Exceptions to the retrospective application of other IFRSs
This appendix is an integral part of the IFRS.
B1 An entity shall apply the following exceptions:
(a)derecognition of financial assets and financial liabilities (paragraphs B2
(b)hedge accounting (paragraphs B4-B6);
c)non-controlling interests (paragraph B7);
(e)dclassification and measurement of financial assets (paragraph B8);
(f)embedded derivatives (paragraph B9); and
government loans (paragraphs B10-B12).
B2Derecognition of financial assets and financial liabilities
Except as permitted by paragraph B3, a first-time adopter shall apply the
derecognition requirements in IFRS 9 prospectively for transactions occurring on or after the date of transition to IFRSs. For example, if a first-time adopter derecognised non-derivative financial assets or non-derivative financial liabilities in accordance with its previous GAAP as a result of a transaction that occurred before occurred before the date of transition to IFRSs, it shall not recognise those assets and liabilities in accordance with IFRSs (unless they qualify for recognition as a result of a later transaction or event).
B3Despite paragraph B2, an entity may apply the derecognition requirements in IFRS 9 retrospectively from a date of the entity's choosing, provided that the information needed to apply IFRS 9 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
As required by IFRS 9, at the date of transition to IFRSs an entity shall:
(a) measure all derivatives at fair value; and
(b) eliminate all deferred losses and gains arising on derivatives that were
reported in accordance with previous GAAP as if they were assets or liabilities.
B5An entity shall not reflect in its opening IFRS statement of financial position a hedging relationship of a type that does not qualify for hedge accounting in accordance with IFRS 9 (for example, many hedging relationships where the hedging instrument is a stand-alone written option or a net written option; or where the hedged item is a net position in a cash flow hedge for another risk than foreign currency risk). However, if an entity designated a net position as a hedged item in accordance with previous GAAP, it may designate as a hedged item in accordance with IFRSs an individual item within that net position, or a
net position if that meets the requirements in paragraph 6.6.1 of IFRS 9, provided that it does so no later than the date of transition to IFRSs.
If, before the date of transition to IFRSs, an entity had designated a transaction as a hedge but the hedge does not meet the conditions for hedge accounting in IFRS 9, the entity shall apply paragraphs 6.5.6 and 6.5.7 of IFRS 9 to discontinue hedge accounting. Transactions entered into before the date of transition to IFRSs shall not be retrospectively designated as hedges.
A first-time adopter shall apply the following requirements of IFRS 10
prospectively from the date of transition to IFRSs:
(a)the requirement in paragraph B94 that total comprehensive income is
attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a
(b)the requirements in paragraphs 23 and B93 for accounting for changes
in the parent's ownership interest in a subsidiary that do not result in a
loss of control; and
(c)the requirements in paragraphs B97-B99 for accounting for a loss of control over a subsidiary, and the related requirements of paragraph 8A
of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
However, if a first-time adopter elects to apply IFRS 3 retrospectively to past
business combinations, it shall also apply IFRS 10 in accordance with paragraph C1 of this IFRS.
Classification and measurement of financial assets
B8An entity shall assess whether a financial asset meets the conditions in
paragraph 4.1.2 of IFRS 9 on the basis of the facts and circumstances that exist at the date of transition to IFRSs.
A first-time adopter shall assess whether an embedded derivative is required to
be separated from the host contract and accounted for as a derivative on the basis of the conditions that existed at the later of the date it first became a party to the contract and the date a reassessment is required by paragraph B4.3.11 of IFRS 9.
A first-time adopter shall classify all government loans received as a financial
liability or an equity instrument in accordance with IAS 32 Financial Instruments: Presentation. Except as permitted by paragraph B11, a first-time adopter shall apply the requirements in IFRS 9 Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans existing at the date of transition to IFRSs and shall not recognise the corresponding benefit of the government loan at a below-market rate of interest as a government grant.,
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