EU formally adopts various new or amended IFRS and IFRIC 20

The European Union has published new standards. The standards come with a European effective date of 1 January 2014. However, early application is permitted.

The European Union has published Commissions Regulations endorsing the standards on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011)), IFRS 13, IFRIC 20, and amendments to IFRS 1 (hyperinflation and fixed dates), IAS 12 (recovery of underlying assets) and IFRS 7/IAS 32 (offsetting). The standards come with a European effective date of 1 January 2014. However, early application is permitted.
lease contact your Baker Tilly Berk advisor for additional information.

Pronouncement IASB effective date EU effective date
IFRS 10 Consolidated Financial Statements 1 January 2013 1 January 2014 (early application permitted)
IFRS 11 Joint Arrangements 1 January 2013 1 January 2014 (early application permitted)
IFRS 12 Disclosure of Interests in Other Entities 1 January 2013 1 January 2014 (early application permitted)
IAS 27 Separate Financial Statements (2011) 1 January 2013 1 January 2014 (early application permitted)
IAS 28 Investments in Associates and Joint Ventures (2011) 1 January 2013 1 January 2014 (early application permitted)
IFRS 13 Fair Value Measurement 1 January 2013 1 January 2013 (early application permitted)
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013 1 January 2013 (early application permitted)
IFRS 1 First-time Adoption - Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (amendments to IFRS 1) 1 July 2011 At the latest, from the commencement date of the first financial year, starting on or after the date of entry into force of the Regulation (the third day following that of its publication in the Official Journal)
IAS 12 Income Taxes - Deferred Tax: Recovery of Underlying Assets (amendments to IAS 12) 1 January 2012 At the latest, from the commencement date of the first financial year, starting on or after the date of entry into force of the Regulation (the third day following that of its publication in the Official Journal)
IFRS 7 Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities (amendments to IFRS 7) 1 January 2013 1 January 2013
IAS 32 Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities (amendments to IAS 32) 1 January 2014 1 January 2014 (early application permitted)