IFRS PRACTICAL IMPLEMENTATION GUIDE AND WORKBOOK

Chapter

3 /

Presentation of Financial Statements (lAS I)

9.1.2 Effective Date and Application

The revised Standard is effective for annual periods beginning on or after January 1, 2009, with

earlier application permitted. On adoption of the revised Standard, the presentation of comparative

information should be amended in line with any revised presentation. Entities presenting interim

financial reports in accordance with lAS 34,

Interim Financial Reporting,

will be required to

present interim information using the new formats for interim reports covering annual periods

beginning on or after January I, 2009 . Where the Standard is adopted for a period beginning

before January 1,2009, that fact should be disclosed.

9.2 lAS 1 (revised 2008), effective January

2009,

Disclosures about Puttable Shares and

Obligations Arising Only on Liquidation

9.2.1 In February 2008, the IASB published an amendment to lAS 1 that requires the following

additional disclosures if an entity has a "puttable instrument" that is presented as equity:

• Summary quantitative data about the amount classified as equity;

• The entity's objectives, policies and processes for managing its obligation to repurchase or

redeem the instruments when required to do so by the instrument holders, including any

changes from the previous period;

• The expected cash outflow on redemption or repurchase of that class of financial instru–

ments ; and

• Information about how the expected cash outflow on redemption or repurchase was deter-

mined .

If an instrument is reclas sified into and out of each category (financial liabilities or equity) the

amount, timing and reason for that reclassification must be disclosed.

an entity is a limited-life

entity, disclosure is also required regarding the length of its life.

9.2.2 Effective date and transitional provisions

The amendments are effective for annual periods beginning on or after January I, 2009 ,with earlier

adoption permitted. If entities adopt the amendments for a period beginning before January I,

2009 , consequential amendments to IFRS 7,

Financial Instruments: Disclosures;

lAS 39,

Finan cial

Instruments: Recognition and Measur ement ;

and IFRIC 2,

Members ' Shares in Cooperative

Entities and Similar Instruments ;

should be adopted from the same earlier date. The fact that the

amendments have been adopted in advance of their effective date should be disclosed.

In the absence of specific transitional provisions, the amendments should be applied retrospectively

in accordance with lAS 8,

Accounting Policies, Changes in Accounting Estimates and Errors.