator: Repealed
876. 3Division 3 Repealed
877. 4Division 4 Repealed
878. 5Division 5 Repealed
879. Consensus Repealed
880. 6All aspects of a service concession arrangement should be considered in determining the appropriate disclosures in the notes to the financial statements. A concession operator and a concession provider should disclose the following in each period: Repealed
881. 7The disclosures required in accordance with paragraph 6 of this interpretation should be provided individually for each service concession arrangement or in aggregate for each class of service concession arrangements. A class is a grouping of service concession arrangements involving services of a similar nature (e.g. toll collections, telecommunications and water treatment services). Repealed
882. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-30 Repealed
883. Reporting currency — translation from measurement currency to presentation currency Repealed
884. Issue Repealed
885. 1Division 1 Repealed
886. 2Division 2 Repealed
887. 3Division 3 Repealed
888. 4The issues are: Repealed
889. 5Division 5 Repealed
890. Consensus Repealed
891. 6When financial statements are presented in a currency other than the measurement currency determined under SIC-19, and the measurement currency is not the currency of a hyperinflationary economy, the requirements of SIC-19.9 should be applied as follows: Repealed
892. 7When financial statements are presented in a currency other than the measurement currency determined under SIC-19, and the measurement currency is the currency of a hyperinflationary economy, the requirements of SIC-19.9 should be applied as follows: Repealed
893. Disclosure Repealed
894. 8Division 8 Repealed
895. 9Division 9 Repealed
896. 10When additional information not required by International Accounting Standards is displayed in financial statements and in a currency, other than the currency used in presenting the financial statements, as a convenience to certain users, an enterprise should, Repealed
897. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-31 Repealed
898. Revenue — barter transactions involving advertising services Repealed
899. Issue Repealed
900. 1Division 1 Repealed
901. 2Division 2 Repealed
902. 3Division 3 Repealed
903. 4Division 4 Repealed
904. Consensus Repealed
905. 5Revenue from a barter transaction involving advertising cannot be measured reliably at the fair value of advertising services received. However, a seller can reliably measure revenue at the fair value of the advertising services it provides in a barter transaction, by reference only to non-barter transactions that: Repealed
906. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-32 Repealed
907. Intangible assets — web site costs Repealed
908. Issue Repealed
909. 1Division 1 Repealed
910. 2The stages of a web site's development can be described as follows: Repealed
911. 3Division 3 Repealed
912. 4When accounting for internal expenditure on the development and operation of an enterprise's own web site for internal or external access, the issues are: Repealed
913. 5Division 5 Repealed
914. 6Division 6 Repealed
915. Consensus Repealed
916. 7Division 7 Repealed
917. 8Division 8 Repealed
918. 9Any internal expenditure on the development and operation of an enterprise's own web site should be accounted for in accordance with IAS 38. The nature of each activity for which expenditure is incurred (eg training employees and maintaining the web site) and the web site's stage of development or post-development should be evaluated to determine the appropriate accounting treatment (additional guidance is provided in the appendix to this interpretation). For example: Repealed
919. 10A web site that is recognised as an intangible asset under paragraph 8 of this interpretation should be measured after initial recognition by applying the requirements of IAS 38.63 to 78. The best estimate of a web site's useful life should be short. Repealed
920. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-33 Repealed
921. Consolidation and equity method — potential voting rights and allocation of ownership interests Repealed
922. Issue Repealed
923. 1Division 1 Repealed
924. 2The issues are: Repealed
925. Consensus Repealed
926. 3Division 3 Repealed
927. 4Division 4 Repealed
928. 5Division 5 Repealed
929. 6When applying the consolidation and the equity method of accounting, instruments containing potential voting rights should be accounted for as part of the investment in a subsidiary and the investment in an associate respectively only when the proportion of ownership interests is allocated by taking into account the eventual exercise of those potential voting rights in accordance with paragraph 5 of this interpretation. In all other circumstances, instruments containing potential voting rights should be accounted for in accordance with IAS 39. Repealed
930. Changes in Existing Decommissioning, Restoration and Similar Liabilities Repealed
931. REFERENCES Repealed
932. BACKGROUND Repealed
933. SCOPE Repealed
934. ISSUE Repealed
935. CONSENSUS Repealed
936. EFFECTIVE DATE Repealed
937. TRANSITION Repealed
938. Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards Repealed
939. Division Repealed
940. Changes in existing decommissioning, restoration and similar liabilities included in the cost of property, plant and equipment Repealed
941. IFRIC INTERPRETATION 7 Repealed
942. Financial Reporting in Hyperinflationary Economies Repealed
943. REFERENCES Repealed
944. BACKGROUND Repealed
945. 1Division 1 Repealed
946. ISSUES Repealed
947. 2The questions addressed in this Interpretation are: Repealed
948. CONSENSUS Repealed
949. 3Division 3 Repealed
950. 4At the closing balance sheet date, deferred tax items are recognised and measured in accordance with IAS 12. However, the deferred tax figures in the opening balance sheet for the reporting period shall be determined as follows: Repealed
951. 5Division 5 Repealed
952. EFFECTIVE DATE Repealed
953. 6Division 6 Repealed