Effective Dates for New Standards
IFRS® Standards

This summary of recently issued pronouncements has been prepared for information purposes only. Consequential amendments to existing standards resulting from the issuance of new standards and less significant changes to existing standards are not included below. For more details, see the CPA Canada Handbook – Accounting.

 

Pronouncement

 

Application

Effective date to be determined:

Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (Amended in 2011) re:

  • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

Prospective

Effective for annual periods beginning on or after January 1, 2019:

IFRS 16 Leases
(New in 2016; replaces IAS 17, IFRIC 4, SIC-15 and SIC-27)

In accordance with specific requirements in IFRS 16

IFRIC 23 Uncertainty over Income Tax Treatments (New in 2017)

In accordance with specific requirements in IFRIC 23

Effective for annual periods beginning on or after January 1, 2018:

Amendments to IFRS 2 Share-based Payment re:

  • Classification and Measurement of Share-based Payment Transactions

Amendments to IFRS 4 Insurance Contracts re:

  • Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts*

* For qualifying entities that choose to apply the temporary exemption from IFRS 9. For other entities that do not qualify for the temporary exemption, or that choose the overlay approach instead, these amendments are effective for designated assets from the date at which IFRS 9 is applied for the first time.

In accordance with specific requirements in IFRS 2 

       

In accordance with specific requirements in IFRS 4

IFRS 9 Financial Instruments
(New in 2014; replaces IAS 39, IFRIC 9 and earlier versions of IFRS 9);

 

In accordance with specific requirements in IFRS 9

Amendments to IFRS 7 Financial Instruments: Disclosures

 

Simultaneously with IFRS 9, in accordance with specific requirements in IFRS 7

IFRS 15 Revenue from Contracts with Customers
(New in 2014; replaces IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18 and SIC-31); incorporates amendments re:

  • Effective Date of IFRS 15
  • Clarifications to IFRS 15 Revenue from Contracts with Customers

 

In accordance with specific requirements in IFRS 15

 Amendments to IAS 40 Investment Property re:

  • Transfers of Investment Property

 

In accordance with specific requirements in IAS 40

 IFRIC 22 Foreign Currency Transactions and Advance Consideration (New in 2016)

 

In accordance with specific requirements in IFRIC 22

 Annual Improvements (2014-2016 Cycle) to:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IAS 28 Investments in Associates and Joint Ventures

 

IFRS 1 – N/A – deletion of short-term exemptions for which the relief periods have passed
IAS 28 – retrospective

Effective for annual periods beginning on or after January 1, 2017:

Amendments to IAS 7 Statement of Cash Flows re:

  • Disclosure Initiative   
In accordance with specific requirements in IAS 7

Amendments to IAS 12 Income Taxes re:

  • Recognition of Deferred Tax Assets for Unrealised Losses
In accordance with specific requirements in IAS 12

 Annual Improvements (2014-2016 Cycle) to:

  • IFRS 12 Disclosure of Interests in Other Entities
Retrospective

Effective for annual periods beginning on or after January 1, 2016:

Annual Improvements (2012-2014 Cycle) to:

  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • IFRS 7 Financial Instruments: Disclosures
  • IAS 19 Employee Benefits (Amended in 2011)
  • IAS 34 Interim Financial Reporting

 

IFRS 5 – prospective         
IFRS 7 –  in accordance with specific requirements in IFRS 7
IAS 19 and IAS 34 – retrospective

Amendments to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures (Amended in 2011) re:

  • Investment Entities: Applying the Consolidation Exception
  Retrospective

Amendments to IFRS 11 Joint Arrangements re:

  • Accounting for Acquisitions of Interests in Joint Operations

 

Prospective

IFRS 14 Regulatory Deferral Accounts (New in 2014)   Retrospective

Amendments to IAS 1 Presentation of Financial Statements re:

  • Disclosure Initiative
  In accordance with specific requirements in IAS 1

Amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets re:

  • Clarification of Acceptable Methods of Depreciation and Amortisation
  Prospective

Amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture re:

  • Agriculture: Bearer Plants
  In accordance with specific requirements in IAS 16 and IAS 41

Amendments to IAS 27 Separate Financial Statements (Amended in 2011) re:

  • Equity Method in Separate Financial Statements
  Retrospective