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Commission Regulation
(EC) No 2238/2004 of 29 December 2004 amending
Regulation (EC) No 1725/2003 adopting certain
international accounting standards in accordance with
Regulation (EC) No 1606/2002 of the European Parliament
and of the Council, as regards IASs IFRS 1, IASs Nos 1
to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC
Nos 1 to 7, 11 to 14, 18 to 27 and 30 to 33
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Disclosure
28. When initial
application of a Standard or an Interpretation has an effect
on the current period or any prior period, would have such an
effect except that it is impracticable to determine the
amount of the adjustment, or might have an
effect on future periods, an entity shall
disclose:
(a) the title of the
Standard or Interpretation;
(b) when applicable,
that the change in accounting policy is made in
accordance with its transitional provisions;
(c) the nature of
the change in accounting policy;
(d) when applicable,
a description of the transitional provisions;
(e) when applicable,
the transitional provisions that might have an
effect on future periods;
(f) for the current
period and each prior period presented, to the extent
practicable, the amount of the adjustment:
(i) for each
financial statement line item affected; and
(ii) if IAS 33
Earnings
per Share applies to the entity, for basic
and diluted earnings per share;
(g) the amount of
the adjustment relating to periods before those presented,
to the extent practicable; and
(h) if retrospective
application required by paragraph 19(a) or (b)
is impracticable for a particular prior period, or for
periods before those presented, the circumstances that
led to the existence of that condition and a
description of how and from when the change in
accounting policy has been applied.
Financial
statements of subsequent periods need not repeat these
disclosures.
29. When a voluntary
change in accounting policy has an effect on the current
period or any prior period, would have an effect on that
period except that it is impracticable to determine the
amount of the adjustment, or might have an
effect on future periods, an entity shall
disclose:
(a) the nature of
the change in accounting policy;
(b) the reasons why
applying the new accounting policy provides reliable
and more relevant information;
(c) for the current
period and each prior period presented, to the extent
practicable, the amount of the adjustment:
(i) for each
financial statement line item affected; and
(ii) if IAS 33
applies to the entity, for basic and diluted earnings
per share;
(d) the amount of
the adjustment relating to periods before those presented,
to the extent practicable; and
(e) if retrospective
application is impracticable for a particular prior
period, or for periods before those presented, the
circumstances
that led to the existence of that condition and a
description
of how and from when the change in accounting policy
has been applied.
Financial statements
of subsequent periods need not repeat these disclosures.
30. 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.
31. In complying
with paragraph 30, an entity considers disclosing:
(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:
(i) a discussion
of the impact that initial application of the Standard or
Interpretation is expected to have on the entity’s
financial statements; or
(ii) if that
impact is not known or reasonably estimable, a statement to
that effect.
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