2014年-德勤中国_国际财务报告准则_168页_1mb

Summary of International GAAP Holdings Limited Model Financial Statements for the Year Ended 31 December 2014

Core Content

This document provides a detailed overview of the new and revised IFRSs effective for the year ending 31 December 2014, as well as those that are not yet mandatorily effective but allow for early application. It is intended to assist entities in understanding the implications of these changes on their financial reporting and to guide them in preparing model financial statements accordingly.

Main Points

Mandatorily Effective IFRS Amendments and Interpretations (Section 1A)

1. Amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities:

   • Define an investment entity and provide an exception from the requirement to consolidate subsidiaries.
   • Investment entities measure their interests in subsidiaries at fair value through profit or loss (FVTPL).
   • Subsidiaries that provide services related to the investment entity's investment activities are not exempt.
   • Introduces new disclosure requirements for investment entities.

2. Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities:

   • Clarifies the concept of 'currently has a legally enforceable right of set-off' and 'simultaneous realisation and settlement'.
   • Requires retrospective application.

3. Amendments to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets:

   • Removes the requirement to disclose recoverable amounts for CGUs with no impairment or reversal.
   • Introduces new disclosure requirements for assets or CGUs measured at fair value less costs of disposal.
   • Aligns with IFRS 13 requirements.
   • Requires retrospective application.

4. Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting:

   • Provides relief from discontinuing hedge accounting when a derivative is novated.
   • Clarifies that changes in the fair value of a hedging instrument due to novation should be included in the assessment of hedge effectiveness.
   • Requires retrospective application.

5. IFRIC 21 Levies:

   • Defines a levy and clarifies the obligating event that triggers its recognition.
   • Clarifies that economic compulsion or going concern does not imply a liability for future levies.
   • Requires retrospective application.

New and Revised IFRSs Not Yet Mandatorily Effective (Section 1B)

1. IFRS 9 Financial Instruments (Effective from 1 January 2018):

   • Replaces IAS 39 and introduces a three-phase approach:
     • Phase 1: Classification and measurement of financial assets and liabilities.
     • Phase 2: Impairment methodology based on expected credit losses.
     • Phase 3: General hedge accounting with economic relationship as the effectiveness criterion.
   • Early application is permitted for entities with an initial application date before 1 February 2015.
   • Includes specific transitional provisions for classification, impairment, and hedge accounting.

2. IFRS 14 Regulatory Deferral Accounts (Effective from 1 January 2016):

   • Applies to first-time IFRS adopters.
   • Allows continuation of previous GAAP accounting policies with limited changes.
   • Requires separate presentation of regulatory deferral accounts in the financial statements.
   • Early application is permitted.

3. IFRS 15 Revenue from Contracts with Customers (Effective from 1 January 2017):

   • Replaces IAS 18, IAS 11, IFRIC 13, IFRIC 15, IFRIC 18, and SIC 31.
   • Introduces a 5-step model for revenue recognition:
     • Identify the contract.
     • Identify performance obligations.
     • Determine transaction price.
     • Allocate transaction price to performance obligations.
     • Recognise revenue as performance obligations are satisfied.
   • Revenue is recognised when control of goods or services is transferred to the customer.
   • Early application is permitted, with options for retrospective or modified transition approaches.

4. Amendments to IFRS 11 (Effective from 1 January 2016):

   • Applies to acquisitions of interests in joint operations.
   • If the joint operation constitutes a business under IFRS 3, the business combination principles apply.
   • Prospective application is required.

5. Amendments to IAS 16 and IAS 38 (Effective from 1 January 2016):

   • Prohibits revenue-based depreciation for property, plant, and equipment.
   • Introduces a rebuttable presumption that revenue is not an appropriate basis for amortisation of intangible assets.
   • Applicable in limited circumstances:
     • When the intangible asset is a measure of revenue.
     • When revenue and consumption of economic benefits are highly correlated.
   • Prospective application is required.

6. Amendments to IAS 16 and IAS 41 (Effective from 1 January 2016):

   • Defines bearer plants and requires them to be accounted for under IAS 16, not IAS 41.
   • Bearer plants can be measured using the cost model or revaluation model.
   • On initial application, entities may use the fair value as the deemed cost.
   • Differences between previous carrying amount and fair value are recognised in opening retained earnings.

7. Amendments to IAS 19 (Effective from 1 January 2016):

   • Clarifies how to account for employee contributions to defined benefit plans.
   • If contributions are independent of service years, they may be:
     • Recognised as a reduction of service cost.
     • Attributed to service periods using the plan's contribution formula or straight-line basis.
   • If contributions are dependent on service years, they must be attributed to service periods.
   • Requires retrospective application.

8. Annual Improvements to IFRSs (2010–2012 Cycle) (Effective from 1 July 2014):

   • Includes amendments to several standards:
     • IFRS 2 Share-based Payment: Clarifies definitions of vesting condition, market condition, performance condition, and service condition.
     • IFRS 3 Business Combinations: Clarifies contingent consideration should be measured at fair value regardless of its nature.
     • IFRS 8 Operating Segments: Requires disclosure of management's judgements on segment aggregation and the reconciliation of segment assets to entity assets.
     • IFRS 13 Fair Value Measurement: Clarifies that short-term receivables and payables can still be measured at invoice amounts if discounting is immaterial.
     • IAS 16 and IAS 38: Clarifies revaluation method and the adjustment of accumulated depreciation/amortisation.
     • IAS 24 Related Party Disclosures: Clarifies that a management entity providing key management personnel services is a related party.
     • IFRS 3 and IAS 40: Clarifies that both standards may apply to the classification of property.

Key Information

• Retrospective application is generally required for the amendments in Section 1A.
• Early application is allowed for some standards, such as IFRS 9 and IFRS 15.
• Disclosure requirements are increased for several standards, including IFRS 9, IFRS 15, and IFRS 3.
• The IASB continues to develop IFRSs, with macro hedging still in a preliminary stage.
• Model financial statements and checklists are available on Deloitte’s IASPlus website.
• Deloitte provides support through its IFRS centres of excellence and comment letters.

Conclusion

The document outlines the key changes in IFRSs that became effective in 2014 and those that are available for early application. These changes are primarily focused on consolidation, financial instruments, revenue recognition, depreciation, and related party disclosures. Entities are advised to assess the impact of these changes on their financial statements and consider retrospective application where necessary. Deloitte offers resources and support to assist in the implementation of these standards.