IFRS applicable at 30 June 2019

To coincide with the preparation of interim financial reports, we present an overview of the IASB’s most recent publications. For each text, we clarify whether it is mandatory for this closing of accounts, or whether early application is permitted, based on the EU endorsement status report (position at 28 March 2019).

Keywords: Mazars, Thailand, IFRS, IFRIC, IASB, EU

25 July 2019

For more information, please visit the European Financial Rerporting Advisory Group website (EFRAG) .

As a reminder, the following principles govern the first application of the IASB standards and interpretations:

1. The IASB’s exposure-drafts cannot be applied as they are not published standards.

2. The IFRS IC’s draft interpretations may be applied if the two following conditions are met:

  • The draft does not conflict with currently applicable IFRSs;
  • The draft does not modify an existing interpretation which is currently mandatory

3. Standards published but not yet adopted by the European Union may be applied if the European adoption process is completed before the interim financial reports have been approved by the relevant authority (i.e. usually the board of directors).

4. Interpretations published but not yet adopted by the European Union at the end of the interim financial reporting period may be applied unless they conflict with standards or interpretations currently applicable in Europe.

It should also be noted that under IAS 34 “Interim Financial Reporting”, the changes in accounting policies required by new standards must also be disclosed in the interim financial reporting published during the course of the year.

1. Situation of European Union adoption process for standards and amendments published by the IASB

Standard

 

Subject

 

Effective date according to the IASB

Date of publication in the Official Journal

Application status at 30 June 2019

 

Amendments to IFRS 9

 

Prepayment Features with Negative Compensation (issued on 12 October 2017)

 

1/01/2019

Early application permitted

26 March 2018

Effective for annual periods beginning on or after 1 January 2019

Mandatory

 

IFRS 14

 

Regulatory Deferral Accounts (issued on 30 January 2014)

 

1/01/2016

Early application permitted

No endorsement

The EC has decided not to launch the endorsement process of this interim standard and to wait for the final standard

Not permitted

 

IFRS 16

 

Leases

(issued on 13 January 2016)

1/01/2019

Early application permitted

9 November 2017

Effective for annual periods beginning on or after 1 January 2019

Mandatory

 

IFRS 17

 

Insurance Contracts (issued on 18 May 2017)

 

1/01/2021

Early application permitted

Awaiting endorsement by the EU (date not yet announced)

Not permitted

 

Annual improvements to IFRSs 2015-2017 Cycle

 

Annual improvements to various Standards (issued on 12 December 2017)

 

1/01/2019

Early application permitted

15 March 2019

Effective for annual periods beginning on or after 1 January 2019

Mandatory

 

Amendments to IAS 28

 

Long-term Interests in Associates and Joint Ventures (issued on 12 October 2017)

 

1/01/2019

Early application permitted at the same time as IFRS 9

11 February 2019

Effective for annual periods beginning on or after 1 January 2019

Mandatory

 

Amendments to IAS 19

 

Plan Amendment, Curtailment or Settlement (issued on 7 February 2018)

 

1/01/2019

Early application permitted

14 March 2019

Effective for annual periods beginning on or after 1 January 2019

Mandatory

 

Amendments to IFRS 10 and IAS 28

 

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued on 11 September 2014)

Postponed

Early application permitted

Deferred

 

Permitted (2)

 

Amendments to the Conceptual Framework

 

Amendments to References to the Conceptual Framework in IFRS Standards (issued on 29 March 2018)

1/01/2020

 

Awaiting endorsement by the EU

(expected in 2019)

Not permitted

 

Amendment to IFRS 3

 

Definition of a business (issued on 22 October 2018)

1/01/2020

Early application permitted

Awaiting endorsement by the EU

(expected in 2019)

Permitted(1)(2)

 

 

Amendments to IAS 1 and IAS 8

 

 

Definition of Material (issued on 31 October 2018)

 

1/01/2020

Early application permitted

 

Awaiting endorsement by the EU

(expected in 2019)

 

Permitted(1)

 

(1) If the amendment is a clarification of an existing standard and is not in contradiction with current standards

(2) If the entity had not developed an accounting policy

2. Situation of European Union adoption process for interpretations published by the IFRS IC

Standard

 

Subject

 

Effective date according to the IASB

 

Date of publication in the Official Journal

 

Application status at 30 June 2019

 

IFRIC 23

 

Uncertainty over Income Tax Treatments (issued on 7 June 2017)

 

1/01/2019

Early application permitted

24 October 2018

Effective for annual periods beginning on or after 1 January 2019

Mandatory

 

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