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Commission Regulation
(EC) No 1725/2003 of 29 September
2003 amended by Regulation (EC) No 2238/2004
and Regulation (EC) No 1910/2005
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Effective Date
127. An entity shall
apply this Standard for annual periods beginning on or
after 1 January 2005. Earlier application is encouraged. If an
entity applies this Standard for a period beginning
before 1 January 2005, it shall disclose that
fact.
Withdrawal of IAS 1
(revised 1997)
128. This Standard
supersedes IAS 1 Presentation of Financial Statements
revised in 1997.
Appendix
Amendments to Other
Pronouncements
The amendments in
this appendix shall be applied for annual periods beginning
on or after 1 January 2005. If an entity applies this Standard
for an earlier period, these amendments shall be
applied for that earlier period.
A1. In International
Financial Reporting Standards, including International
Accounting Standards and Interpretations, applicable at
December 2003:
(a) references to
‘net profit or loss’ are amended to ‘profit or loss’;
(b) references to
‘notes to the financial statements’ are amended to ‘notes’;
and
(c) references to
‘equity capital’ are amended to ‘contributed equity’.
A2. [Amendment not
applicable to bare Standards]
A3. Paragraphs 69
and 70 of IAS 12 Income Taxes are deleted.
A4. In IAS 19 Employee
Benefits, paragraph 23 is amended to read as follows:
23. Although this
Standard does not require specific disclosures about
short-term employee benefits, other Standards may require
disclosures. For example, IAS 24 Related Party Disclosures
requires disclosures about employee benefits for key
management personnel. IAS 1 Presentation of Financial
Statements requires disclosure of employee benefits
expense.
A5. [Amendment not
applicable to bare Standards]
A6. IAS 34 Interim
Financial Reporting is amended as described below.
Paragraph 5 is amended to read as follows:
5. IAS 1 defines a
complete set of financial statements as including the
following components:
(a) a balance sheet;
(b) an income
statement;
(c) a statement of
changes in equity showing either:
(i) all changes in
equity, or
(ii) changes in
equity other than those arising from transactions with
equity holders acting in their capacity as equity holders;
(d) a cash flow
statement; and
(e) notes,
comprising a summary of significant accounting policies and
other explanatory notes.
Paragraph 12 is
amended to read as follows:
12. IAS 1 provides
guidance on the structure of financial statements. The
Implementation Guidance for IAS 1 illustrates ways in which
the balance sheet, income statement and statement of changes
in equity may be presented.
Paragraph 13 is
amended to read as follows:
13. IAS 1 requires
a statement of changes in equity to be presented as a
separate component of an entity’s financial statements,
and permits information about changes in equity arising from
transactions with equity holders acting in their capacity as
equity holders (including distributions to equity holders)
to be shown either on the face of the statement or in the
notes. An entity follows the same format in its interim
statement of changes in equity as it did in its most recent
annual statement.
A7. Paragraphs 39
and 40 of IAS 35 Discontinuing Operations are amended
to read as follows:
39. The
disclosures required by paragraphs 27-37, except for the
disclosure of the amount of the pre-tax gain or loss
recognised on the disposal of assets or settlement of
liabilities attributable to the discontinuing operation in
accordance with paragraph 31(a), may be presented either in
the notes or on the face of the balance sheet, income
statement or statement of changes in equity.
40. IAS 1 Presentation
of Financial Statements requires the pretax gain or loss
recognised on the disposal of assets or settlement of
liabilities attributable to discontinuing operations to be
presented on the face of the income statement. The
disclosures required by paragraph 27(f) and (g) are
encouraged to be presented on the face of the income
statement and cash flow statement, respectively.
A8. [Amendment not
applicable to bare Standards]
A9. IAS 41 Agriculture
is amended as described below. Paragraph 39 is deleted.
Paragraph 53 is amended to read as follows:
53. Agricultural
activity is often exposed to climatic, disease and other
natural risks. If an event occurs that gives rise to a
material item of income or expense, the nature and amount of
that item are disclosed in accordance with IAS 1 Presentation
of Financial Statements. Examples of such an event
include an outbreak of a virulent disease, a flood, a severe
drought or frost, and a plague of insects.
A10. [Amendment not
applicable to bare Standards]
A11. In SIC-32 Intangible
Assets – Web site Costs, paragraph 5 is amended
to read as follows:
5. This
Interpretation does not apply to expenditure on purchasing,
developing, and operating hardware (eg web servers, staging
servers, production servers and Internet connections) of a
web site. Such expenditure is accounted for under IAS 16.
Additionally, when an entity incurs expenditure on an
Internet service provider hosting the entity’s web site,
the expenditure is recognised as an expense under IAS 1.78
and the Framework when the services are received.
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