Standards/Interpretations Issued Not Effective

Last Updated Tuesday, July 14, 2015 02:20:58 PM

IAS 8 requires that when an entity has not applied a new Standard or Interpretation that has been issued but is not yet effective, the entity shall disclose:

(a) this fact; and
(b) known or reasonably estimable information relevant to assessing the possible impact that application of the new Standard or Interpretation will have on the entity's financial statements in the period of initial application.
The standard requires you to consider the following in your disclosure:
(a) the title of the new Standard or Interpretation;
(b) the nature of the impending change or changes in accounting policy;
(c) the date by which application of the Standard or Interpretation is required;
(d) the date as at which it plans to apply the Standard or Interpretation initially; and
(e) either:

  • a discussion of the impact that initial application of the Standard or Interpretation is expected to have on the entity's financial statements; or
  • if that impact is not known or reasonably estimable, a statement to that effect.

Click here for a list of the current standards and interpretations that have been issued, but may not be effective to ensure your disclosure is updated.

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