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  • Service: Audit, IFRS
  • Date: 12/5/2013

Are you prepared for the newly effective standards? 

Companies with 31 December financial year ends will be preparing their annual financial statements considering the consequential effects of newly effective and forthcoming standards. Among others, the new consolidation suite and the revised standard on employee benefits now apply.
Many companies will be keen to early adopt the amendments to pension accounting issued on 21 November 2013, which offer some welcome relief from the potentially burdensome requirements of applying the revised standard on employee benefits. Similarly, companies can obtain relief from the disclosure requirements of IFRS 13 Fair Value Measurement by early adopting Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36).

IFRS: New standards (2013/22)

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This edition covers financial years ending on or after 31 December 2013, including interim periods within those financial years.

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