Changes in this edition
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Changes in this edition
This section is a brief guide to the changes since the 2007 edition that are incorporated in this edition of
the Bound Volume of International Financial Reporting Standards.
Introduction
The main changes in this collection are the inclusion of:
•
three revised standards—IFRS 3, IAS 1 and IAS 23
•
one amended standard—IAS 27
•
amendments to other IFRSs resulting from those revised or amended standards
•
two new Interpretations—IFRICs 13 and 14.
Also included is the Due Process Handbook for the IFRIC, which was published in February 2007.
The versions of IFRS 3, IAS 1, IAS 23 and IAS 27 that are being superseded by the new
versions have been omitted.
New pronouncements
Details of the revised or amended standards and new Interpretations included in this
edition are as follows.
IFRS 3
IFRS 3 Business Combinations (as revised in 2008) supersedes IFRS 3 Business Combinations
(issued in 2004). The revised IFRS 3 is required to be applied from 1 July 2009, but earlier
application is permitted.
IAS 1
IAS 1 Presentation of Financial Statements (as revised in 2007) supersedes IAS 1 Presentation of
Financial Statements (as revised in 2003 and amended in 2005). The revised IAS 1 introduces
new terminology throughout IFRSs and is required to be applied from 1 January 2009, but
earlier application is permitted.
IAS 23
IAS 23 Borrowing Costs (as revised in 2007) supersedes IAS 23 Borrowing Costs (issued in 1993).
The revised IAS 23 is required to be applied from 1 January 2009, but earlier application is
permitted.
IAS 27
IAS 27 Consolidated and Separate Financial Statements (as amended in 2008) supersedes IAS 27
Consolidated and Separate Financial Statements (as revised in 2003). The amended IAS 27 is
required to be applied from 1 July 2009, but earlier application is permitted.
Changes in this edition
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© IASCF
IFRIC 13 and IFRIC 14
The two new Interpretations developed by the International Financial Reporting
Interpretations Committee (IFRIC) and included in