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Pronouncements Effective Subsequent To December 31

The document summarizes new pronouncements and amendments to existing pronouncements that are effective for annual periods subsequent to December 31, 2014. It provides the pronouncement name, date adopted by the Philippine Financial Reporting Standards Council (FRSC), and effective date. Key pronouncements include amendments to PAS 19, PFRS 9 on financial instruments, and annual improvements to PFRSs from 2010 to 2014. The mandatory effective date of PFRS 9 has been deferred several times and is currently January 1, 2018.

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61 views3 pages

Pronouncements Effective Subsequent To December 31

The document summarizes new pronouncements and amendments to existing pronouncements that are effective for annual periods subsequent to December 31, 2014. It provides the pronouncement name, date adopted by the Philippine Financial Reporting Standards Council (FRSC), and effective date. Key pronouncements include amendments to PAS 19, PFRS 9 on financial instruments, and annual improvements to PFRSs from 2010 to 2014. The mandatory effective date of PFRS 9 has been deferred several times and is currently January 1, 2018.

Uploaded by

Ravenmielle
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Pronouncements effective subsequent to December 31, 2014 year-end

New pronouncements
Pronouncement

Philippine Interpretation IFRIC-15, Agreements for


the Construction of Real Estate

Date adopted
byFRSC

November 17,
2008

Effective for annual


periods beginning
on or after
Deferred*

For approval by Board of Accountancy

Pronouncement

Date
adopted
byFRSC

Effective for
annual periods
beginning on
or after

Amendments to PAS 19, Defined Benefit Plans: Employee


Contributions

December
17, 2013

July 1, 2014

Annual Improvements to PFRSs 2010 - 2012 Cycle

Amendment to PFRS 2: Definition of vesting

December
17, 2013

July 1, 2014

December
17, 2013

July 1, 2014

December
17, 2013

No mandatory
effective date**

July 9, 2014

January 1, 2016

condition
Amendment to PFRS 3: Accounting for contingent

consideration in a business combination


Amendment to PFRS 8: Aggregation of operating

segments
Amendment to PFRS 8: Reconciliation of the total

of the reportable segments assets to the entitys


assets
Amendment to PAS 16: Revaluation method -

proportionate restatement of accumulated


depreciation
Amendment to PAS 24: Key management

personnel
Amendment to PAS 38: Revaluation method proportionate restatement of accumulated
amortization

Annual Improvements to PFRSs 2011 - 2013 Cycle

Amendment to PFRS 3: Scope exceptions for joint

ventures
Amendment to PFRS 13: Portfolio exception
Amendment to PAS 40: Clarifying the
interrelationship between PFRS 3 and PAS 40 when
classifying property as investment property or owneroccupied property

PFRS 9, Financial Instruments (Hedge Accounting and


amendments to PFRS 9,PFRS 7 and PAS 39)
Amendments to PFRS 11, Accounting for Acquisitions of
Interests in Joint Operations

PFRS 14, Regulatory Deferral Accounts

July 9, 2014

January 1, 2016

Amendments to PAS 16 and PAS 38, Clarification of


Acceptable Methods of Depreciation and Amortization

July 9, 2014

January 1, 2016

Amendments to PAS 16 and PAS 41, Agriculture: Bearer


Plants

July 9, 2014

January 1, 2016

Amendments to PAS 27, Equity Method in Separate


Financial Statements

September
10, 2014

January 1, 2016

PFRS 9, Financial Instruments (2014)

September
10, 2014

January 1,
2018**

Amendments to PFRS 10 and PAS 28, Sale or Contribution


of Assets between an Investor and its Associate or Joint
Venture

October 8,
2014

January 1, 2016

Annual Improvements to PFRSs 2012 - 2014 Cycle

Amendment to PFRS 5: Changes in methods of

October 8,
2014

January 1, 2016

Amendments to PFRS 10, PFRS 12 and PAS 28,


Investment Entities: Applying the Consolidation Exception

February 11,
2015

January 1, 2016

Amendments to PAS 1, Disclosure Initiative

February 11,
2015

January 1, 2016

disposal
Amendment to PFRS 7: Servicing contracts
Amendment to PFRS 7: Applicability of the

amendments to PFRS 7 to condensed interim


financial statements
Amendment to PAS 19: Discount rate: regional

market issue
Amendment to PAS 34: Disclosure of information
elsewhere in the interim financial report

*On September 28, 2011, the FRSC decided to defer the effective date of Philippine Interpretation IFRIC-15until the
final Revenue standard is issued by the International Accounting Standards Board (IASB), and an evaluation of the
requirements of the final Revenue standard against the practices of the Philippine real estate industry is completed.
**In November 2009, the IASB issued IFRS 9 (2009), which covers the classification and measurement requirements
of financial assets and was adopted by FRSC as PFRS 9 (2009) on March 8, 2010. In October 2010,
the IASB finalized the classification and measurement requirements of financial liabilities and issued IFRS 9 (2010),
which was adopted by FRSC on November 24, 2010 as PFRS 9 (2010). In December 2011, the IASB deferred the
mandatory effective date of IFRS 9 from January 1, 2013 to January 1, 2015. The FRSC followed suit on December
28, 2011. In November 2013, the IASB introduced the new hedge accounting model, removed January 1, 2015 as the
mandatory effective date of IFRS 9 and issued IFRS 9 (2013), which the FRSC adopted as PFRS 9 (2013) on
December 17, 2013. In July 2014, the IASB finalized the impairment phase of IFRS 9, introduced limited
amendments to the classification and measurement model of financial assets and issued IFRS 9 (2014). IFRS (2014)
was adopted by FRSC as PFRS (2014) on September 10, 2014.

Source: http://picpa.com.ph/pronouncements-effective-subsequent-december-312014-year-end

IFRS 9 Mandatory effective date and disclosures

About the project


On 16 December 2011 the IASB issued Mandatory Effective Date of IFRS 9 and Transition
Disclosures, which amends IFRS 9 to require application for annual periods beginning on
or after 1 January 2015, rather than 1 January 2013. Early application of IFRS 9 is still
permitted. IFRS 9 is also amended so that it does not require the restatement of
comparative-period financial statements for the initial application of the classification and
measurement requirements of IFRS 9, but instead requires modified disclosures on
transition to IFRS 9.
The issue of these amendments project resulted from the Boards redeliberations on the
Exposure Draft issued on 4 August 2011, which proposed to change the mandatory effective date
of IFRS 9 so that entities would be required to apply it for annual periods beginning on or after 1
January 2015 rather than for annual periods beginning on or after 1 January 2013 as was
required at the time. The Exposure Draft did not propose any changes to early application, so
that early application would continue to be permitted. The comment period closed on 21 October
2011.
Subsequent to this project the IASB decided that a mandatory date of 1 January 2015 would not
allow sufficient time for entities to prepare to apply the new Standard because the impairment
phase of the IFRS 9 project has not yet been completed. Accordingly, the IASB decided that a
new date should be decided upon when the entire IFRS 9 project is closer to completion. The
amendments made to IFRS 9 in November 2013 remove the mandatory effective date from IFRS
9. However, entities may still choose to apply IFRS 9 immediately.
This project has now been completed. However, as part of the Limited Amendments to IFRS 9
project, on 24 July 2013 the IASB tentatively decided to defer the mandatory effective date of
IFRS 9 and that the mandatory effective date should be left open pending the finalisation of the
impairment and classification and measurement requirements. In February 2014, while finalising
redeliberations on the impairment project and limited amendments to classification and
measurement requirements for IFRS 9, the IASB tentatively decided to require an entity to apply
IFRS 9 for annual periods beginning on or after 1 January 2018. For more information on that
decision, please see the February 2014 IASB Update.

Source: http://www.ifrs.org/Current-Projects/IASB-Projects/Financial-Instruments-AReplacement-of-IAS-39-Financial-Instruments-Recognitio/IFRS-9-Mandatory-effectivedate-and-disclosures/Pages/IFRS-9-Mandatory-effective-date-and-disclosures.aspx

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