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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