Some new and revised IFRS will be effective for 2005, others are not
Some new and revised IFRS will be effective for 2005, others are not
The IASB has announced, via its Insight newsletter, that certain new or revised standards will be mandatory for 2005 and that others will be encouraged but not
mandatory, as follows:
| Mandatory for 2005 | Not mandatory for 2005. Early application encouraged:
|
| -
Business Combinations - both Phases I and II -
Convergence - short-term items -
First-Time Application of IFRS -
Improvements to Existing IFRS Amendments to IAS 32 and IAS 39Insurance Contracts Phase I Share-Based Payment | -
Consolidation, including special purpose entities -
Deposit-Taking, Lending, and Securities Activities - Performance Reporting (now called Income Statements)
Post-Employment Benefits (part of the Convergence project) Liabilities, Equity, and Revenue Recognition -
Segment Reporting (part of the Convergence project)
|
(Source : http://www.iasplus.com/index.html)
