Effective Dates for New Standards
International Financial Reporting 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 CICA Handbook – Accounting.

Publicly accountable enterprises, other than pension plans, are required to adopt International Financial Reporting Standards (IFRSs) as Canadian GAAP for interim and annual financial statements relating to annual periods beginning on or after January 1, 2011. Qualifying entities with rate-regulated activities can defer their changeover to IFRSs by four years, and investment companies and segregated accounts of life insurance enterprises can defer their changeover by three years. Other entities may choose to adopt IFRSs.

 

Pronouncement

 

Application

Effective for annual periods beginning on or after January 1, 2015:

Amendments to IFRS 7 Financial Instruments: Disclosures re:

  • Mandatory Effective Date and Transition Disclosures
 In accordance with specific requirements in IFRS 7

IFRS 9 Financial Instruments
(New in 2010; to replace IAS 39 and IFRIC 9); incorporates amendments re:

  • Mandatory Effective Date and Transition Disclosures
 In accordance with specific requirements in IFRS 9

Effective for annual periods beginning on or after January 1, 2014:

Amendments to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 27 Separate Financial Statements re:

  • Investment Entities
 In accordance with specific requirements in IFRS 10, IFRS 12 and IAS 27

Amendments to IAS 32 Financial Instruments: Presentation re:

  • Offsetting Financial Assets and Financial Liabilities 
 Retrospective

Effective for annual periods beginning on or after January 1, 2013:

Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards re:

  •  Government Loans
 In accordance with specific requirements in IFRS 1

Amendments to IFRS 7 Financial Instruments: Disclosures re:

  • Disclosures — Offsetting Financial Assets and Financial Liabilities
 Retrospective

IFRS 10 Consolidated Financial Statements (New in 2011); incorporates amendments re:

  • Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 In accordance with specific requirements in IFRS 10

IFRS 11 Joint Arrangements (New in 2011); incorporates amendments re:

  • Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 In accordance with specific requirements in IFRS 11

IFRS 12 Disclosure of Interests in Other Entities (New in 2011); incorporates amendments re:

  • Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 In accordance with specific requirements in IFRS 12  
IFRS 13 Fair Value Measurement (New in 2011) Prospective
IAS 19 Employee Benefits (Amended in 2011) In accordance with specific requirements in IAS 19 (Amended in 2011)
IAS 27 Separate Financial Statements (Amended in 2011) Retrospective
IAS 28 Investments in Associates and Joint Ventures (Amended in 2011) Retrospective
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (New in 2011) In accordance with specific requirements in IFRIC 20

Annual Improvements (2009-2011 Cycle) to:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IAS 1 Presentation of Financial Statements
  • IAS 16 Property, Plant and Equipment
  • IAS 32 Financial Instruments: Presentation
  • IAS 34 Interim Financial Reporting
 Retrospective

Effective for annual periods beginning on or after July 1, 2012:  

Amendments to IAS 1 Presentation of Financial Statements re:

  • Presentation of Items of Other Comprehensive Income  
  Prospective

Effective for annual periods beginning on or after January 1, 2012:  

Amendments to IAS 12 Income Taxes re:

  • Deferred Tax: Recovery of Underlying Assets
 Retrospective

Effective for annual periods beginning on or after July 1, 2011:

Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards re:

  • Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
 In accordance with specific requirements in IFRS 1

Amendments to IFRS 7 Financial Instruments: Disclosures re:

  • Disclosures — Transfers of Financial Assets
 Prospective

Effective for annual periods beginning on or after January 1, 2011:

IAS 24 Related Party Disclosures

 

Retrospective 

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

  • Prepayments of a Minimum Funding Requirement

 

Retrospective

Annual Improvements (2008-2010 Cycle) to:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IFRS 3 Business Combinations
  • IFRS 7 Financial Instruments: Disclosures
  • IAS 1 Presentation of Financial Statements
  • IAS 34 Interim Financial Reporting
  • IFRIC 13 Customer Loyalty Programmes
 Retrospective