International Accounting Standards: # Name Issued

International Accounting Standards
# Name Issued
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
Consolidated Financial Statements

IAS 3 Superseded in 1989 by IAS 27 and IAS 28 1976
Depreciation Accounting
IAS 4 Withdrawn in 1999
Information to Be Disclosed in Financial Statements

IAS 5 Superseded by IAS 1 effective 1 July 1998 1976
Accounting Responses to Changing Prices

IAS 6 Superseded by IAS 15, which was withdrawn December 2003
IAS 7 Statement of Cash Flows 1992
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003
Accounting for Research and Development Activities

IAS 9 Superseded by IAS 38 effective 1 July 1999
IAS 10 Events After the Reporting Period 2003
Construction Contracts
IAS 11 Will be superseded by IFRS 15 as of 1 January 2018 1993
IAS 12 Income Taxes 1996*
Presentation of Current Assets and Current Liabilities

IAS 13 Superseded by IAS 1 effective 1 July 1998
Segment Reporting
IAS 14 Superseded by IFRS 8 effective 1 January 2009 1997
Information Reflecting the Effects of Changing Prices
IAS 15 Withdrawn December 2003 2003
IAS 16 Property, Plant and Equipment 2003*
Leases
IAS 17 Will be superseded by IFRS 16 as of 1 January 2019 2003*
Revenue
IAS 18 Will be superseded by IFRS 15 as of 1 January 2018 1993*
Employee Benefits (1998)

IAS 19 Superseded by IAS 19 (2011) effective 1 January 2013 1998
IAS 19 Employee Benefits (2011) 2011*
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*
Business Combinations
IAS 22 Superseded by IFRS 3 effective 31 March 2004 1998*
IAS 23 Borrowing Costs 2007*
IAS 24 Related Party Disclosures 2009*
Accounting for Investments

IAS 25 Superseded by IAS 39 and IAS 40 effective 2001
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Separate Financial Statements (2011) 2011
Consolidated and Separate Financial Statements

IAS 27 Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013 2003
IAS 28 Investments in Associates and Joint Ventures (2011) 2011

Investments in Associates
IAS 28 Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013 2003
IAS 29 Financial Reporting in Hyperinflationary Economies 1989
Disclosures in the Financial Statements of Banks and Similar Financial

Institutions
Interests In Joint Ventures

IAS 31 Superseded by IFRS 11 and IFRS 12 effective 1 January 2013 2003*
IAS 32 Financial Instruments: Presentation 2003*
IAS 33 Earnings Per Share 2003*
IAS 34 Interim Financial Reporting 1998
Discontinuing Operations
IAS 36 Impairment of Assets 2004*
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998
IAS 38 Intangible Assets 2004*
Financial Instruments: Recognition and Measurement

Superseded by IFRS 9 effective 1 January 2018 where IFRS 9 is applied
IAS 39 2003*
IAS 40 Investment Property 2003*
IAS 41 Agriculture 2001

History of IAS 1
IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements,
including how they should be structured, the minimum requirements for their content and overriding
concepts such as going concern, the accrual basis of accounting and the current/non-current distinction.
The standard requires a complete set of financial statements to comprise a statement of financial
position, a statement of profit or loss and other comprehensive income, a statement of changes in equity
and a statement of cash flows.
IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009.
Date Development Comments
March 1974 Exposure Draft E1 Disclosure of Accounting

Policies
January 1975 IAS 1 Disclosure of Accounting Operative for periods

Policies issued beginning on or after 1
January 1975
June 1975 Exposure Draft E5 Information to Be

Disclosed in Financial
Statements published
October 1976 IAS 5 Information to Be Disclosed in Operative for periods

Financial Statements issued beginning on or after 1
January 1975
July 1978 Exposure Draft E14 Current Assets and

Current Liabilities published
November 1979 IAS 13 Presentation of Current Assets and Operative for periods
Current Liabilities issued beginning on or after 1
January 1981
1994 IAS 1, IAS 5, and IAS 13 reformatted
July 1996 Exposure Draft E53 Presentation of

Financial Statements published
August 1997 IAS 1 Presentation of Financial Operative for periods

Statements (1997) issued beginning on or after 1
July 1998
(Supersedes IAS 1 (1975), IAS 5, and IAS 13
(1979))
18 December 2003 IAS 1 Presentation of Financial Effective for annual

Statements (2003) issued periods beginning on or
after 1 January 2005
18 August 2005 Amended by Amendment to IAS 1 — Effective for annual

Capital Disclosures periods beginning on or
16 March 2006 Exposure Draft Proposed Amendments to Comment deadline 17

IAS 1 – A Revised Presentation published July 2006
22 June 2006 Exposure Draft Financial Instruments Comment deadline 23

Puttable at Fair Value and Obligations October 2006
Arising on Liquidation published
6 September 2007 IAS 1 Presentation of Financial Effective for annual

Statements (2007) issued periods beginning on or
14 February 2008 Amended by Puttable Financial Effective for annual

Instruments and Obligations Arising on reporting periods
Liquidation beginning on or after 1
January 2009
22 May 2008 Amended by Annual Improvements to Effective for annual

IFRSs 2007 (classification of derivatives as reporting periods
current or non-current) beginning on or after 1
January 2009
16 April 2009 Amended by Improvements to IFRSs Effective for annual

2009 (classification of liabilities as current) periods beginning on or
6 May 2010 Amended by Improvements to IFRSs Effective for annual

2010 (clarification of statement of changes periods beginning on or
in equity) after 1 January 2011
27 May 2010 Exposure Draft ED/2010/5 Presentation of Comment deadline 30
Items of Other Comprehensive September 2010
Income published
16 June 2011 Amended by Presentation of Items of Effective for annual

Other Comprehensive Income periods beginning on or
after 1 July 2012
17 May 2012 Amended by Annual Improvements 2009- Effective for annual

2011 Cycle (comparative information) periods beginning on or
18 December 2014 Amended by Disclosure Initiative Effective for annual

(Amendments to IAS 1) (project history) periods beginning on or
History of IAS 2
IAS 2 Inventories contains the requirements on how to account for most types of inventory. The standard
requires inventories to be measured at the lower of cost and net realizable value (NRV) and outlines
acceptable methods of determining cost, including specific identification (in some cases), first-in first-out
(FIFO) and weighted average cost.
A revised version of IAS 2 was issued in December 2003 and applies to annual periods beginning on or
after 1 January 2005.
September 1974 Exposure Draft E2 Valuation and

Presentation of Inventories in the
Context of the Historical Cost
System published
October 1975 IAS 2 Valuation and Presentation of

Inventories in the Context of the
Historical Cost System issued
August 1991 Exposure Draft E38 Inventories published
December 1993 IAS 9 (1993) Inventories issued Operative for annual

financial statements
covering periods
beginning on or after 1
January 1995
18 December 2003 IAS 2 Inventories issued Effective for annual

periods beginning on or
History of IAS 7
IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part
of its primary financial statements. Cash flows are classified and presented into operating activities (either
using the 'direct' or 'indirect' method), investing activities or financing activities, with the latter two
categories generally presented on a gross basis.
IAS 7 was reissued in December 1992, retitled in September 2007, and is operative for financial
statements covering periods beginning on or after 1 January 1994.
June 1976 Exposure Draft E7 Statement of Source and Application of Funds
October 1977 IAS 7 Statement of Changes in Financial Position
July 1991 Exposure Draft E36 Cash Flow Statements
December 1992 IAS 7 (1992) Cash Flow Statements
1 January 1994 Effective date of IAS 7 (1992)
6 September 2007 Retitled from Cash Flow Statements to Statement of Cash Flows as a
consequential amendment resulting from revisions to IAS 1
16 April 2009 IAS 7 amended by Annual Improvements to IFRSs 2009 with respect to
expenditures that do not result in a recognized asset.
1 July 2009 Effective date for amendments from IAS 27(2008) relating to changes in
ownership of a subsidiary
1 January 2010 Effective date of the April 2009 revisions to IAS 7
29 January 2016 Amended by Disclosure Initiative (Amendments to IAS 7)
1 January 2017 Effective date of the January 2016 revisions to IAS 7

History of IAS 8
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying
accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors.
The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and
provides guidance on developing accounting policies for other items that result in relevant and reliable
information. Changes in accounting policies and corrections of errors are generally retrospectively
accounted for, whereas changes in accounting estimates are generally accounted for on a prospective
basis.
IAS 8 was reissued in December 2005 and applies to annual periods beginning on or after 1 January 2005.
October 1976 Exposure Draft E8 The Treatment in the Income Statement of Unusual
Items and Changes in Accounting Estimates and Accounting Policies
February 1978 IAS 8 Unusual and Prior Period Items and Changes in Accounting Policies
July 1992 Exposure Draft E46 Extraordinary Items, Fundamental Errors and Changes
in Accounting Policies
December 1993 IAS 8 (1993) Net Profit or Loss for the Period, Fundamental Errors and
Changes in Accounting Policies (revised as part of the 'Comparability of
Financial Statements' project)
18 December 2003 Revised version of IAS 8 issued by the IASB
History of IAS 10
IAS 10 Events after the Reporting Period contains requirements for when events after the end of the
reporting period should be adjusted in the financial statements. Adjusting events are those providing
evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are
indicative of conditions arising after the reporting period (the latter being disclosed where material).
IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1 January
2005.
July 1977 Exposure Draft E10 Contingencies and Events Occurring After the Balance
Sheet Date
October 1978 IAS 10 Contingencies and Events Occurring After the Balance Sheet
Date effective 1 January 1980
1994 IAS 10 (1978) was reformatted
August 1997 Exposure Draft E59 Provisions, Contingent Liabilities and Contingent
Assets
September 1998 IAS 37 Provisions, Contingent Liabilities and Contingent Assets
1 July 1999 Effective date of IAS 37, which superseded those portions of IAS 10 (1978)
dealing with contingencies
November 1998 Exposure Draft E63 Events After the Balance Sheet Date
May 1999 IAS 10 (1999) Events After the Balance Sheet Date superseded those
portions of IAS 10 (1978) dealing with events after the balance sheet date
1 January 2005 Effective date of IAS 10 (Revised 2003)
6 September 2007 Retitled Events after the Reporting Period as a consequential amendment
resulting from revisions to IAS 1
History of IAS 11
IAS 11 Construction Contracts provides requirements on the allocation of contract revenue and contract
costs to accounting periods in which construction work is performed. Contract revenues and expenses
are recognized by reference to the stage of completion of contract activity where the outcome of the
construction contract can be estimated reliably, otherwise revenue is recognized only to the extent of
recoverable contract costs incurred.
IAS 11 was reissued in December 1993 and is applicable for periods beginning on or after 1 January 1995.
December 1977 Exposure Draft E11 Accounting for Construction Contracts
March 1979 IAS 11 Accounting for Construction Contracts

1 January 1980 Effective date of IAS 11
May 1992 Exposure Draft E42 Construction Contracts
December 1993 IAS 11 (1993) Construction Contracts (revised as part of the 'Comparability of
1 January 2018 IAS 11 will be superseded by IFRS 15 Revenue from Contracts with Customers
History of IAS 12
IAS 12 Income Taxes implements a so-called 'comprehensive balance sheet method' of accounting for
income taxes which recognizes both the current tax consequences of transactions and events and the
future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets
and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried
forward tax losses and credits, are recognized, with limited exceptions, as deferred tax liabilities or
deferred tax assets, with the latter also being subject to a 'probable profits' test.
IAS 12 was reissued in October 1996 and is applicable to annual periods beginning on or after 1 January
1998.
April 1978 Exposure Draft E13 Accounting for Taxes

on Income published
July 1979 IAS 12 Accounting for Taxes on

Income issued
January 1989 Exposure Draft E33 Accounting for Taxes

on Income published
October 1994 Exposure Draft E49 Income

Taxes published
October 1996 IAS 12 Income Taxes issued Operative for financial

statements covering
October 2000 Limited Revisions to IAS 12 published Operative for financial

(tax consequences of dividends) statements covering
31 March 2009 Exposure Draft ED/2009/2 Income Comment deadline 31 July

Tax published 2009
(proposals were not
finalized)
10 September 2010 Exposure Draft ED/2010/11 Deferred Comment deadline 9

Tax: Recovery of Underlying Assets November 2010
(Proposed amendments to IAS
12) published
20 December 2010 Amended by Deferred Tax: Recovery of Effective for annual

Underlying Assets periods beginning on or
19 January 2016 Amended by Recognition of Deferred Effective for annual

Tax Assets for Unrealized Losses periods beginning on or
7 June 2017 IFRIC 23 Uncertainty over Income Tax Effective for annual
Treatments issued periods beginning on or
12 December 2017 Amended by Annual Improvements to Effective for annual

IFRS Standards 2015–2017 Cycle periods beginning on or
History of IAS 14
IAS 14 Segment Reporting requires reporting of financial information by business or geographical area. It
requires disclosures for 'primary' and 'secondary' segment reporting formats, with the primary format
based on whether the entity's risks and returns are affected predominantly by the products and services
it produces or by the fact that it operates in different geographical areas.
IAS 14 was issued in August 1997, was applicable to annual periods beginning on or after 1 July 1998, and
was superseded by IFRS 8 Operating Segments with effect from annual periods beginning on or after 1
January 2009.
March 1980 Exposure Draft E15 Reporting Financial Information by Segment
August 1981 IAS 14 Reporting Financial Information by Segment
December 1995 Exposure Draft E51 Reporting Financial Information by Segment
August 1997 IAS 14 Segment Reporting
1 July 1998 Effective date of IAS 14 (1997)
30 November 2006 IAS 14 is superseded by IFRS 8 Operating Segments effective for annual
periods beginning 1 January 2009
History of IAS 15
In October 1989, the IASC issued a Board Statement making IAS 15 optional, not mandatory. IASC granted
that exemption because of the failure to reach an international consensus on the disclosure of
information reflecting the effects of changing prices. However, enterprises are encouraged to disclose
information reflecting the effects of changing prices and, where they do so, to disclose the items required
by IAS 15.
January 1976 Exposure Draft E6 Accounting Treatment of Changing Prices
June 1977 IAS 6 Accounting Responses to Changing Prices
1 January 1978 Effective date of IAS 6
August 1980 Exposure Draft E17 Information Reflecting the Effects of Changing Prices
November 1981 IAS 15 Information Reflecting the Effects of Changing Prices superseded IAS
6
October 1989 IASC Board voted to make the IAS 15 disclosures optional and added a
statement to that effect at the front of IAS 15
1994 Reformatted
2001 IASB tentatively decided to withdraw IAS 15
December 2003 Withdrawn effective 1 January 2005
History of IAS 16
IAS 16 Property, Plant and Equipment outlines the accounting treatment for most types of property, plant
and equipment. Property, plant and equipment is initially measured at its cost, subsequently measured
either using a cost or revaluation model, or depreciated so that its depreciable amount is allocated on a
systematic basis over its useful life.
August 1980 Exposure Draft E18 Accounting for

Property, Plant and Equipment in the
Context of the Historical Cost
System published
March 1982 IAS 16 Accounting for Property, Plant and Operative for financial
Equipment issued statements covering
1 January 1992 Exposure Draft E43 Property, Plant and

Equipment published
December 1993 IAS 16 Property, Plant and Operative for financial

Equipment issued statements covering
(revised as part of the 'Comparability of periods beginning on or
Financial Statements' project) after 1 January 1995
April and July 1998 Amended to be consistent with IAS 22, IAS Operative for annual
36 and IAS 37 financial statements
covering periods
July 1999
18 December 2003 IAS 16 Property, Plant and Effective for annual

Equipment issued periods beginning on or
22 May 2008 Amended by Improvements to Effective for annual

IFRSs (routine sales of assets held for periods beginning on or
rental) after 1 January 2009
17 May 2012 Amended by Annual Improvements 2009- Effective for annual

2011 Cycle (classification of servicing periods beginning on or
equipment) after 1 January 2013

IFRSs 2010–2012 Cycle (proportionate periods beginning on or
restatement of accumulated depreciation after 1 July 2014
under the revaluation method)
12 May 2014 Amended by Clarification of Acceptable Effective for annual

Methods of Depreciation and Amortization periods beginning on or
(Amendments to IAS 16 and IAS 38) after 1 January 2016
30 June 2014 Amended by Agriculture: Bearer Plants Effective for annual

(Amendments to IAS 16 and IAS 41) periods beginning on or
History of IAS 17
IAS 17 Leases prescribes the accounting policies and disclosures applicable to leases, both for lessees and
lessors. Leases are required to be classified as either finance leases (which transfer substantially all the
risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a
receivable by the lessor) and operating leases (which result in expense recognition by the lessee, with the
asset remaining recognized by the lessor).
IAS 17 will be superseded by IFRS 16 Leases as of 1 January 2019.
October 1980 Exposure Draft E19 Accounting for Leases
September 1982 IAS 17 Accounting for Leases
April 1997 Exposure Draft E56, Leases
December 1997 IAS 17 Leases
1 January 1999 Effective date of IAS 17 (1997) Leases
16 April 2009 IAS 17 amended for Annual Improvements to IFRSs 2009 about
classification of land leases
1 January 2010 Effective date of the April 2009 revisions to IAS 17, with early application
permitted (with disclosure)
1 January 2019 IAS 17 will be superseded by IFRS 16 Leases
History of IAS 18
IAS 18 Revenue outlines the accounting requirements for when to recognize revenue from the sale of
goods, rendering of services, and for interest, royalties and dividends. Revenue is measured at the fair
value of the consideration received or receivable and recognized when prescribed conditions are met,
which depend on the nature of the revenue.
IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1 January 1995.
April 1981 Exposure Draft E20 Revenue Recognition
December 1982 IAS 18 Revenue Recognition

May 1992 E41 Revenue Recognition
December 1993 IAS 18 Revenue Recognition (revised as part of the 'Comparability of

1 January 1995 Effective date of IAS 18 (1993) Revenue Recognition
December 1998 Amended by IAS 39 Financial Instruments: Recognition and Measurement,

effective 1 January 2001
16 April 2009 Appendix to IAS 18 amended for Annual Improvements to IFRSs 2009. It now
provides guidance for determining whether an entity is acting as a principal
or as an agent.
1 January 2018 IAS 18 will be superseded by IFRS 15 Revenue from Contracts with Customers
History of IAS 19
IAS 19 Employee Benefits (1998) outlines the accounting requirements for employee benefits, including
short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement
benefits, other long-term benefits (e.g. long service leave) and termination benefits. The standard
establishes the principle that the cost of providing employee benefits should be recognized in the period
in which the benefit is earned by the employee, rather than when it is paid or payable, and outlines how
each category of employee benefits are measured, providing detailed guidance in particular about post-
employment benefits.
April 1980 Exposure Draft E16 Accounting for

Retirement Benefits in Financial Statements
of Employers published
January 1983 IAS 19 Accounting for Retirement Benefits Operative for financial
in Financial Statements of Employers issued statements covering
December 1992 E47 Retirement Benefit Costs published
December 1993 IAS 19 Retirement Benefit Costs issued Operative for financial
statements covering
October 1996 E54 Employee Benefits published Comment deadline 31

January 1997
February 1998 IAS 19 Employee Benefits issued Operative for financial

statements covering
July 2000 E67 Pension Plan Assets published
October 2000 Amended to change the definition of plan Operative for annual
assets and to introduce recognition, financial statements
measurement and disclosure requirements covering periods
for reimbursements beginning on or after 1
January 2001
May 2002 Amended to prevent the recognition of Operative for annual

gains solely as a result of actuarial losses or financial statements
past service cost and the recognition of covering periods ending
losses solely as a result of actuarial gains on or after 31 May 2002
5 December 2002 ED 2 Share-based Payment published, Comment deadline 7

proposing to replace the equity March 2003
compensation benefits requirements of IAS
19
February 2004 Equity compensation benefits requirements Effective for annual

replaced by IFRS 2 Share-based Payment reporting periods
January 2005
29 April 2004 Exposure Draft Proposed Amendments to Comment deadline 31

IAS 19 Employee Benefits: Actuarial Gains July 2004
and Losses, Group Plans and
Disclosures published
19 December 2004 Actuarial Gains and Losses, Group Plans Effective for annual
and Disclosures issued periods beginning on or

IFRSs (negative past service costs and periods beginning on or
curtailments) after 1 January 2009
20 August 2009 ED/2009/10 Discount Rate for Employee Comment deadline 30

Benefits (Proposed amendments to IAS September 2009
19) published (proposals were not
finalized)
29 April 2010 ED/2010/3 Defined Benefit Plans (Proposed Comment deadline 6

amendments to IAS 19) published September 2010
16 June 2011 Superseded by IAS 19 Employee Effective for annual

Benefits (amended 2011) periods beginning on or
History of IAS 19
IAS 19 Employee Benefits (amended 2011) outlines the accounting requirements for employee benefits,
including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as
retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits. The
standard establishes the principle that the cost of providing employee benefits should be recognized in
the period in which the benefit is earned by the employee, rather than when it is paid or payable, and
outlines how each category of employee benefits are measured, providing detailed guidance in particular
about post-employment benefits.
IAS 19 (2011) was issued in 2011, supersedes IAS 19 Employee Benefits (1998), and is applicable to annual
periods beginning on or after 1 January 2013.
April 1980 Exposure Draft E16 Accounting for

Retirement Benefits in Financial
Statements of Employers published
January 1983 IAS 19 Accounting for Retirement Benefits Operative for financial
in Financial Statements of Employers issued statements covering
December 1992 E47 Retirement Benefit Costs published
December 1993 IAS 19 Retirement Benefit Costs issued Operative for financial
statements covering
October 1996 E54 Employee Benefits published Comment deadline 31

January 1997
February 1998 IAS 19 Employee Benefits issued Operative for financial

statements covering
July 2000 E67 Pension Plan Assets published
October 2000 Amended to change the definition of plan Operative for annual
assets and to introduce recognition, financial statements
measurement and disclosure requirements covering periods
for reimbursements beginning on or after 1
January 2001
May 2002 Amended to prevent the recognition of Operative for annual

gains solely as a result of actuarial losses or financial statements
past service cost and the recognition of covering periods ending
losses solely as a result of actuarial gains on or after 31 May 2002
5 December 2002 ED 2 Share-based Payment published, Comment deadline 7

proposing to replace the equity March 2003
compensation benefits requirements of
IAS 19
February 2004 Equity compensation benefits Effective for annual

requirements replaced by IFRS 2 Share- reporting periods
based Payment beginning on or after 1
January 2005
29 April 2004 Exposure Draft Proposed Amendments to Comment deadline 31
IAS 19 Employee Benefits: Actuarial Gains July 2004
and Losses, Group Plans and
Disclosures published
19 December 2004 Actuarial Gains and Losses, Group Plans Effective for annual
and Disclosures issued periods beginning on or

IFRSs (negative past service costs and periods beginning on or
curtailments) after 1 January 2009
20 August 2009 ED/2009/10 Discount Rate for Employee Comment deadline 30

Benefits (Proposed amendments to September 2009
IAS 19) published (proposals were not
finalised)
29 April 2010 ED/2010/3 Defined Benefit Plans (Proposed Comment deadline 6

amendments to IAS 19) published September 2010
16 June 2011 IAS 19 Employee Benefits (amended 2011) Effective for annual
issued periods beginning on or
25 March 2013 ED/2013/4 Defined Benefit Plans: Comment deadline 25

Employee Contributions (Proposed July 2013
amendments to IAS 19) published
21 November 2013 Defined Benefit Plans: Employee Effective for annual

Contributions (Amendments to periods beginning on or
IAS 19) issued after 1 July 2014
25 September Amended by Improvements to IFRSs Effective for annual

2014 2014 (discount rate: regional market issue) periods beginning on or
7 February 2018 Plan Amendment, Curtailment or Effective for annual

Settlement (Amendments to IAS 19) issued periods beginning on or
History of IAS 20
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance outlines how to
account for government grants and other assistance. Government grants are recognized in profit or loss
on a systematic basis over the periods in which the entity recognizes expenses for the related costs for
which the grants are intended to compensate, which in the case of grants related to assets requires
setting up the grant as deferred income or deducting it from the carrying amount of the asset.
IAS 20 was issued in April 1983 and is applicable to annual periods beginning on or after 1 January 1984.
September 1981 Exposure Draft E21 Accounting for Government Grants and Disclosure of
Government Assistance
April 1983 IAS 20 Accounting for Government Grants and Disclosure of Government
Assistance
22 May 2008 IAS 20 amended for Annual Improvements to IFRSs 2007 to bring it in line
with IAS 39 in respect of loans with the below market-rate of interest
1 January 2009 Effective date of May 2008 amendment to IAS 20
History of IAS 21
IAS 21 the Effects of Changes in Foreign Exchange Rates outlines how to account for foreign currency
transactions and operations in financial statements, and also how to translate financial statements into a
presentation currency. An entity is required to determine a functional currency (for each of its operations
if necessary) based on the primary economic environment in which it operates and generally records
foreign currency transactions using the spot conversion rate to that functional currency on the date of
the transaction.
December 1977 Exposure Draft E11 Accounting for Foreign Transactions and Translation of
Foreign Financial Statements
March 1982 E11 was modified and re-exposed as Exposure Draft E23 Accounting for
the Effects of Changes in Foreign Exchange Rates
July 1983 IAS 21 Accounting for the Effects of Changes in Foreign Exchange Rates
1993 IAS 21 (1983) was revised as part of the comparability of financial

statements project
May 1992 Exposure Draft E44 The Effects of Changes in Foreign Exchange Rates
December 1993 IAS 21 (1993) The Effects of Changes in Foreign Exchange Rates (revised as
part of the 'Comparability of Financial Statements' project)
December 2005 Minor Amendment to IAS 21 relating to net investment in a foreign

operation
1 January 2006 Effective date of the December 2005 amendments
10 January 2008 Some revisions of IAS 21 as a result of the Business Combinations Phase II
Project relating to disposals of foreign operations
1 July 2009 Effective date of the January 2008 amendments
History of IAS 22
September 1981 Exposure Draft E22 Accounting for Business Combinations
November 1983 IAS 22 Accounting for Business Combinations
June 1992 Exposure Draft E54 Business Combinations
December 1993 IAS 22 (1993), Business Combinations (revised as part of the 'Comparability
of Financial Statements' project)
August 1997 Exposure Draft E61 Business Combinations
September 1998 IAS 22 (1998) Business Combinations
1 July 1999 Effective date of IAS 22 (1998) Business Combinations
31 March 2004 IAS 22 superseded by IFRS 3 Business Combinations (2004), effective for
business combinations for which the agreement date is on or after 31 March
2004
History of IAS 23
IAS 23 Borrowing Costs requires that borrowing costs directly attributable to the acquisition, construction
or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready
for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognized as
an expense.
IAS 23 was reissued in March 2007 and applies to annual periods beginning on or after 1 January 2009.
November 1982 Exposure Draft E24 Capitalization of Borrowing Costs
March 1984 IAS 23 Capitalization of Borrowing Costs
August 1991 Exposure Draft E39 Capitalization of Borrowing Costs
December 1993 IAS 23 (1993) Borrowing Costs (revised as part of the 'Comparability of
1 January 1995 Effective date of IAS 23 (1993) Borrowing Costs
25 May 2006 Exposure Draft of proposed amendments to IAS 23
29 March 2007 IASB amends IAS 23 to require capitalization of borrowing costs.
22 May 2008 IAS 23 amended for 'Annual Improvements to IFRSs 2007 for components
of borrowing costs
1 January 2009 Effective date of March 2007 and May 2008 amendments to IAS 23
12 December IAS 23 amended for 'Annual Improvements to IFRS Standards 2015–2017'.

2017
History of IAS 24
IAS 24 Related Party Disclosures requires disclosures about transactions and outstanding balances with
an entity's related parties. The standard defines various classes of entities and people as related parties
and sets out the disclosures required in respect of those parties, including the compensation of key
management personnel.
IAS 24 was reissued in November 2009 and applies to annual periods beginning on or after 1 January
2011.
March 1983 Exposure Draft E25 Disclosure of Related

Party Transactions
July 1984 IAS 24 Related Party Disclosures issued Effective 1 January 1986
1994 IAS 24 was reformatted
18 December 2003 IAS 24 Related Party Disclosures Effective for annual

22 February 2007 Exposure Draft State-controlled Entities and Comment deadline 25

the Definition of a Related Party published May 2007
11 December 2008 Exposure Draft Relationships with the State Comment deadline 13
(Proposed amendments to IAS March 2009
24) published
4 November 2009 IAS 24 Related Party Disclosures issued Effective for annual
12 December 2013 Amended by Annual Improvements to IFRSs Effective for annual
2010–2012 Cycle (entities providing key periods beginning on or
management personnel services) after 1 July 2014
History of IAS 26
IAS 26 Accounting and Reporting by Retirement Benefit Plans outlines the requirements for the
preparation of financial statements of retirement benefit plans. It outlines the financial statements
required and discusses the measurement of various line items, particularly the actuarial present value of
promised retirement benefits for defined benefit plans.
IAS 26 was issued in January 1987 and applies to annual periods beginning on or after 1 January 1988.
July 1985 Exposure Draft E27 Accounting and Reporting by Retirement Benefit Plans
January 1987 IAS 26 Accounting and Reporting by Retirement Benefit Plans
History of IAS 27 (as amended in 2011)

IAS 27 Separate Financial Statements (as amended in 2011) outlines the accounting and disclosure
requirements for 'separate financial statements', which are financial statements prepared by a parent, or
an investor in a joint venture or associate, where those investments are accounted for either at cost or in
accordance with IAS 39 Financial Instruments: Recognition and Measurement or IFRS 9 Financial
Instruments. The standard also outlines the accounting requirements for dividends and contains
numerous disclosure requirements.
IAS 27 was reissued in May 2011 and applies to annual periods beginning on or after 1 January 2013,
superseding IAS 27 Consolidated and Separate Financial Statements from that date.
September 1987 Exposure Draft E30 Consolidated Financial

Statements and Accounting for Investments
in Subsidiaries
April 1989 IAS 27 Consolidated Financial Statements and Effective 1 January

Accounting for Investments in 1990
Subsidiaries issued
1994 IAS 27 reformatted
December 1998 Amended by IAS 39 Financial Instruments: Effective 1 January

Recognition and Measurement 2001
18 December 2003 IAS 27 Consolidated and Separate Financial Effective for annual
Statements issued periods beginning on
or after 1 January
2005
25 June 2005 Exposure Draft of Proposed Amendments to

IFRS 3 and IAS 27
10 January 2008 IAS 27 Consolidated and Separate Financial Effective for annual
Statements (2008) issued periods beginning on
or after 1 July 2009
22 May 2008 Amended by Cost of a Subsidiary in the Effective for annual

Separate Financial Statements of a Parent on periods beginning on
First-time Adoption of IFRSs or after 1 January
2009
22 May 2008 Amended by Annual Improvements to IFRSs Effective for annual

(investments in subsidiaries held for sale) periods beginning on
or after 1 January
2009
6 May 2010 Amended by Annual Improvements to IFRSs Effective for annual

2010 periods beginning on
(transitional requirements) or after 1 July 2010
12 May 2011 Reissued as IAS 27 Separate Financial Effective for annual

Statements (as amended in 2011). periods beginning on
Consolidation requirements previously or after 1 January
forming part of IAS 27 (2008) have been 2013
revised and are now contained in IFRS
10 Consolidated Financial Statements
31 October 2012 Amended by Investment Entities Effective for annual

(Amendments to IFRS 10, IFRS 12 and IAS periods beginning on
27) (project history)
or after 1 January
2014
12 August 2014 Amended by Equity Method in Separate Effective for annual

Financial Statements (Amendments to IAS periods beginning on
27) (project history) or after 1 January
2016, with earlier
application permitted
History of IAS 27
IAS 27 Consolidated and Separate Financial Statements outlines when an entity must consolidate another
entity, how to account for a change in ownership interest, how to prepare separate financial statements,
and related disclosures. Consolidation is based on the concept of 'control' and changes in ownership
interests while control is maintained are accounted for as transactions between owners as owners in
equity.
IAS 27 was reissued in January 2008 and applies to annual periods beginning on or after 1 July 2009, and
is superseded by IAS 27 Separate Financial Statements and IFRS 10 Consolidated Financial
Statements with effect from annual periods beginning on or after 1 January 2013.
September 1987 Exposure Draft E30 Consolidated Financial Statements and Accounting for
Investments in Subsidiaries
April 1989 IAS 27 Consolidated Financial Statements and Accounting for Investments
in Subsidiaries
December 1998 IAS 27 was amended by IAS 39 Financial Instruments: Recognition and
Measurement effective 1 January 2001
25 June 2005 Exposure Draft of Proposed Amendments to IFRS 3 and IAS 27
10 January 2008 Revised IAS 27 (2008) issued

22 May 2008 IAS 27 amended for Cost of a Subsidiary in the Separate Financial
Statements of a Parent on First-time Adoption of IFRSs
22 May 2008 IAS 27 amended for Annual Improvements to IFRSs 2007 relating to
measurement of investments held for sale under IFRS 5 in separate
1 January 2009 Effective date of the two May 2008 amendments
1 July 2009 Effective date of IAS 27 (2008). Deloitte has published a Special Edition of
our IAS Plus Newsletter dealing with the January 2008 revisions to IFRS 3
and IAS 27 (PDF 123k).
6 May 2010 IAS 27 amended for Annual Improvements to IFRSs 2010
1 July 2010 Effective date of May 2010 amendment to IAS 27
12 May 2011 IAS 27 (2008) is superseded by IAS 27 Separate Financial

Statements (2011) and IFRS 10 Consolidated Financial
Statements effective 1 January 2013
History of IAS 28 (as amended in 2011)

IAS 28 Investments in Associates and Joint Ventures (as amended in 2011) outlines how to apply, with
certain limited exceptions, the equity method to investments in associates and joint ventures. The
standard also defines an associate by reference to the concept of "significant influence", which requires
power to participate in financial and operating policy decisions of an investee (but not joint control or
control of those polices).
IAS 28 was reissued in May 2011 and applies to annual periods beginning on or after 1 January 2013.
July 1986 Exposure Draft E28 Accounting for

Investments in Associates and
Joint Ventures
April 1989 IAS 28 Accounting for Investments Effective 1 January 1990

in Associates issued

December 1998 Amended by IAS 39 Financial Effective 1 January 2001
Instruments: Recognition and
Measurement
18 December 2003 IAS 28 Investments in Effective for annual periods

Associates issued beginning on or after 1 January
2005
10 January 2008 Amended by IFRS 3 Business Effective for annual periods

Combinations (loss of significant beginning on or after 1 July
influence) 2009
22 May 2008 Amended by Improvements to Effective for annual periods

IFRSs (impairment testing) beginning on or after 1 January
2009
12 May 2011 IAS 28 Investments in Associates Effective for annual periods

and Joint Ventures (2011) issued beginning on or after 1 January
(supersedes IAS 28 (2003)) 2013
11 September 2014 Amended by Sale or Contribution Effective on a prospective basis

of Assets between an Investor and to transactions occurring in
its Associate or Joint Venture annual periods beginning on or
(Amendments to IFRS 10 and IAS after 1 January 2016 deferred
28) indefinitely (see below)
18 December 2014 Amended by Investment Entities: Effective for annual periods

Applying the Consolidation beginning on or after 1 January
Exception (Amendments to IFRS 2016
10, IFRS 12 and IAS 28) (project
history)
17 December 2015 Amended by Effective Date of defer the effective date of the
Amendments to IFRS 10 and IAS 28 September 2014 amendments
to these standards indefinitely
8 December 2016 Amended by Annual Effective for annual periods

Improvements to IFRS Standards beginning on or after 1 January
2014–2016 Cycle (Measuring an 2018
associate or joint venture at fair
value)
12 October 2017 Amended by Long-term Interests Effective for annual periods
in Associates and Joint Ventures beginning on or after 1 January
(Amendments to IAS 28) 2019
History of IAS 28
IAS 28 Investments in Associates outlines the accounting for investments in associates. An associate is an
entity over which an investor has significant influence, being the power to participate in the financial and
operating policy decisions of the investee (but not control or joint control), and investments in associates
are, with limited exceptions, required to be accounted for using the equity method.
IAS 28 was reissued in December 2003, applies to annual periods beginning on or after 1 January 2005,
and is superseded by IAS 28 Investments in Associates and Joint Ventures and IFRS 12 Disclosure of
Interests in Other Entities with effect from annual periods beginning on or after 1 January 2013.
July 1986 Exposure Draft E28 Accounting for

Investments in Associates and Joint
Ventures
April 1989 IAS 28 Accounting for Investments in Effective 1 January 1990

Associates issued
December 1998 Amended by IAS 39 Financial Effective 1 January 2001

Instruments: Recognition and
Measurement
18 December 2003 IAS 28 Investments in Associates issued Effective for annual periods
January 2005
10 January 2008 Amended by IFRS 3 Business Effective for annual periods

Combinations (loss of significant beginning on or after 1 July
influence) 2009

IFRSs (impairment testing) beginning on or after 1
January 2009
12 May 2011 Superseded by IAS 28 Investments in Effective for annual periods
Associates and Joint Ventures (2011) beginning on or after 1
January 2013
History of IAS 29
IAS 29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional currency
is that of a hyperinflationary economy. The standard does not prescribe when hyperinflation arises but
requires the financial statements (and corresponding figures for previous periods) of an entity with a
functional currency that is hyperinflationary to be restated for the changes in the general pricing power
of the functional currency.
IAS 29 was issued in July 1989 and is operative for periods beginning on or after 1 January 1990.
November 1987 Exposure Draft E31 Financial Reporting in Hyperinflationary Economies
July 1989 IAS 29 Financial Reporting in Hyperinflationary Economies
22 May 2008 IAS 29 amended for Annual Improvements to IFRSs 2007
1 January 2009 Effective date of the May 2008 revisions to IAS 29
History of IAS 30
April 1987 Exposure Draft E29 Disclosures in Financial Statements of Banks
July 1989 Exposure Draft E29 was modified and re-exposed as Exposure Draft
E34 Disclosures in Financial Statements of Banks and Similar Financial
Institutions
August 1990 IAS 30 Disclosures in Financial Statements of Banks and Similar Financial
Institutions

December 1998 IAS 30 was amended by IAS 39 Financial Instruments: Recognition and
Measurement, effective 1 January 2001
18 August 2005 IAS 30 is superseded by IFRS 7 Financial Instruments: Disclosures effective 1

January 2007
History of IAS 31
IAS 31 Interests in Joint Ventures sets out the accounting for an entity's interests in various forms of joint
ventures: jointly controlled operations, jointly controlled assets, and jointly controlled entities. The
standard permits jointly controlled entities to be accounted for using either the equity method or by
proportionate consolidation.
and is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities with
effect from annual periods beginning on or after 1 January 2013.
December 1989 Exposure Draft E35 Financial Reporting of Interests in Joint Ventures
December 1990 IAS 31 Financial Reporting of Interests in Joint Ventures
December 1998 IAS 31 was revised by IAS 39 effective 1 January 2001
13 September 2007 Exposure Draft ED 9 Joint Arrangements issued. Proposes to replace IAS
31 with a new standard titled Joint Arrangements.
10 January 2008 Some significant revisions of IAS 31 were adopted as a result of the
Business Combinations Phase II Project relating to loss of joint control
22 May 2008 IAS 31 amended for Annual Improvements to IFRSs 2007 for certain
disclosures and reversals of impairment losses (equity method)
1 January 2009 Effective date of the May 2008 revisions to IAS 31

1 July 2009 Effective date of the January 2008 revisions to IAS 31
12 May 2011 IAS 31 is superseded by IFRS 11 Joint

Arrangements and IFRS 12 Disclosure of Interests in Other
Entities effective 1 January 2013
History of IAS 32
IAS 32 Financial Instruments: Presentation outlines the accounting requirements for the presentation of
financial instruments, particularly as to the classification of such instruments into financial assets,
financial liabilities and equity instruments. The standard also provide guidance on the classification of
related interest, dividends and gains/losses, and when financial assets and financial liabilities can be
offset.
September 1991 Exposure Draft E40 Financial Instruments
January 1994 E40 was modified and re-exposed as Exposure Draft E48 Financial
Instruments
June 1995 The disclosure and presentation portion of E48 was adopted as IAS
32 Financial Instruments: Disclosure and Presentation
December 1998 IAS 32 was revised by IAS 39, effective 1 January 2001
18 August 2005 Disclosure provisions of IAS 32 are replaced by IFRS 7 Financial

Instruments: Disclosures effective 1 January 2007. Title of IAS 32 changed
to Financial Instruments: Presentation
22 June 2006 Exposure Draft of proposed amendments relating to Puttable Instruments

and Obligations Arising on Liquidation
14 February 2008 IAS 32 amended for Puttable Instruments and Obligations Arising on
Liquidation
1 January 2009 Effective date of amendments for Puttable instruments and obligations
arising on liquidation
6 August 2009 Exposure Draft Classification of Rights Issues proposing to amend IAS 32
8 October 2009 Amendment to IAS 32 about Classification of Rights Issues
1 February 2010 Effective date of the October 2009 amendment
16 December 2011 Offsetting Financial Assets and Financial Liabilities (Amendments to IAS
32) issued
17 May 2012 Amendments resulting from Annual Improvements 2009-2011 Cycle (tax
effect of equity distributions).
1 January 2013 Effective date of May 2012 amendments (Annual Improvements 2009-
2011 Cycle)
1 January 2014 Effective date of December 2011 amendments
History of IAS 33
IAS 33 Earnings per Share sets out how to calculate both basic earnings per share (EPS) and diluted EPS.
The calculation of Basic EPS is based on the weighted average number of ordinary shares outstanding
during the period, whereas diluted EPS also includes dilutive potential ordinary shares (such as options
and convertible instruments) if they meet certain criteria.
January 1996 Exposure Draft E33 Earnings Per Share
February 1997 IAS 33 Earnings Per Share
7 August 2008 IASB proposes to amend IAS 33.

1 January 2009 Effective date of consequential amendments arising from IAS 1 (2007)
History of IAS 34
IAS 34 Interim Financial Reporting applies when an entity prepares an interim financial report, without
mandating when an entity should prepare such a report. Permitting less information to be reported than
in annual financial statements (on the basis of providing an update to those financial statements), the
standard outlines the recognition, measurement and disclosure requirements for interim reports.
IAS 34 was issued in June 1998 and is operative for periods beginning on or after 1 January 1999.
August 1997 Exposure Draft E57 Interim Financial

Reporting published
June 1999 IAS 34 Interim Financial Reporting issued Operative for financial
statements covering periods
January 1999
6 May 2010 Amended by Improvements to IFRSs Effective for annual periods

2010 (significant transactions and events) beginning on or after 1
January 2011
17 May 2012 Amended by Annual Improvements 2009- Effective for annual periods
2011 Cycle (segment information) beginning on or after 1
January 2013
25 September Amended by Improvements to IFRSs Effective for annual periods

2014 2014 (disclosure of information beginning on or after 1
'elsewhere in the interim financial report') January 2016
History of IAS 35
August 1997 Exposure Draft E58 Discontinuing Operations
June 1998 IAS 35 Discontinuing Operations
1 July 1999 Effective date of IAS 35 (1998)

31 March 2004 IAS 35 is superseded by IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations effective 1 January 2005
History of IAS 36
IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not carried at more than their
recoverable amount (i.e. the higher of fair value less costs of disposal and value in use). With the
exception of goodwill and certain intangible assets for which an annual impairment test is required,
entities are required to conduct impairment tests where there is an indication of impairment of an asset,
and the test may be conducted for a 'cash-generating unit' where an asset does not generate cash inflows
that are largely independent of those from other assets.
IAS 36 was reissued in March 2004 and applies to goodwill and intangible assets acquired in business
combinations for which the agreement date is on or after 31 March 2004, and for all other assets
prospectively from the beginning of the first annual period beginning on or after 31 March 2004.
May 1997 Exposure Draft E55 Impairment

of Assets
June 1998 IAS 36 Impairment of Assets Operative for financial statements

covering periods beginning on or after
1 July 1999
31 March 2004 IAS 36 Impairment of Applies to goodwill and intangible

Assets revised assets acquired in business
combinations for which the agreement
date is on or after 31 March 2004, and
for all other assets prospectively from
the beginning of the first annual
period beginning on or after 31 March
2004
22 May 2008 Amended by Annual Effective for annual periods beginning

Improvements to IFRSs on or after 1 January 2009
2007 (disclosure of estimates
used to determine a recoverable
amount)
16 April 2009 Amended by Annual Effective for annual periods beginning

Improvements to IFRSs on or after 1 January 2010
2009 (units of accounting for
goodwill impairment testing
using segments under IFRS 8
before aggregation)
29 May 2013 Amended by Recoverable Effective for annual periods beginning

Amount Disclosures for Non- on or after 1 January 2014
Financial Assets (clarification of
disclosures required)
History of IAS 37
IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions
(liabilities of uncertain timing or amount), together with contingent assets (possible assets) and
contingent liabilities (possible obligations and present obligations that are not probable or not reliably
measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the
expenditure required to settle the present obligation, and reflects the present value of expenditures
required to settle the obligation where the time value of money is material.
IAS 37 was issued in September 1998 and is operative for periods beginning on or after 1 July 1999.
August 1997 Exposure Draft E59 Provisions,

Contingent Liabilities and Contingent
Assets published
September 1998 IAS 37 Provisions, Contingent Operative for annual financial

Liabilities and Contingent statements covering periods
Assets issued beginning on or after 1 July 1999
30 June 2005 Exposure Draft Amendments to IAS Comment deadline 28 October

37 Provisions, Contingent Liabilities 2005 (proposals were not
and Contingent Assets and IAS 19 finalized, instead being
Employee Benefits published reconsidered as a longer
term research project)
History of IAS 38
IAS 38 Intangible Assets outlines the accounting requirements for intangible assets, which are non-
monetary assets which are without physical substance and identifiable (either being separable or arising
from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are
initially measured at cost, subsequently measured at cost or using the revaluation model, and amortized
on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it
is not amortized).
IAS 38 was revised in March 2004 and applies to intangible assets acquired in business combinations
occurring on or after 31 March 2004, or otherwise to other intangible assets for annual periods beginning
on or after 31 March 2004.
February 1977 Exposure Draft E9 Accounting for

Research and Development
Activities
July 1978 IAS 9 (1978) Accounting for Effective 1 January 1980

Research and Development
Activities issued
August 1991 Exposure Draft E37 Research and

Development Costs published
December 1993 IAS 9 (1993) Research and Operative for annual financial
Development Costs issued statements covering periods
beginning on or after 1 January
1995
June 1995 Exposure Draft E50 Intangible

Assets published
August 1997 E50 was modified and re-exposed

as Exposure Draft E59 Intangible
Assets
September 1998 IAS 38 Intangible Assets issued Operative for annual financial
beginning on or after 1 July 1998
31 March 2004 IAS 38 Intangible Assets issued Applies to intangible assets

acquired in business
combinations occurring on or
after 31 March 2004, or
otherwise to other intangible
assets for annual periods
beginning on or after 31 March
2004

IFRSs (advertising and promotional beginning on or after 1 January
activities, units of production 2009
method of amortisation)
16 April 2009 Amended by Improvements to Effective for annual periods

IFRSs (measurement of intangible beginning on or after 1 July 2009
assets in business combinations)
12 December 2013 Amended by Annual Effective for annual periods

Improvements to IFRSs 2010–2012 beginning on or after 1 July 2014
Cycle (proportionate restatement
of accumulated depreciation
under the revaluation method)
12 May 2014 Amended by Clarification of Effective for annual periods

Acceptable Methods of beginning on or after 1 January
Depreciation and Amortization 2016
(Amendments to IAS 16 and IAS
38)
History of IAS 39
IAS 39 Financial Instruments: Recognition and Measurement outlines the requirements for the
recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell
non-financial items. Financial instruments are initially recognized when an entity becomes a party to the
contractual provisions of the instrument, and are classified into various categories depending upon the
type of instrument, which then determines the subsequent measurement of the instrument (typically
amortized cost or fair value). Special rules apply to embedded derivatives and hedging instruments.
and will be largely replaced by IFRS 9 Financial Instruments for annual periods beginning on or after 1
January 2018.
October 1984 Exposure Draft E26 Accounting for Investments

March 1986 IAS 25 Accounting for Investments Operative for
covering periods
beginning on or
September 1991 Exposure Draft E40 Financial Instruments
January 1994 E40 was modified and re-exposed as Exposure

Draft E48 Financial Instruments
June 1995 The disclosure and presentation portion of E48

was adopted as IAS 32
March 1997 Discussion Paper Accounting for Financial

Assets and Financial Liabilities issued
June 1998 Exposure Draft E62 Financial Instruments: Comment deadline

Recognition and Measurement issued 30 September 1998
December 1998 IAS 39 Financial Instruments: Recognition and Effective date 1

Measurement (1998) January 2001
April 2000 Withdrawal of IAS 25 following the approval Effective for

of IAS 40 Investment Property financial statements
covering periods
beginning on or
October 2000 Limited revisions to IAS 39 Effective date 1

January 2001
17 December 2003 IAS 39 Financial Instruments: Recognition and Effective for annual
Measurement (2004) issued periods beginning
on or after 1
January 2005
31 March 2004 IAS 39 revised to reflect macro hedging Effective for annual
periods beginning
on or after 1
January 2005
17 December 2004 Amendment issued to IAS 39 for transition and
initial recognition of profit or loss
14 April 2005 Amendment issued to IAS 39 for cash flow Effective for annual
hedges of forecast intragroup transactions periods beginning
on or after 1
January 2006
15 June 2005 Amendment to IAS 39 for fair value option Effective for annual
periods beginning
on or after 1
January 2006
18 August 2005 Amendment to IAS 39 for financial guarantee Effective for annual
contracts periods beginning
on or after 1
January 2006
22 May 2008 IAS 39 amended for Annual Improvements to Effective for annual
IFRSs 2007 periods beginning
on or after 1
January 2009
30 July 2008 Amendment to IAS 39 for eligible hedged items Effective for annual
periods beginning
on or after 1 July
2009
13 October 2008 Amendment to IAS 39 for reclassifications of Effective 1 July 2008

financial assets
12 March 2009 Amendment to IAS 39 for embedded Effective for annual

derivatives on reclassifications of financial periods beginning
assets on or after 1 July
2009
16 April 2009 IAS 39 amended for Annual Improvements to Effective for annual
IFRSs 2009 periods beginning
on or after 1
January 2010
12 November 2009 IFRS 9 Financial Instruments issued, replacing Original effective
the classification and measurement of financial date 1 January
assets provisions of IAS 39 2013, later deferred
and subsequently
removed*
28 October 2010 IFRS 9 Financial Instruments reissued, Original effective

incorporating new requirements on accounting date 1 January
for financial liabilities and carrying over from 2013, later deferred
IAS 39 the requirements for derecognition of and subsequently
financial assets and financial liabilities removed*
27 June 2013 Amended by Novation of Derivatives and Effective for annual

Continuation of Hedge Accounting periods beginning
on or after 1
January 2014
(earlier application
permitted)
19 November 2013 IFRS 9 Financial Instruments (Hedge Accounting Applies when IFRS 9
and amendments to IFRS 9, IFRS 7 and IAS is applied*
39) issued, permitting an entity to elect to
continue to apply the hedge accounting
requirements in IAS 39 for a fair value hedge of
the interest rate exposure of a portion of a
portfolio of financial assets or financial
liabilities when IFRS 9 is applied, and to extend
the fair value option to certain contracts that
meet the 'own use' scope exception
24 July 2014 IFRS 9 Financial Instruments issued, replacing Effective for annual
IAS 39 requirements for classification and periods beginning
measurement, impairment, hedge accounting on or after 1
and derecognition January 2018
History of IAS 40
IAS 40 Investment Property applies to the accounting for property (land and/or buildings) held to earn
rentals or for capital appreciation (or both). Investment properties are initially measured at cost and, with
some exceptions. May be subsequently measured using a cost model or fair value model, with changes
in the fair value under the fair value model being recognized in profit or loss.
October 1984 Exposure Draft E26 Accounting for

Investments published
March 1986 IAS 25 Accounting for Investments issued Operative for financial
statements covering
July 1999 Exposure Draft E64 Investment Comment deadline 31

Property published October 1999
April 2000 IAS 40 Investment Property (2000) issued Operative for annual
(Supersedes IAS 25 with respect to financial statements
investment property) covering periods
January 2001
May 2002 Exposure Draft Improvements to Comment deadline 16

International Accounting September 2002
Standards (2000) published
18 December 2003 IAS 40 Investment Property (2003) issued Effective for annual

IFRSs 2007 (include property under periods beginning on or
construction or development for future after 1 January 2009
use within scope)

IFRSs 2011–2013 Cycle (interrelationship periods beginning on or
between IFRS 3 and IAS 40) after 1 July 2014
8 December 2016 Amended by Transfers of Investment Effective for annual

Property (Amendments to IAS 40) periods beginning on or
after 1 July 2018
History of IAS 41
IAS 41 Agriculture sets out the accounting for agricultural activity – the transformation of biological assets
(living plants and animals) into agricultural produce (harvested product of the entity's biological assets).
The standard generally requires biological assets to be measured at fair value less costs to sell.
IAS 41 was originally issued in December 2000 and first applied to annual periods beginning on or after 1
January 2003.
December 1999 Exposure Draft E65 Agriculture Comment deadline 31 January

2000
December 2000 IAS 41 Agriculture issued Operative for annual financial

beginning on or after 1 January
2003

IFRSs (discount rates) beginning on or after 1 January
2009
30 June 2014 Amended by Agriculture: Bearer Effective for annual periods

Plants (Amendments to IAS 16 and beginning on or after 1 January
IAS 41) 2016

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International Accounting Standards

IAS 1 Presentation of Financial Statements 2007*

IAS 2 Inventories 2005*

Consolidated Financial Statements

Information to Be Disclosed in Financial Statements

Accounting Responses to Changing Prices

IAS 7 Statement of Cash Flows 1992

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003

Accounting for Research and Development Activities

IAS 10 Events After the Reporting Period 2003

IAS 12 Income Taxes 1996*

Presentation of Current Assets and Current Liabilities

IAS 16 Property, Plant and Equipment 2003*

Employee Benefits (1998)

IAS 19 Employee Benefits (2011) 2011*

IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*

IAS 23 Borrowing Costs 2007*

IAS 24 Related Party Disclosures 2009*

Accounting for Investments

IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987

IAS 27 Separate Financial Statements (2011) 2011

Consolidated and Separate Financial Statements

IAS 28 Investments in Associates and Joint Ventures (2011) 2011

IAS 29 Financial Reporting in Hyperinflationary Economies 1989

Disclosures in the Financial Statements of Banks and Similar Financial

Interests In Joint Ventures

IAS 32 Financial Instruments: Presentation 2003*

IAS 33 Earnings Per Share 2003*

IAS 34 Interim Financial Reporting 1998

IAS 36 Impairment of Assets 2004*

IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998

IAS 38 Intangible Assets 2004*

Financial Instruments: Recognition and Measurement

IAS 40 Investment Property 2003*

IAS 41 Agriculture 2001

Date Development Comments

March 1974 Exposure Draft E1 Disclosure of Accounting

January 1975 IAS 1 Disclosure of Accounting Operative for periods

June 1975 Exposure Draft E5 Information to Be

October 1976 IAS 5 Information to Be Disclosed in Operative for periods

July 1978 Exposure Draft E14 Current Assets and

1994 IAS 1, IAS 5, and IAS 13 reformatted

July 1996 Exposure Draft E53 Presentation of

August 1997 IAS 1 Presentation of Financial Operative for periods

18 December 2003 IAS 1 Presentation of Financial Effective for annual

18 August 2005 Amended by Amendment to IAS 1 — Effective for annual

16 March 2006 Exposure Draft Proposed Amendments to Comment deadline 17

22 June 2006 Exposure Draft Financial Instruments Comment deadline 23

6 September 2007 IAS 1 Presentation of Financial Effective for annual

14 February 2008 Amended by Puttable Financial Effective for annual

22 May 2008 Amended by Annual Improvements to Effective for annual

16 April 2009 Amended by Improvements to IFRSs Effective for annual

6 May 2010 Amended by Improvements to IFRSs Effective for annual

16 June 2011 Amended by Presentation of Items of Effective for annual

17 May 2012 Amended by Annual Improvements 2009- Effective for annual

18 December 2014 Amended by Disclosure Initiative Effective for annual

Date Development Comments

September 1974 Exposure Draft E2 Valuation and

October 1975 IAS 2 Valuation and Presentation of

August 1991 Exposure Draft E38 Inventories published

December 1993 IAS 9 (1993) Inventories issued Operative for annual

18 December 2003 IAS 2 Inventories issued Effective for annual

June 1976 Exposure Draft E7 Statement of Source and Application of Funds