Outline
• IFRS 1 – First time adoption of IFRS
• IFRS 2 - Share-based Payment
• IFRS 3 - Business Combinations
• IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations
• IFRS 6 - Exploration for and Evaluation of Mineral Resources
• IFRS 7 - Financial Instruments: Disclosures
• IFRS 8 – Operating Segments
IFRS 1 – First time adoption of IFRS
April 2001-
Adopted IFRS 1
December 2010- The board
amended that first-time
adopter would restate past June 2003 –
transactions from the date of Issued IFRS 1
transition instead of January
2004
November 2008
– Restructure
the standard
• Objective
• The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim
financial reports for part of the period covered by those financial statements, contain high quality
information that:
(a) is transparent for users and comparable over all periods presented;
(b) provides a suitable starting point for accounting in accordance with International Financial
Reporting Standards (IFRSs); and
(c) can be generated at a cost that does not exceed the benefits.
• Scope of IFRS 1
• An entity shall apply this IFRS in:
(a) its first IFRS financial statements; and
(b) each interim financial report, if any, that it presents in accordance with IAS 34 Interim Financial
Reporting for part of the period covered by its first IFRS financial statements.
• An entity’s first IFRS financial statements are the first annual financial statements in which the entity
adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with
IFRSs.
• Financial statements in accordance with IFRSs are an entity’s first IFRS financial statements if, for
example, the entity:
(a) presented its most recent previous financial statements:
• in accordance with national requirements that are not consistent with IFRSs in all
respects
• in conformity with IFRSs in all respects, except that the financial statements did not
contain an explicit and unreserved statement that they complied with IFRSs.
• containing an explicit statement of compliance with some, but not all, IFRSs
(b) prepared financial statements in accordance with IFRSs for internal use only, without
making them available to the entity’s owners or any other external users.
(c) did not present financial statements for previous periods
• This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an
entity
• Stops presenting financial statements in accordance with national requirements, having
previously presented them as well as another set of financial statements that contained an
explicit and unreserved statement of compliance with IFRSs
• This IFRS does not apply to changes in accounting policies made by an entity that already applies
IFRSs.
IFRS 2 - Share-based Payment A share-based payment
transaction in which the entity
2004- IFRS 2 issued acquires goods or services by
incurring a liability to transfer
cash or other assets to the
supplier of those goods or
services for amounts that are
2016- Classification based on the price (or value)
2008 –
and Measurement
of share based
Amendment to of equity instruments
clarify the scope
payment
(including shares or share
options) of the entity or
another group entity
• Objective
• The objective of this IFRS is to specify the financial reporting by an entity when it undertakes a share-based
payment transaction.
• In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based
payment transactions, including expenses associated with transactions in which share options are granted to
employees
• Scope
• An entity shall apply this IFRS in accounting for all share-based payment transactions
(a) equity-settled share-based payment transactions,
(b) cash-settled share-based payment transactions, and
• A share-based payment transaction may be settled by another group entity (or a shareholder of any group
entity) on behalf of the entity receiving or acquiring the goods or services.
• For the purposes of this IFRS, a transaction with an employee (or other party) in his/her capacity
as a holder of equity instruments of the entity is not a share-based payment transaction.
• Goods includes inventories, consumables, property, plant and equipment, intangible assets
and other non-financial assets.
• This IFRS does not apply to share-based payment transactions in which the entity receives or
acquires goods or services under a contract within the scope of IAS 32 Financial Instruments:
Presentation
• This IFRS uses the term ‘fair value’ in a way that differs in some respects from the definition of
fair value in IFRS 13 Fair Value Measurement. Therefore, when applying IFRS 2 an entity
measures fair value in accordance with this IFRS, not IFRS 13.
