International Financial Reporting Standards (IFRS)

Size: px
Start display at page:

Download "International Financial Reporting Standards (IFRS)"

Transcription

1 FACT SHEET September 2011 IAS 24 Related Party Disclosures (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial Reporting Standards (IFRSs). In some jurisdictions, the IFRSs are adopted in their entirety, in other jurisdictions the individual IFRSs are amended. In some jurisdictions the requirements of a particular IFRS may not have been adopted. Consequently, users of the fact sheet in various jurisdictions should ascertain for themselves the relevance of the fact sheet to their particular jurisdiction. The application date included below is the effective date of the most recent changes made to the standard. IASB application date (non-jurisdiction specific) IAS 24 is applicable for annual reporting periods commencing on or after 1 January Objective The objective of IAS 24 Related Party Disclosures is to ensure that an entity s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties. SCOPE IAS 24 shall be applied in: a. identifying related party relationships and transactions b. identifying outstanding balances, including commitments, between an entity and its related parties c. identifying circumstances in which disclosure of the items in a and b above is required, and d. determining the disclosures to be made about those items. Related party transactions and outstanding balances with other entities in a group are disclosed in an entity s financial statements. Prescribed accounting treatment Since IAS 24 is purely a disclosure standard, there are no recognition or measurement criteria. Disclosures Refer Appendix 1 for a checklist to assist with IAS 24 disclosure requirements to assist in the objective of the standard.

2 Important definitions Close members of the family of an individual Compensation Control Government Government-related entity Joint control Key management personnel Related party family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity, including: a) the individual s domestic partner and children b) children of the individual s domestic partner c) dependents of the individual or the individual s domestic partner. all employee benefits (as defined in IAS 19) including employee benefits to which IFRS 2 applies. Employee benefits are all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of the entity. Compensation includes: a) short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses (if payable within twelve months of the end of the period) and non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees b) post-employment benefits such as pensions, other retirement benefits, post-employment life insurance and post-employment medical care c) other long-term employee benefits, including long service leave or sabbatical leave, jubilee or other long service benefits, long-term disability benefits and, if they are not payable wholly within twelve months after the end of the period, profit-sharing, bonuses and deferred compensation d) termination benefits e) share-based payment. The power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Government, government agencies and similar bodies whether local, national or international. An entity that is controlled, jointly controlled or significantly influenced by a government. The contractually agreed sharing of control over an economic activity. those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. A person or entity that is related to the entity that is preparing its financial statements (in this Standard referred to as the reporting entity ). a) A person or a close member of that person s family is related to a reporting entity if that person: (i) has control or joint control over the reporting entity; (ii) has significant influence over the reporting entity; or (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. b) An entity is related to a reporting entity if any of the following conditions applies: (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint ventures of the same third party. 2

3 Related party transaction Significant influence (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). a transfer of resources, services or obligations between related parties, regardless of whether a price is charged. The power to participate in the financial and operating policy decisions of an entity, but is not control over those policies. Significant influence may be gained by share ownership, statute or agreement. Australian specific requirements The Australian equivalent standard is AASB 124 which is applicable for annual reporting periods beginning on or after 1 January Additional objective: The objective of paragraphs Aus29.1 to Aus of AASB 124 is to require disclosing entities to disclose additional information relating to individual key management personnel. Australian definitions: Director Disclosing entity a) a person who is director under the Corporations Act and b) in the case of entities governed by bodies not called a board of directors, a person who, regardless of the name that is given to the position, is appointed to the position of member of the governing body, council, commission or authority. As defined in the Corporations Act. Remuneration Compensation as defined in AASB 124. Australian disclosure requirements See Appendix 2 for specific Australian disclosure requirements. 3

4 Appendix 1 Disclosure checklist This checklist can be used to review your financial statements you should complete the column about whether the requirement is included and provide an explanation for No answers to ensure the completeness of disclosures. IAS 24: Related Parties Applicable for financial statement periods beginning on or after 1 January IAS IAS IAS IAS IAS IAS Has the entity disclosed all relationships between parents and subsidiaries irrespective of whether there have been transactions between those related parties during the year? Has the entity disclosed the name of the parent and, if different, the ultimate controlling party. In the case where neither the parent nor ultimate controlling party produce financial statements available for public use, the name of the next most senior parent that does must be disclosed. Has the entity disclosed key management personnel compensation in total and for each of the following categories: a. short-term employee benefits; b. post-employment benefits; c. other long-term benefits; d. termination benefits; and e. share-based payment. If there have been transactions between related parties, has the entity disclosed the nature of the related party relationship and sufficient information about the transactions and outstanding balances, including commitments, to ensure an understanding of the potential effect of the relationship on the financial statements. Has the entity disclosed at minimum: a. the amount of the transactions; b. the amount of outstanding balances, including commitments, and terms and conditions (i.e. secured or unsecured and the nature of consideration to be provided in settlement) and details of guarantees given or received; c. provisions for doubtful debts related to the amount of outstanding balances; and d. the expense recognised during the period relating to bad or doubtful debts due from related parties. Has the entity separately disclosed all the information required by paragraph 18 at the following levels: a. the parent; b. entities with joint control or significant influence over the entity; c. subsidiaries; d. associates; e. joint ventures in which the entity is a venturer; f. key management personnel of the entity or its parent; and g. other related parties. Has the entity disclosed items of a similar nature in aggregate except when separate disclosure is necessary for an understanding of the effects of related party transactions on the financial statements of the entity? 4

5 IAS A reporting entity is exempt from the disclosure requirements of paragraph 18 in relation to related party transactions and outstanding balances, including commitments, with: a. a government that has control, joint control or significant influence over the reporting entity; and b. another entity that is a related party because the same government has control, joint control or significant influence over both the reporting entity and the other entity. IAS If a reporting entity applies the exemption in paragraph 25, it shall disclose the following about the transactions and related outstanding balances referred to in paragraph 25: a. the name of the government and the nature of its relationship with the reporting entity (i.e. control, joint control or significant influence); b. the following information in sufficient detail to enable users of the entity s financial statements to understand the effect of related party transactions on its financial statements: (i) the nature and amount of each individually significant transaction; and (ii) for other transactions that are collectively, but not individually, significant, a qualitative or quantitative indication of their extent. Appendix 2 AUSTRALIAN SPECIFIC DISCLOSURES Note: Disclosing entities which are companies should refer to the Corporations Act 2001 for disclosure requirements in addition to those included below. Disclosing entities which are NOT companies only The disclosures in paragraph Aus 29 are in addition to those included above. Aus 29.2 Has the entity provided the following details about each key management person: a. the name of the person; b. the position held; and c. where the period of responsibility is less than the reporting period, the date or dates identifying the period of responsibility. Aus 29.3 If any of the following changes occur in the period after the end of the reporting period but prior to the financial statement being authorised for issue, has the name, position and date for each person involved been disclosed for: a. each change in the chief executive officer and directors of the entity; and b. the retirement of any key management person (other than a director or chief executive officer). 5

6 Compensation Aus 29.4 Have KMP remuneration disclosures been further dissected to include the following: a. short-term employee benefits, into at least: cash salary, fees and short-term compensated absences; short-term cash profit-sharing and other bonuses; non-monetary benefits; and other short-term employee benefits; b. post-employment benefits, into at least: pension and superannuation benefits; and other post-employment benefits; c. other long-term employee benefits, separately identifying amounts attributable to long-term incentive plans; d. termination benefits; and e. share-based payment, into at least: equity-settled share-based payment transactions shares and units options and rights cash-settled share-based payment transactions; and all other forms of share-based payment compensation (including hybrids). 6

7 Principles of Compensation Aus 29.5 Has the entity disclosed the following details about the compensation of each key management person: a. discussion of the board policy for determining the nature and amount of compensation of KMP; b. a discussion of the relationship between the policy and the entity s performance; c. if an element of the compensation of a key management person is dependent on the satisfaction of a performance conditions provide: a detailed summary of the performance condition; an explanation of why the performance condition was chosen; a summary of the methods used in assessing whether the performance condition is satisfied and an explanation of why those methods were chosen; and if the performance condition involves a comparison with factors external to the entity: a summary of the factors to be used in making the comparison and if the factor relates to the performance of another entity/ies the identity of that entity/ies d. for each grant of a cash bonus, performance-related bonus or sharebased payment compensation benefit, whether part of a specific contract for services or not, the terms and conditions of each grant affecting compensation in this or future reporting periods, including: the grant date, nature of the compensation granted, the service and performance criteria used to determine the amount of compensation and if there has been any alteration of the terms or conditions of the grant since the grant date (provide details where applicable); e. for each contract for services between the KMP and the entity (or any of its subsidiaries), such further explanations as are necessary in addition to those prescribed in subparagraphs (c) and (d) to provide an understanding of how the amount of compensation in the current reporting period was determined and how the terms of the contract affect compensation in future periods; f. if an element of the compensation consists of securities of a body and that element is not dependent on the satisfaction of a performance condition an explanation of why this is the case; g. an explanation of the proportions of the elements of the KMP s compensation that are related to performance and those that are not; and h. if the person is employed by the entity under a contract the duration of the contract, the periods of notice required to terminate the contract and the termination payments provided for under the contract. 7

8 Modification of Terms of Share-Based Payment Transactions Aus 29.6 Where the terms of share-based payment transactions (including options or rights) granted as compensation to a KMP have been altered or modified by the issuing entity during the reporting period, has the entity disclosed the following details for each such person: a. the date of each alteration of the terms; b. the market price of the underlying equity instrument at the date of alteration; c. the terms of the grant immediately prior to alteration, including the number and class of the underlying equity instruments, exercise price, time remaining until expiry and each other condition in the terms affecting the vesting or exercise of the option or other right; d. the new terms; and e. the difference between the total of the fair value of the options or other rights affected by the alteration immediately before the alteration and the total of the fair value of those options or other rights immediately after the alteration. Equity Instruments Different classes to be separately identified. Aus 29.7 Have all disclosures required by Aus to Aus been separated into class identifying each class by: a. the name of the issuing entity; b. the class of equity instrument; and c. if the instrument is an option or right, the class and number of equity instruments for which it may be exercised. Options and rights provided as compensation Aus Has the entity disclosed options and rights over equity instruments provided as compensation to each KMP as follows: a. the number of options and rights that have been granted or vested during the reporting period. b. the terms and conditions of each grant made during the reporting period, including: the fair value per option or right at grant date; the exercise price per share or unit; the amount, if any, paid or payable by the recipient; the expiry date; the date or dates when the options or rights may be exercised; and a summary of the service and performance criteria that must be met before the beneficial interest vests in the person. 8

9 Equity instruments provided on exercise of options and rights granted as compensation Aus Has the entity provided the following details about equity instruments resulting from the exercise of options and rights which were granted to KMP s as compensation: a. the number of equity instruments, and if different the number of options or rights exercised; and b. the amount paid and unpaid per instrument. Options and rights holdings Aus In respect of options and rights held (whether directly, indirectly or beneficially) by each KMP, including their related parties, has the entity disclosed the number: a. held at the start of the reporting period; b. granted during the reporting period as compensation; c. exercised during the reporting period; d. resulting from any other change during the reporting period; e. held at the end of the reporting period; f. vested at the end of the reporting period; g. vested and exercisable at the end of the reporting period; and h. vested and unexercisable at the reporting date. Equity holdings and transactions Aus Aus Has the entity disclosed information about the number of equity instruments, other than options and rights held (directly, indirectly or beneficially) by each KMP, including their related parties: a. held at the start of the reporting period; b. granted during the reporting period as compensation; c. received during the reporting period on exercise of options or rights; d. resulting from any other change during the reporting period; e. held at the end of the reporting period; and f. if any such are included in the number disclosed under subparagraph (e) above, held nominally at the reporting date. Where transactions involving equity instruments (other than share-based payment compensation), have occurred between a KMP, including their related parties and the issuing entity during the reporting period, has the entity disclosed the nature of each different type of transaction where the terms or conditions were more favourable than those adopted if dealing at arm s length with an unrelated person? Note that the details of the terms and conditions shall be disclosed. 9

10 Loans Aus 29.8 Aus Has the entity disclosed the following details about the: aggregate of loans to KMP s and related parties, and by name KMP s whose loans exceeded $100,000 (this does not include loans which in substance are options) at any time during the year: a. the amount outstanding at the start of the reporting period; b. the amount of interest paid and payable in respect of the reporting period to the disclosing entity and any of its subsidiaries, c. the difference between the amount disclosed in b. above and the interest which would have been charged in an arm s length transaction; d. each write-down and each allowance for doubtful receivables recognised by the disclosing entity and any of its subsidiaries; e. the amount outstanding at the end of the reporting period; f. for each key management person only, the highest amount of indebtedness during the reporting period; g. for key management personnel only, the number of persons included in the group aggregate at the reporting date; and h. a summary of the terms and conditions of the loans. Other Transactions and Balances Aus 29.9 Aus Has the entity described in respect of transactions during the reporting period between the entity and any of its subsidiaries and KMP, including their related parties, the following information: a. each type of transaction of different nature; b. the terms and conditions of each type of transaction or, where there are different categories of terms and conditions within each type, the terms and conditions of each category of transaction; and c. for each type or category of transaction the names of the persons involved and the aggregate amount recognised. Has the entity disclosed the following information about each of the transactions relating to Aus 29.9: a. the total of amounts recognised as revenue, separately identifying where applicable the total amounts recognised as interest and dividends; b. the total of amounts recognised as expense, separately identifying where applicable the total amounts recognised as: interest write-downs of receivables and allowances made for doubtful receivables; and c. any further disclosures necessary to provide an understanding of the effects of the transactions on the financial statements. 10

11 Aus Aus Has the entity disclosed about assets and liabilities at the reporting date recognised in relation to transactions between the entity, its subsidiaries, KMP s and related parties the following information: a. the total of all assets, classified into current and non-current and, where applicable, any allowance for doubtful receivables at the end of the reporting period; and b. the total of all liabilities, classified into current and non-current. Has the entity excluded transactions with and amounts receivable from or payable to a KMP, including their related parties when: a. they occur within a normal employee, customer or supplier relationship on terms and conditions available on an arm s length transaction with an unrelated person; b. information about them does not have the potential to affect adversely decisions about the allocation of scarce resources by financial statement users, or the discharge of accountability by the KMP; and c. they are trivial or domestic in nature. 11

12 OTHER MATTERS Legal Notice Copyright CPA Australia Ltd (ABN ), All rights reserved. Save and except for direct quotes from the International Financial and accompanying documents issued by the International Accounting Standards Board (IASB) ( IFRS Copyright ), all content in these materials is owned by or licensed to CPA Australia. The use of IFRS Copyright in these materials is in accordance with the IASB s Terms and Conditions. All trade marks and trade names are proprietary to CPA Australia and must not be downloaded, reproduced or otherwise used without the express consent of CPA Australia. You may access and display these pages on your computer, monitor or other video display device and make one printed copy of any whole page or pages for personal and professional non-commercial purposes only. You must not (i) reproduce the whole or part of these materials to provide to anyone else; and/or (ii) use these materials to create a commercial product or to distribute them for commercial gain. Disclaimer CPA Australia has used reasonable care and skill in compiling the content of these materials. However, CPA Australia makes no warranty as to the accuracy or completeness of any information contained therein nor does CPA Australia accept responsibility for any acts or omissions in reliance upon these materials. These materials are; (i) intended to be a guide only and no part of these materials are intended to be advice, whether legal or professional; (ii) not a complete representation of the Standard referred to and/or quoted and consequently are no substitute for reading the latest and complete standards. All individuals are advised to seek professional advice to keep abreast of reforms and developments, whether legal or regulatory. Limitation of Liability To the extent permitted by applicable law, CPA Australia, its employees, agents and consultants exclude all liability for any loss or damage claims and expenses including but not limited to legal costs, indirect special or consequential loss or damage (including but not limited to, negligence) arising out of the information in the materials. Where any law prohibits the exclusion of such liability, CPA Australia limits its liability to the re-supply of the information.

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 27 Consolidated and separate financial statements (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements

More information

International Accounting Standard 24 Related Party Disclosures. Objective. Scope. Purpose of related party disclosures IAS 24

International Accounting Standard 24 Related Party Disclosures. Objective. Scope. Purpose of related party disclosures IAS 24 International Accounting Standard 24 Related Party Disclosures Objective 1 The objective of this Standard is to ensure that an entity s financial statements contain the disclosures necessary to draw attention

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET June 2010 IFRS 3 Business Combinations (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial

More information

Related Party Disclosures

Related Party Disclosures International Accounting Standard 24 Related Party Disclosures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 24 Related Party Disclosures, which had originally been issued

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 7 Statement of Cash Flows (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 12 Income Taxes (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial

More information

Related Party Disclosures

Related Party Disclosures STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 24 Related Party Disclosures This version of the StatutoryBoardFinancial Reporting Standard does not include amendments that are effective for annual

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET February 2010 IAS 17 Leases (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial Reporting

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET April 2010 IAS 39 Financial Instruments: Recognition and Measurement (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements

More information

FUNDAMENTALS OF IFRS

FUNDAMENTALS OF IFRS 23.1 CHAPTER 23 Related Party Disclosures (IAS 24) 23.2 CHAPTER TWENTY-THREE RELATED PARTY DISCLOSURES (IAS 24) Introduction Related Party Disclosures (IAS 24) Related party relationships are a normal

More information

Australian Accounting Standards Board (AASB)

Australian Accounting Standards Board (AASB) FACT SHEET February 2012 AASB 1053 Applications of Tiers of Accounting Standards (This fact sheet is based on the standard as at 1 January 2011.) Important note: This standard is an Australian specific

More information

1 IAS 17 Leases IAS 17 LEASES FACT SHEET

1 IAS 17 Leases IAS 17 LEASES FACT SHEET 1 IAS 17 Leases IAS 17 LEASES FACT SHEET 2 IAS 17 Leases This fact sheet is based on existing requirements as at 31 December 2015 and it does not take into account recent standards and interpretations

More information

Australian Accounting Standards Board (AASB)

Australian Accounting Standards Board (AASB) Standards Board () FACT SHEET September 2011 1038 Life Insurance Contracts (This fact sheet is based on the standard as at 1 January 2011.) Important note: This standard is an Australian specific standard

More information

1 IAS 39 Financial Instruments: Recognition and Measurement IAS 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT FACT SHEET

1 IAS 39 Financial Instruments: Recognition and Measurement IAS 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT FACT SHEET 1 IAS 39 Financial Instruments: Recognition and Measurement IAS 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT FACT SHEET 2 IAS 39 Financial Instruments: Recognition and Measurement This fact sheet

More information

1 AASB 1038 Life Insurance Contracts AASB 1038 LIFE INSURANCE CONTRACTS FACT SHEET

1 AASB 1038 Life Insurance Contracts AASB 1038 LIFE INSURANCE CONTRACTS FACT SHEET 1 AASB 1038 Life Insurance Contracts AASB 1038 LIFE INSURANCE CONTRACTS FACT SHEET 2 AASB 1038 Life Insurance Contracts This fact sheet is based on existing requirements as at 31 December 2015 and it does

More information

Australian Accounting Standards Board (AASB)

Australian Accounting Standards Board (AASB) FACT SHEET September 2011 1023 General Insurance Contracts (This fact sheet is based on the standard as at 1 January 2011.) Important note: This standard is an Australian specific standard with no international

More information

PRACTICAL GUIDE IAS 24: RELATED PARTY DISCLOSURES

PRACTICAL GUIDE IAS 24: RELATED PARTY DISCLOSURES PRACTICAL GUIDE IAS 24: RELATED PARTY DISCLOSURES www.consultasifrs.com/uk 2014 www.consultasifrs.com 1 ConsultasIFRS is an online firm specialized in advisory on IFRS. PRACTICAL GUIDE IAS 24 Related Party

More information

Related Party Disclosures

Related Party Disclosures HKAS 24 (Revised) Revised February November 2014 Effective for annual periods beginning on or after 1 January 2011 Hong Kong Accounting Standard 24 Related Party Disclosures COPYRIGHT Copyright 2014 Hong

More information

Compiled Accounting Standard AASB 2. Share-based Payment

Compiled Accounting Standard AASB 2. Share-based Payment Compiled Accounting Standard AASB 2 Share-based Payment This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates relevant

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures AASB Standard AASB 128 August 2011 Investments in Associates and Joint Ventures Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively,

More information

International Accounting Standard 19 Employee Benefits

International Accounting Standard 19 Employee Benefits International Accounting Standard 19 Employee Benefits Objective The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise:

More information

International Accounting Standard 19 Employee Benefits. Objective. Scope IAS 19

International Accounting Standard 19 Employee Benefits. Objective. Scope IAS 19 International Accounting Standard 19 Employee Benefits Objective 1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to

More information

SCOPE Paragraphs 1-6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS All Short-term Employee Benefits 10. Short-term Compensated Absences 11-16

SCOPE Paragraphs 1-6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS All Short-term Employee Benefits 10. Short-term Compensated Absences 11-16 216 Accounting Standard (AS) 15 (revised 2005) Employee Benefits Contents OBJECTIVE SCOPE Paragraphs 1-6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS 8-23 Recognition and Measurement 10-22 All Short-term

More information

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

Employee Benefits* HKAS 19 Revised November 2009July 2011. Effective for annual periods beginning on or after 1 January 2005

Employee Benefits* HKAS 19 Revised November 2009July 2011. Effective for annual periods beginning on or after 1 January 2005 HKAS 19 Revised November 2009July 2011 Effective for annual periods beginning on or after 1 January 2005 Hong Kong Accounting Standard 19 Employee Benefits* * This HKAS 19 is applicable for annual periods

More information

Sri Lanka Accounting Standard-LKAS 19. Employee Benefits

Sri Lanka Accounting Standard-LKAS 19. Employee Benefits Sri Lanka Accounting Standard-LKAS 19 Employee Benefits CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 19 EMPLOYEE BENEFITS OBJECTIVE SCOPE 1 6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS 8 23 Recognition

More information

IPSAS 25 EMPLOYEE BENEFITS

IPSAS 25 EMPLOYEE BENEFITS IPSAS 25 EMPLOYEE BENEFITS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 19, Employee Benefits published by

More information

REPORTING RELATED PARTY TRANSACTIONS

REPORTING RELATED PARTY TRANSACTIONS This article was first published in Issue 117 of Technical Bulletin. For more information on Technical Bulletin please contact Linda Laurie on +44 (0) 131 347 0249 or by email at llaurie@icas.org.uk. REPORTING

More information

Share-based Payment. HKFRS 2 Revised February 2010June 2014. Effective for annual periods beginning on or after 1 January 2005

Share-based Payment. HKFRS 2 Revised February 2010June 2014. Effective for annual periods beginning on or after 1 January 2005 HKFRS 2 Revised February 2010June 2014 Effective for annual periods beginning on or after 1 January 2005 Hong Kong Financial Reporting Standard 2 Share-based Payment HKFRS 2 COPYRIGHT Copyright 2014 Hong

More information

Business Combinations

Business Combinations Compiled Accounting Standard AASB 3 Business Combinations This compilation was prepared on 6 March 2006 taking into account amendments made up to and including 22 June 2005. Prepared by the staff of the

More information

International Financial Reporting Standard 2

International Financial Reporting Standard 2 International Financial Reporting Standard 2 Share-based Payment OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting by an entity when it undertakes a share-based payment transaction.

More information

Financial Instruments

Financial Instruments Compiled AASB Standard AASB 9 Financial Instruments This compiled Standard applies to annual reporting periods beginning on or after 1 January 2015. Early application is permitted. It incorporates relevant

More information

OBJECTIVE SCOPE Paragraphs 1 6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS 8 23 Recognition and Measurement 10 22

OBJECTIVE SCOPE Paragraphs 1 6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS 8 23 Recognition and Measurement 10 22 160 Accounting Standard (AS) 15 Employee Benefits Contents OBJECTIVE SCOPE Paragraphs 1 6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS 8 23 Recognition and Measurement 10 22 All Short-term Employee Benefits

More information

Accounting Standard AASB 1028 June 2001. Employee Benefits

Accounting Standard AASB 1028 June 2001. Employee Benefits Accounting Standard AASB 1028 June 2001 Employee Benefits Obtaining a Copy of this Accounting Standard Copies of this Standard are available for purchase from the Australian Accounting Standards Board

More information

Consolidated and Separate Financial Statements

Consolidated and Separate Financial Statements Compiled Accounting Standard AASB 127 Consolidated and Separate Financial Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted.

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 28 Investments in Associates and Joint Ventures This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is

More information

Income Taxes. Compiled AASB Standard AASB 112

Income Taxes. Compiled AASB Standard AASB 112 Compiled AASB Standard AASB 112 Income Taxes This compiled Standard applies to annual reporting periods beginning on or after 1 July 2012 but before 1 January 2013. Early application is permitted. It incorporates

More information

Financial Reporting Requirements for Queensland Government Agencies

Financial Reporting Requirements for Queensland Government Agencies Financial Reporting Requirements for Queensland Government Agencies APG 7 Accounting for Employee Benefits Introduction The purpose of this APG is to provide guidance regarding the calculation of employee

More information

Accounting for Employee Entitlements

Accounting for Employee Entitlements Australian Accounting Standard AAS 30 March 1994 Accounting for Employee Entitlements Prepared by the Public Sector Accounting Standards Board of the Australian Accounting Research Foundation and by the

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates Compiled Accounting Standard AASB 121 The Effects of Changes in Foreign Exchange Rates This compiled Standard applies to annual reporting periods ending on or after 28 February 2007. Early application

More information

2013 No COMPANIES. The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013

2013 No COMPANIES. The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 S T A T U T O R Y I N S T R U M E N T S 2013 No. 1981 COMPANIES The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 Made - - - - 6th August 2013 Coming into

More information

International Financial Reporting Standard 7 Financial Instruments: Disclosures

International Financial Reporting Standard 7 Financial Instruments: Disclosures EC staff consolidated version as of 21 June 2012, EN EU IFRS 7 FOR INFORMATION PURPOSES ONLY International Financial Reporting Standard 7 Financial Instruments: Disclosures Objective 1 The objective of

More information

Consolidated Financial Statements

Consolidated Financial Statements AASB Standard AASB 10 August 2011 Consolidated Financial Statements Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed

More information

technical factsheet 180 Related parties

technical factsheet 180 Related parties technical factsheet 180 Related parties CONTENTS 1. Introduction 1 2. Legislative requirement 1 3. Accounting standards 3 4. Example 5 5. Checklist 7 6. Sources of information 10 This technical factsheet

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures IFAC Board Exposure Draft 50 October 2013 Comments due: February 28, 2014 Proposed International Public Sector Accounting Standard Investments in Associates and Joint Ventures This Exposure Draft 50, Investments

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

Module 28 Employee Benefits

Module 28 Employee Benefits IFRS for SMEs (2009) + Q&As IFRS Foundation: Training Material for the IFRS for SMEs Module 28 Employee Benefits IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section

More information

Amendments to IPSAS 25, Employee Benefits

Amendments to IPSAS 25, Employee Benefits Exposure Draft 59 January 2016 Comments due: April 30, 2016 Proposed Amendments to International Public Sector Accounting Standard Amendments to IPSAS 25, Employee Benefits This document was developed

More information

A practical guide to share-based payments. February 2011

A practical guide to share-based payments. February 2011 A practical guide to share-based payments February 2011 Contents Page Introduction 2 Questions and answers 3 1. Scope of IFRS 2 6 2. Identifying share-based payments in a business combination or joint

More information

Exposure Draft ED/2014/5 Classification and Measurement of Share-based Payment Transactions

Exposure Draft ED/2014/5 Classification and Measurement of Share-based Payment Transactions International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom 24 March 2015 Exposure Draft ED/2014/5 Classification and Measurement of Share-based Payment Transactions We are

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates Compiled AASB Standard AASB 121 The Effects of Changes in Foreign Exchange Rates This compiled Standard applies to annual reporting periods beginning on or after 1 July 2010 but before 1 January 2013.

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 9 Short-term employee benefits and termination benefits

Accounting and Reporting Policy FRS 102. Staff Education Note 9 Short-term employee benefits and termination benefits Accounting and Reporting Policy FRS 102 Staff Education Note 9 Short-term employee benefits and termination benefits Disclaimer This Education Note has been prepared by FRC staff for the convenience of

More information

QUEENSLAND TREASURY FRR 3C EMPLOYEE BENEFITS EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION

QUEENSLAND TREASURY FRR 3C EMPLOYEE BENEFITS EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION QUEENSLAND TREASURY 2015-16 FINANCIAL REPORTING REQUIREMENTS FOR QUEENSLAND GOVERNMENT AGENCIES FRR 3C EMPLOYEE BENEFITS EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION INTRODUCTION Policy items, indicated

More information

International Financial Reporting Standard 7. Financial Instruments: Disclosures

International Financial Reporting Standard 7. Financial Instruments: Disclosures International Financial Reporting Standard 7 Financial Instruments: Disclosures INTERNATIONAL FINANCIAL REPORTING STANDARD AUGUST 2005 International Financial Reporting Standard 7 Financial Instruments:

More information

Reporting under IFRSs. Example consolidated financial statements 2013 and guidance notes

Reporting under IFRSs. Example consolidated financial statements 2013 and guidance notes Reporting under IFRSs Example consolidated financial statements 2013 and guidance notes Important Disclaimer: This document has been developed as an information resource. It is intended as a guide only

More information

Investments in Associates

Investments in Associates Indian Accounting Standard (Ind AS) 28 Investments in Associates Investments in Associates Contents Paragraphs SCOPE 1 DEFINITIONS 2-12 Significant Influence 6-10 Equity Method 11-12 APPLICATION OF THE

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures Compiled Accounting Standard AASB 7 Financial Instruments: Disclosures This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007 but before 1 January 2009 that end on

More information

Financial Reporting Requirements for Queensland Government Agencies

Financial Reporting Requirements for Queensland Government Agencies Financial Reporting Requirements for Queensland Government Agencies APG 13 Accounting for Interests in Non-Controlled Entities Introduction The purpose of this APG is to provide guidance on: classifying

More information

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES NAS 25 NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES CONTENTS Paragraphs SCOPE 1-2 DEFINITIONS 3-13 Significant influence 7-11 Equity method 12-13 APPLICATION OF THE EQUITY METHOD 14-33 Impairment

More information

HKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes

HKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes HKAS 12 Revised May November 2014 Hong Kong Accounting Standard 12 Income Taxes HKAS 12 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

New Zealand Equivalent to International Accounting Standard 12 Income Taxes (NZ IAS 12)

New Zealand Equivalent to International Accounting Standard 12 Income Taxes (NZ IAS 12) New Zealand Equivalent to International Accounting Standard 12 Income Taxes (NZ IAS 12) Issued November 2004 and incorporates amendments up to and including 31 October 2010 other than consequential amendments

More information

International Accounting Standard 26 Accounting and Reporting by Retirement Benefit Plans

International Accounting Standard 26 Accounting and Reporting by Retirement Benefit Plans International Accounting Standard 26 Accounting and Reporting by Retirement Benefit Plans Scope 1 This Standard shall be applied in the financial statements of retirement benefit plans where such financial

More information

Adviser alert Example Consolidated Financial Statements 2012

Adviser alert Example Consolidated Financial Statements 2012 Adviser alert Example Consolidated Financial Statements 2012 October 2012 Overview The Grant Thornton International IFRS team has published the 2012 version of the Reporting under IFRS: Example Consolidated

More information

EUROPEAN UNION ACCOUNTING RULE 12 EMPLOYEE BENEFITS

EUROPEAN UNION ACCOUNTING RULE 12 EMPLOYEE BENEFITS EUROPEAN UNION ACCOUNTING RULE 12 EMPLOYEE BENEFITS Page 2 of 18 I N D E X 1. Introduction... 3 2. Objective... 3 3. Scope... 4 4. Definitions... 5 5. Short-term employee benefits... 7 5.1 Recognition

More information

SHIRE OF CARNARVON POLICY

SHIRE OF CARNARVON POLICY SHIRE OF CARNARVON POLICY POLICY NO C010 POLICY SIGNIFICANT ACCOUNTING POLICIES RESPONSIBLE DIRECTORATE CORPORATE COUNCIL ADOPTION Date: 27.5.14 Resolution No. FC 5/5/14 REVIEWED/MODIFIED Date: Resolution

More information

ACCOUNTING STANDARD AASB 107 July Cash Flow Statements. Federal Register of Legislative Instruments F2005B01541

ACCOUNTING STANDARD AASB 107 July Cash Flow Statements. Federal Register of Legislative Instruments F2005B01541 ACCOUNTING STANDARD AASB 107 July 2004 Cash Flow Statements Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.com.au. Alternatively, printed copies of

More information

Module 14 Investments in Associates

Module 14 Investments in Associates IFRS for SMEs (2009) + Q&As IFRS Foundation: Training Material for the IFRS for SMEs Module 14 Investments in Associates IFRS Foundation: Training Material for the IFRS for SMEs including the full text

More information

Business Combinations

Business Combinations Compiled AASB Standard AASB 3 Business Combinations This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 January 2013. Early application is permitted.

More information

Accounting 2. Lecture no 6. Prepared by: Jan Hájek

Accounting 2. Lecture no 6. Prepared by: Jan Hájek Accounting 2 Lecture no 6 Prepared by: Jan Hájek Share-based Payment Related standards IFRS 2 Current GAAP comparisons Looking ahead End-of-chapter practice 2 Related Standards FAS 123 Share-based Payment

More information

Extinguishing Financial Liabilities with Equity Instruments

Extinguishing Financial Liabilities with Equity Instruments AASB Interpretation Interpretation 19 December 2009 Extinguishing Financial Liabilities with Equity Instruments Obtaining a Copy of this Interpretation This Interpretation is available on the AASB website:

More information

International Accounting Standard 27 Consolidated and Separate Financial Statements

International Accounting Standard 27 Consolidated and Separate Financial Statements International Accounting Standard 27 Consolidated and Separate Financial Statements Scope 1 This Standard shall be applied in the preparation and presentation of consolidated financial statements for a

More information

Financial Assets, Liabilities and Commitments

Financial Assets, Liabilities and Commitments Financial Assets, Liabilities and Commitments Policy Statement Ref: A52923, 5.0 1 of 10 Policy name: Financial Assets, Liabilities and Commitments Policy number: Finance Key result areas: Finance Branch:

More information

International Financial Reporting Standards: Provisions, pensions and share based payments. The Ohio State University Session 6 April 1, 2011

International Financial Reporting Standards: Provisions, pensions and share based payments. The Ohio State University Session 6 April 1, 2011 International Financial Reporting Standards: Provisions, pensions and share based payments The Ohio State University Session 6 April 1, 2011 Topical areas Session Topic 1 Introduction, first time adoption

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

Reporting requirements for non-reporting entities

Reporting requirements for non-reporting entities REGULATORY GUIDE 85 Reporting requirements for non-reporting entities July 2005 What this guide is about 1 This guide provides guidance on application of the reporting entity test and the reporting obligations

More information

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control

More information

Sri Lanka Accounting Standard LKAS 28. Investments in Associates

Sri Lanka Accounting Standard LKAS 28. Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 28 INVESTMENTS IN ASSOCIATES paragraphs SCOPE 1 DEFINITIONS 2 12 Significant influence 6 10 Equity

More information

Superannuation Entities

Superannuation Entities AASB Standard AASB 1056 June 2014 Superannuation Entities Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed copies of

More information

IPSAS 20 RELATED PARTY DISCLOSURES

IPSAS 20 RELATED PARTY DISCLOSURES IPSAS 20 RELATED PARTY DISCLOSURES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 24 (reformatted 1994), Related

More information

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates Sri Lanka Accounting Standard-LKAS 28 Investments in Associates -690- Sri Lanka Accounting Standard-LKAS28 Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates is set

More information

Amendments to Australian Accounting Standards Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts

Amendments to Australian Accounting Standards Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts AASB Standard AASB 2016-6 October 2016 Amendments to Australian Accounting Standards Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts [AASB 4] Obtaining a copy of this Accounting Standard

More information

Example Consolidated Financial Statements. International Financial Reporting Standards (IFRS) Illustrative Corporation Group 31 December 2010

Example Consolidated Financial Statements. International Financial Reporting Standards (IFRS) Illustrative Corporation Group 31 December 2010 Example Consolidated Financial Statements International Financial Reporting Standards (IFRS) Illustrative Corporation Group 1 Introduction 2010 The preparation of financial statements in accordance with

More information

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended

More information

International Financial Reporting Standard 3 Business Combinations

International Financial Reporting Standard 3 Business Combinations International Financial Reporting Standard 3 Business Combinations Objective 1 The objective of this IFRS is to improve the relevance, reliability and comparability of the information that a reporting

More information

International Financial Reporting Standard 8 Operating Segments

International Financial Reporting Standard 8 Operating Segments International Financial Reporting Standard 8 Operating Segments Core principle 1 An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects

More information

Related party loans at below-market interest rates

Related party loans at below-market interest rates Related party loans at below-market interest rates Our IFRS Viewpoint series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

Accounting for Government Grants and Disclosure of Government Assistance

Accounting for Government Grants and Disclosure of Government Assistance Compiled Accounting Standard AASB 120 Accounting for Government Grants and Disclosure of Government Assistance This compiled Standard applies to annual reporting periods beginning on or after 1 January

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Consolidated Income Statement for the year ended 30 June Consolidated Financial Statements Notes $'000 $'000 Revenue from continuing operations 437,459 336,460 Employee

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

Financial Instruments: Presentation

Financial Instruments: Presentation Compiled AASB Standard AASB 132 Financial Instruments: Presentation This compiled Standard applies to annual reporting periods beginning on or after 1 February 2010. Early application is permitted. It

More information

Module 26 Share-based Payment

Module 26 Share-based Payment IFRS for SMEs (2009) + Q&As IFRS Foundation: Training Material for the IFRS for SMEs Module 26 Share-based Payment IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information