IFRS® Standards

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 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, 2021:

IFRS 17 Insurance Contracts (New in 2017; replaces IFRS 4)

In accordance with specific requirements in IFRS 17

Effective for annual periods beginning on or after January 1, 2020:

The Conceptual Framework for Financial Reporting (Revised in 2018)

Prospective
Amendments to References to the Conceptual Framework in IFRS Standards
Prospective

Amendments to IFRS 3 Business Combinations re:

  • Definition of a Business
In accordance with specific requirements in IFRS 3

Amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors re: 

  • Definition of Material
Prospective
Effective for annual periods beginning on or after January 1, 2019:

Annual Improvements (2015-2017 Cycle) to:

  • IFRS 3 Business Combinations
  • IFRS 11 Joint Arrangements
  • IAS 12 Income Taxes
  • IAS 23 Borrowing Costs

In accordance with specific requirements in the standard

Amendments to IFRS 9 Financial Instruments re:
  • Prepayment Features with Negative Compensation
In accordance with specific requirements in IFRS 9

IFRS 16 Leases

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

In accordance with specific requirements in IFRS 16

Amendments to IAS 19 Employee Benefits re:

  • Plan Amendment, Curtailment or Settlement
In accordance with specific requirements in IAS 19

Amendments to IAS 28 Investments in Associates and Joint Ventures re:

  • Long-term Interests in Associates and Joint Ventures
In accordance with specific requirements in IAS 28
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
In accordance with specific requirements in IFRS 2

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 4

Amendments to IFRS 7 Financial Instruments: Disclosures
Simultaneously with IFRS 9, in accordance with specific requirements in IFRS 7

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

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

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