Notes from CIMA/BPP IFRS update, Russell Hotel, London

Changes for periods after 1 Jan 13

IAS 19 employee benefits including holiday pay
IFRS13 Increased disclosure where fair value accounting used

Changes for periods after 1 Jan 14
IAS 27 separate financial statements
IAS 28 investments in assocs and jvs
IFRS 10 consol fin statements. Vodafone is good example of explaining valuation methods
IFRS 11 joint arrangements - looks at control to define ownership

New standards affecting this year
IAS 8 para 28 about new standards adopted this period and effect
Para 30 where has not applied yet but adoption in future will affect accounts
Highlight areas requiring significant estimate or judgement

3i good example for financial instruments

Lease accounting Exposure draft could be effective in 2015
Capitalise if have right to control use of the asset.
Capitalise fair value at acquisition then depreciate
Note that leased asset are to be shown separately from owned assets
Options to renew only taken account of if there is significant financial incentive to extend (but this could be just the moving costs?)

Ifrs4 insurance

IAS 18 revenue published at 2014. Waiting for EU approval.
IFRS 15 Revenue from contacts with customers. Examples Vodafone and Arm Holdings

FRC corporate reporting review key messages - worth looking at.

Project summaries available from IAS website

Efrag website to show what standards have been adopted by EU.

To do:

Read up on FRS 102  uk gaap revised in Aug 14 effective for SMEs from 2016; info on FRC website. Staff eduction notes SEN prefix.
New std on lease accounting

Where it says early adoption permitted - remember needs to be ratified by EU first.