International Financial Reporting Standards IFRS 2009 Bound Volume: Including International Accounting Standards (IASs) and Interpretations as Issued at 1 January 2009 1905590903, 9781905590902

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International Financial Reporting Standards® as issued at 1 January 2009 The consolidated text of International Financial Reporting Standards (IFRSs®) including International Accounting Standards (IASs®) and Interpretations together with their accompanying documents as issued at 1 January 2009

International Accounting Standards Board® 30 Cannon Street London EC4M 6XH United Kingdom Telephone: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411 Email: [email protected] Publications Telephone: +44 (0)20 7332 2730 Publications Fax: +44 (0)20 7332 2749 Publications Email: [email protected] Web: www.iasb.org

IFRSs together with their accompanying documents are issued by the International Accounting Standards Board (IASB), 30 Cannon Street, London EC4M 6XH, United Kingdom. Tel: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411 Email: [email protected] Web: www.iasb.org ISBN: 978-1-905590-90-2 Copyright © 2009 International Accounting Standards Committee Foundation (IASCF). International Financial Reporting Standards, International Accounting Standards, Interpretations, Exposure Drafts, and other IASB publications are copyright of the IASCF. The approved text of International Financial Reporting Standards, including International Accounting Standards and Interpretations, is that issued by the IASB in the English language. Copies may be obtained from the IASCF Publications Department. Please address publication and copyright matters to: IASC Foundation Publications Department 30 Cannon Street, London EC4M 6XH, United Kingdom. Telephone: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749 Email: [email protected] Web: www.iasb.org All rights reserved. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the IASCF. The IASB, the IASCF, the authors and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise.

The IASB logo/‘Hexagon Device’, ‘eIFRS’, ‘IAS’, ‘IASB’, ‘IASC’, ‘IASCF’, ‘IASs’, ‘IFRIC’, ‘IFRS’, ‘IFRSs’, ‘International Accounting Standards’, ‘International Financial Reporting Standards’ and ‘SIC’ are Trade Marks of the IASCF.

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Contents

Changes in this edition

1

Introduction to this edition

5

IASC Foundation Constitution

15

Due Process Handbook for the IASB

29

Due Process Handbook for the IFRIC

55

Preface to International Financial Reporting Standards

67

Framework for the Preparation and Presentation of Financial Statements

73

International Financial Reporting Standards (IFRSs) IFRS 1

First-time Adoption of International Financial Reporting Standards

99

IFRS 2

Share-based Payment

195

IFRS 3

Business Combinations

331

IFRS 4

Insurance Contracts

535

IFRS 5

Non-current Assets Held for Sale and Discontinued Operations

673

IFRS 6

Exploration for and Evaluation of Mineral Resources

725

IFRS 7

Financial Instruments: Disclosures

755

IFRS 8

Operating Segments

827

International Accounting Standards (IASs) IAS 1

Presentation of Financial Statements

891

IAS 2

Inventories

979

IAS 7

Statement of Cash Flows

999

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IAS 8

Accounting Policies, Changes in Accounting Estimates and Errors

1021

IAS 10

Events after the Reporting Period

1053

IAS 11

Construction Contracts

1067

IAS 12

Income Taxes

1083

IAS 16

Property, Plant and Equipment

1141

IAS 17

Leases

1177

IAS 18

Revenue

1205

IAS 19

Employee Benefits

1225

IAS 20

Accounting for Government Grants and Disclosure of Government Assistance

1347

IAS 21

The Effects of Changes in Foreign Exchange Rates

1359

IAS 23

Borrowing Costs

1393

IAS 24

Related Party Disclosures

1413

IAS 26

Accounting and Reporting by Retirement Benefit Plans

1429

IAS 27

Consolidated and Separate Financial Statements

1441

IAS 28

Investments in Associates

1493

IAS 29

Financial Reporting in Hyperinflationary Economies

1517

IAS 31

Interests in Joint Ventures

1527

IAS 32

Financial Instruments: Presentation

1551

IAS 33

Earnings per Share

1641

IAS 34

Interim Financial Reporting

1697

IAS 36

Impairment of Assets

1723

IAS 37

Provisions, Contingent Liabilities and Contingent Assets

1877

IAS 38

Intangible Assets

1911

IAS 39

Financial Instruments: Recognition and Measurement

1983

IAS 40

Investment Property

2299

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IAS 41

Agriculture

2345

Interpretations IFRIC 1

Changes in Existing Decommissioning, Restoration and Similar Liabilities

2389

Members’ Shares in Co-operative Entities and Similar Instruments

2409

IFRIC 4

Determining whether an Arrangement contains a Lease

2427

IFRIC 5

Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

2449

Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment

2465

Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies

2473

IFRIC 8

Scope of IFRS 2

2491

IFRIC 9

Reassessment of Embedded Derivatives

2501

IFRIC 2

IFRIC 6

IFRIC 7

IFRIC 10 Interim Financial Reporting and Impairment

2511

IFRIC 11 IFRS 2—Group and Treasury Share Transactions

2519

IFRIC 12 Service Concession Arrangements

2531

IFRIC 13 Customer Loyalty Programmes

2573

IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

2589

IFRIC 15 Agreements for the Construction of Real Estate

2611

IFRIC 16 Hedges of a Net Investment in a Foreign Operation

2631

IFRIC 17 Distributions of Non-cash Assets to Owners

2655

SIC-7

Introduction of the Euro

2677

SIC-10

Government Assistance—No Specific Relation to Operating Activities

2683

SIC-12

Consolidation—Special Purpose Entities

2687

SIC-13

Jointly Controlled Entities—Non-Monetary Contributions by Venturers

2695

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SIC-15

Operating Leases—Incentives

2701

SIC-21

Income Taxes—Recovery of Revalued Non-Depreciable Assets

2707

SIC-25

Income Taxes—Changes in the Tax Status of an Entity or its Shareholders

2711

Evaluating the Substance of Transactions Involving the Legal Form of a Lease

2717

SIC-29

Service Concession Arrangements: Disclosures

2727

SIC-31

Revenue—Barter Transactions Involving Advertising Services

2733

SIC-32

Intangible Assets—Web Site Costs

2739

SIC-27

Approval by the Board of Improvements to IFRSs issued in May 2008

2749

Glossary of Terms

2751

Index

2801

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