A Review of the Literature on IFRS Adoption From the Perspective of the Value Relevance: 10.4018/978-1-5225-9265-5.ch017: International Financial Reporting Standards (IFRS)-based financial reporting has become widespread all around the world especially after its mandatory Objective. (IFRS 10, IFRS 11, and IFRS 12) Issues Paper - Update Objective 1 Objective of this session is to provide an update to the EFRAG Board members on the IASB’s project Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities (the PIR). IFRS 10 heeft belangrijke consequenties voor de afweging wanneer een onderneming ‘control’ heeft in een andere entiteit. Comparing IFRS 11 to IAS 31 IFRS 10 - Consolidated Financial Statement (detailed review) Wednesday, April 2, 2014 Print Email. Find out more. Post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (Agenda Paper 7) The Board met on 26 September 2019 to discuss an update on the first phase of the post-implementation review of IFRS 10, IFRS 11 and IFRS … IFRS 10 Consolidated Financial Statements – Summary. De effectieve datum van IFRS 10 is 1 januari 2013. This standard prescribes the principle of control and the guidelines which are used by the entity for the identification and establishment of control. IFRS 11 Joint Arrangements – Summary. The AcSB is participating in the IASB’s post-implementation review of IFRS 10, IFRS 11, and IFRS 12 to provide input on these standards’ effects. In November 2010, the IFRS Foundation Trustees' Due Process Oversight Committee issued a request for views to assess the operational effectiveness of the Interpretations Committee. Review of requirements. Abstract. This paper reviews the literature on the effects of IFRS adoption. IFRS 10 Consolidated Financial Statements 2 IFRS 10 - effective date IFRS 10 shall be applied for annual periods beginning on or after 1 January 2013. IFRS 10 retains the consolidation exemption for a parent that is itself a subsidiary and meets certain strict conditions. IFRS 9 provides accounting guidance on how companies should value financial instruments. It aims to provide a cohesive picture of empirical archival literature on how IFRS adoption affects: financial reporting quality, capital markets, corporate decision making, stewardship and … IFRS 12 Disclosure of Interests in other Entities – Summary IFRS 10 Consolidated Financial Statements – Snapshot. IFRS 11. Early application is permitted. The review is being conducted by means of a questionnaire. IFRS 16 Thematic Review (September 2020) Financial Reporting Council 4. It aims to provide a cohesive picture of empirical archival literature on how IFRS adoption affects: financial reporting quality, capital markets, corporate decision making, stewardship and governance, debt contracting, and auditing. 1-37. IFRS 16 Thematic Review: Review of Interim Disclosures in the First Year of Application. Defining joint control – new approach. The International Accounting Standards Board (IASB) is seeking feedback on the standards dealing with accounting for interests in other entities – IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.. An entity shall apply those amendments made to IFRS 10 with regards to Investment Entities for annual periods beginning on or after 1 January 2014. • This session forms part of phase 1 of the PIR of IFRS 10,11 and 12 and aims to help the Board identify any major issues that entities encountered accounts for 2009/10, for inclusion in these accounts. 14. IFRS 9 Financial Instruments (Hedge accounting only) – Snapshot . De EU heeft IFRS 10 op dit moment nog niet goedgekeurd. Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27 (the “Guidance”) (IFRS 10 – Consolidated Financial Statements, IFRS 12 – Disclosure of Interests in Other Entities, IAS 27 – Separate Financial Statements) was published in October 2012 and is required for annual periods beginning on or after 1 January 2014 (early application is permitted). IFRS 10 uses control as the single basis for consolidation, and requires that all three of the following are in place in order to establish control and so consolidate an investee: (2013). Generally, companies included helpful company-specific explanations and… De toepassing van IFRS 10 en 11 vraagt om een gestructureerde aanpak en de nodige professionele oordeelsvorming. Toepassen nieuwe IFRS-consolidatieregels vraagt om gestructureerde aanpak Met ingang van 2014 moeten ondernemingen de nieuwe IFRS-regelgeving toepassen met betrekking tot consolidatie (IFRS 10) en samenwerkingsverbanden (IFRS 11). The purpose of this paper is to review the empirical research literature dealing with International Financial Reporting Standards (IFRS) and auditing. IFRS 13 Fair Value Measurement – Post Implementation Review EFRAG Board meeting 31 May 2017 Paper 10.01, Page 2 of 2 EFRAG’s approach 8 For previous post-implementation reviews, EFRAG has collected the views of constituents, separately for users and all other constituents, and shared the views that it hears with the IASB. Why change? a) provide information about the PIR of IFRS 10,11 and 12. b) obtain input and, if possible, discuss issues that investors encounter when analysing financial statements. 1, pp. Financial Reporting Council ‖IFRS 16 Thematic Review Contents Executive summary 3 Scope and sample 4 Findings: Transition options 5 Explaining changes in accounting policies 8 Transition disclosures 10 Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities Cover Note Objective 1 The objective of the session is to discuss the issues that should be considered by Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12│Due process steps undertaken in the first phase Page 5 of 7 requesting views on new proposals, as may be the situation for an exposure draft or a discussion paper. Overview - agenda. Measurement of lease liabilities Most companies in our sample repeated the requirements of paragraph 26, that ‘leasepayments shall be discounted using the interest rate implicit in the – IFRS 10 places less emphasis on the concept of ‘autopilot’ and instead requires a more specific identification of the future activities and decisions that can affect returns • IFRS 10 does include guidance on situations in which voting or similar rights are not the dominant factor in deciding who controls the investee. A lack of research is also noted for other key areas, including leasing, post … Under IFRS 9 all financial instruments are initially measured at fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs [IFRS 9: 5.1.1]. Consolidated financial statements – IFRS 10 41 Separate financial statements – IAS 27 42 Business combinations – IFRS 3 43 Disposal of subsidiaries, businesses and non-current assets – IFRS 5 44 Equity accounting – IAS 28 45 Joint arrangements – IFRS 11 46 Other subjects 47 Related-party disclosures – … Therefore, compliance with standards such as IAS 2, 8, 10, 20, 21, 27 (now IFRS 10), 28, 31 (now IFRS 11), and IFRS 4 through 7 has yet to be investigated for larger, developed markets. Appropriate supporting working papers should be prepared to support the restated accounts. Post-implementation Review of IFRS 10, IFRS 11, and IFRS 12 Towards a Response to the IASB Request for Information Cover Note Objective of the session 1 This session has two objectives: (a) to provide EFRAG TEG members with an update on the IASB’s project Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS Comments need to be received by 27 October 2020 and should be submitted in writing to the address below, by email to commentletters@ifrs.org or electronically using our ‘Open for comment documents’ page at: 17 The Council need to consider that, although this review focused on the preparedness of full IFRS implementation due in 2010/11, IFRIC12 Service Concession Arrangements will apply to 2009/10. Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research. IFRS 10 replaces those parts of IAS 27 that relate to consolidated financial statements (IAS 27 revised now concentrates on separate financial statements only), and SIC 12 in its entirety. IFRS – IFRS 10, 11 & 12. In addition, IFRS 10 provides an exemption from consolidation for an entity that meets the definition of an “investment entity” (such as certain investment or mutual funds). IFRS 11 Joint Arrangements – Snapshot. European Accounting Review: Vol. The IASB has published a Request for Information (RFI) as part of the Post-implementation Review (PIR) of these standards. However, a 120-day comment period that extends December 2020 to April 2021 Request for Information Comprehensive Review of the IFRS for SMEs Standard is published by the International Accounting Standards Board (Board) for comment only. 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