Half-year reporters with annual periods beginning on or after 1 January 2013 need to pay close attention to a wave of new standards that becomes effective for the first time. These new standards include:
- the consolidation suite of standards – IFRSs 10–12;
- the new standard on fair value measurement – IFRS 13; and
- the revised standard on employee benefits – IAS 19 (2011).
In addition, Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36) and IFRIC 21 Levies have been published. They are effective for annual periods beginning on or after 1 January 2014, but early adoption is permitted.