Appendix D Exemptions from other IFRSsF1

D1

An entity may elect to use one or more of the following exemptions:

Share-based payment transactions

D2

D3

Insurance contracts

D4

Fair value or revaluation as deemed cost

D5

D6

A 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:

D7

The elections in paragraphs D5 and D6 are also available for:

D8

Leases

D9

Employee benefits

D10

D11

Cumulative translation differences

D12

IAS 21 requires an entity:

D13

However, 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:

Investments in subsidiaries, jointly controlled entities and associates

D14

When an entity prepares separate financial statements, IAS 27 (as amended in 2008) requires it to account for its investments in subsidiaries, jointly controlled entities and associates either:

D15

If a first-time adopter measures such an investment at cost in accordance with paragraph D14, it shall measure that investment at one of the following amounts in its separate opening IFRS statement of financial position:

Assets and liabilities of subsidiaries, associates and joint ventures

D16

If a subsidiary becomes a first-time adopter later than its parent, the subsidiary shall, in its financial statements, measure its assets and liabilities at either:

D17

Compound financial instruments

D18

Designation of previously recognised financial instruments

D19

IAS 39 permits a financial asset to be designated on initial recognition as available for sale or a financial instrument (provided it meets certain criteria) to be designated as a financial asset or financial liability at fair value through profit or loss. Despite this requirement exceptions apply in the following circumstances:

Fair value measurement of financial assets or financial liabilities at initial recognition

D20

Notwithstanding the requirements of paragraphs 7 and 9, an entity may apply the requirements in the last sentence of IAS 39 paragraph AG76 and in paragraph AG76A, in either of the following ways:

Decommissioning liabilities included in the cost of property, plant and equipment

D21

IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities requires specified changes in a decommissioning, restoration or similar liability to be added to or deducted from the cost of the asset to which it relates; the adjusted depreciable amount of the asset is then depreciated prospectively over its remaining useful life. A first-time adopter need not comply with these requirements for changes in such liabilities that occurred before the date of transition to IFRSs. If a first-time adopter uses this exemption, it shall:

Financial assets or intangible assets accounted for in accordance with IFRIC 12

D22

Borrowing costs

D23