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Disclosure Checklist April 2012 - EY

International GAAP® Disclosure Checklist 4 Disclosure made Yes No N/A General Identification and components of financial statements 1 IAS 1.49 Are the financial statements identified clearly (using an unambiguous title) and

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Text of Disclosure Checklist April 2012 - EY

Ernst & Young IFRS Core ToolsApril 2012International GAAP Disclosure Checklist Based on International Financial Reporting Standards in issue at 31 March 2012Effective for entities with a year-end of 30 June 2012 or thereafter International GAAP Disclosure Checklist 1 International GAAP Disclosure Checklist Updated: March 2012 Entity: Prepared by: Financial statement date: Reviewed by: Instructions This checklist assists with the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). It shows all the disclosures required by these standards, but does not explain other accounting requirements, nor does it reflect the requirements for IFRS for Small and Medium-Sized Entities (SMEs) or the IFRS Practice Statement for Management Commentary. In some instances, to simplify use of the checklist, disclosure requirements have been paraphrased, so you may need to refer to the standards for full details. In addition to the mandatory disclosure requirements, this checklist includes (in italics) the IASB's encouraged disclosure requirements. In addition, comment boxes have been included that summarise and/or refer to relevant IFRS guidance regarding the scope and interpretation of certain disclosure requirements. Comparative amounts in the financial statement disclosures are always required, unless explicitly exempted by the applicable IFRS. This checklist reflects IFRS issued through 31 March 2012 and is effective for entities with year-ends of 30 June 2012 and thereafter. The following table lists IFRS that such an entity may be adopting for the first time since March 2011. Title New since March 2011 version (1) Status Issue date of the original standard Effective date (annual periods beginning on or after) Effective for annual periods (and interim periods therein) ending 30 June 2012 and thereafter 2010 Improvements to IFRSs No Mandatory May 2010 Various (2) IAS 24 Amendment Related Party Disclosures No Mandatory November 2009 1 January 2011 IFRIC 14 Amendment - Prepayments of a Minimum Funding Requirement No Mandatory November 2009 1 January 2011 Amendments to IFRS 7 - Disclosures - Transfers of Financial Assets No Mandatory October 2010 1 July 2011 Amendments to IFRS 1 - Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters No Mandatory December 2010 1 July 2011 Amendments to IAS 12 - Deferred Tax: Recovery of Underlying Assets No Mandatory December 2010 1 January 2012 Effective for annual periods (and interim periods therein) ending 30 June 2013 or thereafter IFRS 9 Financial Instruments (issued in 2009)(4) No May early adopt November 2009 1 January 2015 (3) IFRS 9 Financial Instruments (issued in 2010)(5) No May early adopt October 2010 1 January 2015 (3) IFRS 10 - Consolidated Financial Statements Yes May early adopt (6) May 2011 1 January 2013 IFRS 11 - Joint Arrangements Yes May early adopt (6) May 2011 1 January 2013 IFRS 12 - Disclosure of Interests in Other Entities Yes May early adopt (7) May 2011 1 January 2013 IFRS 13 - Fair Value Measurement Yes May early adopt June 2011 1 January 2013 IAS 27 (Revised) - Separate Financial Statements Yes May early adopt (6) May 2011 1 January 2013 IAS 28 (Revised) - Investments in Associates and Joint Ventures Yes May early adopt (6) May 2011 1 January 2013 Amendment to IAS 1 - Presentation of Items of Other Comprehensive Income Yes May early adopt June 2011 1 July 2012 IAS 19 (Revised) - Employee Benefits Yes May early adopt June 2011 1 January 2013 International GAAP Disclosure Checklist 2 Title New since March 2011 version (1) Status Issue date of the original standard Effective date (annual periods beginning on or after) Amendment to IAS 32 - Offsetting Financial Assets and Financial Liabilities Yes May early adopt December 2011 1 January 2014 Amendments to IFRS 7 - Disclosures - Offsetting Financial Assets and Financial Liabilities Yes December 2011 1 January 2013 Amendments to IFRS 7 and IFRS 9 - Mandatory Effective Date and Transition Disclosures Yes May early adopt December 2011 1 January 2015 IFRIC Interpretation 20 - Stripping Costs in the Production Phase of a Surface Mine Yes May early adopt October 2011 1 January 2013 Amendments to IFRS 1 - Government Loans Yes May early adopt March 2012 1 January 2013 (1) If 'Yes', this pronouncement was issued since the March 2011 version of this checklist and is designated as 'New' beside the detailed question. (2) The amendments in the 2010 Improvements to IFRSs are effective for annual periods beginning on or after 1 July 2010, except for the amendments to IFRS 1, IFRS 7, IAS 1, IAS 34 and IFRIC 13, which are effective for annual periods beginning on or after 1 January 2011. (3)Amendments to IFRS 9 issued in December 2011 have moved the mandatory effective date from annual periods beginning on or after 1 January 2013 to annual periods beginning on or after 1 January 2015. (4) IFRS 9 Financial Instruments, as issued in November 2009, only addresses financial assets. The amended disclosure requirements are reflected on pages 76 - 87. They reflect the implications for: (a) first-time adopters; and (b) the IFRS 7 disclosures of all other entities. However, other consequential amendments (IFRS 3, IFRS 4, IAS 1, IAS 2, IAS 8, IAS 12, IAS 18, IAS 21, IAS 27, IAS 28, IAS 31, IAS 32, IAS 36, IAS 39, IFRIC 10 and IFRIC 12) have not been reflected, because these amendments only changed the terminology and classification and measurement requirements, and not the disclosure requirements. (5) IFRS 9 Financial Instruments, as issued in October 2010, addresses financial assets and financial liabilities. The amended disclosure requirements are reflected on page 87 - 98. They reflect the implications for (a) first-time adopters and (b) the IFRS 7 disclosures of all other entities. However, other consequential amendments (IFRS 3, IFRS 4, IFRS 5, IAS 1, IAS 2, IAS 8, IAS 12, IAS 18, IAS 20, IAS 21, IAS 27, IAS 28, IAS 31, IAS 32, IAS 36, IAS 37, IAS 39, IFRIC 2, IFRIC 5, IFRIC 10, IFRIC 12, IFRIC 19 and SIC 27) and the withdrawal of IFRIC 19 have not been reflected, because these amendments only changed the terminology and classification and measurement requirements, and not the disclosure requirements. (6) Early adoption is permitted, disclosing that fact and applying IFRS 10, IFRS 11, IFRS 12, IAS 27 (revised 2011) and IAS 28 (revised 2011) at the same time. (7)An entity is encouraged to early adopt this standard. Providing some of the disclosures required by this IFRS does not compel the entity to comply with all the requirements of this IFRS or to apply IFRS 10, IFRS 11, IAS 27 (revised 2011) and IAS 28 (revised 2011) early. This checklist is updated semi-annually, reflecting IFRS that are issued by the IASB during the last six months period. Prior to completing this checklist, refer to the IASB s website to ensure no other IFRS have been issued between the cut-off date of this checklist and the date the financial statements were authorised for issue. Each item should be answered with a tick in the appropriate column: Yes = Disclosure has been made. Reference should be made to the relevant note in which the requirement has been met. No = Disclosure has not been made even though it is mandatory for the entity to make such a disclosure. Any item marked 'No' should be explained (for example, amount deemed immaterial) on the checklist or on a separate working paper, including the amounts or percentage involved, to help make an assessment of overall compliance with IFRS. N/A = The question is not applicable to the entity or disclosure is not mandatory for the entity and has not been made. International GAAP Disclosure Checklist 3 Contents General ........................................ ........................................ ........................................ ........................................ ........................................ .... 4 First-time adoption ........................................ ........................................ ........................................ ........................................ .......................... 6 Financial review by management ........................................ ........................................ ........................................ ........................................ ...... 9 Statement of financial position ........................................ ........................................ ........................................ ........................................ ......... 9 Statement of comprehensive income ........................................ ........................................ ........................................ ...................................... 11 Earnings per share ........................................ ........................................ ........................................ ........................................ ......................... 14 Statement of cash flows ........................................ ........................................ ........................................ ........................................ ................. 16 Statement of changes in equity ........................................ ........................................ ........................................ ........................................ ...... 17 Notes to the financial statements Accounting policies, key measurement assumptions and capital ........................................ ........................................ ................................... 18 Business combinations ........................................ ........................................ ........................................ ........................................ .............. 21 Borrowing costs ........................................ ........................................ ........................................ ........................................ ........................ 24 Changes in accounting estimates ........................................ ........................................ ........................................ ....................................... 24 Consolidated financial statements ........................................ ........................................ ........................................ ...................................... 25 Correction of errors ........................................ ........................................ ........................................ ........................................ .................. 26 Dividends ........................................ ........................................ ........................................ ........................................ .................................. 26 Employee benefits ........................................ ........................................ ........................................ ........................................ ..................... 27 Equity ........................................ ........................................ ........................................ ........................................ ...................................... 30 Events after the reporting period ........................................ ........................................ ........................................ ....................................... 30 Financial guarantee contracts ........................................ ........................................ ........................................ ........................................ .... 31 Financial instruments ........................................ ........................................ ........................................ ........................................ ................ 31 Foreign currency ........................................ ........................................ ........................................ ........................................ ....................... 44 Fourth quarter information ........................................ ........................................ ........................................ ........................................ ........ 45 Goodwill ........................................ ........................................ ........................................ ........................................ ................................... 45 Government grants ........................................ ........................................ ........................................ ........................................ ................... 45 Hyperinflation ........................................ ........................................ ........................................ ........................................ ........................... 45 Impairment of assets ........................................ ........................................ ........................................ ........................................ ................. 45 Income taxes ........................................ ........................................ ........................................ ........................................ ............................ 48 Intangible assets ........................................ ........................................ ........................................ ........................................ ....................... 50 Interests in joint ventures ........................................ ........................................ ........................................ ........................................ .......... 51 Inventories ........................................ ........................................ ........................................ ........................................ ............................... 52 Investment property ........................................ ........................................ ........................................ ........................................ .................. 52 Investments in associates ........................................ ........................................ ........................................ ........................................ .......... 54 Lease disclosures by lessees ........................................ ........................................ ........................................ ........................................ ...... 55 Non-current assets held for sale and discontinued operations ........................................ ........................................ ...................................... 56 Operating segments ........................................ ........................................ ........................................ ........................................ .................. 58 Property, plant and equipment ........................................ ........................................ ........................................ ........................................ ... 60 Provisions, contingent liabilities and contingent assets ........................................ ........................................ ........................................ ........ 61 Related 62 Revenue ........................................ ........................................ ........................................ ........................................ ................................... 64 Share-based payments ........................................ ........................................ ........................................ ........................................ .............. 64 Agriculture ........................................ ........................................ ........................................ ........................................ .................................... 66 Construction contracts ........................................ ........................................ ........................................ ........................................ ................... 67 Extractive industries ........................................ ........................................ ........................................ ........................................ ...................... 68 Insurance contracts ........................................ ........................................ ........................................ ........................................ ....................... 68 Lease disclosures by lessors ........................................ ........................................ ........................................ ........................................ ........... 70 Financial statements of retirement benefit plans ........................................ ........................................ ........................................ ..................... 71 Interim reporting ........................................ ........................................ ........................................ ........................................ ............................ 73 New pronouncements ........................................ ........................................ ........................................ ........................................ ..................... 76 Adoption of IFRS 9 Financial Instruments (issued in 2009) ........................................ ........................................ ........................................ ...... 76 Adoption of IFRS 9 Financial Instruments (issued in 2010) ........................................ ........................................ ........................................ ...... 87 Adoption of IFRS 10 Consolidated Financial Statements ........................................ ........................................ ........................................ .......... 98 Adoption of IFRS 11 Joint Arrangements ........................................ ........................................ ........................................ ................................ 99 Adoption of IFRS 12 Disclosure of Interests in Other Entities ........................................ ........................................ ........................................ . 100 Adoption of IFRS 13 Fair Value Measurement ........................................ ........................................ ........................................ ........................ 107 Adoption of IAS 19 (Revised in 2011) Employee Benefits ........................................ ........................................ ........................................ ...... 109 Appendix Commentary ........................................ ........................................ ........................................ ........................................ ............... 113 International GAAP Disclosure Checklist 4 Disclosure made Yes No N/A General Identification and components of financial statements 1 IAS Are the financial statements identified clearly (using an unambiguous title) and distinguished from other information in the same document 2 IAS IAS Do the financial statements identify clearly and include all of the following: a. A statement of financial position as at the end of the reporting period b. A statement of comprehensive income for the reporting period showing the components of profit or loss as either Part of a single statement of comprehensive income Or A separate income statement IAS In 2011, with application for periods beginning on or after 1 July 2012, the IASB issued a modification that states that an entity may present a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections. The sections shall be presented together, with the profit or loss section presented first followed directly by the other comprehensive income section. An entity may present the profit or loss section in a separate statement of profit or loss. If so, the separate statement of profit or loss shall immediately precede the statement presenting comprehensive income, which shall begin with profit or loss. Questions 55. - 59., 64. - 66. consider early adoption of this modification c. A statement of changes in equity for the reporting period d. A statement of cash flows for the reporting period e. Notes, comprising a summary of significant accounting policies and other explanatory notes IAS If an entity presents a separate income statement, it is part of a complete set of financial statements immediately before the statement of comprehensive income. 3 IAS (f) Do the financial statements include a statement of financial position as at the beginning of the earliest comparative period, if the entity either: a. Applies an accounting policy retrospectively b. Makes a retrospective restatement of items in its financial statements Or c. Reclassifies items in its financial statements 4 IAS If necessary for a proper understanding of the information presented, does the entity display prominently and repeat the following: a. The name of the reporting entity or other means of identification, and any change in that information from the end of the preceding reporting period b. Whether the financial statements cover the individual entity or a group of entities c. The end of the reporting period or the period covered by the financial statements or notes IAS d. The presentation currency, as defined in IAS e. The level of rounding used in the presentation of amounts in the financial statements Corporate information 5 IAS If not disclosed elsewhere in information published with the financial statements, does the entity disclose the following: a. The domicile of the entity b. The legal form of the entity c. The entity s country of incorporation d. The address of the registered office (or principal place of business, if different from the registered office) e. The nature of the entity s operations and its principal activities f. The name of the parent g. The name of the ultimate parent of the group Compliance with International Financial Reporting Standards 6 IAS IAS IAS Does the entity provide additional disclosures if the requirements in IFRS are insufficient to enable users to understand the impact of particular transactions, other events, and conditions on the entity s financial position and financial performance International GAAP Disclosure Checklist 5 Disclosure made Yes No N/A IFRS Additional disclosures about non-current assets (or disposal groups) classified as held for sale or discontinued operations (beyond those required specifically by IFRS 5 or other IFRS) may be necessary to comply with this requirement. 7 IAS Does the entity disclose an explicit and unreserved statement of compliance with IFRS IAS The entity does not describe financial statements as complying with IFRS unless they comply with all the requirements of IFRS. 8 IAS IAS In the extremely rare circumstances in which management concludes that compliance with a requirement in IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Framework, and departs from that requirement (if the relevant regulatory framework requires or otherwise does not prohibit such a departure), does the entity disclose: a. That management concluded that the financial statements present fairly the entity s financial position, financial performance and cash flows b. That it complies with applicable IFRS, except that it departs from a requirement of IFRS to achieve a fair presentation c. The title of the IFRS from which the entity departs d. The nature of the departure e. The treatment that the IFRS would require f. The reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Framework g. The treatment adopted h. For each period presented , the financial impact of the departure on each item in the financial statements that would have been reported in complying with the requirement 9 IAS IAS If the entity departed from a requirement of IFRS in a prior period, and the departure affects the amounts recognised in the financial statements for the current reporting period, does the entity disclose: a. The title of the IFRS from which the entity has departed b. The nature of the departure c. The treatment that the IFRS would require d. The reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Framework e. The treatment adopted f. For each period presented, the financial impact of the departure on each item in the financial statements that would have been reported in complying with the requirement 10 IAS In the extremely rare circumstances in which management concludes that compliance with a requirement in IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Framework, but the relevant regulatory framework prohibits departure from the requirement, does the entity, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing all of the following: a. The title of the IFRS in question b. The nature of the requirement c. The reason why management concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the Framework d. For each period presented, the adjustments to each item in the financial statements that management concluded would be necessary to achieve a fair presentation Going concern IAS IAS The entity does not prepare its financial statements on a going concern basis if management determines after the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. 11 IAS Does the entity disclose material uncertainties related to events or conditions that may cast significant doubt upon the entity s ability to continue as a going concern 12 IAS If the financial statements are not prepared on a going concern basis, does the entity disclose: a. The fact that the financial statements are not prepared on a going concern basis b. The basis on which the financial statements are prepared c. The reason why the entity is not regarded as a going concern International GAAP Disclosure Checklist 6 Disclosure made Yes No N/A Frequency of reporting 13 IAS If the entity s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, does the entity disclose: a. The reporting period covered by the financial statements b. The reason for using longer or shorter periods c. The fact that amounts presented in the financial statements are not entirely comparable Comparative information 14 IAS Does the entity disclose comparative information for the previous period for all amounts reported in the financial statements, unless an IFRS permits or requires otherwise 15 IAS Does the entity include comparative information for narrative and descriptive information, if it is relevant to an understanding of the current reporting period s financial statements 16 IAS If the presentation or classification of items in the financial statements is amended and comparative amounts are reclassified (unless the reclassification cannot be applied after making every reasonable effort to do so), does the entity disclose: a. The nature of the reclassification b. The amount of each item or class of items that is reclassified c. The reason for the reclassification 17 IAS If the entity cannot reclassify comparative amounts after making every reasonable effort to do so, does the entity disclose: a. The reason for not reclassifying the amounts b. The nature of the adjustments that would have been made if the amounts were reclassified Consistency of presentation 18 IAS Does the entity retain in the financial statements from one period to the next: a. The presentation of items b. The classification of items IAS The entity presents and classifies items on the same basis in the financial statements from one reporting period to the next unless it is apparent, following a significant change in the nature of the entity`s operations or a review of its financial statement demonstrates, that another presentation or classification is more appropriate, or unless a change in presentation is required by IFRS. Date of authorisation 19 IAS Does the entity disclose: a. The date when the financial statements were authorised for issue b. Who authorised the financial statements c. The fact that the entity s owners or others have the power to amend the financial statements after issue, if applicable First-time adoption IFRS A IFRS 1 defines the following terms: 'Date of transition to IFRS' The beginning of the earliest period for which an entity presents full comparative information under IFRS in its first IFRS financial statements 'Opening IFRS statement of financial position' An entity s statement of financial position at the date of transition to IFRS 'First IFRS financial statements' The first annual financial statements in which an entity adopts IFRS, by an explicit and unreserved statement of compliance with IFRS 'Previous GAAP' The basis of accounting that a first-time adopter used immediately before adopting IFRS Reconciliations IFRS IAS 8 does not deal with changes in accounting policies that occur when an entity first adopts IFRS. Therefore, the requirements in items 122. 125. for changes in accounting policies do not apply in the entity s first IFRS financial statements. The requirements for entities that present interim financial reports under IAS 34 for part of the period covered by its first IFRS financial statements are included in the section on Interim Reporting, which contains all disclosure requirements related to interim reporting. That section does not need to be completed for annual financial statements. International GAAP Disclosure Checklist 7 Disclosure made Yes No N/A 20 IFRS Does the entity explain how the transition from previous GAAP to IFRS affected its financial position, financial performance and cash flows IFRS IFRS provides an example of the level of detail required in the reconciliations from previous GAAP to IFRS. 21 IFRS IFRS Do the entity s first IFRS financial statements include: a. Reconciliations of its equity reported under previous GAAP to its equity under IFRS (in sufficient detail to enable users to understand the material adjustments to the statement of financial position) for: The date of transition to IFRS The end of the latest period presented in the entity s most recent annual financial statements under previous GAAP b. A reconciliation of the total comprehensive income or profit or loss reported under previous GAAP for the latest period in the entity s most recent annual financial statements to its total comprehensive income under IFRS for the same period (in sufficient detail to enable users to understand the material adjustments to the statement of comprehensive income) 22 IFRS If the entity recognised or reversed any impairment losses for the first time in preparing its opening IFRS statement of financial position, do the financial statements include the disclosures in items 251. 254. 23 IFRS If the entity is aware of errors under previous GAAP, do the disclosures in items 21(a). and 21(b). distinguish between the corrections of errors and changes in accounting policies 24 IFRS If the entity presented a statement of cash flows under its previous GAAP, does it explain the material adjustments to the statement of cash flows 25 IFRS If the entity does not present financial statements for previous periods, does it disclose that fact Designation of financial assets or financial liabilities Item 26. sets out the disclosure requirements if the entity DOES NOT adopt IFRS 9 Financial Instruments. If the entity adopted IFRS 9 Financial Instruments (issued in 2009) refer to items 422. 424. If the entity adopted IFRS 9 Financial Instruments (issued in 2010), refer to items 480. 26 IFRS If the entity designates a previously recognised financial asset or financial liability as a financial asset or financial liability at fair value through profit or loss or as available-for-sale under IFRS , does the entity disclose: a. The fair value of any financial assets or financial liabilities designated into each category b. The classification and carrying amount in the previous financial statements Use of fair value as deemed cost 27 IFRS If the entity uses fair value in its opening IFRS statement of financial position as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset, does it disclose for each line item in the opening IFRS statement of financial position: a. The aggregate of those fair values b. The aggregate adjustment to the carrying amounts reported under previous GAAP 28 IFRS If the entity uses deemed cost in its opening IFRS statement of financial position for an investment in a subsidiary, jointly controlled entity, or associate in its separate financial statements, does the entity disclose in its first IFRS separate financial statements: a. The aggregate deemed cost of those investments for which deemed cost is their previous GAAP amounts b. The aggregate deemed cost of those investments for which deemed cost is fair value c. The aggregate adjustment to the carrying amounts reported under the previous GAAP Employee benefits 29 IFRS For each defined benefit plan, does the entity disclose the following amounts for each reporting period from the date of transition to IFRS: a. The present value of the defined obligation, the fair value of the plan assets and the surplus or deficit in the plan b. The experience adjustments arising on: The plan liabilities expressed either as an amount or as a percentage of the plan liabilities at the end of the reporting period The plan assets expressed either as an amount or as a percentage of the plan assets at the end of the reporting period IFRS If the entity is a first-time adopter, it may disclose the amounts required by item 171.(p). as the amounts are determined for each reporting period prospectively from the transition date. International GAAP Disclosure Checklist 8 Disclosure made Yes No N/A Comparatives 30 IFRS IFRS IAS In its first IFRS financial statements, does the entity present at least the following in accordance with IFRS, and in comparative format: a. Three statements of financial position b. Two statements of comprehensive income, either in a single statement of comprehensive income, or in two separate statements showing components of profit or loss and other comprehensive income c. Two statements of cash flows d. Two statements of changes in equity e. Related notes f. For any information (historical summaries or comparative information) under previous GAAP that does not qualify with the recognition and measurement provisions with IFRS, does the entity: Label the information prominently as not being prepared under IFRS Disclose the nature of the main adjustments that would make it comply with IFRS, which need not be quantified Additional exemptions 31 IFRS IFRS (b) If an entity uses the exemption in IFRS (b) for oil and gas assets, does it disclose that fact IFRS (b) This exemption is applicable for entities that accounted for exploration and development costs of oil and gas properties in the development and production phase under previous GAAP using cost centres that included a large geographical area (referred to as full cost accounting). 32 IFRS IFRS If an entity adopts the transition provisions of IFRS and does not provide comparative disclosures for items 219. 220. and 231., does it disclose that fact IFRS IFRS A first-time adopter that adopts the transition provisions of IFRS need not provide the disclosures required by items 219. 220. and 231. for (a) any annual or interim period, including any statement of financial position, presented within an comparative annual period ending before 31 December 2009, or (b) any statement of financial position as at the beginning of the earliest comparative period as at a date before 31 December 2009. 33 IFRS IFRS If an entity does not adopt the transition provisions of IFRS , does it provide comparative disclosures for items 219. 220. and 231. 34 IFRS IFRS If the entity (a) holds items of property, plant and equipment or intangible assets that are, or were previously, used in operations subject to rate regulations and (b) uses the previous GAAP carrying amount of such an item at the date of transition to IFRS as deemed cost, does the entity disclose: a. That fact b. The basis on which carrying amounts were determined under previous GAAP Item 35. sets out the disclosure requirements if the entity adopts the Amendment to IFRS 1 - Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters with respect to the use of deemed cost after severe hyperinflation. 35 IFRS If an entity measures assets and liabilities at fair value and uses that fair value as the deemed cost in its opening IFRS statement of financial position because of severe hyperinflation, does the entity disclose how and why the entity had, and then ceased to have, a functional currency that has both of the characteristics of a currency subject to severe hyperinflation IFRS IFRS The currency of a hyperinflationary economy is subject to severe hyperinflation if it has both of the following characteristics: IFRS IFRS a. A reliable general price index is not available to all entities with transactions and balances in the currency IFRS IFRS b. Exchangeability between the currency and a relatively stable foreign currency does not exist IFRS The Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters, issued in December 2010, amended IFRS and added IFRS and IFRS These amendments are effective for annual periods beginning on or after 1 July 2011. Early application is permitted. Item 36. sets out the disclosure requirements if the entity adopts the consequential amendments to IFRS 1 resulting from the Amendments to IFRS 7 Disclosures - Transfers of Financial Assets International GAAP Disclosure Checklist 9 Disclosure made Yes No N/A 36 IFRS IFRS If an entity adopts the transition provisions of IFRS and DOES NOT provide comparative disclosures for items 195. 200., does it disclose that fact. IFRS IFRS The IASB issued the Amendments to IFRS 7 Disclosures - Transfers of Financial Assets in October 2010. As a result of the consequential amendments to IFRS 1, a first-time adopter does not need to provide the disclosures required by the amendments to IFRS 7 Disclosures - Transfers of Financial Assets for any period presented that begins before the date of initial application of the amendments. The amendments are effective for annual periods beginning 1 July 2011, with early application permitted. Item 37. sets out the disclosure requirements if the entity does not adopt the consequential amendments to IFRS 1 resulting from the Amendments to IFRS 7 37 IFRS IFRS If an entity DOES NOT adopt the transition provisions of IFRS , does it provide comparative disclosures for items 195. - 200. Financial review by management IAS Reports and statements presented outside financial statements are outside the scope of IFRS. The IASB issued the IFRS Practice Statement Management Commentary in December 2010. The practice statement provides guidance only and is not required to be used in the preparation of IFRS financial statements. 38 IAS Does the entity present, outside the financial statements, a financial review by management that describes and explains the main features of its financial performance and financial position and the principal uncertainties it faces, including: a. The main factors and influences determining performance, including: Changes in the environment in which the entity operates The entity s response to those changes and their effect The entity s policy for investment to maintain and enhance financial performance, including its dividend policy b. The entity s sources of funding and its targeted ratio of liability to equity c. The entity s resources not recognised in the statement of financial position in accordance with IFRS 39 IAS Does the entity present reports and statements, outside the financial statements, such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and if employees are an important user group Statement of financial position 40 IAS Does the entity present each material class of similar items separately in the statement of financial position 41 IAS Unless required or permitted by another IFRS, does the entity present separately, and not offset, assets and liabilities IAS IAS IAS IAS Guidance on offsetting current and deferred tax assets and liabilities is in IAS and IAS , respectively. Guidance on offsetting a financial asset and a financial liability is in IAS and IAS , respectively Current/non-current distinction 42 IAS If the entity does not present separately current and non-current assets in its statement of financial position, does it present all assets in order of liquidity IAS The entity shall present current and non-current assets separately in its statement of financial position, except when a liquidity presentation is more reliable and more relevant. 43 IAS If the entity does not present separately current and non-current liabilities in its statement of financial position, does it present all liabilities in order of liquidity IAS The entity shall present current and non-current liabilities separately in its statement of financial position, except when a liquidity presentation is more reliable and more relevant. 44 IAS If the entity separately presents current and non-current assets, and current and non-current liabilities in its statement of financial position, does the entity: IAS a. Classify an asset as current when it: Is expected to be realised in, or is intended for sale or consumption in, the entity s normal operating cycle Is held primarily for trading Is expected to be realised within 12 months after the reporting period Or International GAAP Disclosure Checklist 10 Disclosure made Yes No N/A Is cash or a cash equivalent asset unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period IAS Current assets also include assets held primarily for trading (examples include some financial assets classified as held for trading under IAS 39) and the current portion of non-current financial assets. IAS b. Classify a liability as current if it: Is expected to be settled in the entity s normal operating cycle Is held primarily for trading Is due to be settled within 12 months after the reporting period Or Does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Terms of a liability that can be settled with equity instruments at the option of the counterparty, do not affect its classification IAS Other current liabilities are not settled as part of the normal operating cycle, but are due for settlement within 12 months after the reporting period or held primarily for trading. Examples are some financial liabilities classified as held for trading under IAS 39, bank overdrafts, and the current portion of non-current financial liabilities, dividends payable, income taxes and other non-trade payables. IAS (d) Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification between current and non-current. IAS c. Classify its financial liabilities as current, if they are due to be settled within 12 months after the reporting period, even if: The original term was for a period longer than 12 months And An agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue IAS However, if the entity expects, and has the discretion to refinance or rollover an obligation for at least 12 months after the reporting period under an existing loan facility, a financial liability is classified as non-current. IAS d. Classify its long-term liability as current if the entity breaches a long-term loan agreement on or before the end of the reporting period with the effect that the liability becomes payable on demand, even if the lender agrees (after the reporting period and before the authorisation of the financial statements for issue) not to demand payment as a consequence of the breach IAS However, an entity classifies a long-term loan arrangement as non-current if: a. The lender agreed by the end of the reporting period to provide a period of grace ending at least 12 months after the reporting period, within which the entity can rectify the breach And b. During the grace period the lender cannot demand immediate repayment 45 IAS Does the entity disclose the amount expected to be recovered or settled after more than 12 months for each asset and liability line item that combines amounts expected to be recovered or settled within twelve months and amounts expected to be recovered or settled more than 12 months after the reporting period 46 IAS If the entity distinguishes between current and non-current assets in its financial statements, does it present deferred tax assets as non-current assets 47 IAS If the entity distinguishes between current and non-current liabilities in its financial statements, does it present deferred tax liabilities as non-current liabilities 48 IAS Does the entity classify investments in associates accounted for using the equity method as non-current assets Information presented in the statement of financial position 49 IAS As a minimum, does the entity include the following line items in its statement of financial position: a. Property, plant and equipment b. Investment property c. Intangible assets d. Financial assets (excluding amounts shown under (e), (h) and (i)) e. Investments accounted for using the equity method f. Biological assets g. Inventories International GAAP Disclosure Checklist 11 Disclosure made Yes No N/A h. Trade and other receivables i. Cash and cash equivalents j. Trade and other payables k. Provisions l. Financial liabilities (excluding amounts shown under (j) and (k)) m. Liabilities and assets for current tax n. Deferred tax liabilities and deferred tax assets o. Non-controlling interest, presented within equity p. Issued capital and reserves attributable to owners of the parent IAS An entity may amend the descriptions and ordering of items or aggregation of similar items according to the nature of the entity and its transactions, to provide information that is relevant to an understanding of the entity s financial position. 50 IAS IFRS Does the entity include the following line items in the statement of financial position: a. Total assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 b. Liabilities included in disposal groups classified as held for sale in accordance with IFRS 5 51 IAS Does the entity present additional line items, headings and subtotals in the statement of financial position if such presentation is relevant to an understanding of the entity s financial position Information presented either in the statement of financial position or in the notes 52 IAS Does the entity disclose further sub-classifications of the line items presented, classified in a manner appropriate to the entity s operations 53 IFRS IFRS Does the entity disclose separately the major classes of assets and liabilities classified as held for sale, except if the disposal group is a newly acquired subsidiary that meets the criteria to be classified as held for sale at acquisition Statement of comprehensive income IAS Other comprehensive income comprises income and expenses (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRS. The components of other comprehensive income include: a. Changes in revaluation surplus (see IAS 16 and IAS 38) b. Actuarial gains and losses on defined benefit plans recognised under IAS c. Gains and losses arising from translating the financial statements of a foreign operation (see IAS 21) d. Gains and losses on remeasuring available-for-sale financial assets e. The effective portion of gains and losses on the hedging instrument in a cash flow hedge (see IAS 39) IAS The entity does not present any items of income or expense as extraordinary items. 54 IAS Does the entity present all items of income and expense recognised in a reporting period: a. In a single statement of comprehensive income Or b. In two separate statements comprising of a statement displaying components of profit or loss (separate income statement) and a second statement beginning with profit and loss and displaying components of other comprehensive income (statement of comprehensive income) New If an entity early adopts the 2011 Amendments to IAS 1, it is required to present the disclosures under items , New 55 IAS A If an entity early adopts the 2011 Amendments to IAS 1 (applicable for annual periods begining on or after 1 July 2012), does the entity present in the statement of profit or loss and other comprehensive income (statement of comprehensive income), in addition to the profit or loss and other comprehensive income sections: New a. Profit or loss New b. Total other comprehensive income New c. Comprehensive income for the period, being the total of profit or loss and other comprehensive income New 56 IAS A If an entity early adopts the 2011 Amendments to IAS 1, and it presents a separate statement of profit or loss, does the statement of comprehensive income not include the profit or loss section. International GAAP Disclosure Checklist 12 Disclosure made Yes No N/A New 57 IAS B If an entity early adopts the 2011 Amendments to IAS 1 (applicable for annual periods begining on or after 1 July 2012) does it present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period: New a. Profit or loss for the period attributable to: New Non-controlling interests And New Owners of the parent New b. Comprehensive income for the period attributable to: New Non-controlling interests And New Owners of the parent New 58 IAS B If an entity early adopts the 2011 Amendments to IAS 1 and presents profit or loss in a separate statement, does the entity present the allocation of profit or loss between non-controlling interests and owners of the parent (see item 57) in that statement 59 IAS J If an entity early adopts the 2011 Amendments to IAS 1, does the entity disclose that fact 60 IAS Does the entity present each material class of similar items separately in the statement of comprehensive income 61 IAS Unless required or permitted by another IFRS, does the entity present separately, and not offset, income and expenses IAS Examples of items that are offset in the statement of comprehensive income include the following: a. Gains and losses on the disposal of non-current assets, including investments and operating assets, are reported by deducting from the proceeds on disposal the carrying amount of the asset and related selling expenses b. Expenditure related to a provision that is recognised in accordance with IAS 37 and reimbursed under a contractual arrangement with a third party (for example, a supplier s warranty agreement) may be netted against the related reimbursement IAS c. Gains and losses arising from a group of similar transactions are reported on a net basis, for example, foreign exchange gains and losses or gains and losses arising on financial instruments held for trading 62 IAS Does the entity include all items of income and expense in a reporting period in the profit or loss (unless an IFRS requires otherwise) IAS IAS 8 specifies two circumstances in which the entity recognises items outside of profit or loss corrections of errors and the effect of changes in accounting policies. Other IFRS require or permit an entity to exclude components of other comprehensive income that meet the Framework s definition of income or expense from profit or loss. IAS An entity may classify dividends recognised as an expense either with interest on other liabilities, or as a separate item in the statement of comprehensive income. Disclosure of interest and dividends is subject to the requirements of IAS 1. In some circumstances, because of significant differences between interest and dividends on matters such as tax deductibility, it is desirable to disclose them separately within the statement of comprehensive income. Disclosures of the tax effects are made in accordance with IAS 12. 63 IAS As a minimum, does the entity include the following line items in the statement of comprehensive income or separate income statement: a. Revenue b. Finance costs IAS c. Share of after-tax profit or loss of associates and joint ventures accounted for using the equity method IAS d. Tax expense (income) IFRS e. A single amount comprising total post-tax profit or loss of discontinued operations and the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operations f. Profit or loss International GAAP Disclosure Checklist 13 Disclosure made Yes No N/A New If an entity early adopts the 2011 Amendments to IAS 1, it should present disclosures under items and not those under item 63. New 64 IAS If an entity early adopts the 2011 Amendments to IAS 1, does the entity present in addition to items required by other IFRS, in the profit or loss section or the statement of profit or loss line items with the following amounts for the period: New a. Revenue New b. Finance costs New c. Share of the profit or loss of associates and joint ventures accounted for using the equity method New d. Tax expense New e. A single amount for the total of discontinued operations New 65 IAS If an entity early adopts the 2011 Amendments to IAS 1, does it include under the other comprehensive income section line items for amounts of other comprehensive income in the period, classified by nature (including the share of the other comprehensive income of associates and joint ventures accounted for using the equity method) New 66 IAS If an entity early adopts the 2011 Amendments to IAS 1, does it group the line items mentioned in item 65. in those that, in accordance with other IFRS: New a. Will not be reclassified subsequently to profit or loss And New b. Will be reclassified subsequently to profit or loss when specific conditions are met. 67 IAS Does the entity include the following line items in its statement of comprehensive income: a. Each component of other comprehensive income classified by nature, excluding amounts in (b) b. Share of the other comprehensive income of associates and joint ventures accounted for using the equity method c. Total comprehensive income 68 IAS Have the following line items been included as allocations of profit or loss for the period in the statement of comprehensive income or separate income statement: a. Profit or loss attributable to non-controlling interest b. Profit or loss attributable to owners of the parent 69 IAS Does the entity include the following line items in the statement of comprehensive income as allocations of total comprehensive income for the reporting period: a. Total comprehensive income attributable to the non-controlling interest b. Total comprehensive income attributable to owners of the parent 70 IFRIC IFRIC (d) Does the entity disclose the change in the revaluation surplus arising from a change in the decommissioning, restoration and similar liability in other comprehensive income as a separate line item 71 IAS Does the entity (investor) disclose its share of changes in other comprehensive income recognised due to changes in the associate s other comprehensive income 72 IFRS Does the entity present separately any cumulative income or expense recognised in other comprehensive income relating to a non-current asset (or disposal group) classified as held for sale 73 IAS Does the entity present additional line items, headings and subtotals in the statement of comprehensive income if such presentation is relevant to an understanding of the entity s financial performance IAS The entity shall not present any items of income and expense as extraordinary items. Information presented either in statement of comprehensive income or in the notes 74 IAS If items of income and expense are material, does the entity disclose the following: a. The amount b. The nature of the item IAS Circumstances that may result in the separate disclosure of items of income and expense: a. The write-down of inventories to net realisable value or property, plant and equipment to recoverable amount, as well as reversals of such write-downs b. A restructuring of the activities of the entity and reversals of any provisions for the costs of restructuring c. Disposals of items of property, plant and equipment d. Disposals of investments e. Discontinued operations f. Litigation settlements g. Other reversals of provisions International GAAP Disclosure Checklist 14 Disclosure made Yes No N/A 75 IAS Does the entity present or disclose an analysis of expenses using a classification (whichever is reliable and more relevant) based on either: IAS a. The nature of expenses Or IAS b. The function of expenses within the entity (in which case the entity discloses, as a minimum, its cost of sales) 76 IAS Does the entity present the analysis of expenses, as described in item 75., in its statement of comprehensive income 77 IAS If the entity classifies expenses by function, does it disclose additional information on the nature of expenses, including: a. Depreciation and amortisation expense b. Employee benefits expense 78 IAS IAS Does the entity disclose the income tax relating to each component of other comprehensive income, including reclassifications IAS The entity may present components of other comprehensive income either net of related tax effects, or before related tax effects, with one amount shown for the aggregate amount of income tax relating to those components. 79 IAS Does the entity disclose reclassifications relating to components of other comprehensive income IAS Examples of reclassification adjustments include: a. Disposal of a foreign operation (see IAS 21) b. Derecognition of available-for-sale financial assets (see IAS 39) c. When a hedged forecast cash flow affects profit or loss (see IAS 39) IAS Reclassification adjustments do not arise on changes in revaluation surplus recognised under IAS 16 or IAS 38, or on actuarial gains and losses on defined benefit plans recognised under IAS These are not reclassified to profit or loss. 80 IFRS Does the entity disclose an analysis of the amount totalling the post-tax profit or loss of discontinued operations and the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of assets or disposal group(s) constituting the discontinued operation, by identifying: a. The revenue, expenses and pre-tax profit or loss of discontinued operations b. The related income tax expense c. The gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation d. The related income tax expense Distributions of non-cash assets to owners (IFRIC 17) 81 IAS IFRIC IFRIC If the entity settles a dividend payable by distributing non-cash assets, does the entity present any difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable as a separate line item in profit or loss Earnings per share IAS IAS The entity applies IAS 33 if: a. The ordinary shares or potential ordinary shares of the entity are traded in a public market (a domestic or foreign stock exchange or an over-the counter market, including local and regional markets) Or b. The entity files, or is in the process of filing, its financial statements with a securities commission or other regulatory organisation for issuing ordinary shares in a public market If the entity discloses (voluntarily) earnings per share, the earnings per share disclosures are in accordance with IAS 33 82 IAS If the entity presents both consolidated financial statements and separate financial statements prepared under IAS 27, does it present the disclosures required by IAS 33 only on the basis of the consolidated information 83 IAS If the entity chooses to disclose earnings per share based on its separate financial statements, does it present such earnings per share only in the separate statement of comprehensive income and not in the consolidated financial statements International GAAP Disclosure Checklist 15 Disclosure made Yes No N/A 84 IAS If the ordinary or potentially ordinary shares outstanding increase as a result of a capitalisation, bonus issue or share split, or decrease as a result of a reverse share split (even if these changes occur after the reporting period, but before the financial statements are authorised for issue), and therefore the calculation of basic and diluted earnings per share for all periods presented has been adjusted retrospectively, does the entity disclose the fact that per share calculations reflect such changes in the number of shares 85 IAS Does the entity present, in the statement of comprehensive income for each class of ordinary shares that has a different right to share in profit for the period, basic and diluted earnings per share for: a. Profit or loss from continuing operations b. Profit or loss for the period IAS If basic and diluted earnings per share are equal, dual presentation can be accomplished in one line on the statement of comprehensive income. 86 IAS Does the entity present basic and diluted earnings per share, with equal prominence for all periods presented 87 IAS If the entity reports a discontinued operation, does it disclose basic and diluted earnings per share for the discontinued operation 88 IAS Does the entity present basic and diluted earnings per share, even if the amounts are negative (that is, a loss per share) 89 IAS Does the entity disclose: a. The numerators in calculating basic and diluted earnings per share and reconcile those amounts to profit or loss for the period (which includes the individual effect of each class of instruments that affects earnings per share) b. The weighted average of ordinary shares used as the denominator in calculating basic and diluted earnings per share, and reconcile these denominators to each other (which includes the individual effect of each class of instruments that affects earnings per share) c. Instruments (including contingently issuable shares) that could potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted earnings per share because they are anti-dilutive for the period(s) presented d. The ordinary share transactions or potential ordinary share transactions, other than increases as a result of a capitalisation, bonus issues or share splits or decreases as a result of a reverse share splits, that occur after the reporting period, but before the financial statements are authorised for issue, that would have changed significantly the ordinary shares or potentially ordinary shares outstanding at the end of the period if those transactions had occurred before the end of the reporting period IAS Examples of transactions referred to in IAS (d) include: a. An issue of shares for cash b. An issue of shares, if the proceeds are used to repay debt or preference shares outstanding at the end of the reporting period c. The redemption of ordinary shares outstanding d. The conversion or exercise of potential ordinary shares outstanding at the end of the reporting period into ordinary shares e. An issue of options, warrants or convertible instruments f. The achievement of conditions that would result in the issue of contingently issuable shares 90 IAS Does the entity disclose the terms and conditions of financial instruments and other contracts generating potential ordinary shares that affect the measurement of basic and diluted earnings per share, if this disclosure is not already otherwise required (for example, by IFRS 7) 91 IAS If the entity discloses, in addition to basic and diluted earnings per share, amounts per share using a reported component of the statement of comprehensive income other than one required by IAS 33, does the entity disclose: a. Basic and diluted amounts per share relating to such a component with equal prominence in the notes to the financial statements b. The basis on which the numerator(s) is(are) determined, including whether amounts per share are before tax or after tax 92 IAS If the entity discloses, in addition to basic and diluted earnings per share, amounts per share using a component that is not reported as a line item in the statement of comprehensive income, does the entity reconcile between the component used and a line item that is reported in the statement of comprehensive income International GAAP Disclosure Checklist 16 Disclosure made Yes No N/A Statement of cash flows 93 IAS Does the entity present each material class of similar items separately in the statement of cash flows Presentation 94 IAS Are the cash flows during the period classified by operating, investing and financing activities IAS IAS Definitions of different categories of cash flows are presented in IAS and examples are presented in IAS 95 IAS Does the entity report cash flows from operating activities using either: a. The direct method, disclosing major classes of gross cash receipts and gross cash payments (this method is encouraged) Or b. The indirect method, in which the entity adjusts profit or loss for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or expense associated with investing or financing cash flows 96 IAS Does the entity report major classes of gross receipts and gross cash payments arising from investing and financing activities separately, except as described in item 97. 97 IAS Are cash flows arising from the following operating, investing or financing activities reported on a net basis: a. Cash receipts and payments on behalf of customers, if the cash flows reflect the activities of the customer rather than those of the entity b. Cash receipts and payments for items in which the turnover is quick, the amounts are large and the maturities are short IAS Cash flows arising from each of the following activities of a financial institution may be reported on a net basis: a. Cash receipts and payments for the acceptance and repayment of deposits with a fixed maturity date b. The placement of deposits with and withdrawal of deposits from other financial institutions c. Cash advances and loans made to customers and the repayment of those advances and loans Components of cash and cash equivalents IAS Bank borrowings are generally considered to be financing activities. However, in some countries, bank overdrafts that are repayable on demand form an integral part of the entity s cash management. In these circumstances, bank overdrafts are included as a component of cash and cash equivalents. A characteristic of such banking arrangements is that the bank balance often fluctuates from being positive to overdrawn. 98 IAS Does the entity disclose the components of cash and cash equivalents 99 IAS Does the entity disclose the policy for determining the composition of cash and cash equivalents 100 IAS Does the entity reconcile the amounts of cash and cash equivalents in the statement of cash flows with the equivalent items in the statement of financial position Acquisitions of subsidiaries and business units 101 IAS Have the aggregate cash flows arising from obtaining control of subsidiaries or other businesses been presented separately and classified as investing activities in the statement of cash flows IAS An entity presents any cash flows associated with changes in ownership interest as investing activities. IAS An entity classifies cash flows arising from change in ownership interests in a subsidiary that do not result in a loss of control (that is, transactions with owners) as financing activities. 102 IAS Does the entity disclose the following, in aggregate, from obtaining control of subsidiaries or other businesses during the reporting period: a. The total consideration paid or received b. The portion of the consideration consisting of cash and cash equivalents c. The amount of cash and cash equivalents in the subsidiaries or other businesses over which control is obtained d. The amount of the assets and liabilities other than cash or cash equivalents in the subsidiaries or businesses over which control is obtained, summarised by each major category International GAAP Disclosure Checklist 17 Disclosure made Yes No N/A Disposals of subsidiaries and business units 103 IAS Have the aggregate cash flows arising from losing control of subsidiaries or other businesses been presented separately and classified as investing activities in the statement of cash flows 104 IAS Does the entity disclose the following, in aggregate, for losing control of subsidiaries or other businesses during the reporting period: a. The total consideration paid or received b. The portion of the consideration consisting of cash and cash equivalents c. The amount of cash and cash equivalents in the subsidiaries or other businesses over which control is lost d. The amount of the assets and liabilities other than cash or cash equivalents in the subsidiaries or businesses over which control is lost, summarised by each major category Other cash flow information 105 IAS Does the entity separately disclose the following: a. Cash inflow from interest b. Cash outflow from interest c. Cash inflow from dividends d. Cash outflow from dividends 106 IAS IAS If the entity allocates tax cash flows over more than one class of activity, or all to operating activities, does the entity disclose the total amount of taxes paid 107 IAS Are investing and financing transactions that do not require the use of cash or cash equivalents: a. Excluded from the statement of cash flows b. Disclosed elsewhere in the financial statements in a way that provides all the relevant information about these investing and financing activities 108 IAS Does the entity disclose the following regarding significant cash and cash equivalent balances held, that are not available for use by the group: a. The amount b. A commentary by management 109 IAS Does the entity disclose: a. The amount of undrawn borrowing facilities that may be available in the future for the operating activities and settling capital commitments, and indicate any restrictions on the use of these facilities b. The aggregate amounts of the cash flows from each of operating, investing and financing activities related to interests in joint ventures reported using proportionate consolidation c. The aggregate amount of cash flows that represent increases in operating capacity separately from those cash flows that are required to maintain operating capacity d. Cash flows of each reportable segment arising from: Operating activities Investing activities Financing activities Statement of changes in equity 110 IAS Does the entity present each material class of similar items separately in the statement of changes in equity. 111 IAS Does the statement of changes in equity include the following: a. Total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests IAS b. For each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance with IAS 8 c. For each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately disclosing changes resulting from: Profit or loss Other comprehensive income Transactions with owners in their capacity as owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control IAS For example, components of equity include each class of contributed equity, the accumulated balance of each class of other comprehensive income and retained earnings. International GAAP Disclosure Checklist 18 Disclosure made Yes No N/A 112 IAS Does the entity disclose for each component of equity, either in the statement of changes in equity or in the notes, an analysis of other comprehensive income by item 113 IAS Does the entity disclose, either in the statement of changes in equity, or in the notes: a. The amount of dividends recognised as distributions to owners during the period b. The related amount of dividends per share IAS IFRS An issuer accounts for distributions of a financial instrument classified as an equity instrument by debiting equity, net of any related income tax benefit. The entity accounts for transaction costs (including costs of issuing an equity instrument that are directly attributable to the acquisition of a business) of an equity transaction as a deduction from equity, net of any related income tax benefit. 114 IAS IAS Does the entity separately disclose the amount of transaction costs accounted for as a deduction from equity in the reporting period in the statement of changes in equity 115 IAS IAS Does the entity include the amount of income taxes associated with transaction costs accounted for as a deduction from equity in the aggregate amount of current and deferred tax credited or charged to equity Notes to the financial statements IAS IAS IAS IAS Notes are normally presented in the following order, which assists users in understanding the financial statements and comparing them with financial statements of other entities: a. A statement of compliance with IFRS b. A summary of significant accounting policies applied c. Supporting information for items presented in each financial statement in the order in which each statement and each line item is presented d. Other disclosures, including: Contingent liabilities and unrecognised contractual commitments Non-financial disclosures, such as the entity s financial risk management objectives and policies The entity does not present any items of income or expense as extraordinary items in the notes. 116 IAS Do the notes to the financial statements disclose: a. The basis of preparation of the financial statements b. The specific accounting policies used c. The information required by IFRS that is not presented in the statement of financial position, statement of comprehensive income, statement of changes in equity or the statement of cash flows d. Information that is not presented in the statement of financial position, statement of comprehensive income, statement of changes in equity or the statement of cash flows, but is relevant to an understanding of any of them 117 IAS Does the entity present notes to the financial statements in a systematic manner, as far as practical 118 IAS Does the entity cross-reference each item in the statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows to any related information in the notes Accounting policies, key measurement assumptions and capital Summary of significant accounting policies 119 IAS Does the entity disclose in the summary of significant accounting policies: a. The measurement basis or bases (for example, historical cost, current cost, net realisable value, fair value or recoverable amount) used in preparing the financial statements b. The other accounting policies used that are relevant to an understanding of the financial statements IAS If an entity uses more than one measurement basis in the financial statements, it is sufficient to indicate the measurement basis for categories of assets and liabilities (for example, when particular classes of assets are revalued). 120 IAS IAS Does the entity disclose each significant accounting policy that is not specifically required by IFRS, but is selected and applied under IAS 8 International GAAP Disclosure Checklist 19 Disclosure made Yes No N/A 121 IAS Does the entity disclose the judgements (apart from those involving estimations) by management that have the most significant effect on the amounts recognised in the financial statements IAS Some of the disclosures required by IAS are required by other IFRS. For example, IAS 27 requires the entity to disclose the reasons why the entity s ownership interest does not constitute control for an investee that is not a subsidiary although more than half of its voting or potential voting power is owned directly or indirectly through subsidiaries. Disclosure requirements relating to specific accounting policies are included in the subsequent sections of this checklist. Changes in accounting policies IAS The entity changes an accounting policy if the change: Is required by IFRS Or Results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity s financial position, financial performance or cash flows IAS Applying a requirement is impractical if the entity cannot apply it after making every reasonable effort to do so. It can apply in the following circumstances: a. If the entity cannot determine the effects of retrospective application or retrospective restatement b. If determining the effect of (a) requires assumptions about what management s intent would have been in that period Or c. If determining the effect of (a) requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that provides evidence of circumstances that existed on the dates as to which those amounts are to be recognised, measured or disclosed and would have been available when the previous financial statements were authorised for issue 122 IAS If retrospective application is required, does the entity disclose the adjustment to the opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts for each prior period presented as if the entity had always applied the new accounting policy 123 IAS If the initial application of an IFRS has an effect on the current period or any prior period presented or might have an effect on future periods, unless it is impractical to determine the amount of the adjustment, does the entity disclose: a. The title of the IFRS b. That the change in accounting policy is in accordance with its transitional provisions, if applicable c. The nature of the change in accounting policy d. The transitional provisions, if applicable e. The transitional provisions that might have an effect on future periods, if applicable IAS f. The adjustment for each financial statement line item affected and the basic and diluted earnings per share for the current period and each prior period presented, to the extent practical (if IAS 33 applies to the entity) g. The amount of the adjustment relating to periods before those presented, to the extent practicable h. If retrospective application is impractical for a particular prior period, or for periods before those presented, the circumstances that led to the existence of that condition and a description of how and from when the change in accounting policy has been applied IAS Financial statements of subsequent periods need not repeat these disclosures. 124 IAS If a voluntary change in accounting policy has an effect on the current period or any prior period, and would have an effect on that period except that it is impractical to determine the amount of the adjustment, or might have an effect on future periods, does the entity disclose: a. The nature of the change in accounting policy b. The reasons why applying the new accounting policy provides reliable and more relevant information c. The adjustment for each financial statement line item affected for the current reporting period and each prior reporting period presented, to the extent practicable IAS d. The basic and diluted earnings per share for the current reporting period and each prior reporting period presented (if IAS 33 applies to the entity and to the extent practical) e. The adjustment relating to periods before those presented, to the extent practicable International GAAP Disclosure Checklist 20 Disclosure made Yes No N/A f. If retrospective application is impractical for a particular prior period, or for periods before those presented, the circumstances that led to the existence of that condition and a description of how and from when the change in accounting policy has been applied IAS Financial statements of subsequent periods need not repeat these disclosures. 125 IAS IAS If the entity did not apply a new IFRS that has been issued but is not yet effective, does the entity disclose: a. The title of the new IFRS b. The nature of the impending change or changes in accounting policy c. The date by which application of the IFRS is required d. The date at which it plans to adopt the IFRS e. Either: A discussion of the impact of the effect of the change(s) on its financial statements Or If such an impact is not known or reasonably estimable, a statement to that effect IAS If an IFRS is not applicable to the entity, the entity discloses this fact. Key estimation assumptions 126 IAS Does the entity disclose key assumptions about the future, and other sources of key estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year IFRS Additional disclosures about non-current assets (or disposal groups) classified as held for sale or discontinued operations (beyond those required specifically by IFRS 5 or other IFRS) may be necessary to comply with this requirement. 127 IAS For the assets and liabilities in item 126., does the entity disclose: a. Their nature b. Their carrying amount as at the end of the reporting period IAS An entity presents the disclosures under IAS in a manner that helps users of financial statements to understand management's judgements about the future. The nature and extent of the disclosure varies according to the nature of the assumption and other circumstances. Examples of the types of disclosures made are: a. The nature of the assumption or other estimation uncertainty b. The sensitivity of carrying amounts to the methods, assumptions and estimates underlying their calculation, including the reasons for the sensitivity c. The expected resolution of an uncertainty and the range of reasonably possible outcomes within the next financial year for the carrying amounts of the assets and liabilities affected d. The changes made to past assumptions concerning those assets and liabilities, if the uncertainty remains unresolved Examples of key assumptions are: a. Future changes in salaries b. Future changes in prices affecting other costs c. Risk adjustments to cash flows d. Risk adjustments to discount rates IAS Some key assumptions referred to in IAS also require disclosures under other IFRS. For example, IAS 37 requires disclosure, in certain circumstances, of major assumptions concerning future events affecting classes of provisions. IAS 16 requires disclosure of significant assumptions in estimating fair values of revalued items of property, plant and equipment. IFRS 7 requires disclosure of significant assumptions applied in estimating fair values of financial assets and financial liabilities that are carried at fair value. It is not necessary to repeat these disclosures, even though they are repeated in this checklist. Capital 128 IAS Does the entity disclose information that enables users of its financial statements to evaluate the entity s objectives, policies and processes for managing capital 129 IAS Does the entity disclose the following, based on the information provided internally to the entity s key management personnel: a. Qualitative information about its objectives, policies and processes for managing capital, including (but not limited to): A description of what it manages as capital If the entity is subject to externally imposed capital requirements, the nature of those requirements and how those requirements are incorporated into the management of capital International GAAP Disclosure Checklist 21 Disclosure made Yes No N/A How it is meeting its objectives for managing capital b. Summary quantitative data about what it manages as capital. Some entities regard some financial liabilities (for example, some forms of subordinated debt) as part of capital. Other entities regard capital as excluding some components of equity (for example, components arising from cash flow hedges). c. Any changes in (a) and (b) from the previous period d. Whether during the period it complied with any externally imposed capital requirements to which it is subject e. If the entity did not comply with the externally imposed capital requirements to which it is subject, the consequences of such non-compliance IAS The entity may manage capital in many ways and be subject to many different capital requirements. For example, a conglomerate may include entities that undertake insurance activities and banking activities, and those entities may operate in several jurisdictions. If an aggregate disclosure of capital requirements and how the entity manages capital does not provide useful information or distorts a financial statement user s understanding of an entity s capital resources, the entity discloses separate information for each capital requirement to which the entity is subject. IAS (a)(ii) Externally imposed capital requirements referred to in IAS (a)(ii) only reflect capital requirements imposed by a regulator or a prudential supervisor. Capital requirements, as imposed by a bank or creditor are considered a contractual obligation and are therefore not in the scope of IAS (a)(ii). Business combinations Acquisitions IFRS IFRS The acquirer discloses information that enables the users of its financial statements to evaluate the nature and financial effect of a business combination. IFRS For individually immaterial business combinations occurring during the reporting period that are material collectively, the acquirer discloses the information in items 130(e). 143. in aggregate. 130 IFRS IFRS (a)(e) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), does the entity disclose: a. The name and a description of the acquiree b. The acquisition date c. The percentage of voting equity interests acquired d. The primary reasons for the business combination and how the acquirer obtained control of the acquiree e. A qualitative description of the factors that make up the goodwill recognised, such as expected synergies from combining operating of the acquiree and the acquirer, intangible assets that do not qualify for separate recognition or other factors 131 IFRS IFRS (f) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), does the entity disclose the acquisition-date fair value of the total consideration transferred and the acquisition-date fair value of each major class of consideration, such as: a. Cash b. Other tangible or intangible assets, including a business or subsidiary of the acquirer c. Liabilities incurred, for example, a liability for contingent consideration d. Equity interests of the acquirer, including the number of instruments or interests issued or issuable and the method of measuring the fair value of those instruments or interests IFRS Contingent consideration is either: a. An obligation of the acquirer to transfer additional assets or equity interests to the former owners of an acquiree as part of the exchange transaction, if specified future events occur or conditions are met Or b. A right of the acquirer to receive previously transferred consideration, if specified future events occur or conditions are met. 132 IFRS IFRS (g) For each business combination during the period (or after the reporting period but before the financial statements are authorised for issue), for contingent consideration arrangements and indemnification assets, does the entity disclose: a. The amount recognised as of the acquisition date b. A description of the arrangement and the basis for determining the payment International GAAP Disclosure Checklist 22 Disclosure made Yes No N/A c. An estimate of the range of outcomes (undiscounted) or, if a range cannot be estimated, that fact and the reasons why a range cannot be estimated. If the maximum amount of the payment is unlimited, the acquirer discloses that fact 133 IFRS IFRS (h) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), for acquired receivables, does the entity disclose: a. The fair value of the receivables b. The gross contractual amounts receivable c. The best estimate at the acquisition date of the contractual cash flows not expected to be collected IFRS (h) The entity provides disclosures by major class of receivable, such as loans, direct finance leases and any other class of receivables. 134 IFRS (i) For each business combination during the reporting period (or after the reporting period, but before the financial statements are authorised for issue) does the entity disclose the amounts recognised as of the acquisition date for each major class of assets acquired and liabilities assumed 135 IFRS IFRS IFRS (j) For each business combination during the reporting period (or after the reporting period, but before the financial statements are authorised for issue), for each contingent liability recognised under IFRS , does the entity make the disclosures in item 329. 136 IFRS IFRS (k) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), does the entity disclose the goodwill that is expected to be deductible for tax purposes 137 IFRS IFRS IFRS (l) IFRS (m) For each business combination during the reporting period (or after the reporting period, but before the financial statements are authorised for issue), for transactions that the entity recognises separately from the acquisition of assets and assumption of liabilities in the business combination in accordance with IFRS , does the entity disclose: a. A description of each transaction b. How the acquirer accounted for each transaction c. The amounts recognised for each transaction and the line item in the financial statements in which each amount is recognised d. If the transaction is the effective settlement of a pre-existing relationship, the method used to determine the settlement amount e. The total amount of acquisition related costs f. The amount of acquisition related costs recognised as expense g. The line item or items in the statement of comprehensive income in which the expense is recognised h. The issue costs not recognised as an expense i. The treatment of the issue costs not recognised as an expense IFRS The acquirer and the acquiree may have a pre-existing relationship or other arrangement before negotiations for the business combination began, or they may enter into an arrangement during the negotiations that is separate from the business combination. In either situation, the acquirer identifies any amounts that are not part of what the acquirer and the acquiree (or its former owners) exchanged in the business combination, that is, amounts that are not part of the exchange for the acquiree. The acquirer recognises only the consideration transferred for the acquiree, the assets acquired and liabilities assumed in the exchange for the acquiree. Separate transactions are accounted for in accordance with the relevant IFRS. 138 IFRS , IFRS For each business combination with an acquisition date after adopting IFRS 3 (as issued in 2008) for which the entity capitalised transaction costs prior to adopting IFRS 3, does the entity disclose the accounting treatment for these transaction costs In July 2009, the IFRIC acknowledged that an entity might select any of the following alternatives for the previous capitalised transaction costs: a. Recognise an expense in profit or loss in the reporting period when IFRS 3 is first applied b. Recognise an immediate charge directly to retained earnings at the beginning of the year that IFRS 3 is applied Or c. Recognise an expense in the profit or loss of the prior (comparative) period in a restatement in accordance with IAS When such amounts are material, an entity discloses its accounting policy under IAS International GAAP Disclosure Checklist 23 Disclosure made Yes No N/A 139 IFRS IFRS (n) IFRS For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue) in a bargain purchase, does the entity disclose: IFRS a. The amount of the gain recognised as a bargain purchase b. The line item in the statement of comprehensive income in which the entity recognised the gain c. The reasons why the transaction resulted in a gain 140 IFRS IFRS (o) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), in which the acquirer holds less than 100% of the equity interests in the acquiree at the acquisition date, does the entity disclose: a. The amount of the non-controlling interest in the acquiree recognised at the acquisition date and the measurement basis for that amount b. For each non-controlling interest in an acquiree measured at fair value, the valuation techniques and significant inputs used to measure that value IFRS Non-controlling interest is defined as the equity in a subsidiary not attributable, directly or indirectly to a parent. 141 IFRS IFRS (p) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), in a business combination achieved in stages, does the entity disclose: a. The acquisition-date fair value of the equity interest in the acquiree held by the acquirer immediately before the acquisition date IFRS b. Any gain or loss recognised from remeasuring the equity interest in the acquiree held by the acquirer before the business combination to fair value, in accordance with IFRS , and the line item in the statement of comprehensive income in which that gain or loss is recognised 142 IFRS IFRS (q) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), does the entity disclose the following measures for the acquiree since the acquisition date included in the consolidated statement of comprehensive income for the reporting period: a. Revenue b. Profit or loss Or c. If any of the information in (a) or (b) is impractical, the acquirer discloses that fact and explains why the disclosure is impractical 143 IFRS IFRS (q) For each business combination during the period (or after the reporting period, but before the financial statements are authorised for issue), does the entity disclose the following measures for the combined entity for the current reporting period as thought the acquisition date for all business combinations that occurred during the reporting period had been as of the beginning of the annual reporting period: a. Revenue b. Profit or loss Or c. If any of the information in (a) or (b) is impractical, the acquirer discloses that fact and explains why the disclosure is impractical 144 IFRS If the acquisition date of a business combination is after the end of the reporting period, but before the financial statements are authorised for issue, and if the initial accounting for the business combination is incomplete at the time the financial statements are authorised for issue, the acquirer discloses which disclosures could not be made and reasons why they cannot be made Business combinations during the current or previous reporting period IFRS IFRS The acquirer discloses the information in items 145. 149. for each material business combination or in the aggregate for individually immaterial business combinations that are material collectively. 145 IFRS IFRS If the initial accounting for a business combination is incomplete for particular assets, liabilities, non-controlling interests or items of consideration and the entity provisionally determined the amounts recognised in the financial statements for the business combination, does the entity disclose: a. The reasons why the initial accounting for the business combination is incomplete b. The assets, liabilities, equity interests or items of consideration for which the initial accounting is incomplete International GAAP Disclosure Checklist 24 Disclosure made Yes No N/A IFRS c. The nature and amount of any measurement period adjustments recognised during the reporting period in accordance with IFRS 146 IFRS For each reporting period after the acquisition date until the entity collects, sells or otherwise loses the right to a contingent consideration asset, or until the entity settles a contingent consideration liability or the liability is cancelled or expires, does the entity disclose: a. Any changes in the recognised amounts, including any differences arising upon settlement b. Any changes in the range of outcomes (undiscounted) and the reasons for those changes c. The valuation techniques and key model inputs used to measure contingent consideration 147 IFRS For contingent liabilities recognised in a business combination, does the entity disclose the information required by items 327. 328. for each class of provision 148 IFRS Does the entity reconcile the carrying amount of goodwill at the beginning and end of the reporting period showing separately: a. The gross amount and accumulated impairment losses at the beginning of the reporting period IFRS b. Goodwill recognised during the reporting period, except goodwill included in a disposal group that, on acquisition, meets the criteria to be classified as held for sale in accordance with IFRS 5 IFRS c. Adjustments resulting from subsequent recognition of deferred tax assets during the reporting period in accordance with IFRS IFRS d. Goodwill included in a disposal group classified as held for sale in accordance with IFRS 5 and goodwill derecognised during the reporting period without having previously been included in a disposal group classified as held for sale IAS e. Impairment losses recognised during the reporting period in accordance with IAS 36 IAS f. Net exchange rate differences arising during the reporting period in accordance with IAS 21 g. Any other changes in the carrying amount during the reporting period h. The gross amount and accumulated impairment losses at the end of the reporting period 149 IFRS Does the entity disclose the amount and explain any gain or loss recognised in the current reporting period that both: a. Relates to the identifiable assets acquired or liabilities assumed in a business combination that was effected in the current or previous reporting period b. Is of such a size, nature of incidence that disclosure is relevant to understanding the combined entity's financial statements Borrowing costs 150 IAS Does the entity disclose the accounting policy for the recognition of borrowing costs 151 IAS If the entity capitalised borrowing costs during the reporting period, does it disclose: a. The amount of borrowing costs capitalised during the period b. The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation Changes in accounting estimates 152 IAS IAS Does the entity disclose the following information for a change in accounting estimates that has an effect in the current period or is expected to have an effect in future periods: a. The nature of the change And b. The amount of the change Or c. If applicable, the fact that the amount of the effect in future periods is not disclosed because estimating it requires undue cost or effort IAS In accordance with IAS 8, the entity discloses the nature and effect of a change in an accounting estimate that has an effect in the current period or is expected to have an effect in subsequent periods. Such disclosure may arise from changes in estimates in: IAS a. Residual values b. The estimated costs of dismantling, removing or restoring items of property, plant and equipment c. Useful lives d. Depreciation/amortisation methods International GAAP Disclosure Checklist 25 Disclosure made Yes No N/A Consolidated financial statements New IFRS IFRS Disclosures in items , below, are related to subsidiaries under IAS 27. If an entity has early adopted IFRS 10 and, consequently, IFRS 11, IFRS 12, and IAS 27 and IAS 28 (modified in 2011), disclosure requirements are included in items , below. IAS A parent need not present consolidated financial statements to comply with IFRS only if: a. It is a wholly-owned subsidiary or the owners of the non-controlling interests, including those not otherwise entitled to vote, do not object to the parent not presenting consolidated financial statements b. Its securities are not publicly traded c. It is not in the process of issuing securities in public securities markets d. The immediate or ultimate parent publishes consolidated financial statements that comply with IFRS 153 IAS Does the entity present any non-controlling interest in the net assets of consolidated subsidiaries separately from the equity of the owners of the parent in its consolidated statement of financial position within equity 154 IAS (a) Does the entity present any non-controlling interest in the profit or loss of the group separately in its consolidated statement of comprehensive income IAS Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. 155 IAS Does the entity disclose: a. The nature of the relationship between the parent and a subsidiary, if the parent does not own, directly or indirectly through subsidiaries, more than half of the voting power b. For an investee, of which more than half of the voting or potential voting power is owned, directly or indirectly through subsidiaries, but which, because of the absence of control, is not a subsidiary, the reasons why the ownership does not constitute control c. The end of the reporting period of the financial statements of a subsidiary, if such financial statements are used to prepare consolidated financial statements and are as of a date or for a period that is different from that of the parent and the reason for using a different reporting date or different period d. The nature and extent of any significant restrictions on the ability of subsidiaries to transfer funds to the parent in the form of cash dividends, repayment of loans or advances (that is, borrowing arrangements or regulatory requirements) 156 IAS Does the entity disclose: IAS (e) a. A schedule that shows the effects of any changes in a parent's ownership interest in a subsidiary that do not result in a loss of control on the equity attributable to owners of the parent IAS (f) b. If control of a subsidiary is lost, does the parent disclose: The gain or loss, if any, recognised in accordance with IAS The portion of that gain or loss attributable to recognising any investment retained in the former subsidiary at its fair value at the date when control is lost The line item(s) in the statement of comprehensive income in which the gain or loss is recognised (if not presented separately in the statement of comprehensive income) Parent s and investor s separate financial statements 157 IAS IAS In the parent s separate financial statements (where consolidated financial statements are not presented in accordance with IAS ), does the entity disclose: a. That the financial statements are separate financial statements b. That the exemption from consolidation has been used c. The name and country of incorporation or residence of the entity whose consolidated financial statements that comply with IFRS have been produced for public use (and the address where these are obtainable) d. A list of significant investments in subsidiaries, jointly controlled entities or associates, including the name, country of incorporation or residence, proportion of ownership interest and, if different, proportion of voting power held e. The method used to account for investments in subsidiaries, associates and jointly controlled entities International GAAP Disclosure Checklist 26 Disclosure made Yes No N/A 158 IAS IAS In the parent s (other than a parent covered by IAS ) or venturer s/investor's separate financial statements, does the entity disclose: a. That the financial statements are separate financial statements b. The reasons why those separate financial statements are prepared if not required by law c. A list of significant investments in subsidiaries, jointly controlled entities or associates, including the name, country of incorporation or residence, proportion of ownership interest and, if different, proportion of voting power held d. The method used to account for investments in subsidiaries, associates and jointly controlled entities e. Information to identify the consolidated financial statements of the parent Correction of errors 159 IAS Does the entity report the amount of the correction of an error (unless this would cause undue cost or effort) either: a. By restating the comparative amounts for the prior period(s) in which the error occurred Or b. If the error occurred before the earliest prior period presented, by restating the opening balances of assets, liabilities and retained equity for that period 160 IAS IAS If it is impractical to determine the period-specific effects of an error on comparative information, does the entity restate the opening balance of assets, liabilities and equity for the earliest period for which retrospective restatement is practical 161 IAS If it is impractical to determine the cumulative effect at the beginning of the current reporting period of an error on all prior reporting periods, the entity restates the comparative information to correct the error prospectively from the earliest date practicable IAS The entity excludes the correction of a prior period error from profit or loss for the period in which it discovers the error. The entity restates any information presented about prior periods, including any historical summaries of financial data, as far back as practicable. 162 IAS Does the entity disclose: a. The nature of the error b. The amount of the correction for each prior period presented (to the extent practicable) for each financial statement line item affected IAS c. The amount of the correction for each prior period presented (to the extent practicable) for basic and diluted earnings per share (if IAS 33 applies to the entity) d. The amount of the correction at the beginning of the earliest period presented e. If retrospective restatement is impractical, the circumstances that led to the existence of that condition and a description of how and from when the entity corrected the error IAS Financial statements of subsequent periods need not repeat the disclosures noted in IAS Dividends 163 IAS Does the entity disclose: a. The amount of dividends proposed or declared before the financial statements were authorised for issue, but not recognised as a distribution to owners during the period b. The related amount per share c. The amount of any cumulative preference dividends not recognised Distributions of non-cash assets to owners (IFRIC 17) 164 IFRIC In a distribution of non-cash assets to owners, does the entity disclose: a. The carrying amount of the dividend payable at the beginning and end of the reporting period b. The increase or decrease in the carrying amount of the dividend payable recognised in the reporting period, because of a change in the fair value of the assets to be distributed 165 IFRIC If the entity declares a dividend to distribute a non-cash asset after the end of a reporting period, but before the financial statements are authorised for issue, does the entity disclose: a. The nature of the asset to be distributed b. The carrying amount of the asset to be distributed as of the end of the reporting period c. The fair value of the asset to be distributed as of the end of the reporting period, if it is different from the asset's carrying amount International GAAP Disclosure Checklist 27 Disclosure made Yes No N/A Employee benefits New In June 2011, the IASB revised IAS 19. For the sake of clarity, although most of the disclosures in IAS 19 (revised 2011) are the same as those in the previous standard, all of the IAS 19 (Revised 2011) disclosures are included at the end of this checklist in items 592. - 606. If an entity early applies IAS 19 (Revised 2011), it should make those disclosures and not the ones included under Employee benefits below, except those related to IFRIC 14. Short-term employee benefits IAS IAS Although IAS 19 does not require specific disclosures about short-term employee benefits, other IFRS may require disclosures. For example, IAS 1 requires that the entity disclose employee benefits expense. Other long-term employee benefits IAS IAS Although IAS 19 does not require specific disclosures about other long-term employee benefits, other IFRS may require disclosures. For example, IAS 1 requires that the entity disclose employee benefits expense. Multi-employer plans 166 IAS If a multi-employer plan is a defined benefit plan and the entity accounts for the plan as a defined benefit plan, does the entity make the disclosures in item 171. 167 IAS If sufficient information is not available to use defined benefit accounting for a multi-employer plan that is a defined benefit plan, does the entity disclose: a. The fact that the plan is a defined benefit plan b. The reason why sufficient information is not available to enable the entity to account for the plan as a defined benefit plan c. To the extent that a surplus or deficit in the plan may affect the amount of future contributions: Any available information about that surplus or deficit The basis used to determine that surplus or deficit The implications, if any, for the entity Defined benefit plans that share risks between various entities under common control IAS IAS A defined benefit plan that shares risks between various entities under common control (for example, a parent and its subsidiaries) is not a multi-employer plan. Participation in such a plan is a related party transaction for each entity. The disclosure requirements in item 168. only relate to the entity s separate financial statements. 168 IAS If the entity participates in a defined benefit plan that shares risks between various entities under common control, does the entity disclose the following: a. The contractual agreement or stated policy for charging the net defined benefit cost or the fact that there is no such policy b. The policy for determining the contribution to be paid by the entity c. If the entity accounts for an allocation of the net defined benefit cost under IAS (that is, if the entity shares the risk from the defined benefit plan among entities under common control, measures the plan as a whole, but recognises the net defined benefit cost that relates to the reporting entity only), all the information about the plan as a whole under item 171. d. If the entity accounts for the contribution payable for the reporting period under IAS (that is, if the entity shares the risk from the defined benefit plan among entities under common control, and measures the plan as a whole, but recognises the net defined benefit cost that relates to the reporting entity only), the information about the plan as a whole required under item 171.(b)-(e), (j), (n), (o), (q). IAS , IAS Participation by a parent or subsidiary in a defined benefit plan that shares risks between group entities is a transaction between related parties. The other disclosures required by IAS do not apply to defined benefit plans that share risks between various entities under common control (see item 171.). Defined contribution plans 169 IAS Does the entity disclose the amount recognised as an expense for defined contribution plans 170 IAS Does the entity disclose contributions to defined contribution plans for key management personnel, if required by item 340. International GAAP Disclosure Checklist 28 Disclosure made Yes No N/A Defined benefit plans IAS If the entity has more than one defined benefit plan, it may disclose amounts in total, separately for each plan, or in such groupings as are the most useful. 171 IAS IAS IAS Does the entity disclose the following information that enables users of financial statements to evaluate the nature of its defined benefit plans and the financial effects of changes in those plans during the period: a. The entity s accounting policy for recognising actuarial gains and losses IAS b. The type of plan, including informal practices that result in constructive obligations included in the measurement of the defined benefit obligation under IAS c. A reconciliation of opening and closing balances of the present value of the defined benefit obligation showing separately, if applicable, the effects during the period attributable to each of the following: Current service cost Interest cost Contributions by plan participants Actuarial gains and losses Foreign currency exchange rate changes on plans measured in a currency different from the entity s presentation currency Benefits paid Past service cost Business combinations Curtailments Settlements d. An analysis of the defined benefit obligation into amounts arising from plans that are unfunded and amounts arising from plans that are wholly or partly funded IAS IAS e. A reconciliation of the opening and closing balances of the fair value of plan assets and of the opening and closing balances of any reimbursement right recognised as an asset in accordance with IAS showing separately, if applicable, the effects during the period attributable to each of the following: Expected return on plan assets Actuarial gains and losses Foreign currency exchange rate changes on plans measured in a currency different from the entity s presentation currency Contributions by the employer Contributions by plan participants Benefits paid Business combinations Settlements f. A reconciliation of the present value of the defined benefit obligation in (c) and the fair value of the plan assets in (e) to the assets and liabilities recognised in the statement of financial position, showing at least: The net actuarial gains or losses not recognised in the statement of financial position The past service cost not recognised in the statement of financial position IAS (b) Any amount not recognised as an asset, because of the limit in IAS (b) IAS The fair value at the end of the reporting period of any reimbursement right recognised as an asset in accordance with IAS (with a brief description of the link between the reimbursement right and the related obligation) The other amounts recognised in the statement of financial position g. The total expense recognised in profit or loss for each of the following, and the line item(s) in which they are included: Current service cost Interest cost Expected return on plan assets IAS Expected return on any reimbursement right recognised as an asset in accordance with IAS Actuarial gains and losses Past service cost The effect of any curtailment or settlement International GAAP Disclosure Checklist 29 Disclosure made Yes No N/A IAS (b) The effect of the limit in IAS (b) h. The total amount recognised in the statement of comprehensive income for each of the following: Actuarial gains and losses IAS (b) The effect of the limit in IAS (b) IAS i. For entities that recognise actuarial gains and losses in the income statement or statement of comprehensive income, as applicable, in accordance with IAS , the cumulative amount of actuarial gains and losses recognised j. For each major category of plan assets (which includes, but is not limited to, equity instruments, debt instruments, property and all other assets) the percentage or amount of the fair value of the total plan assets k. The amounts included in the fair value of plan assets for: Each category of the entity s own financial instruments Any property occupied by, or other assets used by, the entity l. The basis used to determine the overall expected rate of return on assets, including the effect of the major categories of plan assets IAS m. The actual return on plan assets, as well as the actual return on any reimbursement right recognised as an asset in accordance with IAS n. The principal actuarial assumptions used (in absolute terms and not just as a margin between different percentages or other variables) as at the end of the reporting period, including, if applicable: The discount rates The expected rates of return on any plan assets for the periods presented in the financial statements IAS The expected rates of return for the periods presented in the financial statements on any reimbursement right recognised as an asset in accordance with IAS The expected rates of salary increases (and of changes in an index or other variable specified in the formal or constructive terms of a plan as the basis for future benefit increases) Medical cost trend rates Any other material actuarial assumptions used o. The effect of a one percent increase and one percent decrease in the assumed medical cost trend rates on: The aggregate of the current service cost and interest cost components of net periodic post-employment medical costs The accumulated post-employment benefit obligation for medical costs IAS (o) For the disclosure, all other assumptions are held constant. For plans operating in a high inflation environment, the disclosure is the effect of a percentage increase or decrease in the assumed medical cost trend rate that is similar to one percent in a low inflation environment. p. The amounts for the current annual period and previous four annual periods of: The present value of the defined benefit obligation, the fair value of the plan assets and the surplus or deficit in the plan The experience adjustments arising on: A. The plan liabilities expressed as either an amount or a percentage of the plan liabilities at the end of the reporting period B. The plan assets expressed as either an amount or a percentage of the plan assets at the end of the reporting period IAS (p), IFRS If the entity is a first-time adopter, the entity may disclose the amounts required by item 171.(p). prospectively from the transition date (see item 29.). q. The employer s best estimate of contributions expected to be paid to the plan during the annual period beginning after the reporting period. 172 IAS If the entity aggregates disclosures for a group of defined benefit plans, are such disclosures in the form of weighted averages or relatively narrow ranges 173 IAS Does the entity disclose the following, if required by items 340. 341: a. Related party transactions with post-employment benefit plans b. Post-employment benefits for key management personnel 174 IAS IAS If required by IAS 37, does the entity disclose information about contingent liabilities arising from post-employment benefit obligations. International GAAP Disclosure Checklist 30 Disclosure made Yes No N/A 175 IAS Does the entity offset an asset relating to one plan against a liability relating to another plan if and only if the entity: a. Has a legally enforceable right to use a surplus in one plan to settle obligations under the other plan And b. Intends to either settle the obligations on a net basis, or realise the surplus in one plan and settle the obligation under the other plan simultaneously Termination benefits 176 IAS Does the entity disclose, as required by item 340., information about the contingent liability unless the possibility of an outflow in settlement is remote If there is uncertainty about the number of employees who will accept an offer of termination benefits, a contingent liability exists. 177 IAS Does the entity disclose the nature and amount of termination benefits 178 IAS Does the entity disclose information about termination benefits for key management personnel, as required by item 340. The limit on a defined benefit asset, minimum funding requirements and their interaction (IFRIC 14) 179 IFRIC Does the entity disclose any restrictions on the current realisability of the surplus (from a defined benefit plan) or the basis used to determine the economic benefit available IFRIC IAS Under IAS 1, the entity discloses key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amount of the net asset or liability on the statement of financial position. Equity IAS An entity without share capital, such as a partnership, discloses information equivalent to that required in item 180., showing movements during the reporting period in each category of equity interest, and the rights, preferences and restrictions attaching to each category of equity interest. 180 IAS Does the entity disclose all of the following for each class of share capital (or for each category of equity interest for an entity without share capital): a. The number of shares authorised b. The number of shares issued and fully paid, and issued but not fully paid c. Par value per share, or that the shares have no par value d. A reconciliation of the shares outstanding at the beginning and at the end of the period e. The rights, preferences and restrictions attaching to that class including restrictions on the distribution of dividends and the repayment of capital IAS IAS f. Shares in the entity held by the entity or by its subsidiaries or associates ( treasury shares ) g. Shares reserved for issue under options and contracts for the sale of shares, including terms and amounts 181 IAS Does the entity disclose the nature and purpose of each reserve within equity 182 IAS IAS Does the entity provide disclosures in accordance with IAS 24, if the entity reacquires its own shares from related parties Members' shares in co-operative entities and similar instruments (IFRIC 2) IFRIC IFRIC The contractual right of the holder of a financial instrument (including members shares in co-operative entities) to request redemption does not, in itself, require a financial instrument to be classified as a financial liability. Rather, the entity must consider all of the terms and conditions of the financial instrument in determining its classification as a financial liability or equity. Those terms and conditions include relevant local laws, regulations and the entity s governing charter that can impose various types of prohibitions on the redemption of members shares. 183 IFRIC If a change in the redemption prohibition of members shares leads to a transfer between financial liabilities and equity, does the entity disclose the amount, timing and reason for the transfer Events after the reporting period 184 IAS Do the disclosures in the financial statements reflect information received after the reporting period that relates to conditions that existed at the end of the reporting period International GAAP Disclosure Checklist 31 Disclosure made Yes No N/A 185 IAS IAS If non-adjusting events after the reporting period are material, and thus non-disclosure could influence the economic decisions of users taken on the basis of the financial statements, does the entity disclose the following for each material category of non-adjusting events after the reporting period (IAS provides examples of such events): a. The nature of the event b. An estimate of its financial effect, or a statement that such an estimate cannot be made Financial guarantee contracts IAS A financial guarantee contract is defined as a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. 186 IAS Does the entity disclose its accounting policy for financial guarantee contracts Financial instruments Items 187. 238. set out the disclosure requirements if the entity DOES NOT adopt IFRS 9 Financial Instruments. If the entity adopts IFRS 9 (issued in 2009), , for financial assets only, refer to items 425. 475. If the entity adopts IFRS 9 (issued in 2010), , for financial assets and financial liabilities, refer to items 481. 533. Classes of financial instruments and level of disclosure 187 IFRS If disclosures are required by class of financial instrument, does the entity: a. Group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments b. Provide sufficient information to permit reconciliation to the relevant items presented in the statement of financial position IFRS - B3 IFRS requires the entity to group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments. These classes are determined by the entity and as such, are distinct from the categories of financial instruments specified in IAS 39. In determining classes of financial instruments, an entity: a. Distinguishes between instruments measured at amortised cost from those measured at fair value b. Treats those financial instruments as a separate class or classes outside the scope of this IFRS The entity decides how much detail it provides to satisfy the requirements, how much emphasis it places on different aspects of the requirements and how it aggregates information to display the overall picture without combining information with different characteristics, in the light of its circumstances. It is necessary to strike a balance between overburdening financial statements with excessive detail that may not assist users of financial statements and obscuring important information as a result of too much aggregation. For example, an entity must not obscure important information by including it among a large amount of insignificant detail. Similarly, an entity must not aggregate information so that it obscures important differences between individual transactions or associated risks. Significance of financial instruments for financial position and performance 188 IFRS Does the entity disclose information that enables users of its financial statements to evaluate the significance of financial instruments to its financial position and performance Statement of financial position - categories of financial assets and financial liabilities 189 IFRS IAS Does the entity disclose the carrying amounts of each of the following categories, as defined in IAS : a. Financial assets at fair value through profit or loss, showing separately: Those designated as such upon initial recognition Those classified as held for trading b. Held-to-maturity investments c. Loans and receivables d. Available-for-sale financial assets International GAAP Disclosure Checklist 32 Disclosure made Yes No N/A e. Financial liabilities at fair value through profit or loss, showing separately: Those designated as such upon initial recognition Those classified as held for trading f. Financial liabilities measured at amortised cost Financial assets or financial liabilities at fair value through profit or loss 190 IFRS IFRS (a) If the entity designated a loan or receivable (or a group of loans or receivables) at fair value through profit or loss, does it disclose: a. The maximum exposure to credit risk of the loan or receivable (or group of loans or receivables) at the end of the reporting period b. The amount by which any related credit derivatives or similar instruments mitigate that maximum exposure to credit risk c. The change, during the period and cumulatively, in the fair value of the loan or receivable (or group of loans or receivables) that is attributable to changes in the credit risk of the financial asset determined either: As the change in its fair value that is not attributable to changes in market conditions that give rise to market risk Or Using an alternative method that the entity believes more faithfully represents the change in its fair value that is attributable to changes in credit risk of the asset IFRS Changes in market conditions that give rise to market risk include changes in an interest rate, commodity price, foreign exchange rate or index of prices or rates. d. The amount of the change in the fair value of any related credit derivatives or similar instruments that has occurred during the period and cumulatively since the loan or receivable was designated 191 IFRS IAS If the entity has designated a financial liability as at fair value through profit or loss in accordance with IAS , does it disclose: a. The change, during the reporting period and cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability determined either: IFRS As the change in its fair value that is not attributable to changes in market conditions that give rise to market risk Or Using an alternate method that the entity believes more faithfully represents the change in its fair value that is attributable to changes in the credit risk of the liability IFRS Changes in market conditions that give rise to market risk include changes in a benchmark interest rate, price of another entity s financial instrument, commodity price, foreign exchange rate or an index of prices or rates. For contracts that include a unit-linking feature, changes in market conditions include changes in the performance of the related internal or external investment fund. b. The difference between the financial liability s carrying amount and the amount the entity would be contractually required to pay at maturity to the holder of the obligation 192 IFRS Does the entity disclose: a. The methods used to comply with the requirements in items 190(c). and 191(a). b. If the entity believes that the disclosure it has given to comply with the requirements in items 190(c). and 191(a). does not faithfully represent the change in the fair value of the financial asset or financial liability attributable to changes in the credit risk: The reasons for reaching this conclusion And The factors the entity believes are relevant Reclassification 193 IFRS IAS If the entity has reclassified a financial asset as one measured: a. At cost or amortised cost, rather than at fair value Or b. At fair value, rather than at cost or amortised cost Does it disclose the amount reclassified into and out of each category and the reason for that reclassification 194 IFRS IAS IAS IAS If the entity reclassifies a financial asset out of the fair value through profit or loss category or out of the available-for-sale category, does it disclose: a. The amount reclassified into and out of each category International GAAP Disclosure Checklist 33 Disclosure made Yes No N/A b. For each reporting period until derecognition, the carrying amounts and fair values of all financial assets that the entity reclassified in the current and previous reporting periods c. If a financial asset is reclassified out of fair value through profit or loss due to rare circumstances, the rare situation and the facts and circumstances indicating that the situation was rare d. For the reporting period when the financial asset was reclassified, the fair value gain or loss on the financial asset recognised in profit or loss or other comprehensive income in that reporting period and in the previous reporting period e. For each reporting period following the reclassification (including the reporting period in which the financial asset was reclassified) until derecognition of the financial asset, the fair value gain or loss that the entity would have recognised in profit or loss or other comprehensive income if the financial asset had not been reclassified, and the gain, loss, income and expense recognised in profit or loss f. The effective interest rate and estimated amounts of cash flows the entity expects to recover, as at the date of reclassification of the financial asset IAS The entity may reclassify a financial asset to which IAS (c) applies (except a financial asset as described in IAS ) out of the fair value through profit or loss category only in rare circumstances. IAS The entity may reclassify a financial asset to which IAS (c) applies that would have met the definition of loans and receivables (if the financial asset had not been required to be classified as held for trading at initial recognition) out of the fair value through profit or loss category if the entity has the intention and ability to hold the financial asset for the foreseeable future or until maturity. IAS The entity may reclassify a financial asset classified as available-for-sale that would have met the definition of loans and receivables (if it had not been designated as available-for-sale) out of the available-for-sale category to the loans and receivables category if the entity has the intention and ability to hold the financial asset for the foreseeable future or until maturity. Transfers of financial assets IFRS The Amendments to IFRS 7 Disclosures Transfers of Financial Assets, issued in October 2010, deleted IFRS and added IFRS - 42H and IFRS An entity applies those amendments for annual periods beginning on or after 1 July 2011. In the first year of application, an entity need not provide comparative disclosures required by the amendments for any period presented that begins before 1 July 2011. 195 IFRS 7 42A Does the entity present the disclosures required in items 196. - 200. in a single note in its financial statements 196 IFRS Does the entity disclose information that enables users of its financial statements to: a. Understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities b. Evaluate the nature of, and risks associated with, the entity s continuing involvement in derecognised financial assets IFRS 7 42A Items 196. 200. supplement the other disclosure requirements of IFRS 7. The entity provides these disclosures for all transferred financial assets that are not derecognised and for any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. For these disclosure requirements, an entity transfers all or part of a financial asset (the transferred financial asset), only if it either: a. Transfers the contractual rights to receive the cash flows of that financial asset Or b. Retains the contractual rights to receive the cash flows of that financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in an arrangement Transferred financial assets that are not derecognised in their entirety 197 IFRS IFRS To meet the objectives in item 196(a), does the entity disclose for each class of transferred financial assets that are not derecognised in their entirety: a. The nature of the transferred assets b. The nature of the risks and rewards of ownership to which the entity remains exposed c. A description of the nature of the relationship between the transferred assets and the associated liabilities, including any restrictions arising from the transfer on the entity s use of the transferred assets International GAAP Disclosure Checklist 34 Disclosure made Yes No N/A d. When the counterparty (counterparties) to the associated liabilities has (have) recourse only to the transferred assets, a schedule that sets out The fair value of the transferred assets The fair value of the associated liabilities The net position e. When the entity continues to recognise all of the transferred assets, the carrying amounts of the transferred assets and the associated liabilities IAS (c)(ii) IAS f. When the entity continues to recognise the assets to the extent of its continuing involvement: The total carrying amount of the original assets before the transfer The carrying amount of the assets that the entity continues to recognise The carrying amount of the associated liabilities Transferred financial assets that are derecognised in their entirety 198 IFRS To meet the objectives in item 196.(b), when the entity derecognises financial assets, but has continuing involvement in them, does the entity disclose for each type of continuing involvement at the reporting date: a. The carrying amount of the assets and liabilities that are recognised in the entity s statement of financial position and represent the entity s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised b. The fair value of the assets and liabilities that represent the entity s continuing involvement in the derecognised financial assets c. The amount that best represents the entity s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined d. The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets Examples of cash outflows to repurchase the derecognised financial assets include, the strike price in an option agreement or the repurchase price in a repurchase agreement. If the cash outflow is variable, then the amount disclosed is based on the conditions that exist at each reporting date. IFRS IFRS IFRS e. A maturity analysis of the undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets, showing the remaining contractual maturities of the entity's continuing involvement The maturity analysis should distinguish cash flows that are required to be paid ( , forward contracts), cash flows that the entity may be required to pay ( , written put options) and cash flows that the entity might choose to pay ( , purchased call options). An entity uses its judgement to determine an appropriate number of time bands in preparing the maturity analysis. If there is a range of possible maturities, the cash flows are included on the basis of the earliest date on which the entity can be required or is permitted to pay. IFRS f. Qualitative information that explains and supports the quantitative disclosures in (a) (e), that includes a description of: The derecognised financial assets and the nature and purpose of the continuing involvement retained after transferring those assets The risks to which an entity is exposed, including: A. A description of how the entity manages the risk inherent in its continuing involvement in the derecognised financial assets B. Whether the entity is required to bear losses before other parties, and the ranking and amounts of losses borne by parties whose interests rank lower than the entity s interest in the asset ( , its continuing involvement in the asset) C. A description of any triggers associated with obligations to provide financial support or to repurchase a transferred financial asset IFRS An entity may aggregate the information required by item 198. for a particular asset if the entity has more than one type of continuing involvement in that derecognised financial asset, and report it under one type of continuing involvement. International GAAP Disclosure Checklist 35 Disclosure made Yes No N/A 199 IFRS Does the entity disclose, for each reporting period for which a statement of comprehensive income is presented, for each type of continuing involvement: IFRS a. The gain or loss recognised at the date of transfer of the assets, including: Whether that gain or loss on derecognition arose because the fair values of the components of the previously recognised asset ( , the interest in the asset derecognised and the interest retained by the entity) were different from the fair value of the previously recognised asset as a whole If that gain or loss on derecognition arose because the fair values of the components of the previously recognised asset were different from the fair value of the previously recognised asset as a whole, whether the fair value measurements included significant inputs that were not based on observable market data b. Income and expenses recognised, both in the reporting period and cumulatively, from the entity s continuing involvement (for example, fair value changes in derivative instruments) c. If the total amount of proceeds from transfer activity (that qualifies for derecognition) in a reporting period is not evenly distributed throughout the reporting period (for example, if a substantial proportion of the total amount of transfer activity takes place in the closing days of a reporting period): When the greatest transfer activity took place within that reporting period (for example, the last five days before the end of the reporting period) The amount recognised (for example, related gains or losses) from transfer activity in that part of the reporting period The total amount of proceeds from transfer activity in that part of the reporting period. Supplementary information 200 IFRS IFRS Does the entity disclose any additional information necessary to meet the disclosure objectives in item 196. IFRS IFRS IFRS IFRS For items 198. - 200., an entity has continuing involvement in a transferred financial asset if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. However, the following do not constitute continuing involvement: a. Normal representations and warranties relating to fraudulent transfer and concepts of reasonableness, good faith and fair dealings that could invalidate a transfer as a result of legal action b. Forward, option and other contracts to reacquire the transferred financial asset for which the contract price (or exercise price) is the fair value of the transferred financial asset c. An arrangement whereby an entity retains the contractual rights to receive the cash flows of a financial asset, but assumes a contractual obligation to pay the cash flows to one or more entities and the conditions in IAS (a) (c) are met IFRS Items 198. - 200. require qualitative and quantitative disclosures for each type of continuing involvement in derecognised financial assets. An entity aggregates its continuing involvement into categories that are representative of the entity's exposure to risks. For example, by type of financial instrument (for example, guarantees or call options) or by type of transfer (for example, factoring of receivables, securitisations and secured lending). Collateral 201 IFRS IAS Does the entity disclose: a. The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities, including amounts reclassified in accordance with IAS b. The terms and conditions relating to the pledge IAS If a transferor provides non-cash collateral (such as debt or equity instruments) to the transferee, the accounting for the collateral by the transferor and the transferee depends on whether the transferee has the right to sell or repledge the collateral and whether the transferor has defaulted. If the transferee has the right by contract or custom to sell or repledge the collateral, then the transferor reclassifies that asset in its statement of financial position (for example, as a loaned asset, pledged equity instruments or repurchase receivable) separately from other assets 202 IFRS If the entity holds collateral (of financial or non-financial assets) and may sell or repledge the collateral in the absence of default by the owner of the collateral, does the entity disclose: a. The fair value of the collateral held b. The fair value of any such collateral sold or repledged, and whether the entity has an obligation to return it c. The terms and conditions associated with its use of this collateral International GAAP Disclosure Checklist 36 Disclosure made Yes No N/A Allowance account for credit losses 203 IFRS If financial assets are impaired by credit losses and the entity records the impairment in a separate account (for example, an allowance account or similar account used to record a collective impairment of assets) rather than directly reducing the carrying amount of the asset, does the entity disclose a reconciliation of changes in that account during the period for each class of financial assets Compound financial instruments with multiple embedded derivatives 204 IFRS If the entity issued an instrument that contains both a liability and an equity component and the instrument has multiple embedded derivatives whose values are interdependent (such as a callable convertible debt instrument), does the entity disclose the existence of those features Defaults and breaches 205 IFRS For loans payable recognised at the end of the reporting period, does the entity disclose: a. Details of any defaults during the period of principal, interest, sinking fund, or redemption terms of those loans payable b. The carrying amount of the loans payable in default at the end of the reporting period c. Whether the default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue 206 IFRS If, during the reporting period, there are breaches of loan agreement terms other than those described in item 205., does the entity disclose the same information as required by item 205. if those breaches permit the lender to demand accelerated repayment (unless the breaches were remedied, or the terms of the loan were renegotiated on or before the end of the reporting period) Statement of comprehensive income and equity Items of income, expense, gains and losses 207 IFRS Does the entity disclose the following items of income, expense, gains or losses: a. Net gains or net losses on: Financial assets or financial liabilities at fair value through profit or loss, showing separately: A. Those on financial assets or financial liabilities designated as such upon initial recognition IAS B. Those on financial assets or financial liabilities that are classified as held for trading in accordance with IAS 39 Available-for-sale financial assets, showing separately: A. The gain or loss recognised in other comprehensive income during the reporting period B. The amount reclassified from equity to profit or loss as a reclassification adjustment for the reporting period Held-to-maturity investments Loans and receivables Financial liabilities measured at amortised cost b. Total interest income and total interest expense (calculated using the effective interest method) for financial assets or financial liabilities that are not at fair value through profit or loss IFRS (d) IFRS (b) For financial instruments that contain a discretionary participation feature, the entity shall disclose the total interest expense recognised in profit or loss as required under IFRS (b) but does not need to calculate such interest expense using the effective interest method. c. Fee income and expense (other than amounts included in determining the effective interest rate) arising from: Financial assets or financial liabilities that are not at fair value through profit or loss Trust and other fiduciary activities that result in the holding or investing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions IAS d. Interest income on impaired financial assets accrued in accordance with of IAS e. Any impairment loss for each class of financial asset Other disclosures Accounting policies 208 IFRS Does the entity disclose, in the summary of significant accounting policies, the measurement basis (or bases) used in preparing the financial statements and the other accounting policies that are relevant to an understanding of the financial statements in relation to financial instruments International GAAP Disclosure Checklist 37 Disclosure made Yes No N/A 209 IFRS Does the entity disclose for financial assets or financial liabilities designated as at fair value through profit or loss: a. The nature of the financial assets or financial liabilities the entity designated as at fair value through profit or loss b. The criteria for so designating such financial assets or financial liabilities on initial recognition IAS IAS IAS c. How the entity satisfied the conditions in IAS , IAS or IAS for such designation: IAS For instruments designated in accordance with the definition of a financial asset or financial liability at fair value through profit or loss in IAS (b)(i), that disclosure includes the circumstances underlying the measurement or recognition inconsistency that would otherwise arise. IAS For instruments designated in accordance with the definition of a financial asset or financial liability at fair value through profit or loss in IAS (b)(ii), that disclosure includes how designation at fair value through profit or loss is consistent with the entity s documented risk management or investment strategy 210 IFRS Does the entity disclose: a. The criteria for designating financial assets as available-for-sale IAS b. Whether regular way purchases and sales of financial assets are accounted for at trade date or at settlement date c. If the entity uses an allowance to reduce the carrying amount of financial assets impaired by credit losses: The criteria for determining when the carrying amount of impaired financial assets is reduced directly (or, in a reversal of a write-down, increased directly) and when the allowance account is used IFRS The criteria for writing off amounts charged to the allowance account against the carrying amount of impaired financial assets IFRS d. How net gains or net losses on each category of financial instrument are determined, for example, whether the net gains or net losses on items at fair value through profit or loss include interest or dividend income IFRS e. The criteria the entity uses to determine that there is objective evidence that an impairment loss has occurred IFRS f. If the terms of financial assets that would otherwise be past due or impaired have been renegotiated, the accounting policy for financial assets that are the subject of renegotiated terms 211 IFRS IAS Does the entity disclose management's judgements for financial instruments that have the most significant effect on the financial statements Hedge accounting 212 IFRS IAS Does the entity disclose the following separately for each type of hedge in IAS 39 (that is, fair value hedges, cash flow hedges and hedges of a net investment in a foreign operations): a. A description of each type of hedge b. A description of the financial instruments designated as hedging instruments c. Their fair values at the end of the reporting period d. The nature of the risks being hedged 213 IFRS For cash flow hedges, does the entity disclose: a. The periods when the cash flows are expected to occur and when they are expected to affect profit or loss b. Any forecast transaction for which hedge accounting had previously been used but which is no longer expected to occur c. The amount recognised in other comprehensive income during the reporting period d. The amount that was reclassified from equity to profit or loss as a reclassification adjustment for the reporting period, showing the amount included in each line item in the statement of comprehensive income e. The amount that was removed from equity during the reporting period and included in the initial cost or other carrying amount of a non-financial asset or non-financial liability whose acquisition or incurrence was a hedged highly probable forecast transaction 214 IFRS Does the entity disclose separately: a. In fair value hedges, gains or losses: On the hedging instrument On the hedged item attributable to the hedged risk b. The ineffectiveness recognised in profit or loss that arises from cash flow hedges c. The ineffectiveness recognised in profit or loss that arises from hedges of net investment in foreign operations International GAAP Disclosure Checklist 38 Disclosure made Yes No N/A Fair value IFRS IFRS A The entity is not required to disclose fair value: a. If the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables b. For an investment in equity instruments that do not have a quoted price in an active market for an identical instrument ( a Level 1 input), or derivatives linked to such equity instruments, that is measured at cost in accordance with IAS 39 because its fair value cannot be measured reliably Or c. For a contract containing a discretionary participation feature, if the fair values of that feature cannot be measured reliably. 215 IFRS IFRS Does the entity disclose for each class of financial assets and financial liabilities the fair value of that class of assets and liabilities in a way that permits it to be compared with its carrying amount (except for those noted in IFRS ). 216 IFRS In disclosing fair values, does the entity group financial assets and financial liabilities into classes, but offset them only to the extent that their carrying amounts are offset in the statement of financial position. IFRS IFRS First-time adopters are exempt from disclosing comparative information in items 219. 220. and 231. (see item 32.). New 217 If an Entity early adopts IFRS 13, items 219. - 221. are not applicable and the requirements of 588. - 591. should be applied 218 IFRS For each class of financial instrument, does the entity disclose: a. The methods used in determining fair value b. If a valuation technique is used to determine fair value, the assumptions applied in determining fair values of each class of financial assets or financial liabilities IFRS An entity, for example, discloses the assumptions for prepayment rates, rates of estimated credit losses, interest rates and discount rates. c. Any change in the valuation technique d. The reasons for that change 219 IFRS For the disclosures required by item 220., does the entity classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: a. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) b. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2) c. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3) IFRS The entity determines the level in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. The entity assesses the significance of an input against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. 220 IFRS For fair value measurements recognised in the statement of financial position, does the entity disclose for each class of financial instruments in a tabular format unless another format is more appropriate: a. The level in the fair value hierarchy into which the fair value measurements are categorised in their entirety, segregating fair value measurements based on the levels defined in item 219. b. Any significant transfers between (into and out of) Level 1 and Level 2 of the fair value hierarchy and the reasons for those transfers, presented separately IFRS Significance is judged with respect to profit or loss, and total assets or total liabilities. International GAAP Disclosure Checklist 39 Disclosure made Yes No N/A c. For fair value measurements in Level 3 of the fair value hierarchy, a reconciliation from the beginning balances to the ending balances, disclosing separately changes during the reporting period attributable to the following: Total gains or losses for the reporting period recognised in profit or loss and a description of where they are presented in the statement of comprehensive income or the separate income statement (if presented) Total gains or losses recognised in other comprehensive income Purchases, sales, issues and settlements (separately for each type of movement) Transfers into or out of Level 3 (for example, transfers attributable to changes in observable market data) and the reasons for those transfers, presented separately d. The amount of total gains or losses for the reporting period in (c.) included in profit or loss that are attributable to gains or losses relating to those assets and liabilities held at the end of the reporting period and a description of where those gains or losses are presented in the statement of comprehensive income or the separate income statement (if presented) e. For fair value measurements in Level 3, if changing one or more of the inputs to reasonably possible alternative assumptions changes fair value significantly, disclose: That fact The effect of those changes How the effect of a change to a reasonably possible alternative assumption was calculated IFRS (e) Significance is judged with respect to profit or loss, and total assets or total liabilities, or, when changes in fair value are recognised in other comprehensive income, total equity. 221 IFRS If, at initial recognition, there is a difference between the transaction price and the single fair value amount at that date determined using a valuation technique that does not use data from observable markets, does the entity disclose (by class of financial instrument): IAS a. Its accounting policy for recognising that difference in profit or loss to reflect a change in factors (including time) that market participants would take into account when pricing the asset or liability IAS An entity subsequently measures a financial asset or financial liability and the subsequent recognition of gains and losses consistently with the requirements of IAS 39. The application of IAS may result in no gain or loss being recognised on the initial recognition of a financial asset or financial liability. In such a case, IAS 39 requires that a gain or loss is recognised after initial recognition only to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the asset or liability. b. The aggregate difference yet to be recognised in profit or loss at the beginning and end of the reporting period and reconcile this difference New IFRS 13 D14 (c) c. If an entity early adopts IFRS 13, why the entity has concluded that the transaction price was not the best evidence of fair value, including a description of the evidence that supports the fair value 222 IFRS In the cases described in IFRS (b) and (c), does the entity disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those financial assets or financial liabilities and their fair value, including: a. The fact that the entity does not disclose fair value for these instruments because their fair value cannot be measured reliably b. A description of the financial instruments, their carrying amount and an explanation of why fair value cannot be measured reliably c. The market for the instruments d. Whether and how the entity intends to dispose of the financial instruments e. If financial instruments whose fair value previously could not be reliably measured are derecognised: That fact Their carrying amount at the time of derecognition The amount of gain or loss recognised Nature and extent of risk arising from financial instruments IFRS IFRS The disclosures required by items 223. 234. focus on the risks that arise from financial instruments and how they have been managed. These risks typically include, but are not limited to, credit risk, liquidity risk and market risk. The disclosures are either given in the financial statements or incorporated by cross-reference in the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. Without the information incorporated by cross-reference, the financial statements are incomplete. International GAAP Disclosure Checklist 40 Disclosure made Yes No N/A 223 IFRS Does the entity disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period. Qualitative disclosures 224 IFRS For each type of risk arising from financial instruments, does the entity disclose: a. The exposures to risk and how they arise b. Its objectives, policies and processes for managing the risk and the methods used to measure the risk c. Any changes in (a) or (b) from the previous period Quantitative disclosures 225 IFRS IAS For each type of risk arising from financial instruments, does the entity disclose: a. Summary quantitative data about its exposure to that risk at the end of the reporting period based on the information provided internally to key management personnel of the entity (as defined in IAS 24), for example, the entity s board of directors and chief executive officer IFRS IAS If the entity uses several methods to manage a risk or an exposure, the entity discloses information using the method or methods that are most relevant and reliable. IAS also discusses relevance and reliability. b. The disclosures required by items 228. 234. to the extent not provided in accordance with (a) c. Concentrations of risk if not apparent from the disclosures made in accordance with (a) and (b) IFRS IFRS Concentrations of risk arise from financial instruments that have similar characteristics and are affected similarly by changes in economic or other conditions. The identification of concentrations of risk requires judgement taking into account the circumstances of the entity (see IFRS ). 226 IFRS For concentrations of risk, does the entity disclose: a. How management determines concentrations b. The shared characteristic that identifies each concentration (for example, counterparty, geographical area, currency and/or market) c. The amount of the risk exposure associated with all financial instruments sharing that characteristic IFRS In accordance with IFRS , disclosures of concentrations of risk includes the shared characteristic that identifies each concentration. For example, the shared characteristic may refer to geographical distribution of counterparties by groups of countries, individual countries or regions within countries. 227 IFRS If the quantitative data disclosed as at the end of the reporting period are unrepresentative of the entity s exposure to risk during the period, does the entity provide further information that is representative. IFRS To meet this requirement, the entity might disclose the highest, lowest and average amount of risk to which it was exposed during the reporting period. For example, if an entity typically has a large exposure to a particular currency, but at the end of the reporting period unwinds the position, the entity might disclose a graph that shows the exposure at various times during the reporting period, or disclose the highest, lowest and average exposures. Credit risk IFRS IFRS (a) requires disclosure of the amount that best represents the entity s maximum exposure to credit risk. For a financial asset, this is typically the gross carrying amount, net of: a. Any amounts offset in accordance with IAS 32 b. Any impairment losses recognised in accordance with IAS 39 Activities that give rise to credit risk and the associated maximum exposure to credit risk include, but are not limited to: a. Granting loans and receivables to customers and placing deposits with other entities. In these cases, the maximum exposure to credit risk is the carrying amount of the related financial assets. b. Entering into derivative contracts such as foreign exchange contracts, interest rate swaps and credit derivatives. If the entity measures the resulting asset at fair value, the maximum exposure to credit risk at the end of the reporting period will equal the carrying amount. c. Granting financial guarantees. In this case, the maximum exposure to credit risk is the maximum amount the entity could have to pay if the guarantee is called on, which may be significantly greater than the amount recognised as a liability. International GAAP Disclosure Checklist 41 Disclosure made Yes No N/A d. Making a loan commitment that is irrevocable over the life of the facility or is revocable only in response to a material adverse change. If the issuer cannot settle the loan commitment net in cash or another financial instrument, the maximum credit exposure is the full amount of the commitment. This is because it is uncertain whether the amount of any undrawn portion may be drawn upon in the future. This may be significantly greater than the amount recognised as a liability. 228 IFRS IAS Does the entity disclose by class of financial instrument: a. The amount that best represents its maximum exposure to credit risk at the end of the reporting period without taking account of any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS ), if the carrying amount does not represent the maximum exposure to credit risk IFRS IFRS b. A description of collateral held as security and of other credit enhancements, and their financial effect (for example, a quantification of the extent to which collateral and other credit enhancements mitigate credit risk) for the amount that best represents the maximum exposure to credit risk (whether disclosed in accordance with (a) or represented by the carrying amount of a financial instrument) IFRS IFRS c. The credit quality of financial assets that are neither past due nor impaired Financial assets that are either past due or impaired 229 IFRS Does the entity disclose by class of financial asset: IFRS a. An analysis of the age of financial assets that are past due as at the end of the reporting period but not impaired IFRS b. An analysis of financial assets that are individually determined to be impaired as at the end of the reporting period, including the factors the entity considered in determining that they are impaired Collateral and other credit enhancements obtained 230 IFRS If the entity obtains financial or non-financial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements (for example, guarantees), and such assets meet the recognition criteria in other IFRS, does the entity disclose for such assets held at the reporting date: a. The nature and carrying amount of the assets obtained b. If the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations Liquidity risk 231 IFRS Does the entity disclose: a. A maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities IFRS IFRS IFRS An entity discloses summary quantitative data about its exposure to liquidity risk on the basis of information provided internally to key management personnel. An entity explains how those data are determined. IFRS IFRS In preparing the maturity analyses, the entity uses its judgement to determine appropriate time bands, which are consistent with how the entity manages risk. In preparing the maturity analyses, the entity does not separate an embedded derivative from a hybrid (combined) financial instrument. If the counterparty has a choice of when an amount is paid, the liability is included on the earliest date on which the entity can be required to pay. For example, financial liabilities that an entity must repay on demand (such as demand deposits) are included in the earliest time band. If the entity is committed to make amounts available in instalments, each instalment is allocated to the earliest period in which the entity can be required to pay. For example, an undrawn loan commitment is included in the time band containing the earliest date it can be drawn down. For issued guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. The amounts in the maturity analysis are the contractual undiscounted cash flows. Such undiscounted cash flows differ from the amount included in the statement of financial position because the statement of financial position amount is based on discounted cash flows. If the amount payable is not fixed, the entity discloses the amount based on the conditions existing at the end of the reporting period. For example, if the amount payable varies with changes in an index, the amount disclosed may be based on the level of the index at the end of the reporting period. b. A maturity analysis for derivative financial liabilities, which includes the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows International GAAP Disclosure Checklist 42 Disclosure made Yes No N/A IFRS For example: a. An interest rate swap with a remaining maturity of five years in a cash flow hedge of a variable rate financial asset or liability b. All loan commitments. c. How it manages the liquidity risk inherent in (a) and (b) IFRS IFRS The entity discloses a maturity analysis of financial assets it holds for managing liquidity risk (for example, financial assets that are readily saleable or expected to generate cash inflows to meet cash outflows on financial liabilities), if that information is necessary to enable users of its financial statements to evaluate the nature and extent of liquidity risk. Other factors that the entity considers in item 231. (c). include, but are not limited to, whether the entity has the following: a. Committed borrowing facilities (for example, commercial paper facilities) or other lines of credit (for example, stand-by credit facilities) that it can access to meet liquidity needs b. Deposits at central banks to meet liquidity needs c. Very diverse funding sources d. Significant concentrations of liquidity risk in either its assets or its funding sources e. Internal control processes and contingency plans for managing liquidity risk f. Instruments that include accelerated repayment terms (for example, upon the downgrade of the entity s credit rating) g. Instruments that could require the posting of collateral (for example, margin calls for derivatives) h. Instruments that allow the entity to choose whether it settles its financial liabilities by delivering cash (or another financial asset) or by delivering its own shares Or i. Instruments that are subject to master netting agreements. IFRS d. Unless the information is included in the contractual maturity analysis required by item 231. (a) or (b), does the entity state that fact and provide quantitative information that enables users of its financial statements to evaluate the extent of this risk if the outflow of cash (or another financial asset) could either: Occur significantly earlier than indicated in the data Or Be for significantly different amounts from those indicated in the data (for example, for a derivative that is included in the data on a net settlement basis, but for which, the counterparty has the option to require gross settlement) Market risk Sensitivity analysis 232 IFRS Unless the entity complies with item 233., does the entity disclose: IFRS IFRS a. A sensitivity analysis for each type of market risk to which the entity is exposed at the end of the reporting period, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at the end of the reporting period b. The methods and assumptions used in preparing the sensitivity analysis c. Changes from the previous period in the methods and assumptions used and reasons for such changes IFRS - B21 In accordance with IFRS , the entity decides how it aggregates information to display the overall picture without combining information with the different characteristics about exposures to risks from significantly different economic environments. If the entity is exposed to only one type of market risk in only one economic environment, it does not show disaggregated information. For this purpose: a. Entities disclose the effect on profit or loss and equity at the end of the reporting period, assuming that a reasonably possible change in the relevant risk variable had occurred at the end of the reporting period and had been applied to the risk exposures in existence at that date. For example, if an entity has a floating rate liability at the end of the year, the entity would disclose the effect on profit or loss (that is, interest expense) for the current year if interest rates had varied by reasonably possible amounts. b. Entities are not required to disclose the effect on profit or loss and equity for each change within a range of reasonably possible changes of the relevant risk variable. Disclosure of the effects of the changes at the limits of the reasonably possible range are sufficient. International GAAP Disclosure Checklist 43 Disclosure made Yes No N/A In determining what a reasonably possible change in the relevant risk variable is, the entity considers the following: a. The economic environments in which it operates. A reasonably possible change does not include remote or worst case scenarios or stress tests . Moreover, if the rate of change in the underlying risk variable is stable, the entity need not alter the chosen reasonably possible change in the risk variable. The entity discloses the effect on profit or loss and equity if interest rates were to change to 5% or 6%. The entity is not required to revise its assessment that interest rates might reasonably fluctuate, unless there is evidence that interest rates have become significantly more volatile. b. The time frame over which it is making the assessment. The sensitivity analysis shows the effects of changes that are considered reasonably possible over the period until the entity will next present these disclosures, which is usually its next annual reporting period. 233 IFRS If the entity prepares a sensitivity analysis, such as a value-at-risk, that reflects interdependencies between risk variables (for example, interest rates and exchange rates) and uses it to manage financial risks, it may use that sensitivity analysis in place of the analysis in item 232. If the entity uses such a sensitivity analysis does the entity also explain: a. The method used in preparing such a sensitivity analysis, and the main parameters and assumptions underlying the data b. The objective of the method used and limitations that may result in the information not fully reflecting the fair value of the assets and liabilities involved IFRS -B24 Currency risk Currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency. An entity discloses a sensitivity analysis for each currency to which it has significant exposure. IFRS -B28 Other price risk Other price risk arises on financial instruments because of changes in, for example, commodity prices or equity prices. To comply with IFRS , the entity might disclose the effect of a decrease in a specified stock market index, commodity price, or other risk variable. For example, if an entity gives residual value guarantees that are financial instruments, the entity discloses an increase or decrease in the value of the assets to which the guarantee applies. Two examples of financial instruments that give rise to equity price risk are a holding of equities in another entity and an investment in a trust, which in turn, holds investments in equity instruments. The fair values of such financial instruments are affected by changes in the market price of the underlying equity instruments. Under IFRS (a), an entity discloses the sensitivity of profit or loss separately from the sensitivity of equity. For example, the sensitivity from instruments classified as at fair value through profit or loss and impairments of available-for-sale financial assets are disclosed separately from the sensitivity of instruments classified as available-for-sale or investments in equity instruments whose changes in fair value are presented in other comprehensive income. Financial instruments that the entity classifies as equity instruments are not remeasured. Neither profit or loss or equity will be affected by the equity price risk of those instruments. Accordingly, no sensitivity analysis is required. Other market risk disclosures 234 IFRS If the sensitivity analyses in items 232. and 233. are unrepresentative of a risk inherent in a financial instrument (for example, because the exposure at the end of the reporting period does not reflect the exposure during the reporting period), does the entity disclose that fact and the reason it believes the sensitivity analyses are unrepresentative. IFRS The entity discloses additional information if the sensitivity analysis is unrepresentative of a risk inherent in a financial instrument. For example, this can occur if: a. A financial instrument contains terms and conditions whose effects are not apparent from the sensitivity analysis. For example, options that remain out of (or in) the money for the chosen change in the risk variable. IFRS b. Financial assets are illiquid. For example, if there is a low volume of transactions in similar assets and the entity finds it difficult to find a counterparty. Or IFRS c. The entity has a large holding of a financial asset that, if sold in its entirety, would be sold at a discount or premium to the quoted market price for a smaller holding. International GAAP Disclosure Checklist 44 Disclosure made Yes No N/A Puttable instruments and other similar instruments classified as equity 235 IAS If the entity reclassifies: A puttable financial instrument classified as an equity instrument Or An instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation, and is classified as an equity instrument between financial liabilities and equity, does it disclose: a. The amount reclassified into and out of each category (financial liabilities or equity) b. The timing of the reclassification c. The reason for the reclassification 236 IAS For puttable financial instruments classified as equity instruments, does the entity disclose: a. Summary quantitative data about the amount classified as equity b. Its objectives, policies and processes for managing its obligation to repurchase or redeem the instruments if required to do so by the instrument holders, including any changes from the previous period c. The expected cash outflow on redemption or repurchase of that class of financial instruments d. Information about how the expected cash outflow on redemption or repurchase was determined 237 IAS If the entity is a limited life entity, does it disclose the length of its life Extinguishing financial liabilities with equity instruments (IFRIC 19) 238 IFRIC Does the entity disclose a gain or loss recognised in accordance with paragraphs 9 and 10 of IFRIC 19 as a separate line item in profit or loss in the income statement or in the notes IFRIC IFRIC IFRIC 19 provides guidance for the accounting when an entity renegotiates terms of a liability, with the result that a debtor extinguishes a financial liability fully or partially by issuing equity instruments to the creditor. Foreign currency IAS In a group, 'functional currency refers to the functional currency of the parent. 239 IAS IAS Does the entity disclose the following information: a. The amount of exchange differences recognised in profit or loss except for those arising on financial instruments measured at fair value through profit or loss b. Net exchange differences classified in a separate component of equity, and a reconciliation of the amount of such exchange differences at the beginning and end of the period 240 IAS If the presentation currency is different from the functional currency, does the entity disclose: a. That fact b. The functional currency c. The reason for using a different presentation currency 241 IAS If there is a change in the functional currency of either the reporting entity or a significant foreign operation, does the entity disclose: a. That fact b. The reason for the change in functional currency 242 IAS IAS IAS If the entity presents its financial statements in a currency that is different from its functional currency, does it describe the financial statements as complying with IFRS only if they comply with all the requirements of each applicable IFRS, including the translation method set out in IAS and IAS 243 IAS IAS If the entity presents its financial statements or other financial information in a currency that is different from either its functional currency or its presentation currency and the requirements of IAS are not met, does the entity disclose: a. That the information is supplementary information to distinguish it from the information that complies with IFRS b. The currency in which the supplementary information is displayed c. The functional currency and the method of translation used to determine the supplementary information International GAAP Disclosure Checklist 45 Disclosure made Yes No N/A Fourth quarter information 244 IAS If an estimate of an amount reported in a previous interim period is changed significantly during the final interim period of the financial year, but a separate financial report is not published for that final interim period, has the following information been disclosed in a note to the annual financial statements for that financial year: a. The nature of that change in estimate b. The amount of that change in estimate Goodwill 245 IFRS (d) Does the entity disclose the following information to enable users of its financial statements to evaluate changes in the carrying amount of goodwill during the reporting period: a. The gross amount of goodwill and accumulated impairment losses at the beginning of the reporting period IFRS b. Additional goodwill recognised during the reporting period, except goodwill included in a disposal group that, on acquisition, meets the criteria to be classified as held for sale in accordance with IFRS 5 c. Adjustments resulting from the subsequent recognition of deferred tax assets during the reporting period IFRS d. Goodwill included in a disposal group classified as held for sale in accordance with IFRS 5 and goodwill derecognised during the period without having previously been included in a disposal group classified as held for sale e. Impairment losses recognised during the reporting period in accordance with IAS 36 f. Net exchange differences arising during the reporting period in accordance with IAS 21 g. Any other changes in the carrying amount during the reporting period h. The gross amount of goodwill and accumulated impairment losses at the end of the reporting period 246 IAS If the initial allocation of goodwill acquired in a business combination is incomplete at the end of the reporting period, and therefore, the entity does not allocate goodwill to a cash generating unit (group of units) at the reporting date, does the entity disclose: a. The unallocated goodwill b. The reasons why that amount remains unallocated Government grants 247 IAS Does the entity disclose the following information on government grants: a. The accounting policy for government grants b. The methods of presentation in the financial statements c. The nature and extent of government grants recognised in the financial statements d. An indication of other forms of government assistance from which the entity has directly benefited e. Any unfulfilled conditions and other contingencies attaching to government assistance that has been recognised Hyperinflation 248 IAS Does the entity disclose: a. That the financial statements and the corresponding figures for previous periods have been restated for the changes in the general purchasing power of the functional currency and, as a result, are stated in terms of the measuring unit current at the end of the reporting period b. Whether the financial statements are based on a historical cost approach or a current cost approach c. The identity and level of the price index at the end of the reporting period and the movement in the index during the current and the previous reporting period 249 IAS IAS IAS Does the entity separately disclose the gain or loss on the net monetary position (which results from the application of IAS ) 250 IAS Does the entity disclose its accounting policy for its restatement approach Impairment of assets 251 IAS Does the entity disclose the following information for each class of assets: a. The amount of impairment losses recognised in profit or loss during the period and the line item(s) of the statement of comprehensive income in which those impairment losses are included International GAAP Disclosure Checklist 46 Disclosure made Yes No N/A b. The amount of reversals of impairment losses recognised in profit or loss during the period and the line item(s) of the statement of comprehensive income in which those impairment losses are reversed c. The amount of impairment losses on revalued assets recognised in other comprehensive income during the reporting period d. The amount of reversals of impairment losses on revalued assets recognised in other comprehensive income during the reporting period 252 IAS IFRS If the entity reports segment information under IFRS 8, does it disclose the following for each reportable segment: a. The amount of impairment losses recognised in profit or loss and in other comprehensive income during the reporting period b. The amount of reversals of impairment losses recognised in profit or loss and in other comprehensive income during the reporting period 253 IAS If an impairment loss for an individual asset, including goodwill, or a cash-generating unit is recognised or reversed during the period and is material, does the entity disclose: a. The events and circumstances that led to the recognition or reversal of the impairment loss b. The amount of the impairment loss recognised or reversed c. For an individual asset: The nature of the asset If the entity reports segment information under IFRS 8, the reportable segment to which the asset belongs d. For a cash-generating unit: A description of the cash-generating unit (such as whether it is a product line, a plant, a business operation, a geographical area, or a reportable segment as defined in IFRS 8) The impairment loss recognised or reversed by class of assets and by reportable segment if the entity reports segment information under IFRS 8 If the aggregation of assets for identifying the cash-generating unit changed since the previous estimate of the cash-generating unit s recoverable amount, the entity discloses the current and former way of aggregating assets and the reasons for changing the way the cash-generating unit is identified e. Whether the recoverable amount of the asset (cash-generating unit) is its fair value less costs to sell or its value in use f. If recoverable amount is fair value less costs to sell, the basis used to determine fair value less costs to sell (such as whether fair value was determined by reference to an active market) g. If recoverable amount is value in use, the discount rate(s) used in the current estimate and previous estimate of value in use 254 IAS Does the entity disclose the following for the aggregate impairment losses and the aggregate reversals of impairment losses recognised for which no information is disclosed under item 253.: a. The main classes of assets affected by impairment losses and the main classes of assets affected by reversals of impairment losses b. The main events and circumstances that led to the recognition of these impairment losses and reversals of impairment losses 255 IAS Does the entity disclose the assumptions used to determine the recoverable amount of assets (cash-generating units) during the period 256 IAS Does the entity disclose the following for each cash-generating unit (group of units) for which the carrying amount of goodwill or intangible assets with indefinite useful lives allocated to that unit (group of units) is significant in comparison with the entity s total carrying amount of goodwill or intangible assets with indefinite useful lives: a. The carrying amount of goodwill allocated to the unit (group of units) b. The carrying amount of intangible assets with indefinite useful lives allocated to the unit (group of units) c. The basis on which the unit s (group of units ) recoverable amount has been determined (that is, value in use or fair value less costs of disposal) International GAAP Disclosure Checklist 47 Disclosure made Yes No N/A d. If the unit s (group of units ) recoverable amount is based on value in use: Each key assumption on which management has based its cash flow projections for the period covered by the most recent budgets/forecasts Management s approach to determining the value(s) assigned to each key assumption, whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information The period over which management has projected cash flows based on financial budgets/forecasts approved by management and, if a period greater than five years is used for a cash-generating unit (group of units), an explanation of why that longer period is justified The growth rate used to extrapolate cash flow projections beyond the period covered by the most recent budgets/forecasts The justification for using any growth rate that exceeds the long-term average growth rate for the products, industries, or country or countries in which the entity operates, or for the market to which the unit (group of units) is dedicated The discount rate(s) applied to the cash flow projections e. If the unit s (group of units ) recoverable amount is based on fair value less costs of disposal, the valuation techniques used to measure fair value less costs of disposal. An entity is not required to provide the disclosures required by IFRS 13. If fair value less costs of disposal is not measured using a quoted price for an identical unit (group of units), does the entity disclose the following information: Each key assumption on which management based its determination of fair value less costs to sell Management s approach to determining the value(s) assigned to each key assumption, whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information New f. If the entity has early adopted IFRS 13, has the entity disclosed: New The level of the fair value hierarchy (see IFRS 13) within which the fair value measurement is categorised in its entirety (without giving regard to the observability of costs of disposal ) New If there has been a change in valuation technique, the change and the reason for making it g. If a reasonably possible change in a key assumption on which management has based its determination of the unit s (group of units ) recoverable amount would cause the unit s (group of units ) carrying amount to exceed its recoverable amount: The amount by which the unit s (group of units ) recoverable amount exceeds its carrying amount The value assigned to the key assumption The amount by which the value assigned to the key assumption must change, after incorporating any consequential effects of that change on the other variables used to measure recoverable amount, in order for the unit s (group of units ) recoverable amount to be equal to its carrying amount New 257 IFRS If the entity has early adopted IFRS 13, for 256 (c) does it also disclose the recoverable amount of the unit (or group of units) as well as the basis for determining the recoverable amount 258 IAS (e) If the entity determines fair value less costs to sell using discounted cash flow projections, does it disclose: a. The period over which management projected cash flows b. The growth rate used to extrapolate cash flow projections c. The discount rate(s) applied to the cash flow projections 259 IAS If some or all of the carrying amount of goodwill or intangible assets with indefinite useful lives is allocated across multiple cash-generating units (groups of units), and the amount allocated to each unit (group of units) is not significant in comparison with the entity s total carrying amount of goodwill or intangible assets with indefinite useful lives, does the entity disclose: a. That fact b. The aggregate carrying amount of goodwill or intangible assets with indefinite useful lives allocated to those units (groups of units) 260 IAS If the recoverable amounts of any of those units (groups of units) are based on the same key assumption(s) and the aggregate carrying amount of goodwill or intangible assets with indefinite useful lives allocated to them is significant in comparison with the entity s total carrying amount of goodwill or intangible assets with indefinite useful lives, does the entity disclose: a. That fact b. The aggregate carrying amount of goodwill allocated to those units (groups of units) International GAAP Disclosure Checklist 48 Disclosure made Yes No N/A c. The aggregate carrying amount of intangible assets with indefinite useful lives allocated to those units (groups of units) d. The key assumption(s) e. Management s approach to determining the value(s) assigned to the key assumption(s), whether those value(s) reflect past experience or, if appropriate, are consistent with external sources of information, and, if not, how and why they differ from past experience or external sources of information f. If a reasonably possible change in the key assumption(s) would cause the aggregate of the units (groups of units ) carrying amounts to exceed the aggregate of their recoverable amounts: The amount by which the aggregate of the units (groups of units ) recoverable amounts exceeds the aggregate of their carrying amounts The value(s) assigned to the key assumption(s) The amount by which the value(s) assigned to the key assumption(s) must change, after incorporating any consequential effects of the change on the other variables used to measure recoverable amount, in order for the aggregate of the units (groups of units ) recoverable amounts to be equal to the aggregate of their carrying amounts Income taxes IAS If the entity recognises exchange differences on deferred foreign tax liabilities or assets in the statement of comprehensive income, it may classify such differences as deferred tax expense (income), if that presentation is most useful to financial statement users. 261 IAS IAS Does the entity disclose: a. The current tax expense (income) b. Any adjustments recognised in the period for current tax of prior periods c. The deferred tax expense (income) relating to the origination and reversal of temporary differences d. The deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes e. The benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense f. The benefit from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce deferred tax expense g. Deferred tax expense arising from the write-down, or reversal of a previous write-down, of a deferred tax asset h. The tax expense (income) relating to those changes in accounting policies and errors that are included in profit or loss in accordance with IAS 8 because they cannot be accounted for retrospectively 262 IAS Does the entity separately disclose the following information: a. The aggregate current and deferred tax relating to items recognised outside of profit or loss b. The relationship between tax expense (income) and accounting profit or loss in either or both of the following forms: A numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate(s), disclosing also the basis on which the applicable tax rate(s) is (are) computed Or A numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on which the applicable tax rate is computed c. The changes in the applicable tax rate(s) compared to the previous accounting period d. For deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognised in the statement of financial position: The amount Expiry date, if any IAS e. The aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures, for which deferred tax liabilities have not been recognised International GAAP Disclosure Checklist 49 Disclosure made Yes No N/A f. For each type of temporary difference and for each type of unused tax losses and unused tax credits: The amount of the deferred tax assets and liabilities recognised in the statement of financial position for each period presented The amount of the deferred tax income or expense recognised in profit and loss if this is not apparent from the changes in the amounts recognised in the statement of financial position g. For discontinued operations, the tax expense relating to: The gain or loss on discontinuance The profit or loss from the discontinuing operation for the period, together with the corresponding amounts for each prior period presented h. The amount of income tax consequences of dividends to shareholders of the entity that were proposed or declared before the financial statements were authorised for issue, but are not recognised as a liability in the financial statements 263 IAS Does the entity disclose: IAS a. If a business combination in which the entity is the acquirer causes a change in the amount recognised for its pre-acquisition deferred tax asset, the amount of that change IAS b. If the deferred tax benefits acquired in a business combination are not recognised at the acquisition date, but are recognised after the acquisition date, the event or change in circumstances that caused the deferred tax benefits to be recognised IAS (a)(b) If the entity recognises acquired deferred tax benefits in the measurement period based on new information about facts and circumstances that existed at the acquisition date, it recognises the adjustment as a reduction in goodwill related to that acquisition. If the carrying amount of goodwill is zero, it recognises all other acquired deferred tax benefits in profit or loss. All other acquired deferred tax benefits realised are recognised in profit or loss. IAS If a deferred tax asset arises on a business combination from the initial recognition of goodwill (if the carrying amount of the goodwill is less than the tax base), it is only recognised as part of the accounting for a business combination to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised. 264 IAS Does the entity disclose the unrecognised deferred tax liabilities associated with investments in subsidiaries, branches and associates and interests in joint ventures, for which it has not recognised deferred tax liabilities, if this disclosure does not require undue cost or effort 265 IAS If (1) the utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal of existing taxable temporary differences, and (2) the entity has suffered a loss in either the current or preceding period in the tax jurisdiction to which the deferred tax asset relates, does the entity disclose the following: a. The amount of a deferred tax asset b. The nature of the evidence supporting its recognition 266 IAS In some jurisdictions, income taxes are payable at a higher or lower rate if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity. In some other jurisdictions, income taxes may be refundable or payable if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity. In these circumstances, does the entity disclose: IAS a. The nature of the potential income tax consequences that would result from the payment of dividends to its shareholders, including the important features of the income tax systems and the facts that will affect the amount of the potential income tax consequences of dividends b. The amounts of the potential income tax consequences determinable without undue cost or effort c. Any potential income tax consequences that cannot be determined without undue cost or effort 267 IAS It may sometimes require undue cost or effort to compute the total amount of the potential income tax consequences that would result from the payment of dividends to shareholders. However, in such circumstances, it may be possible to compute some portions of the total, for example: a. If in a consolidated group, a parent and some of its subsidiaries (1) have paid income taxes at a higher rate on undistributed profits, and (2) are aware of the amount that would be refunded on the payment of future dividends to shareholders from consolidated retained earnings, does the entity disclose the refundable amount b. If applicable, does the entity disclose that there are additional potential income tax consequences that cannot be determined without undue cost or effort International GAAP Disclosure Checklist 50 Disclosure made Yes No N/A c. Do the parent s separate financial statements, if any, disclose the potential income tax consequences relating to the parent s retained earnings 268 IAS , IAS Does the enterprise disclose any tax-related contingent liabilities and contingent assets in accordance with IAS 37 IAS Contingent liabilities and contingent assets may arise, for example, from unresolved disputes with the taxation authorities. Item 269. sets out the disclosure requirements if an entity adopts the Amendments to IAS 12 Deferred Tax: Recovery of Underlying Assets. 269 IAS If an entity adopts The Amendments to IAS 12 Deferred Tax: Recovery of Underlying Assets for annual periods beginning before 1 January 2012, does the entity disclose that fact The Amendments to IAS 12 Deferred Tax: Recovery of Underlying Assets, issued in December 2010, renumbered IAS as IAS ; amended IAS , IAS , IAS and the examples following IAS and IAS , and added paragraphs IAS , IAS and IAS The Amendments to IAS 12 Deferred Tax: Recovery of Underlying Assets, superseded SIC Interpretation 21 Income Taxes - Recovery of Revalued Non-Depreciable Assets. An entity applies those amendments for annual periods beginning on or after 1 January 2012. Early application is permitted. Intangible assets 270 IAS Does the entity disclose the following for each class of intangible assets, distinguishing between internally generated intangible assets and other intangible assets: a. Whether the useful lives are indefinite or finite and, if finite, the useful lives or the amortisation rates used b. The amortisation methods used for intangible assets with finite useful lives c. The gross carrying amount and the accumulated amortisation (aggregated with accumulated impairment losses): At the beginning of the reporting period At the end of the reporting period d. The line item(s) of the statement of comprehensive income in which any amortisation of intangible assets is included e. A reconciliation of the carrying amount at the beginning and end of the reporting period, showing: Additions during the period, indicating separately those from internal development, those acquired separately, and those acquired through business combinations IFRS Assets classified as held for sale or included in a disposal group classified as held for sale under IFRS 5 and other disposals IAS IAS IAS IAS Increases or decreases during the reporting period resulting from revaluations under IAS , IAS and IAS , and from impairment losses recognised or reversed in other comprehensive income under IAS 36, if any IAS Impairment losses recognised in profit or loss during the reporting period under IAS 36, if any IAS Impairment losses reversed in profit or loss during the reporting period under IAS 36, if any Any amortisation recognised during the reporting period Net exchange differences arising on the translation of the financial statements into the presentation currency, and on the translation of a foreign operation into the presentation currency of the reporting entity Other changes in the carrying amount during the reporting period 271 IAS Does the entity disclose: a. For an intangible asset assessed as having an indefinite useful life, the carrying amount of that asset and reasons supporting the assessment of an indefinite useful life b. In giving the reasons in (a), does the entity disclose the factor(s) that play a significant role in determining that the asset has an indefinite useful life c. For any individual intangible asset that is material to the entity s financial statements: A description of that intangible asset The carrying amount Remaining amortisation period International GAAP Disclosure Checklist 51 Disclosure made Yes No N/A d. For intangible assets acquired by way of a government grant and initially recognised at fair value: The fair value initially recognised for these assets Their carrying amount Whether they are measured after recognition under the cost model or the revaluation model e. The existence and carrying amounts of intangible assets whose title is restricted and the carrying amounts of intangible assets pledged as security for liabilities f. The amount of contractual commitments for the acquisition of intangible assets Revalued intangible assets 272 IAS If the entity accounts for intangible assets at revalued amounts, does the entity disclose: a. By class of intangible assets: The effective date of the revaluation The carrying amount of revalued intangible assets IAS The carrying amount that would have been recognised had the revalued class of intangible assets been measured after recognition using the cost model in IAS b. The amount of the revaluation surplus that relates to intangible assets at the beginning and end of the reporting period, indicating the changes during the reporting period and any restrictions on the distribution of the balance to shareholders c. The method and significant assumptions applied in estimating the assets fair values (in case of early adoption of IFRS 13 this disclosure should be replaced by items 588. - 591.) Research and development 273 IAS Does the entity disclose the aggregate amount of research and development expenditure recognised as an expense during the reporting period Other information 274 IAS Does the entity disclose : a. Any fully amortised intangible asset that is still in use b. Significant intangible assets controlled by the entity but not recognised as assets because they do not meet the recognition criteria of IAS 38 or because they were acquired or generated before the version of IAS 38 issued in 1998 was effective Interests in joint ventures New IFRS IFRS Disclosures in items below are related to joint ventures under IAS 31. If an entity has early adopted IFRS 11 and, consequently, IFRS 10, IFRS 12 and IAS 27 and IAS 28 modified in 2011, disclosure requirements are included in items below. IAS Investments in joint ventures that are held by venture capital organisations, mutual funds, unit trusts, and similar entities including investment-linked insurance funds that, upon initial recognition, are designated as at fair value through profit or loss or are classified as held for trading are not within the scope of IAS 31, but accounted for under IAS 39 or IFRS 9, as appropriate. However, the entity holding such investment discloses the information required by items 275 IAS IFRS Does the entity classify its interests in jointly controlled entities as held for sale and account for it in accordance with IFRS 5 if: a. Its carrying amount will be recovered principally through a sale transaction rather than through continuing use And b. It is available for immediate sale in its present condition and its sale is highly probable 276 IAS Does the entity (venturer) disclose the aggregate amount of the following contingent liabilities, unless the probability of loss is remote, separately from the amount of other contingent liabilities: a. Any contingent liabilities that the venturer has incurred in relation to its interests in joint ventures and its share in each of the contingent liabilities that have been incurred jointly with other venturers b. Its share of the contingent liabilities of the joint ventures themselves for which it is contingently liable c. Those contingent liabilities that arise because the venturer is contingently liable for the liabilities of the other venturers of a joint venture International GAAP Disclosure Checklist 52 Disclosure made Yes No N/A 277 IAS Does the entity (venturer) disclose the aggregate amount of the following commitments for its interests in joint ventures separately from other commitments: a. Any capital commitments of the venturer in relation to its interests in joint ventures and its share in the capital commitments that have been incurred jointly with other venturers b. Its share of the capital commitments of the joint ventures themselves 278 IAS Does the entity (venturer) disclose: a. A listing of interests in significant joint ventures b. The interests in significant joint ventures c. The proportion of ownership interest held in jointly controlled entities 279 IAS If the entity (venturer) recognises its interests in jointly controlled entities using the line-by-line reporting format for proportionate consolidation or the equity method, does it disclose the aggregate amounts related to its interests in joint ventures of each of: a. Current assets b. Long-term assets c. Current liabilities d. Long-term liabilities e. Income f. Expenses 280 IAS Does the entity (venturer) disclose the method it uses to recognise its interests in jointly controlled entities Inventories 281 IAS Does the entity disclose: a. The accounting policies for measuring inventories, including the cost formula used b. The total carrying amount of inventories and the carrying amount in classifications appropriate to the entity IAS Common classifications of inventories are merchandise, production supplies, materials, work in progress and finished goods. A service provider may describe inventories as work in progress. c. The carrying amount of inventories carried at fair value less costs to sell d. The amount of inventories recognised as an expense during the period e. The amount of any write-down of inventories recognised as an expense in the period f. The amount of any reversal of any write-down that is recognised as a reduction in the amount of inventories recognised as expense in the period g. The circumstances or events that led to the reversal of a write-down of inventories h. The carrying amount of inventories pledged as security for liabilities Investment property IAS The disclosures set out in items apply in addition to those in IAS 17. Under IAS 17, an owner of an investment property provides lessor's disclosures about leases into which it has entered. Under IAS 17, an entity that holds an investment property under a finance or an operating lease provides lessee's disclosures for finance leases and lessor's disclosures for any operating leases into which it has entered. Fair value model and cost model 282 IAS Does the entity disclose: a. Whether it applies the fair value model or the cost model b. If it applies the fair value model, whether, and in what circumstances, property interests held under operating leases are classified and accounted for as investment property c. If classification is difficult, the criteria the entity uses to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business d. The methods and significant assumptions applied in determining the fair value of investment property (If IFRS 13 is early adopted this disclosure will be replaced for those indicated in items ) e. A statement of whether fair value is supported by market evidence or is more heavily based on other factors (which the entity discloses) because of the nature of the property and lack of comparable market data f. The extent to which the fair value of investment property (as measured or disclosed in the financial statements) is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and who has recent experience in the location and category of the investment property being valued International GAAP Disclosure Checklist 53 Disclosure made Yes No N/A g. If there is no valuation by an independent valuer as described in (f), that fact h. The amounts included in the profit or loss for: Rental income from investment property Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the period Direct operating expenses (including repairs and maintenance) arising from investment property that do not generate rental income during the period IAS The cumulative change in fair value recognised in profit or loss on a sale of investment property from a pool of assets in which the cost model is used into a pool in which the fair value model is used i. The existence and amounts of restrictions on the realisability of investment property or the remittance of income and proceeds of disposal j. The contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements Fair value model 283 IAS If the entity applies the fair value model, does it also reconcile the carrying amount of investment property at the beginning and end of the reporting period showing the following: a. Additions, disclosing separately those additions resulting from acquisitions and those resulting from subsequent expenditure recognised in the carrying amount of an asset b. Additions resulting from acquisitions through business combinations IFRS c. Assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals d. Net gains or losses from fair value adjustments e. The net exchange differences arising on the translation of the financial statements into a different presentation currency and on the translation of a foreign operation into the presentation currency of the reporting entity f. Transfers to and from inventories and owner-occupied property g. Other changes 284 IAS If the entity adjusts a valuation obtained for an investment property significantly for the financial statements, does the entity reconcile between the valuation obtained and the adjusted valuation included in the financial statements, showing separately: a. The aggregate amount of any unrecognised lease obligations that have been added back b. Any other significant adjustments 285 IAS In the exceptional cases in which the entity s policy is to account for investment properties at fair value, but because of the lack of a reliable fair value, it measures investment property at cost less any accumulated depreciation and any accumulated impairment losses, does the entity disclose: a. A reconciliation relating to that investment property separately of the carrying amount at the beginning and end of the period b. A description of the investment property c. An explanation of why fair value cannot be measured reliably d. If possible, the range of estimates within which fair value is highly likely to lie e. On disposal of investment property not carried at fair value: The fact that the entity has disposed of investment property not carried at fair value The carrying amount of that investment property at the time of sale The amount of gain or loss recognised Cost model 286 IAS If the entity applies the cost model, does it disclose: a. The depreciation methods used b. The useful lives or the depreciation rates used c. The gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period d. A reconciliation of the carrying amount of investment property at the beginning and end of the period, showing the following: Additions, disclosing separately those additions resulting from acquisitions and those resulting from subsequent expenditure recognised as an asset Additions resulting from acquisitions through business combinations International GAAP Disclosure Checklist 54 Disclosure made Yes No N/A IFRS Assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals Depreciation IAS The amount of impairment losses recognised, and the amount of impairment losses reversed, during the period in accordance with IAS 36 The net exchange differences arising on the translation of the financial statements into a different presentation currency, and on translation of a foreign operation into the presentation currency of the reporting entity Transfers to and from inventories and owner-occupied property Other changes e. The fair value of investment property IAS f. In the exceptional cases in which the entity cannot measure the fair value of the investment property reliably, does the entity disclose: A description of the investment property An explanation of why fair value cannot be measured reliably If possible, the range of estimates within which fair value is highly likely to lie IAS IAS 8 applies to any change in accounting policies when the entity first applies IAS 40 and chooses to use the cost model. The effect of the change in accounting policies includes the reclassification of any amount held in revaluation surplus for investment property. Investments in associates New IFRS Disclosures in items below are related to associates under IAS 28. If an entity has early adopted IFRS 12 and, consequently, IFRS 10, IFRS 11 and IAS 27 and IAS 28 modified in 2011, disclosure requirements are included in items below. IAS Investments held in associates that are held by (a) venture capital organisations; or (b) mutual funds, unit trusts and similar entities including investment-linked insurance funds are not within the scope of IAS 28, but rather are accounted for under IAS 39 or IFRS 9 (issued in 2009) or IFRS 9 (issued in 2010), as appropriate. However, the entity holding such investment must disclose the information required by item 288.(f). 287 IAS IFRS Does the entity classify the investment in associate as held for sale' and account for it in accordance with IFRS 5 if: a. Its carrying amount will be recovered principally through a sale transaction rather than through continuing use And b. It is available for immediate sale in its present condition and its sale is highly probable 288 IAS Does the entity disclose the following: a. The fair value of investments in associates for which there are published price quotations b. Summarised financial information of associates, including the aggregated amounts of assets, liabilities, revenues and profit or loss c. The reasons why the investor has significant influence if it holds directly, or indirectly through subsidiaries less than 20% of the voting or potential voting power of the investee d. The reasons why the investor does not have significant influence if it holds directly, or indirectly through subsidiaries, 20% or more of the voting or potential voting power of the investee e. The end of the reporting period of the financial statements of an associate, if such financial statements are used in applying the equity method and are as of a date or for a period that is different from that of the investor, and the reason for using a different reporting date or different period f. The nature and extent of any significant restrictions (for example, items resulting from borrowing arrangements or regulatory requirements) on the ability of associates to transfer funds to the investor in the form of cash dividends, repayment of loans or advances g. The unrecognised share of losses of an associate, both for the period and cumulatively, if an investor has discontinued recognition of its share of losses of an associate IAS h. The fact that an associate is not accounted for using the equity method in accordance with IAS i. Summarised financial information of associates, either individually or in groups, which are not accounted for using the equity method, including the amounts of total assets, total liabilities, revenues and profit or loss International GAAP Disclosure Checklist 55 Disclosure made Yes No N/A 289 IAS Are investments in associates accounted for using the equity method: a. Classified as non-current assets b. Disclosed as a separate item in the statement of financial position 290 IAS Does the entity disclose its share of profit or loss of associates accounted for using the equity method as a separate item in the statement of comprehensive income 291 IAS Does the entity separately disclose its share of any discontinued operations of such associates accounted for using the equity method 292 IAS Does the investor disclose its share of changes recognised in other comprehensive income by the associate in the entity's statement of other comprehensive income 293 IAS IAS Does the entity, in accordance with IAS 37, disclose: a. Its share of the contingent liabilities of an associate incurred jointly with other investors b. Those contingent liabilities that arise because the investor is severally liable for all or part of the liabilities of the associate 294 IAS Investments in associates that are held by (a) venture capital organisations; or (b) mutual funds, unit trusts, and similar entities including investment-linked insurance funds that are accounted for in accordance with IAS 39, does the entity holding such investments disclose the information required by item 288.(f). Lease disclosures by lessees Finance leases IAS The requirements on disclosure under the following IFRS also apply to assets acquired under finance leases: a. IAS 16 - Property, Plant and Equipment b. IAS 36 - Impairment of Assets c. IAS 38 - Intangible Assets d. IAS 40 - Investment Property e. IAS 41 - Agriculture 295 IAS Does the entity disclose the following information for finance leases (in which it is the lessee): a. For each class of asset, the net carrying amount at the end of the reporting period b. A reconciliation between total minimum lease payments at the end of the reporting period and their present value c. The future minimum lease payments at the end of the reporting period and their present value for each of the following periods: Not later than one year Later than one year and not later than five years Later than five years d. The contingent rents recognised as an expense in the period e. The future minimum sublease payments expected to be received under non-cancellable subleases at the end of the reporting period f. The lessee s material leasing arrangements including, but not limited to, the following: The basis on which contingent rent payable is determined The existence and terms of renewal or purchase options and escalation clauses Restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing Operating leases IAS The presentation requirements under IAS 32 and disclosure requirements of IFRS 7 also apply to operating leases. 296 IAS Does the entity disclose the following information for operating leases (in which it is the lessee): a. The future minimum lease payments under non-cancellable operating leases for each of the following periods: Not later than one year Later than one year and not later than five years Later than five years b. The future minimum sublease payments expected to be received under non-cancellable subleases at the end of the reporting period International GAAP Disclosure Checklist 56 Disclosure made Yes No N/A c. The lease and sublease payments recognised as an expense in the period, with separate amounts for: Minimum lease payments Contingent rents Sublease payments d. The lessee s material leasing arrangements including, but not limited to, the following: The basis on which contingent rent payable is determined The existence and terms of renewal or purchase options and escalation clauses Restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing Sale and leaseback transactions 297 IAS Does the disclosure of material leasing arrangements include the unique or unusual provisions of the agreement or terms of the sale and leaseback transactions IAS IAS IAS IAS Sale and leaseback transactions may trigger the separate disclosure criteria in IAS 1, which require that an entity does not offset income and expense, unless required or permitted by an IFRS, and that the entity disclose material items of income or expense. Substance of transactions involving the legal form of a lease 298 IAS If the entity has arrangements that are leases in form but not in substance, does the entity disclose, separately for each arrangement or each class of arrangements, the following information: a. A description of the arrangement including: The underlying asset and any restrictions on its use The life and other significant terms of the arrangement The transactions that are linked together, including any options b. The accounting treatment applied to any fee received c. The amount of fees recognised as income in the period d. The line item of the statement of comprehensive income in which the fee income is included Determining whether an arrangement contains a lease (IFRIC 4) 299 IAS Does the entity disclose its accounting policy for determining whether an arrangement contains a lease IFRIC IFRIC IFRIC 4 provides guidance for determining whether an arrangement that does not take the legal form of a lease but conveys a right to use an asset is, or contains, a lease that is accounted for under IAS 17. Under IAS 17, the entity separates payments from other consideration required by the arrangement. In some cases, it is impractical to separate the payments for the lease from payments for other elements in the arrangement reliably. 300 IFRIC IAS If in an operating lease the entity is a purchaser and concludes that it is impractical to reliably separate the payments for the lease from payments for other elements in the arrangement, does the entity: a. Treat all payments under the arrangement as lease payments to comply with the disclosure requirements of IAS 17, but: Disclose those payments separately from minimum lease payments of other arrangements that do not include payments for non-lease elements And State that the disclosed payments also include payments for non-lease elements in the arrangement Non-current assets held for sale and discontinued operations IFRS A 'component' of an entity comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting, from the rest of the entity. In other words, a component of an entity was a cash-generating unit or a group of cash-generating units while being held for use. IFRS A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale And a. Represents a separate major line of business or geographical area of operations b. Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations Or c. Is a subsidiary acquired exclusively with a view to resale International GAAP Disclosure Checklist 57 Disclosure made Yes No N/A IFRS If an entity commits to a sale plan involving a loss of control of a subsidiary and the subsidiary is a disposal group that meets the definition of discontinued operation under IFRS , it discloses items for this subsidiary. 301 IFRS , IFRS Does the entity present information that enables users of the financial statements to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups) by disclosing: a. A single amount in the statement of comprehensive income comprising the total of: The post-tax profit or loss of discontinued operations The post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation b. An analysis of the single amount in (a) into the following: The revenue, expenses and pre-tax profit or loss of discontinued operations The related income tax expense The gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation The related income tax expense IFRS IFRS The entity may present the analysis in (b) in the notes or in the statement of comprehensive income (or income statement). If it is presented in the statement of comprehensive income, it is presented in a section relating to discontinued operations, separately from continuing operations. The analysis is not required for disposal groups that are newly acquired subsidiaries that meet the criteria to be classified as held for sale on acquisition. c. The net cash flows attributable to the operating, investing and financing activities of discontinued operations IFRS The analysis in (c) may be presented either in the notes or in the financial statements. These disclosures are not required for disposal groups that are newly acquired subsidiaries that meet the criteria to be classified as held for sale on acquisition (see IFRS ). d. The income from continuing operations and from discontinued operations attributable to owners of the parent 302 IFRS Does the entity re-present the disclosures in item 301. for prior periods presented in the financial statements so that the disclosures relate to all operations that are discontinued by the end of the current reporting period 303 IFRS Does the entity classify separately in discontinued operations and disclose the nature of amount of adjustments that are made in the current period to amounts previously presented in discontinued operations that are directly related to the disposal of a discontinued operation in a prior period IFRS Examples of circumstances in which these adjustments may arise include: a. The resolution of uncertainties that arise from the terms of the disposal transaction, such as the resolution of purchase price adjustments and indemnification issues with the purchaser b. The resolution of uncertainties that arise from and are directly related to the operations of the component before its disposal, such as environmental and product warranty obligations retained by the seller c. The settlement of employee benefit plan obligations, if the settlement is directly related to the disposal transaction 304 IFRS In the period in which a non-current asset (or disposal group) is either classified as held for sale or sold, does the entity disclose: a. A description of the non-current asset (or disposal group) b. The facts and circumstances of the sale, or leading to the expected disposal, and the expected manner and timing of that disposal IFRS c. The gain or loss recognised in accordance with IFRS and, if not separately presented in the statement of comprehensive income, the caption in the statement of comprehensive income that includes that gain or loss IFRS d. The reportable segment in which the non-current asset (or disposal group) is presented under IFRS 8, if applicable 305 IFRS IFRS IFRS If the entity ceases to classify the asset (or disposal group) as held for sale, does the entity disclose the following information in the reporting period of the decision to change the plan to sell the non-current asset (or disposal group): a. The facts and circumstances leading to the decision b. The effect of the decision on the results of operations for the period and any prior periods presented International GAAP Disclosure Checklist 58 Disclosure made Yes No N/A Operating segments 306 IFRS IFRS Does the entity disclose the following for each period for which a statement of comprehensive income is presented, to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environment in which it operates: a. General information as described in item 308. b. Information about reported segment profit or loss, including specified revenues and expenses included in reported segment profit or loss, segment assets, segment liabilities and the basis of measurement, as described in items c. Reconciliations of the totals of segment revenues, reported segment profit or loss, segment assets, segment liabilities and other material segment items to corresponding entity amounts as described in items 307 IFRS For each date that a statement of financial position is presented, does the entity reconcile the amounts in the statement of financial position to the amounts for reportable segments (Information for prior periods is restated as described in items ) 308 IFRS Does the entity disclose : a. Factors used to identify the entity's reportable segments, including the basis of organisation (for example, whether management has chosen to organise the entity around differences in products and services, geographical areas, regulatory environments, or a combination of factors and whether operating segments have been aggregated) b. Types of products and services from which each reportable segment derives its revenues Information about profit or loss, assets and liabilities 309 IFRS Does the entity disclose a measure of profit or loss for each reportable segment 310 IFRS Does the entity disclose a measure of total assets and liabilities for each reportable segment if such amounts are regularly provided to the chief operating decision maker 311 IFRS Does the entity disclose the following about each reportable segment if the specified amounts are included in the measure of segment assets reviewed by the chief operating decision maker or are otherwise regularly provided to the chief operating decision maker, even if not included in the measure of segment assets: a. The amount of investment in associates and joint ventures accounted for by the equity method b. The amounts of additions to non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets and rights arising under insurance contracts Measurement 312 IFRS Are the amounts in each segment item reported included in the measure of the segment's profit or loss, its assets, or its liabilities reported to the chief operating decision maker for allocating resources to the segment and assessing its performance IFRS The entity includes adjustments and eliminations in preparing an entity's financial statements and allocations of revenues, expenses and gains or losses in determining reported segment profit or loss only if they are included in the measure of the segment's profit or loss that is used by the chief operating decision maker. Similarly, only those assets and liabilities that are included in the measures of the segment's assets and segment's liabilities that are used by the chief operating decision maker are reported for that segment. If amounts are allocated to reported segment profit or loss, assets or liabilities, those amounts are allocated on a reasonable basis. 313 IFRS If the chief operating decision maker uses only one measure of an operating segment's profit or loss, its assets or its liabilities, is the segment information reported on those measures. IFRS If the chief operating decision maker uses more than one measure of an operating segment's profit or loss, its assets or its liabilities, the segment information reported shall be based on the measurement principles most consistent with those used in measuring the corresponding amounts in the entity's financial statements. 314 IFRS Does the entity explain the measurements of segment profit or loss, segment assets and segment liabilities for each reportable segment, by disclosing: a. The basis of accounting for any transactions between reportable segments b. The nature of any differences between the measurements of the reportable segments' profits or losses and the entity's profit or loss before income tax expense or income and discontinued operations (if not apparent from the reconciliations described in item 315.) which could include accounting policies and policies for allocation of centrally incurred costs that are necessary for an understanding of the reported segment information International GAAP Disclosure Checklist 59 Disclosure made Yes No N/A c. The nature of any differences between the measurements of the reportable segments' assets and the entity's assets (if not apparent from the reconciliations described in item 315.), which could include accounting policies and policies for allocation of jointly used assets that are necessary for an understanding of the reported segment information d. The nature of any differences between the measurements of the reportable segments' liabilities and the entity's liabilities (if not apparent from the reconciliations described in item 315.), which could include accounting policies and policies for allocation of jointly utilised liabilities that are necessary for an understanding of the reported segment information e. The nature of any changes from prior periods in the measurement methods used to determine reported segment profit or loss and the effect, if any, of those changes on the measure of segment profit or loss f. The nature and effect of any asymmetrical allocations to reportable segments. For example, an entity might allocate depreciation expense to a segment without allocating the related depreciable assets to that segment Reconciliations 315 IFRS Does the entity reconcile: a. Total reportable segments' revenues to the entity's revenue b. Total reportable segments' measures of profit or loss to the entity's profit or loss before tax expense (tax income) and discontinued operations However, if the entity allocates to reportable segments items such as tax expense (tax income), the entity may reconcile the total of the segments' measures of profit or loss to the entity's profit or loss after those items c. Total reportable segments' assets to the entity's assets d. Total reportable segments' liabilities to the entity's liabilities if segment liabilities are reported under item 310. e. Total reportable segments' amounts for every other material item of information disclosed to the corresponding amount for the entity 316 IFRS Does the entity separately identify and disclose all material reconciling items IFRS For example, the entity separately identifies and discloses the amount of each material adjustment needed to reconcile reportable segment profit or loss to the entity's profit or loss arising from different accounting policies. Restatement of previously reported information 317 IFRS If the entity changed the structure of its internal organisation in a manner that causes the composition of its reportable segments to change, has the comparative information for earlier periods, including interim periods, been restated if it is available and the cost to develop it is not excessive The determination of whether the information is not available and the cost to develop it is excessive is made for each individual item of disclosure. Following a change in the composition of its reportable segments, the entity discloses whether it restated the corresponding items of segment information for earlier periods. 318 IFRS If the entity changes the structure of its internal organisation in a manner that causes the composition of its reportable segments to change and does not restate segment information for prior periods, including interim periods, for the change, does the entity disclose, in the reporting period in which the change occurs, segment information for the current period on both the old basis and the new basis of segmentation, unless the necessary information is not available and the cost to develop it would be excessive Entity-wide disclosures IFRS The entity-wide disclosures set out in items apply to all entities subject to IFRS 8, including those with a single reportable segment. The entity provides this information only to the extent that it is not already provided as part of the reportable operating segment information in items Information about products and services 319 IFRS Does the entity report the revenues from external customers for each product and service, or each group of similar products and services, unless the necessary information is not available and the cost to develop it is excessive, in which case, that fact is disclosed The revenues reported are based on the financial information used to produce the entity's financial statements. Information about geographical areas 320 IFRS Does the entity report the following geographical information: a. Revenues from external customers: Attributed to the entity's country of domicile Attributed to all foreign countries in total from which the entity derives revenues International GAAP Disclosure Checklist 60 Disclosure made Yes No N/A Attributed to an individual foreign country, if material The basis for attributing revenues from external customers to individual countries b. Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets and rights arising under insurance contracts: Located in the entity's country of domicile Located in all foreign countries in total in which the entity holds assets Located in an individual foreign country, if material c. If the necessary information is not available and the cost to develop it would be excessive, does the entity disclose that fact IFRS The amounts reported are based on the financial information that is used to produce the entity's financial statements. The entity may disclose subtotals of geographical information about groups of countries. Information about major customers 321 IFRS If revenues from transactions with a single external customer amount to 10% or more of the entity's revenues, does the entity disclose: a. This fact b. The revenues from each such customer c. The identity of the segment or segments reporting the revenues IFRS The entity need not disclose the identity of a major customer or the revenues that each segment reports from that customer. Under IFRS 8, a group of entities known to a reporting entity to be under common control are considered a single customer and a government (national, state, provincial, territorial, local or foreign) and entities known to the reporting entity to be under the control of that government are considered a single customer. Property, plant and equipment 322 IAS IAS Does the entity disclose the effects of taxes on income, if any, resulting from the revaluation of property, plant and equipment in accordance with IAS 12. 323 IAS For each class of property, plant and equipment, does the entity disclose: a. The measurement bases used for determining the gross carrying amount b. The depreciation methods used c. The useful lives or the depreciation rates used d. The gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period e. A reconciliation of the carrying amount at the beginning and end of the period showing: Additions Assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals Acquisitions through business combinations IAS Increases or decreases during the reporting period resulting from revaluations and from impairment losses recognised or reversed in other comprehensive income under IAS 36 Impairment losses recognised in profit or loss during the period under IAS 36 Impairment losses reversed in profit or loss during the period under IAS 36 IAS Depreciation (whether recognised in profit or loss or as a part of the cost of other assets) The net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity Other changes IAS The entity discloses information on impaired property, plant and equipment under IAS 36 in addition to the information required by IAS (e)(iv)-(vi). 324 IAS Does the entity disclose the following information: a. The existence and amounts of restrictions on title, and property, plant and equipment pledged as security for liabilities b. The amount of expenditures recognised in the carrying amount of an item of property, plant and equipment during its construction c. The amount of contractual commitments for the acquisition of property, plant and equipment International GAAP Disclosure Checklist 61 Disclosure made Yes No N/A d. If it is not disclosed separately in the statement of comprehensive income, the amount of compensation from third parties for items of property, plant and equipment that were impaired, lost or given up that is included in profit or loss 325 IAS If items of property, plant and equipment are stated at revalued amounts, does the entity disclose the following information: a. The effective date of the revaluation b. Whether an independent valuer was involved c. The methods and significant assumptions applied in estimating the items fair values d. The extent to which the items fair values were determined directly by reference to observable prices in an active market or recent market transactions on arm s length terms or were estimated using other valuation techniques New If an entity early adopts IFRS 13, information required in (c) and (d) above will be replaced by disclosures required in items below e. For each revalued class of property, plant and equipment, the carrying amount that would have been recognised had the assets been carried under the cost model f. The revaluation surplus, indicating the change for the period and any restrictions on the distribution of the balance to shareholders 326 IAS Does the entity disclose: a. The carrying amount of temporarily idle property, plant and equipment b. The gross carrying amount of any fully depreciated property, plant and equipment that is still in use c. The carrying amount of property, plant and equipment retired from active use and held for disposal d. If the cost model is used, the fair value of property, plant and equipment, if this is materially different from the carrying amount Provisions, contingent liabilities and contingent assets 327 IAS For each class of provision (comparative information is not required), does the entity disclose: a. The carrying amount at the beginning and end of the reporting period b. Additional provisions made in the reporting period, including increases to existing provisions c. Amounts used (that is, incurred and charged against the provision) during the reporting period d. Unused amounts reversed during the reporting period e. The increase during the reporting period in the discounted amount arising from the passage of time and the effect of any change in the discount rate 328 IAS For each class of provision, does the entity disclose: a. The nature of the obligation and the expected timing of any resulting outflows of economic benefits IAS b. The uncertainties about the amount or timing of those outflows. If necessary to provide adequate information, the entity discloses the major assumptions concerning future events c. The amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement 329 IAS IAS Unless the possibility of any outflow in settlement is remote, does the entity disclose for each class of contingent liability at the end of the reporting period: a. The nature of the contingent liability IAS b. An estimate of its financial effect, measured in accordance with the requirements for measuring provisions (under IAS ) c. The uncertainties relating to the amount or timing of any outflow d. The possibility of any reimbursement e. If the entity does not disclose any of the information in (a) - (d), the fact that it is not practical to do so 330 IAS If a provision and a contingent liability arise from the same set of circumstances, does the entity disclose items in a way that shows the link between the provision and the contingent liability. 331 IAS IAS If an inflow of economic benefits is probable, does the entity disclose: a. The nature of the contingent assets at the end of the reporting period IAS b. An estimate of their financial effect, measured in accordance with the requirements for measuring provisions (under IAS ) International GAAP Disclosure Checklist 62 Disclosure made Yes No N/A c. If the entity does not disclose information in (a) and (b), the fact that it is not practicable to do so 332 IAS In extremely rare cases, some or all of the disclosures regarding provisions, contingent liabilities or contingent assets can prejudice seriously the position of the entity in a dispute with other parties. In such cases, does the entity disclose: a. The general nature of the dispute b. The fact, and the reason why, the information is not disclosed Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds (IFRIC 5) 333 IAS Does the entity disclose its accounting policy for decommission, restoration and environmental rehabilitation funds IFRIC IFRIC 5 applies to accounting in the financial statements of a contributor for interests arising from decommissioning funds that have both of the following features: a. The assets are administered separately (either by being held in a separate legal entity or as segregated assets within another entity) b. A contributor s right to access the assets is restricted 334 IFRIC Does the entity (as a contributor) disclose the nature of its interest in a fund and any restrictions on access to the assets in the fund 335 IFRIC If the entity (as a contributor) has an obligation to make potential contributions that it does not recognise as a liability, does the entity make the disclosures required by item 329. 336 IFRIC , IFRIC If an entity (as a contributor) accounts for its interest in the fund under IFRIC , does the entity make the disclosures required by item 328. Liabilities arising from participating in a specific market-waste electrical and electronic equipment (IFRIC 6) 337 IAS Does the entity disclose its accounting policy for liabilities arising from participating in specific market-waste electrical and electronic equipment Related parties IAS IAS IAS IAS The disclosure requirements of IAS 24 for related party transactions and outstanding balances, including commitments, apply for consolidated and separate financial statements of a parent, venturer or investor presented under IAS 27. The standard also applies to individual financial statements. IAS IAS An entity discloses related party transactions and outstanding balances with other entities in a group in the entity s separate financial statements. Intra-group related party transactions and outstanding balances are eliminated in the preparation of consolidated financial statements of the group. An entity may disclose items of a similar nature in aggregate except when separate disclosure is necessary for an understanding of the effects of related party transactions on the financial statements of the entity. 338 IAS IAS Does the entity disclose relationships between parents and subsidiaries, irrespective of whether there are transactions between them IAS The requirement to disclose related party relationships between a parent and its subsidiaries is in addition to the disclosure requirements in IAS 27, IAS 28 and IAS 31. 339 IAS IAS Does the entity disclose: a. The name of the entity s parent b. If different, the ultimate controlling party Or c. If neither the entity s parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so 340 IAS IAS Does the entity disclose key management personnel compensation in total and for each of the following categories: a. Short-term employee benefits b. Post-employment benefits c. Other long-term benefits d. Termination benefits e. Share-based payments 341 IAS IAS If there are related party transactions during the reporting period with related parties, does the entity disclose the following information: International GAAP Disclosure Checklist 63 Disclosure made Yes No N/A a. The nature of the related party relationship b. Information about the transactions and outstanding balances including commitments necessary for an understanding of the potential effect of the relationship on the financial statements, including the following disclosures: The amount of the transactions The amount of outstanding balances, including commitments And A. Their terms and conditions, including whether they are secured and the nature of the consideration to be provided in settlement B. Details of any guarantees given or received Provisions for doubtful debts related to the amount of outstanding balances The expense recognised during the reporting period for bad or doubtful debts due from related parties 342 IAS IAS Does the entity disclose the information in item 341. separately for each of the following categories: a. The parent b. Entities with joint control or significant influence over the entity c. Subsidiaries d. Associates e. Joint ventures in which the entity is a venturer f. Key management personnel of the entity or its parent g. Other related parties 343 IAS IAS Does the entity disclose, for example, the following transactions if they are with a related party: a. Purchases or sales of goods (finished or unfinished) b. Purchases or sales of property and other assets c. Rendering or receiving of services d. Leases e. Transfer of research and development f. Transfer under licence agreements g. Transfers under finance arrangements (including loans and equity contributions in cash or in kind) h. Provision of guarantees or collateral IAS (i) i. Commitments to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised) j. Settlement of liabilities on behalf of the entity or by the entity on behalf of that related party 344 IAS IAS If the entity discloses that related party transactions are on terms equivalent to arm s length transactions, are such terms substantiated 345 IAS Does the entity disclose the following about transactions and outstanding balances, including commitments: a. The name of the government and the nature of its relationship with the reporting entity ( , control, joint control or significant influence) b. The following information in sufficient detail to enable users of the entity's financial statements to understand the effect of related party transactions on its financial statements: The nature and amount of each individually significant transaction For other transactions, which are collectively, but not individually significant, a qualitative or quantitative indication of their extent IAS In using its judgement to determine the level of detail to be disclosed in accordance with the requirements in item 345.(b), the reporting entity considers the closeness of the related party relationship and other factors relevant in establishing the level of significance of the transaction such as whether it is: Significant in terms of size Carried out on non-market terms Outside normal day-to-day business operations, such as the purchase and sale of businesses Disclosed to regulatory or supervisory authorities Reported to senior management Subject to shareholder approval International GAAP Disclosure Checklist 64 Disclosure made Yes No N/A Revenue 346 IAS Does the entity disclose: a. The accounting policies for recognising revenue b. The methods used to determine the stage of completion of transactions involving the rendering of services c. The amount of each significant category of revenue recognised during the period including revenue arising from: The sale of goods The rendering of services Interest Royalties Dividends d. The amount of revenue arising from exchanges of goods or services included in each significant category of revenue Service concession arrangements (IFRIC 12) 347 The entity (as an Operator) may enter into an arrangement with another entity (the Grantor) to provide services that give the public access to major economic and social facilities. The entity considers all aspects of a service concession arrangement in determining the appropriate disclosures. If the entity is an Operator or a Provider, does the entity disclose the following for each service concession arrangement or each class of service concession arrangements: a. A description of the arrangement b. Significant terms of the arrangement that may affect the amount, timing and certainty of future cash flows such as the period of the concession, re-pricing dates and the basis upon which re-pricing or re-negotiation is determined c. The nature and extent (for example, quantity, period, or amount) of the following: Rights to use specified assets Obligations to provide or rights to expect provision of services Obligations to acquire or build items of property, plant and equipment Obligations to deliver or rights to receive specified assets at the end of the concession period Renewal and termination options Other rights and obligations d. Changes in the arrangement occurring during the reporting period e. How the service arrangement is classified f. The revenue and profits or losses recognised in the reporting period on exchanging construction services for a financial asset or an intangible asset Share-based payments 348 IAS Does the entity disclose its accounting policy for transactions in which some or all of the goods or services received as consideration for equity instruments of the entity cannot be specifically identified 349 IFRS IFRS Does the entity disclose information that enables users of the financial statements to understand the nature and extent of share-based payment arrangement in existence during the period by disclosing: a. Each type of share-based payment arrangement including the general terms and conditions of each arrangement such as: The vesting requirements The maximum term of options granted The method of settlement (for example, whether in cash or equity) b. The number and weighted average exercise prices of share options for each of the following groups of options: Outstanding at the beginning of the period Granted during the period Forfeited during the period Exercised during the period Expired during the period Outstanding at the end of the period Exercisable at the end of the period International GAAP Disclosure Checklist 65 Disclosure made Yes No N/A c. For share options exercised during the reporting period, the weighted average share price, or if options were exercised on a regular basis throughout the reporting period, the entity may instead disclose the weighted average share price during the reporting period d. For share options outstanding at the end of the reporting period, the entity discloses the following information in total and where the range of exercise prices is wide, the outstanding options is divided into ranges that are meaningful for assessing the number and timing of additional shares that may be issued and the cash that may be received upon exercise of those options: The range of exercise prices The weighted average remaining contractual life IFRS An entity with substantially similar types of share-based payment arrangements may aggregate the information in item 349., unless separate disclosure of each arrangement is necessary to enable users of the financial statements to understand the nature and extent of share-based payment arrangements that existed during the reporting period. 350 IFRS IFRS If the entity measured the fair value of goods or services received as consideration for equity instruments of the entity indirectly, by reference to the fair value of the equity instruments granted, does the entity disclose information that enables users of the financial statements to understand how the fair value of the equity instruments granted during the period was determined by disclosing at least the following items: a. For share options granted during the period, the weighted average fair value of those options at the measurement date and information on how that fair value was measured, including: The option pricing model used The inputs to that model, including the weighted average share price, exercise price, expected volatility, option life, expected dividends, the risk free interest rate and any other inputs to the model, including the method used and assumptions made to incorporate the effects of expected early exercise How expected volatility was determined, including the extent to which expected volatility was based on historical volatility Whether and how any other features of the option grant were incorporated into the measurement of fair value, such as market condition b. For other equity instruments granted during the period (that is, other than share options): The number of those equity instruments at the measurement date The weighted average fair value of those equity instruments at the measurement date Information on how the fair value was measured, including how the fair value was determined if it was not measured on the basis of an observable market price, whether and how expected dividends were incorporated and whether and how any other features of the equity instruments granted were incorporated c. For share-based payment arrangements that were modified during the period: An explanation of those modifications The incremental fair value granted (as a result of those modifications) Information on how the incremental fair value granted was measured, consistently with the requirements set out in (a) and (b), if applicable 351 IFRS IFRS If the entity measured directly the fair value of goods or services received during the period, does the entity disclose information that enables users of the financial statements to understand how the fair value of the goods and services received during the period was determined (for example, whether fair value was measured at a market price for those goods or services) 352 IFRS If the equity-settled share-based payment transactions involve parties other than employees, and the entity determines that it cannot estimate the fair value of the goods and services received reliably, does the entity disclose: a. That fact b. Why the entity rebutted the presumption 353 IFRS Does the entity disclose information that enables users of the financial statements to understand the effect of share-based payment transactions on the entity s profit or loss for the period and on its financial position, by disclosing: a. The total expense recognised for the period (relating to share-based payment transactions in which the goods or services received do not qualify for recognition as assets and hence are recognised immediately as an expense), including separate disclosure of that portion of the total expense that arises from transactions accounted for as equity-settled share-based payment transactions b. For liabilities arising from share-based payment transactions: The total carrying amount at the end of the period International GAAP Disclosure Checklist 66 Disclosure made Yes No N/A The total intrinsic value at the end of the period of liabilities for which the counterparty s right to cash or other assets had vested by the end of the period (for example, vested share appreciation rights) 354 IFRS Does the entity disclose additional information necessary to satisfy the principles in IFRS , IFRS , and IFRS , set forth in items Agriculture 355 IAS Does the entity disclose the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less costs to sell of biological assets 356 IAS Does the entity disclose a description of each group of biological assets, either in the form of a narrative or a quantified description 357 IAS Does the entity provide a quantified description of each group of biological assets, distinguishing between consumable and bearer biological assets or between mature and immature biological assets, and disclose the basis for making any such distinction 358 IAS If not disclosed elsewhere in information published with the financial statements, do the financial statements include: a. The nature of its activities involving each group of biological assets b. Non-financial measures or estimates of the physical quantities of: Each group of the entity s biological assets at the end of the period Output of agricultural produce during the period 359 IAS Does the entity disclose the methods and significant assumptions applied in determining the fair value of each group of agricultural produce at the point of harvest and each group of biological assets 360 IAS Does the entity disclose the fair value less costs to sell agricultural produce harvested during the period, determined at the point of harvest 361 IAS Does the entity disclose: a. The existence and carrying amounts of biological assets whose title is restricted b. The carrying amounts of biological assets pledged as security for liabilities c. The amount of commitments for the development or acquisition of biological assets d. The financial risk management strategies related to agricultural activity 362 IAS Does the entity reconcile changes in the carrying amount of biological assets between the beginning and the end of the current period that includes at least: a. The gain or loss arising from changes in fair value less costs to sell b. Increases due to purchases IFRS c. Decreases due to sales and biological assets classified as held for sale in accordance with IFRS 5 d. Decreases due to harvest e. Increases resulting from business combinations f. Net exchange differences arising on the translation of financial statements into a different presentation currency and on translation of a foreign entity into the presentation currency of the reporting entity g. Other changes 363 IAS Does the entity disclose material items of income or expense that result from climatic, disease, or other natural events and the nature of such item 364 IAS Does the entity disclose the following information for agricultural activity and government grants: a. The nature and extent of government grants recognised in the financial statements b. Any unfulfilled conditions and other contingencies attaching to government grants c. Significant decreases expected in the level of government grants 365 IAS Does the entity disclose, by group or otherwise, the amount of change in fair value less costs to sell included in net profit or loss due to physical changes and due to price changes Disclosure when fair value cannot be measured reliably 366 IAS IAS If the entity measures biological assets at their cost less any accumulated depreciation and any accumulated impairment losses at the end of the period (because fair value cannot be measured reliably), does the entity disclose the following information for such biological assets: a. A description of the biological assets b. Why fair value cannot be measured reliably c. The range of estimates within which fair value is highly likely to lie, if possible d. The depreciation method used International GAAP Disclosure Checklist 67 Disclosure made Yes No N/A e. The useful lives or the depreciation rates used f. The gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period 367 IAS If the entity measures biological assets at their cost less any accumulated depreciation and any accumulated impairment losses during the current period, does the entity disclose: IAS a. Any gain or loss recognised on disposal of such biological assets b. A reconciliation of changes in the carrying amount of such biological assets between the beginning and the end of the current period that includes at least (comparative information is not required): Increases due to purchases IFRS Decreases due to sales and biological assets classified as held for sale in accordance with IFRS 5 Decreases due to harvest Increases resulting from business combinations Net exchange differences arising on the translation of financial statements into a different presentation currency, and on translation of a foreign entity into the presentation currency of the reporting entity Impairment losses included in net profit or loss Reversals of impairment losses included in net profit or loss Depreciation included in net profit or loss Other changes 368 IAS If the fair value of biological assets previously measured at their cost less any accumulated depreciation and any accumulated impairment losses becomes reliably measurable during the current period, does the entity disclose: a. A description of the biological assets b. An explanation of why fair value has become reliably measurable c. The effect of the change 369 IAS Does the entity disclose the following information related to agricultural activity covered by IAS 41: a. The nature and extent of government grants recognised in the financial statements b. Any unfulfilled conditions and other contingencies attaching to government grants c. Significant decreases expected in the level of government grants Construction contracts 370 IAS Does the entity present the following amounts for construction contracts separately in the statement of financial position: a. The gross amount due from customers for contract work as an asset b. The gross amount due to customers for contract work as a liability 371 IAS Does the entity disclose: a. The amount of contract revenue recognised as revenue in the period b. The methods used to determine the contract revenue recognised in the period c. The methods used to determine the stage of completion of contracts in progress 372 IAS Does the entity disclose the following for contracts in progress at the end of the reporting period: a. The aggregate amount of costs incurred and recognised profits (less recognised losses) to date b. The amount of advances received c. The amount of retentions 373 IAS Does the entity disclose any contingent assets and contingent liabilities in connection with construction contracts under items 374 IFRIC IAS If the entity recognises revenue using the percentage of completion method for agreements that meet all the criteria in IAS as construction progresses, does the entity disclose: a. How it determines which agreements meet all the criteria in IAS continuously as construction progresses b. The amount of revenue arising from such agreements in the period c. The methods used to determine the stage of completion of agreements in progress International GAAP Disclosure Checklist 68 Disclosure made Yes No N/A 375 IFRIC For the agreements described in item 374. that are in progress at the end of the reporting period, does the entity disclose: a. The aggregate amount of costs incurred and recognised profits (less recognised losses) to date b. The amount of advances received Extractive industries IFRS The objective of IFRS 6 is to specify the financial reporting for the exploration for and evaluation of mineral resources. IFRS 6 contains the following definitions: IFRS 6 a. Exploration and evaluation assets exploration and evaluation expenditures recognised as assets in accordance with the entity s accounting policy. b. Exploration and evaluation expenditures expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. c. Exploration for and evaluation of mineral resources the search for mineral resources, including minerals, oil, natural gas and similar non-regenerative resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource. New IFRIC 20 In October 2011, IFRIC 20 Stripping Cost in the Production Phase of a Surface Mine was issued. This interpretation does not require any disclosure, but clarifies the accounting treatment for stripping costs incurred during the production phase of the mine (that is, after the development phase) and allows for capitalisation of stripping costs under some specific conditions. This interpretation is applicable for annual periods beginning on or after 1 January 2013. 376 IFRS Does the entity classify exploration and evaluation assets as tangible or intangible according to the nature of the assets acquired consistently 377 IFRS Does the entity stop classifying exploration and evaluation assets as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable 378 IFRS IAS Does the entity present and disclose any impairment loss relating to exploration and evaluation assets in accordance with IAS 36 379 IFRS IFRS Does the entity disclose the following information that identifies and explains the amounts recognised in its financial statements arising from the exploration for and evaluation of mineral resources: a. Its accounting policies for exploration and evaluation expenditures including the recognition of exploration and evaluation assets b. The following amounts arising from the exploration for and evaluation of mineral resources: Assets Liabilities Income Expense Operating cash flows Investing cash flows 380 IFRS Does the entity treat exploration and evaluation assets as a separate class of assets and make the disclosures required by either IAS 16 (see items ) or IAS 38 (see items ) consistent with how the assets are classified Insurance contracts IFRS IFRS suggests possible ways to apply the disclosure requirements in IFRS Explanation of recognised amounts 381 IFRS IFRS Does the insurer identify and explain the amounts in its financial statements arising from insurance contracts, by disclosing: a. Its accounting policies for insurance contracts and related assets, liabilities, income and expense b. The recognised assets, liabilities, income and expense (and, if it presents its statement using the direct method, cash flows) arising from insurance contracts International GAAP Disclosure Checklist 69 Disclosure made Yes No N/A c. If the insurer is a cedant: Gains and losses recognised in profit or loss on buying reinsurance If the cedant defers and amortises gains and losses arising on buying reinsurance, the amortisation for the period and the amounts remaining unamortised at the beginning and end of the period d. The process used to determine the assumptions that have the greatest effect on the measurement of the recognised amounts described in (b) and (c), including quantifying those assumptions, if practical e. The effect of changes in assumptions used to measure insurance assets and insurance liabilities, showing separately the effect of each change that has a material effect on the financial statements f. Reconciliations of changes in insurance liabilities, reinsurance assets and, if any, related deferred acquisition costs Discretionary participation features 382 IFRS If the entity issues a financial instrument containing a discretionary participation feature, does it disclose the total interest expense recognised in profit or loss IFRS The interest does not need to be calculated using the effective interest method. Nature and extent of risk arising from insurance contracts 383 IFRS IFRS Does the insurer enable users of its financial statements to evaluate the nature and extent of risks arising from insurance contracts by disclosing: a. Its objectives, policies and processes for managing risks arising from insurance contracts and the methods used to manage those risks b. Information about insurance risk (both before and after risk mitigation by reinsurance), including information about: The sensitivity to insurance risk (see item 384.) Concentrations of insurance risk, including how management determines concentrations and a description of the shared characteristic that identifies each concentration (for example, the type of insured event, geographical area, or currency) Actual claims compared with previous estimates ( , claims development) IFRS The disclosure about claims development goes back to the period when the earliest material claim arose for which there is still uncertainty about the amount and timing of the claims payments, but need not go back more than 10 years. An insurer need not disclose this information for claims for which uncertainty about the amount and timing of claims payments is typically resolved within one year. IFRS The entity need not disclose information about claims development that occurred earlier than five years before the end of the first financial year in which it applies this IFRS. Furthermore, if it is impractical to prepare information about claims development that occurred before the beginning of the earliest reporting period for which an entity presents full comparative information that complies with this IFRS, the entity discloses that fact. c. Information about credit risk, liquidity risk, and market risk that items would require if the insurance contracts were within the scope of IFRS 7 IFRS An insurer need not disclose the maturity analysis required by item 223. if it discloses the estimated timing of the net cash outflows resulting from recognised insurance liabilities instead. This may be an analysis of the amounts, by estimated timing, recognised in the statement of financial position. IFRS If an insurer uses an alternative method to manage sensitivity to market conditions, such as an embedded value analysis, it may use that sensitivity analysis to meet the requirement in item 228.(a). Such an insurer also provides the disclosures required by item 233. d. Information about exposures to market risk arising from embedded derivatives contained in a host insurance contract if the insurer is not required to, and does not, measure the embedded derivatives at fair value 384 IFRS To comply with the requirements to disclose information about the sensitivity to insurance risk (see item 383.) does the entity disclose either: a. Quantitative information about sensitivity, which comprises: A sensitivity analysis that shows how profit or loss and equity would have been affected had changes in the relevant risk variable that were reasonably possible at the end of the reporting period occurred The methods and assumptions used in preparing the sensitivity analysis Any changes from the previous period in the methods and assumptions used International GAAP Disclosure Checklist 70 Disclosure made Yes No N/A IFRS IFRS If an insurer uses an alternative method to manage sensitivity to market conditions, such as an embedded value analysis, it may meet this requirement by disclosing that alternative sensitivity analysis and the disclosures required by item 232. b. Qualitative information about sensitivity, and information about those terms and conditions of insurance contracts that have a material effect on the amount, timing and uncertainty of the insurer s future cash flows Lease disclosures by lessors Finance leases IAS The presentation requirements of IAS 32 and disclosure requirements of IFRS 7 also apply to finance leases. 385 IAS Does the entity present assets held under a finance lease in the statement of financial position as a receivable at an amount equal to the net investment in the lease 386 IAS For finance leases, does the entity disclose: a. A reconciliation between the gross investment in the lease at the end of the reporting period, and the present value of minimum lease payments receivable at the end of the reporting period b. The gross investment in the lease and the present value of minimum lease payments receivable at the end of the reporting period, for each of the following periods: Not later than one year Later than one year and not later than five years Later than five years c. The unearned finance income d. The unguaranteed residual values accruing to the benefit of the lessor e. The accumulated allowance for uncollectible minimum lease payments receivable f. The contingent rents recognised as income in the period g. The lessor s material leasing arrangements 387 IAS Does the entity disclose the gross investment less unearned income in new business added during the period, after deducting the relevant amounts for cancelled leases Operating leases IAS The requirements on disclosure under the following IFRS also apply for assets under operating leases: a. IAS 16 Property, Plant and Equipment b. IAS 36 Impairment of Assets c. IAS 38 Intangible Assets d. IAS 40 Investment Property e. IAS 41 Agriculture 388 IAS Does the entity present assets subject to operating leases in the statement of financial position according to the nature of the asset. 389 IAS Does the entity disclose the following information for operating leases: a. The future minimum lease payments under non-cancellable operating leases in the aggregate and for each of the following periods: Not later than one year Later than one year and not later than five years Later than five years b. Total contingent rents recognised as income in the period c. A general description of the lessor s leasing arrangements Sale and leaseback transactions 390 IAS Does the disclosure of material leasing arrangements include the unique or unusual provisions of the agreement or terms of the sale and leaseback transactions IAS Sale and leaseback transactions may trigger the separate disclosure criteria in IAS 1, which requires that the entity does not offset income and expense, unless required or permitted by an IFRS, and that the entity disclose material items of income or expense. Substance of transactions involving the legal form of a lease 391 IAS If the entity enters into arrangements that are leases in form, but not in substance, does the entity disclose the following information in each reporting period that an arrangement exists, separately for each arrangement or each class of arrangements: International GAAP Disclosure Checklist 71 Disclosure made Yes No N/A a. A description of the arrangement including: The underlying asset and any restrictions on its use The life and other significant terms of the arrangement The transactions that are linked together, including any options b. The accounting treatment applied to any fee received c. The amount of fees recognised as income in the period d. The line item of the statement of comprehensive income in which the fee income is included Determining whether an arrangement contains a lease (IFRIC 4) 392 IAS Does the entity disclose its accounting policy for determining whether an arrangement contains a lease IFRIC IFRIC IFRIC 4 provides guidance for determining whether an arrangement that does not take the legal form of a lease, but conveys a right to use an asset is, or contains, a lease that is accounted for in accordance with IAS 17. In applying IAS 17, the entity separates payments from other consideration required by the arrangement. In some cases, it will be impractical to separate the payments for the lease from payments for other elements in the arrangement reliably. Financial statements of retirement benefit plans IAS The disclosures in this section only apply to the financial statements of retirement benefits plans and reports containing such financial statements. The term 'report' refers to published information that may include the financial statements of the retirement benefit plan. Defined contribution plans 393 IAS Do the financial statements of the retirement benefit plan contain the following information: a. A statement of net assets available for benefits disclosing: Assets at the end of the period suitably classified The basis of valuation of assets Details of any single investment exceeding either 5% of the net assets available for benefits or 5% of any class or type of security Details of any investment in the employer Liabilities other than the actuarial present value of promised retirement benefits b. A statement of changes in net assets available for benefits showing the following: Employer contributions Employee contributions Investment income such as interest and dividends Other income Benefits paid or payable (analysed, for example, as retirement, death and disability benefits and lump sum payments) Administrative expenses Other expenses Taxes on income Profits and losses on disposal of investments and changes in value of investments Transfers from and to other plans c. The funding policy d. A summary of significant accounting policies e. The plan and the effect of any changes in the plan during the period 394 IAS Does the entity disclose in the report of a retirement benefit plan either as part of the financial statements or in a separate report, a description of the plan, which may contain the following: a. The names of the employers and the employee groups covered b. The number of participants receiving benefits c. The number of other participants d. The type of plan defined contribution e. A note as to whether participants contribute to the plan f. The retirement benefits promised to participants g. Any plan termination terms h. Changes in items (a) - (g) during the period covered by the report International GAAP Disclosure Checklist 72 Disclosure made Yes No N/A 395 IAS If plan investments are held for which an estimate of fair value is not possible, does the entity disclose the reason it does not use fair value 396 IAS Do the financial statements of a defined contribution plan contain: a. The significant activities for the period and the effect of any changes relating to the plan, and its membership and terms and conditions b. Statements reporting on the transactions and investment performance for the period and the financial position of the plan at the end of the period c. A summary of the investment policies Defined benefit plans IAS IAS For defined benefit plans, information is presented in one of the following formats, which reflect different practices in the disclosure and presentation of actuarial information: a. A statement is included in the financial statements of the plan that shows the net assets available for benefits, the actuarial present value of promised retirement benefits, and the resulting excess or deficit. The financial statements of the plan also contain statements of changes in net assets available for benefits and changes in the actuarial present value of promised retirement benefits. The financial statements of the plan may include a separate actuary's report supporting the actuarial present value of promised retirement benefits. b. Financial statements of the plan include a statement of net assets available for benefits and a statement of changes in net assets available for benefits. An entity discloses the actuarial present value of promised retirement benefits. The financial statements of the plan may include a report from an actuary supporting the actuarial present value of promised retirement benefits. Or c. Financial statements of the plan include a statement of net assets available for benefits and a statement of changes in net assets available for benefits with the actuarial present value of promised retirement benefits contained in a separate actuarial report. 397 IAS Do the financial statements of the retirement benefit plan contain: a. A statement of net assets available for benefits disclosing: The assets at the end of the period suitably classified The basis of valuation of assets Any investment exceeding either 5% of the net assets available for benefits or 5% of any class or type of security Any investment in the employer Liabilities other than the actuarial present value of promised retirement benefits b. A statement of changes in net assets available for benefits showing: Employer contributions Employee contributions Investment income such as interest and dividends Other income Benefits paid or payable (analysed, for example, as retirement, death and disability benefits and lump sum payments) Administrative expenses Other expenses Taxes on income Profits and losses on disposal of investments and changes in value of investments Transfers from and to other plans c. A summary of the funding policy d. Significant accounting policies e. Significant actuarial assumptions f. The method used to calculate the actuarial present value of promised retirement benefits g. The actuarial present value of promised retirement benefits (which may distinguish between vested benefits and non-vested benefits) based on the benefits promised under the terms of the plan, on service rendered to date, and which uses either current salary levels or projected salary levels h. A description of the plan and the effect of any changes in the plan during the period 398 IAS Does the entity disclose in the report of a retirement benefit plan either as part of the financial statements or in a separate report, a description of the plan, which may contain: a. The names of the employers and the employee groups covered b. The number of participants receiving benefits International GAAP Disclosure Checklist 73 Disclosure made Yes No N/A c. The number of other participants d. The type of plan defined benefit e. Whether participants contribute to the plan f. The retirement benefits promised to participants g. Any plan termination terms h. Changes in items (a) (g) during the period covered by the report 399 IAS If an actuarial valuation is not prepared at the date of the financial statements of the plan, does the entity disclose the date of the valuation 400 IAS Does the entity disclose the effects of any change in actuarial assumptions that had a significant effect on the actuarial present value of promised retirement benefits 401 IAS Does the entity disclose the basis used using either current salary levels or projected salary levels to calculate the actuarial present value of promised retirement benefits 402 IAS If plan investments are held for which an estimate of fair value is not possible, does the entity disclose the reason why fair value is not used 403 IAS Do the financial statements of a defined benefit plan contain: a. A statement that shows: The net assets available for benefits The actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits The resulting excess or deficit Or b. A statement of net assets available for benefits including either: A note disclosing the actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits Or A reference to this information in an accompanying actuarial report 404 IAS Do the financial statements explain the relationship between the actuarial present value of promised retirement benefits and the net assets available for benefits, and the policy for the funding of promised benefits 405 IAS Do the financial statements of a defined benefit plan contain: a. The significant activities for the period and the effect of any changes relating to the plan, and its membership and terms and conditions b. The investment policies Interim reporting IAS IAS 34 does not mandate whether, how frequently, or how soon after the end of an interim period, an entity publishes interim financial reports. However, IAS 34 applies if the entity publishes an interim financial report in accordance with IFRS. IAS If the entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements conform to the requirements of IAS 1 for a complete set of financial statements. IAS Other IFRS specify required disclosures in financial statements. In that context, financial statements means complete sets of financial statements of the type normally included in an annual financial report and sometimes included in other reports. The disclosures required by those other IFRS are not required if the entity's interim financial report includes only condensed financial statements and selected explanatory notes rather than a complete set of financial statements. Therefore, this section of the checklist contains only those interim disclosures that are specifically required by IFRS for condensed financial statements. Consistent with IAS , any disclosures that would duplicate the disclosure contained in the most recent annual financial statements, such as details of accounts that have not changed significantly in amount since the end of the most recently completed fiscal year, may be omitted. However, consistent with the principles of the Framework and IAS , disclosure must be provided for events subsequent to the end of the most recent annual reporting period that have a material effect on the interim financial statements. For example, disclosures must address significant changes in accounting policies and methods, estimates used in the preparation of financial statements, status of long-term contracts, capitalisation (including significant new borrowings or modification of existing financing arrangements) and the reporting entity resulting from business combinations or dispositions. IAS The entity does not describe an interim financial report as complying with IFRS unless it complies with all of the requirements of each IFRS. IAS IAS and IAS provide guidance for reporting a change in accounting policy in interim financial reports. International GAAP Disclosure Checklist 74 Disclosure made Yes No N/A Components of condensed interim financial statements 406 IAS If the entity s interim financial report complies with IAS 34, does the entity disclose that fact 407 IAS Do the interim financial statements include at least the following components: a. A condensed statement of financial position b. A condensed statement of comprehensive income as either: A condensed single statement New IAS The 2011 amendment to IAS 1 states that if a single statement is presented, it should show separately profit or loss and other comprehensive income. Application is required for annual periods beginning on or after 1 July 2012, early application is permitted Or A condensed separate income statement and a condensed statement of comprehensive income c. A condensed statement of changes in equity d. A condensed statement of cash flows e. Selected explanatory notes 408 IAS The format of the condensed financial statements is consistent with the format presented in the annual accounts. Do the condensed financial statements include: a. Each of the headings and subtotals that were included in its most recent annual financial statements b. Additional line items or notes whose omission would make the condensed interim financial statements misleading 409 IAS IAS If the entity is within the scope of IAS 33, does the entity present basic and diluted earnings per share in the statement that presents profit or loss (which may be a separate income statement) Periods to be included 410 IAS Does the entity include in interim financial reports (condensed or complete) the following statements: a. A statement of financial position: As of the end of the current interim period As of the end of the immediately preceding financial year b. Either a single statement of comprehensive income, or a statement displaying components of profit or loss (separate income statement) and a second statement beginning with profit or loss and displaying components of other comprehensive income (statement of comprehensive income): For the current interim period For the same current interim period of the immediately preceding financial year Cumulatively for the current financial year to date For the same year to date current interim period of the immediately preceding financial year c. A statement showing changes in equity: Cumulatively for the current financial year to date For the comparable year-to-date period of the immediately preceding financial year d. A statement of cash flows: Cumulatively for the current financial year to date For the comparable year-to-date period of the immediately preceding financial year 411 IAS If the entity s business is highly seasonal, does it disclose: a. Financial information for the 12 months ending on the interim reporting period b. Comparative information for the prior 12-month period 412 IFRS Does the entity disclose the following segment information (disclosure of segment data is required in the entity's interim financial report only if IFRS 8 requires that entity to disclose segment information in its annual financial statements): a. Revenues from external customers, if included in the measure of segment profit or loss reviewed by the chief operating decision maker or otherwise regularly provided to the chief operating decision maker b. Intersegment revenues, if included in the measure of segment profit or loss reviewed by the chief operating decision maker or otherwise regularly provided to the chief operating decision maker c. A measure of segment profit or loss International GAAP Disclosure Checklist 75 Disclosure made Yes No N/A d. Total assets for which there is a material change from the amount disclosed in the last annual financial statements e. The differences from the last annual financial statements in the basis of segmentation or in the basis of measurement of segment profit or loss f. A reconciliation of total reportable segments' measures of profit or loss to the entity's profit or loss before tax expense (tax income) and discontinued operations However, if the entity allocates items such as tax expense (tax income) to reportable segments, the entity may reconcile the total of the segments' measures of profit or loss to profit or loss after those items. Reconciling items are separately identified and described in that reconciliation 413 IAS Does the entity also disclose any significant events or transactions of the current interim reporting period or financial year-to-date reporting period such as: a. The write-down of inventories to net realisable value and the reversal of such a write-down b. Recognition of a loss from the impairment of financial assets, property, plant, and equipment, intangible assets, or other assets, and the reversal of such an impairment loss c. The reversal of any provisions for the costs of restructuring d. Acquisitions and disposals of items of property, plant, and equipment e. Commitments for the purchase of property, plant, and equipment f. Litigation settlements g. Corrections of prior period errors h. Changes in the business or economic circumstances that affect the fair value of the entity's financial assets and financial liabilities, whether those assets or liabilities are recognised at fair value or amortised cost i. Any loan default or breach of a loan agreement that has not been remedied on or before the end of the reporting period j. Related party transactions k. Transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments l. Changes in the classification of financial assets as a result of a change in the purpose or use of those assets m. Changes in contingent liabilities or contingent assets Explanatory notes 414 IAS Does the entity disclose the following information in the notes to its interim financial statements, if it is not disclosed elsewhere in the interim financial report (the information is normally reported on a financial year-to-date basis): a. The same accounting policies and methods of computation as were followed in the most recent annual financial statements or, if those policies or methods have been changed, the nature and effect of the change b. The seasonality or cyclicality of interim operations c. The nature and amount of items affecting assets, liabilities, equity, net income, or cash flows that are unusual because of their nature, size, or incidence d. The nature and amount of changes in estimates of amounts reported in prior interim periods of the current financial year, or changes in estimates of amounts reported in prior financial years e. The issues, repurchases, and repayments of debt and equity securities f. The dividends paid (aggregate or per share) separately for ordinary shares and other shares g. Events after the interim period that are not reflected in the financial statements for the interim period h. The effect of changes in the composition of the entity during the interim period, including business combinations, obtaining or losing control of subsidiaries and long-term investments, restructurings, and discontinued operations. In the case of business combinations, the entity discloses the information required by IFRS 3 Business Combinations New 415 IFRS C If the entity has early adopted IFRS 13, does it disclose for financial instruments, the disclosures about fair value required by paragraphs 91 93(h), 94 96, 98 and 99 of IFRS 13 Fair Value Measurement and paragraphs 25, 26 and 28 30 of IFRS 7 Financial Instruments: Disclosures Interim financial reporting and impairment (IFRIC 10) 416 IAS IAS IAS Does the entity disclose its accounting policy for impairment losses in relation to goodwill recognised in an interim period International GAAP Disclosure Checklist 76 Disclosure made Yes No N/A First-time adoption requirements IFRS IFRS provides an example of the level of detail required in the reconciliations from previous GAAP to IFRS. 417 IFRS If the entity presents an interim financial report for part of the period covered by its first IFRS financial statements, does the entity: a. Reconcile: Its equity under previous GAAP at the end of that comparable interim period to its equity under IFRS at that date Its current total comprehensive income (or, if an entity did not report such a total, profit or loss) under previous GAAP for that comparable interim period to its total comprehensive income under IFRS for that period Its year-to-date total comprehensive income (or, if an entity did not report such a total, profit or loss) under previous GAAP for that comparable interim period to its total comprehensive income under IFRS for that period b. Disclose the following information or cross-reference to another published document that contains this information: Reconciliations of its equity reported under previous GAAP to its equity under IFRS for: A. The date of transition to IFRS B. The end of the latest period presented in the entity s most recent annual financial statements under previous GAAP A reconciliation of the profit or loss reported under previous GAAP for the latest period in the entity s most recent annual financial statements to its profit or loss under IFRS for the same period If the entity presented a statement of cash flows under its previous GAAP, explanation of the material adjustments to the statement of cash flows In the reconciliations of equity, any errors made under previous GAAP and any changes in accounting policies In the reconciliation of profit or loss, any errors made under previous GAAP and any changes in accounting policies 418 IFRS If the entity does not, in its most recent annual financial statements under previous GAAP, disclose information material to an understanding of the current interim period, does it disclose in its interim financial report that information or include a cross-reference to another published document that includes it New pronouncements 419 IAS Does the entity disclose items required by recent accounting pronouncements issued subsequent to the date of this checklist (see items for changes in policy or standards issued but not yet effective) Adoption of IFRS 9 Financial Instruments (issued in 2009) IFRS Items set out the disclosure requirements if an entity adopts IFRS 9 Financial Instruments (issued in 2009), , for financial assets only. If an entity adopts IFRS 9 (issued in 2010), , for financial assets and financial liabilities, refer to items New IFRS 9 IN16 In December 2011, the Board issued an amendment to IFRS 9 (issued in 2009) modifying the implementation date from periods beginning on or after 1 January 2013 to periods beginning on or after 1 January 2015 420 IFRS If the entity adopts IFRS 9 (issued in 2009) for annual periods beginning before 1 January 2015, does the entity disclose that fact 421 IFRS If the entity adopts IFRS 9 (issued in 2009) from a date other than the beginning of a reporting period, does the entity disclose this fact and the reasons for using that date of initial application IFRS IFRS (d) IFRS 9 Appendices In November 2009, the IASB issued IFRS 9 Financial Instruments. The transition requirements depend on the adoption date. Entities are required to apply IFRS 9 (issued in 2009) for reporting periods beginning on or after 1 January 2015 with early application permitted. International GAAP Disclosure Checklist 77 Disclosure made Yes No N/A IFRS (2010) In October 2010, the IASB issued IFRS 9 Financial Instruments, which superseded IFRS 9 Financial Instruments issued in 2009. Entities are required to apply IFRS 9 (issued in 2010) for reporting periods beginning on or after 1 January 2015 with early application permitted. However, for annual periods beginning before 1 January 2015, an entity may elect to apply IFRS 9 (issued in 2009) instead of applying IFRS 9 (issued in 2010). Adoption of IFRS 9 (issued in 2009) for first-time adopters Items set out the disclosure requirements if the entity adopts IFRS 9 Financial Instruments (issued in 2009), , for financial assets only. If the entity adopts IFRS 9 Financial Instruments (issued in 2010), , for financial assets and financial liabilities, refer to items If the entity does not adopt IFRS 9 Financial Instruments, but rather applies IAS 39 Financial Instruments: Recognition and Measurement, refer to item 26. Designation of financial assets or financial liabilities 422 IFRS IFRS If the entity designates previously recognised financial assets as financial assets at fair value through profit or loss under IFRS , does the entity disclose for financial assets: a. The fair value at the date of designation b. Classification in the previous financial statements c. Carrying amount in the previous financial statements 423 IFRS IFRS If the entity designates previously recognised financial liabilities as financial liabilities at fair value through profit or loss under IFRS , does the entity disclose for financial liabilities: a. The fair value at the date of designation b. Classification in the previous financial statements c. Carrying amount in the previous financial statements Exemption from the requirement to restate comparative information for IFRS 9 (issued in 2009) 424 IFRS If an entity chooses to present comparative information that does not comply with IFRS 9 (issued in 2009) and IFRS 7 in its first year of transition, does the entity disclose: IFRS (b) a. This fact IFRS (b) b. The basis used to prepare this information IFRS (c) c. The information required by IAS (a) (e) and (f)(i) (see item 123. a. f.) for any adjustment between the statement of financial position at the comparative period s reporting date and the statement of financial position at the start of the first IFRS reporting period IFRS (d) IAS (c) d. Additional information in accordance with IAS (c) when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance IFRS In its first IFRS financial statements, an entity that (a) adopts IFRS for annual periods beginning before 1 January 2012 and (b) applies IFRS 9 (issued in 2009) must present at least one year of comparative information. However, this comparative information need not comply with IFRS 9 (issued in 2009) or IFRS 7, to the extent that the disclosures required by IFRS 7 relate to assets within the scope of IFRS 9 (issued in 2009). For such entities, references to the date of transition to IFRSs means, in the case of IFRS 9 (issued in 2009) and IFRS 7 only, the beginning of the first IFRS reporting period. Financial instruments Items set out the disclosure requirements if the entity adopts IFRS 9 Financial Instruments (issued in 2009), , for financial assets only. If the entity adopts IFRS 9 Financial Instruments (issued in 2010), , for financial assets and financial liabilities, refer to items If the entity does not adopt IFRS 9 Financial Instruments, but rather continues to apply IAS 39 Financial Instruments: Recognition and Measurement, refer to items 425 IFRS If disclosures are required by class of financial instrument, does the entity: a. Group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments International GAAP Disclosure Checklist 78 Disclosure made Yes No N/A b. Provide sufficient information to permit reconciliation to the relevant items in the statement of financial position IFRS - B3 IFRS requires the entity to group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments. These classes are determined by the entity and as such, are distinct from the categories of financial instruments specified in IAS 39 or IFRS 9 (issued in 2009). In determining classes of financial instruments, an entity, at minimum: a. Distinguishes between instruments measured at amortised cost from those measured at fair value b. Treats those financial instruments as a separate class or classes outside the scope of this IFRS The entity decides how much detail it provides to satisfy the requirements, how much emphasis it places on different aspects of the requirements, and how it aggregates information to display the overall picture without combining information with different characteristics, in the light of its circumstances. It is necessary to balance between excessive detail and obscuring important information as a result of too much aggregation. For example, an entity must not obscure important information by including it among a large amount of insignificant detail. Similarly, an entity must not aggregate information so that it obscures important differences between individual transactions or associated risks. 426 IFRS Does the entity disclose information that enables users of its financial statements to evaluate the significance of financial instruments to its financial position and performance 427 IFRS IAS Does the entity disclose, either in the statement of financial position or in the notes, the carrying amounts of each of the following: a. Financial assets measured at fair value through profit or loss, showing separately: Those designated as such upon initial recognition Those mandatorily measured at fair value b. Financial liabilities at fair value through profit or loss, showing separately: Those designated as such upon initial recognition Those that meet the definition of held for trading in IAS 39 c. Financial assets measured at amortised cost d. Financial liabilities measured at amortised cost e. Financial assets measured at fair value through other comprehensive income 428 IFRS IFRS (a) If the entity designated a financial asset (or group of financial assets) as measured at fair value that would otherwise be measured at amortised cost, does it disclose: a. The maximum exposure to credit risk of the financial asset (or group of financial assets) at the end of the reporting period b. The amount by which any related credit derivatives or similar instruments mitigate that maximum exposure to credit risk c. The change, during the period and cumulatively, in the fair value of the financial asset (or group of financial assets) that is attributable to changes in the credit risk of the financial asset determined either: As the change in its fair value that is not attributable to changes in market conditions that give rise to market risk Or Using an alternative method that the entity believes more faithfully represents the change in its fair value that is attributable to changes in credit risk of the asset IFRS Changes in market conditions that give rise to market risk include changes in an interest rate, commodity price, foreign exchange rate or index of prices or rates. d. The change in the fair value of any related credit derivatives or similar instruments that occurred during the reporting period and cumulatively since the financial asset was designated 429 IFRS IAS If the entity designated a financial liability as at fair value through profit or loss in accordance with IAS , does it disclose: a. The change, during the period and cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability determined either: IFRS As the change in its fair value that is not attributable to changes in market conditions that give rise to market risk Or International GAAP Disclosure Checklist 79 Disclosure made Yes No N/A Using an alternate method that the entity believes more faithfully represents the change in its fair value that is attributable to changes in the credit risk of the liability IFRS Changes in market conditions that give rise to market risk include changes in a benchmark interest rate, price of another entity s financial instrument, commodity price, foreign exchange rate or an index of prices or rates. For contracts that include a unit-linking feature, changes in market conditions include changes in the performance of the related internal or external investment fund. b. The difference between the financial liability s carrying amount and the amount the entity would be contractually required to pay at maturity to the holder of the obligation 430 IFRS Does the entity disclose: a. The methods used to comply with the requirements in items 428 (c). and 429 (a). b. If the entity believes that the disclosure it has given to comply with the requirements in items 428.(c). and 429.(a). does not faithfully represent the change in the fair value of the financial asset or financial liability attributable to changes in the credit risk: The reasons for reaching this conclusion And The factors the entity believes are relevant Investments at fair value through other comprehensive income 431 IFRS If an entity designated investments in equity instruments to be measured at fair value through other comprehensive income, does it disclose: a. Which investments in equity instruments are designated to be measured at fair value through other comprehensive income b. The reasons for using this presentation alternative c. The fair value of each such investment at the end of the reporting period d. Dividends recognised during the period, showing separately: Those related to investments derecognised during the reporting period Those related to investments held at the end of the reporting period e. Any transfers of the cumulative gain or loss within equity during the reporting period and the reason for such transfers 432 IFRS If an entity derecognises investments in equity instruments measured at fair value through other comprehensive income during the reporting period, does it disclose: a. The reasons for disposing of the investments b. The fair value of the investments at the date of derecognition c. The cumulative gain or loss on disposal Reclassification 433 IFRS If the entity, in the current or in previous reporting periods, reclassified any financial assets in accordance with paragraph of IFRS 9 (issued in 2009), does the entity disclose: a. The date of reclassification b. A detailed explanation of the change in business model and a qualitative description of its effect on the entity's financial statements c. The amount reclassified into and out of each category IAS (ca) d. For any financial assets reclassified so they are measured at fair value, any gain or loss arising from a difference between the previous carrying amount and its fair value at the reclassification date 434 IFRS For each reporting period following reclassification until derecognition for assets reclassified to be measured at amortised cost, does the entity disclose: a. The effective interest rate determined on the date of reclassification b. The interest income or expense recognised 435 IFRS If the entity reclassified financial assets so that they are measured at amortised cost since its last annual reporting date, does it disclose: a. The fair value of the financial assets at the end of the reporting period b. The fair value gain or loss that would have been recognised in profit or loss during the reporting period if the financial assets had not been reclassified Transfers of financial assets IFRS The Amendments to IFRS 7 Disclosures Transfers of Financial Assets, issued in October 2010, deleted IFRS and added IFRS - 42H and IFRS An entity applies those amendments for annual periods beginning on or after 1 July 2011. In the first year of application, an entity need not provide comparative disclosures required by the amendments for any period presented that begins before 1 July 2011. International GAAP Disclosure Checklist 80 Disclosure made Yes No N/A 436 IFRS Does the entity present the disclosures required in items in a single note in its financial statements. 437 IFRS Does the entity disclose information that enables users of its financial statements: a. To understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities b. To evaluate the nature of, and risks associated with, the entity s continuing involvement in derecognised financial assets IFRS The disclosures required in items relating to transferred financial assets supplement the other disclosure requirements of IFRS 7. The entity provides these disclosures for all transferred financial assets that are not derecognised and for any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. For these disclosure requirements, an entity transfers all or part of a financial asset (the transferred financial asset), if it either: a. Transfers the contractual rights to receive the cash flows of that financial asset b. Retains the contractual rights to receive the cash flows of that financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in an arrangement Transferred financial assets that are not derecognised in their entirety 438 IFRS IFRS To meet the objectives in item 437.(a), does the entity disclose for each class of transferred financial assets that are not derecognised in their entirety: a. The nature of the transferred assets b. The nature of the risks and rewards of ownership to which the entity remains exposed c. A description of the nature of the relationship between the transferred assets and the associated liabilities, including any restrictions arising from the transfer on the entity s use of the transferred assets d. When the counterparty (counterparties) to the associated liabilities has (have) recourse only to the transferred assets, a schedule that sets out The fair value of the transferred assets The fair value of the associated liabilities The net position e. When the entity continues to recognise all of the transferred assets, the carrying amounts of the transferred assets and the associated liabilities IFRS (c)(ii) IFRS f. When the entity continues to recognise the assets to the extent of its continuing involvement: The total carrying amount of the original assets before the transfer The carrying amount of the assets that the entity continues to recognise The carrying amount of the associated liabilities Transferred financial assets that are derecognised in their entirety 439 IFRS IFRS (a) IFRS (c)(i) To meet the objectives in item 437.(b), when the entity derecognises financial assets, but has continuing involvement in them, does the entity disclose for each type of continuing involvement at the reporting date: a. The carrying amount of the assets and liabilities that are recognised in the entity s statement of financial position and represent the entity s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised b. The fair value of the assets and liabilities that represent the entity s continuing involvement in the derecognised financial assets c. The amount that best represents the entity s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined d. The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets. Examples of cash outflows to repurchase the derecognised financial include, the strike price in an option agreement or the repurchase price in a repurchase agreement. If the cash outflow is variable, then the amounts disclosed are based on the conditions that exist at each reporting date. International GAAP Disclosure Checklist 81 Disclosure made Yes No N/A IFRS IFRS IFRS e. A maturity analysis of the undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets, showing the remaining contractual maturities of the entity's continuing involvement The maturity analysis should distinguish cash flows that are required to be paid ( , forward contracts), cash flows that the entity may be required to pay ( , written put options) and cash flows that the entity might choose to pay ( , purchased call options). An entity uses its judgement to determine an appropriate number of time bands in preparing the maturity analysis. If there is a range of possible maturities, the cash flows are included on the basis of the earliest date on which the entity can be required or is permitted to pay. IFRS f. Qualitative information that explains and supports the quantitative disclosures in (a) (e), that includes a description of: The derecognised financial assets and the nature and purpose of the continuing involvement retained after transferring those assets The risks to which an entity is exposed, including: A. A description of how the entity manages the risk inherent in its continuing involvement in the derecognised financial assets B. Whether the entity is required to bear losses before other parties, and the ranking and amounts of losses borne by parties whose interests rank lower than the entity s interest in the asset ( , its continuing involvement in the asset) C. A description of any triggers associated with obligations to provide financial support or to repurchase a transferred financial asset IFRS An entity may aggregate the information required by item 439. for a particular asset if the entity has more than one type of continuing involvement in that derecognised financial asset, and report it under one type of continuing involvement. 440 IFRS Does the entity disclose, for each reporting period for which a statement of comprehensive income is presented, for each type of continuing involvement: IFRS a. The gain or loss recognised at the date of transfer of the assets, including: Whether that gain or loss on derecognition arose because the fair values of the components of the previously recognised asset ( , the interest in the asset derecognised and the interest retained by the entity) were different from the fair value of the previously recognised asset as a whole If that gain or loss on derecognition arose because the fair values of the components of the previously recognised asset were different from the fair value of the previously recognised asset as a whole, whether the fair value measurements included significant inputs that were not based on observable market data b. Income and expenses recognised, both in the reporting period and cumulatively, from the entity s continuing involvement (for example, fair value changes in derivative instruments) c. If the total amount of proceeds from transfer activity (that qualifies for derecognition) in a reporting period is not evenly distributed throughout the reporting period (for example, if a substantial proportion of the total amount of transfer activity takes place in the closing days of a reporting period): When the greatest transfer activity took place within that reporting period (for example, the last five days before the end of the reporting period) The amount recognised (for example, related gains or losses) from transfer activity in that part of the reporting period The total amount of proceeds from transfer activity in that part of the reporting period Supplementary information 441 IFRS IFRS Does the entity disclose any additional information that it considers necessary to meet the disclosure objectives in item 437. IFRS IFRS IFRS IFRS For the disclosure requirements in items an entity has continuing involvement in a transferred financial asset if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. However, the following do not constitute continuing involvement: a. Normal representations and warranties relating to fraudulent transfer and concepts of reasonableness, good faith and fair dealings that could invalidate a transfer as a result of legal action b. Forward, option and other contracts to reacquire the transferred financial asset for which the contract price (or exercise price) is the fair value of the transferred financial asset International GAAP Disclosure Checklist 82 Disclosure made Yes No N/A c. An arrangement whereby an entity retains the contractual rights to receive the cash flows of a financial asset, but assumes a contractual obligation to pay the cash flows to one or more entities and the conditions in IFRS (a) (c) are met IFRS Items require qualitative and quantitative disclosures for each type of continuing involvement in derecognised financial assets. An entity aggregates its continuing involvement into types that are representative of the entity's exposure to risks. For example, by type of financial instrument ( , guarantees or call options) or by type of transfer ( , factoring of receivables, securitisations and secured lending). Collateral 442 IFRS IAS Does the entity disclose: a. The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities, including amounts reclassified in accordance with IAS b. The terms and conditions relating to the pledge IAS If a transferor provides non-cash collateral (such as debt or equity instruments) to the transferee, the accounting for the collateral by the transferor and the transferee depends on whether the transferee has the right to sell or repledge the collateral and on whether the transferor has defaulted. If the transferee has the right by contract or custom to sell or repledge the collateral, then the transferor reclassifies that asset in its statement of financial position (for example, as a loaned asset, pledged equity instruments or repurchase receivable) separately from other assets. 443 IFRS If the entity holds collateral (of financial or non-financial assets) and may sell or repledge the collateral in the absence of default by the owner of the collateral, does the entity disclose: a. The fair value of the collateral held b. The fair value of any such collateral sold or repledged, and whether the entity has an obligation to return it c. The terms and conditions associated with its use of this collateral Allowance account for credit losses 444 IFRS If financial assets are impaired by credit losses and the entity records the impairment in a separate account (for example, an allowance account or similar account used to record a collective impairment of assets) rather than directly reducing the carrying amount of the asset, does the entity reconcile changes in that account during the period for each class of financial assets Compound financial instruments with multiple embedded derivatives 445 IFRS If the entity issued an instrument that contains both a liability and an equity component and the instrument has multiple embedded derivatives whose values are interdependent (such as a callable convertible debt instrument), does the entity disclose the existence of those features Defaults and breaches 446 IFRS For loans payable recognised at the end of the reporting period, does the entity disclose: a. Details of any defaults during the period of principal, interest, sinking fund, or redemption terms of those loans payable b. The carrying amount of the loans payable in default at the end of the reporting period c. Whether the default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue 447 IFRS If, during the reporting period, there are breaches of loan agreement terms other than those described in item 446., does the entity disclose the same information as required by item 439. if those breaches permit the lender to demand accelerated repayment (unless the breaches were remedied, or the terms of the loan were renegotiated, on or before the end of the reporting period) Statement of comprehensive income and equity Items of income, expense, gains and losses 448 IFRS Does the entity disclose the following items of income, expense, gains or losses, either in the statement of comprehensive income or in the notes: a. Net gains or net losses on: Financial assets measured at fair value through profit or loss, showing separately: A. Those financial assets designated as such upon initial recognition IAS B. Those that are mandatorily measured at fair value in accordance with IFRS 9 (issued in 2009) International GAAP Disclosure Checklist 83 Disclosure made Yes No N/A Financial liabilities at fair value through profit or loss, showing separately: A. Those financial liabilities designated as such upon initial recognition B. Those that meet the definition of held for trading in IAS 39 Financial assets measured at amortised cost Financial liabilities measured at amortised cost Financial assets measured at fair value through other comprehensive income 449 IFRS Does the entity disclose either in the statement of comprehensive income or in the notes (calculated using the effective interest method) for financial assets that are measured at amortised cost or financial liabilities not at fair value through profit or loss: a. Total interest income b. Total interest expense IFRS (d) IFRS (b) The entity discloses the total interest expense recognised in profit or loss, but does not need to calculate such interest expense using the effective interest method as required under IFRS (b) for financial instruments that contain a discretionary participation feature. 450 IFRS Does the entity disclose either in the statement of comprehensive income or in the notes, the fee income and expense (other than amounts included in determining the effective interest rate) arising from: a. Financial assets measured at amortised cost or financial liabilities that are not at fair value through profit or loss b. Trust and other fiduciary activities that result in the holding or investing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions 451 IAS Does the entity disclose either in the statement of comprehensive income or in the notes, the interest income on impaired financial assets accrued in accordance with IAS 452 Does the entity disclose either in the statement of comprehensive income or in the notes, the impairment loss for each class of financial asset 453 IFRS If the entity derecognised a financial asset measured at amortised cost, does the entity disclose: IAS (aa) a. An analysis of the gain or loss recognised in the statement of comprehensive income arising from the derecognition of those financial assets, showing separately gains and losses arising from derecognition b. The reasons for derecognising those financial assets Other disclosures Accounting policies 454 IFRS Does the entity disclose, in the summary of significant accounting policies, the measurement basis (or bases) used in preparing the financial statements and the other accounting policies that are relevant to an understanding of the financial statements in relation to financial instruments 455 IFRS (a) Does the entity disclose, for financial liabilities designated as at fair value through profit or loss: a. The nature of the financial liabilities the entity has designated as at fair value through profit or loss b. The criteria for so designating such financial liabilities on initial recognition IAS IAS IAS c. How the entity satisfied the conditions in IAS , IAS or IAS for such designation: IAS (b) For instruments designated in accordance with the definition of a financial liability at fair value through profit or loss in IAS (b)(i), the circumstances underlying the measurement or recognition inconsistency that would otherwise arise IAS (b) For instruments designated in accordance with the definition of a financial liability at fair value through profit or loss in IAS (b)(ii), how designation at fair value through profit or loss is consistent with the entity s documented risk management or investment strategy 456 IFRS (a) For financial assets designated at fair value through profit or loss, does the entity disclose: a. The nature of the financial assets the entity has designated as measured at fair value through profit or loss IFRS b. How the entity has satisfied the criteria in paragraph of IFRS 9 (issued in 2009) for such designation IFRS c. How net gains or net losses on each category of financial instrument are determined, for example, whether the net gains or net losses on items at fair value through profit or loss include interest or dividend income International GAAP Disclosure Checklist 84 Disclosure made Yes No N/A IFRS d. The criteria the entity uses to determine that there is objective evidence that an impairment loss has occurred IFRS e. If the terms of financial assets that would otherwise be past due or impaired have been renegotiated, the accounting policy for financial assets that are the subject of renegotiated terms 457 IFRS IAS Does the entity disclose management's judgements for financial instruments that have the most significant affect the financial statements. Hedge accounting 458 IFRS IAS Does the entity disclose the following separately for each type of hedge in IAS 39 (that is, fair value hedges, cash flow hedges and hedges of a net investment in a foreign operations): a. A description of each type of hedge b. A description of the financial instruments designated as hedging instruments c. Their fair values at the end of the reporting period d. The nature of the risks being hedged 459 IFRS For cash flow hedges, does the entity disclose: a. The reporting periods when the cash flows are expected to occur and when they are expected to affect profit or loss b. Any forecast transaction for which hedge accounting was previously used, but which is no longer expected to occur c. The amount recognised in other comprehensive income during the reporting period d. The amount reclassified from equity to profit or loss as a reclassification adjustment for the reporting period, showing the amount included in each line item in the statement of comprehensive income e. The amount removed from equity during the reporting period and included in the initial cost or other carrying amount of a non-financial asset or non-financial liability whose acquisition or incurrence was a hedged highly probable forecast transaction 460 IFRS Does the entity separately disclose: a. In fair value hedges, gains or losses on the: Hedging instrument Hedged item attributable to the hedged risk b. The ineffectiveness recognised in profit or loss that arises from cash flow hedges c. The ineffectiveness recognised in profit or loss that arises from hedges of net investment in foreign operations Fair value IFRS IFRS A The entity is not required to disclose fair value: a. If the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables b. For derivatives linked to investments in equity instruments that do not have a quoted market price in an active market that are measured at cost in accordance with IAS 39 because their fair value cannot be measured reliably Or c. For a contract containing a discretionary participation feature, if the fair values of that feature cannot be measured reliably 461 IFRS IFRS Does the entity disclose for each class of financial assets and financial liabilities, the fair value of that class of assets and liabilities in a way that permits it to be compared with its carrying amount (except for those noted in IFRS ) 462 IFRS In disclosing fair values, does the entity group financial assets and financial liabilities into classes, but offset them only to the extent that their carrying amounts are offset in the statement of financial position 463 IFRS For each class of financial instrument, does the entity disclose: a. The methods used in determining fair value b. If a valuation technique is used to determine fair value, the assumptions applied in determining fair values of each class of financial assets or financial liabilities IFRS For example, the entity discloses the assumptions for prepayment rates, rates of estimated credit losses, interest rates and discount rates. c. Any change in the valuation technique d. The reasons for that change IFRS IFRS First-time adopters are exempt from disclosing comparative information in items 464-465. International GAAP Disclosure Checklist 85 Disclosure made Yes No N/A 464 IFRS For the disclosures required by item 465., does the entity classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: a. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) b. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2) c. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3) IFRS The entity determines the level in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. The entity assesses the significance of an input against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. 465 IFRS For fair value measurements recognised in the statement of financial position, does the entity disclose for each class of financial instruments in a tabular format unless another format is more appropriate: a. The level in the fair value hierarchy into which the fair value measurements are categorised in their entirety, segregating fair value measurements based on the levels defined in item 464. b. Any significant transfers between (into and out of) Level 1 and Level 2 of the fair value hierarchy and the reasons for those transfers, presented separately IFRS Significance is judged with respect to profit or loss, and total assets or total liabilities. c. For fair value measurements in Level 3 of the fair value hierarchy, a reconciliation from the beginning balances to the ending balances, disclosing separately changes during the reporting period attributable to the following: Total gains or losses for the reporting period recognised in profit or loss, and a description of where they are presented in the statement of comprehensive income or the separate income statement (if presented) Total gains or losses recognised in other comprehensive income Purchases, sales, issues and settlements (separately for each type of movement) Transfers into or out of Level 3 (for example, transfers attributable to changes in observable market data) and the reasons for those transfers, presented separately d. The amount of total gains or losses for the reporting period in (c) included in profit or loss that are attributable to gains or losses relating to those assets and liabilities held at the end of the reporting period and a description of where those gains or losses are presented in the statement of comprehensive income or the separate income statement (if presented) e. For fair value measurements in Level 3, if changing one or more of the inputs to reasonably possible alternative assumptions changes fair value significantly, disclose: That fact The effect of those changes How the effect of a change to a reasonably possible alternative assumption was calculated IFRS (e) Significance is judged with respect to profit or loss, and total assets or total liabilities, or, when changes in fair value are recognised in other comprehensive income, total equity. 466 IFRS IAS If there is a difference between the fair value (transaction price) at initial recognition and the amount that is determined at that date using a valuation technique, does the entity disclose, by class of financial instrument: IAS a. Its accounting policy for recognising that difference in profit or loss for changes in factors (including time) that market participants would consider in setting a price IAS An entity subsequently measures a financial asset or financial liability and recognises gains and losses consistently with the requirements of IAS 39 or IFRS 9 (issued in 2009), as appropriate. The application of IAS may result in no gain or loss being recognised on the initial recognition of a financial asset or financial liability. In such a case, IAS 39 requires that a gain or loss is recognised after initial recognition only to the extent that it arises from a change in a factor (including time) that market participants would consider in setting a price. b. The aggregate difference yet to be recognised in profit or loss at the beginning and end of the reporting period and reconcile this difference International GAAP Disclosure Checklist 86 Disclosure made Yes No N/A 467 IFRS IFRS In the cases described in IFRS (b) and (c), does the entity disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those contracts and their fair value, including: a. The fact that the entity does not disclose fair value information for these instruments because their fair value cannot be measured reliably b. A description of the financial instruments, their carrying amount and an explanation of why fair value cannot be measured reliably c. Information about the market for the instruments d. Information about whether and how the entity intends to dispose of the financial instruments e. If financial instruments whose fair value previously could not be reliably measured are derecognised: That fact Their carrying amount at the time of derecognition The amount of gain or loss recognised Nature and extent of risk arising from financial instruments IFRS IFRS The disclosures required by items focus on the risks that arise from financial instruments and how they have been managed. These risks typically include, but are not limited to, credit risk, liquidity risk and market risk. The disclosures are either given in the financial statements or incorporated by cross-reference from the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. Without the information incorporated by cross-reference, the financial statements are incomplete. 468 IFRS Does the entity disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period Qualitative disclosures in combination with quantitative disclosures enable users to gain an understanding of the nature and extent of risks arising from financial instruments and evaluate the entity's exposure to risk. Transition requirements New 469 IFRS Transition requirements for adoption of IFRS 9 (issued in 2009) depend on the date of initial application: New a. If the first application is made in a reporting period beginning before 1 January 2012 the entity needs not restate prior periods and is not required to provide the disclosures set out in 472-475. below New b. If the first application is made in a reporting period beginning on or after 1 January 2012 and before 1 January 2013, did the entity elect either to provide the disclosures set out in below or to restate prior periods New c. If the first application is made in a reporting period beginning on or after 1 January 2013, does the entity provide the disclosures set out in below and not restate prior periods 470 IFRS When an entity first applies IFRS 9 (issued in 2009), for each class of financial assets at the date of initial application, does the entity disclose in tabular format (unless another format is more appropriate): a. The original measurement category and carrying amount determined in accordance with IAS 39 b. The new measurement category and carrying amount determined in accordance with IFRS 9 (issued in 2009) c. The amount of any financial assets in the statement of financial position that were previously designated as measured at fair value through profit or loss, but are no longer so designated, distinguishing between (a) those that IFRS 9 requires an entity to reclassify and (b) those that an entity elects to reclassify 471 IFRS When an entity first applies IFRS 9 (issued in 2009), does the entity disclose qualitative information to enable users to understand: a. How it applied the classification requirements in IFRS 9 (issued in 2009) to those financial assets whose classification changed as a result of applying IFRS 9 (issued in 2009) b. The reasons for any designation or de-designation of financial assets or financial liabilities as measured at fair value through profit or loss New IFRS Disclosures required in below are just required (IFRS see item 469., above) in the annual period in which IFRS 9 (issued in 2009) is initially applied and are not required after that annual period. International GAAP Disclosure Checklist 87 Disclosure made Yes No N/A New 472 IFRS At the date of initial application of IFRS 9 (issued in 2009) (if required by IFRS 9 (issued in 2009) , see 469. above) does the entity disclose the changes in the classifications of financial assets and financial liabilities, showing separately: New a. The changes in the carrying amounts on the basis of their measurement categories in accordance with IAS 39 ( , not resulting from a change in measurement attribute on transition to IFRS 9 (issued in 2009)) New b. The changes in the carrying amounts arising from a change in measurement attribute on transition to IFRS 9 (issued in 2009) New IFRS Disclosures required in 473. below are just required in the reporting period of the initial application of IFRS 9 (issued in 2009). However, if an entity treats the fair value of a financial asset or financial liability as its amortised cost at the date of initial application, the disclosures in (c) and (d) shall be made for each reporting period following reclassification until derecognition. New 473 IFRS In the reporting period in which IFRS 9 (issued in 2009) is initially applied, does the entity disclose the following information for financial assets and financial liabilities that have been reclassified so that they are measured at amortised cost as a result of the transition: New a. The fair value of the financial assets and financial liabilities at the end of the reporting period New b. The fair value gain or loss that would have been recognised in profit or loss or other comprehensive income during the reporting period if the financial assets and financial liabilities had not been reclassified New c. The effective interest rate determined on the date of reclassification New d. The interest income or expense recognised New 474 IFRS If an entity presents the disclosures set out in at the date of initial application of IFRS 9 (issued in 2009), do those disclosures, and the disclosures in 123. during the reporting period containing the date of initial application, permit reconciliation between: New a. The measurement categories in accordance with IAS 39 and IFRS 9 (issued in 2009) New b. The line items presented in the statements of financial position New 475 IFRS If an entity presents the disclosures set out in at the date of initial application of IFRS 9 (issued in 2009), do those disclosures, and the disclosures in 461. and 215. during the reporting period containing the date of initial application, permit reconciliation between: New a. Of the measurement categories presented in accordance with IAS 39 and IFRS 9 (issued in 2009) New b. The class of financial instrument at the date of initial application Adoption of IFRS 9 Financial Instruments (issued in 2010) IFRS Items set out the disclosure requirements if an entity adopts IFRS 9 Financial Instruments (issued in 2010), , for financial assets and financial liabilities. If an entity adopts IFRS 9 Financial Instruments (issued in 2009), , for financial assets only, refer to items New IFRS 9 IN11 In December 2011 the Board issued an amendment to IFRS 9 modifying the implementation date from periods beginning on or after 1 January 2013 to periods beginning on or after 1 January 2015. 476 IFRS If the entity adopts IFRS 9 (issued in 2010) for annual periods beginning before 1 January 2015, does the entity disclose that fact 477 IFRS If the entity does not adopt IFRS 9 (issued in 2010) from the beginning of a reporting period, does the entity disclose this fact and the reasons for using that date of initial application. IFRS An entity applies IFRS 9 (issued in 2010) for annual periods beginning on or after 1 January 2015. Early application is permitted. However, if an entity applies IFRS 9 (issued in 2010) early and has not already applied IFRS 9 (issued in 2009), it must apply all of the requirements in IFRS 9 (issued in 2010) at the same time. IFRS However, for annual periods beginning before 1 January 2015, an entity may apply IFRS 9 (issued in 2009) instead of applying IFRS 9 (issued in 2010). International GAAP Disclosure Checklist 88 Disclosure made Yes No N/A Adoption of IFRS 9 (issued in 2010) for first-time adopters Items set out the disclosure requirements if the entity adopts IFRS 9 Financial Instruments (issued in 2010), , for financial assets and financial liabilities. If the entity adopts IFRS 9 Financial Instruments (issued in 2009), , for financial assets only, refer to items If the entity does not adopt IFRS 9 Financial Instruments, but continues to apply IAS 39 Financial Instruments: Recognition and Measurement, refer to item 26. Designation of financial assets or financial liabilities 478 IFRS IFRS If the entity designates previously recognised financial assets as financial assets at fair value through profit or loss under IFRS , does the entity disclose for financial assets: a. The fair value at the date of designation b. Classification in the previous financial statements c. Carrying amount in the previous financial statements 479 IFRS IFRS If the entity designates previously recognised financial liabilities as financial liabilities at fair value through profit or loss under IFRS , does the entity disclose for financial liabilities: a. The fair value at the date of designation b. Classification in the previous financial statements c. Carrying amount in the previous financial statements Exemption from the requirement to restate comparative information for IFRS 9 (issued in 2010) 480 IFRS If an entity chooses to present comparative information that does not comply with IFRS 9 (issued in 2010) and IFRS 7 in its first year of transition, does the entity disclose: IFRS (b) a. This fact IFRS (b) b. The basis used to prepare this information IFRS (c) IAS c. The information required by IAS (a) (e) and (f)(i) (see item 123. a. f. for the individual requirements) for any adjustment between the statement of financial position at the comparative period s reporting date and the statement of financial position at the start of the first IFRS reporting period IFRS (d) IAS (c) d. Additional information in accordance with IAS (c) when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance IFRS In its first IFRS financial statements, an entity that (a) adopts IFRSs for annual periods beginning before 1 January 2012 and (b) applies IFRS 9 (issued in 2010) presents at least one year of comparative information. However, this comparative information need not comply with IFRS 9 (issued in 2010) or IFRS 7, to the extent that the disclosures required by IFRS 7 relate to assets within the scope of IFRS 9 (issued in 2010). For such entities, references to the date of transition to IFRSs means, in the case of IFRS 9 (issued in 2010) and IFRS 7 only, the beginning of the first IFRS reporting period. Financial instruments Items set out the disclosure requirements if the entity adopts IFRS 9 (issued in 2010), , for financial assets and financial liabilities. If the entity adopts IFRS 9 Financial Instruments (issued in 2009), , for financial assets only, refer to items If the entity does not adopt IFRS 9 Financial Instruments, but rather applies IAS 39 Financial Instruments: Recognition and Measurement, refer to items 481 IFRS If disclosures are required by class of financial instrument, does the entity: a. Group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments b. Provide sufficient information to permit reconciliation to the relevant items in the statement of financial position IFRS - B3 IFRS requires the entity to group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments. These classes are determined by the entity and as such, are distinct from the categories of financial instruments specified in IFRS 9 (issued in 2010). In determining classes of financial instruments, an entity, at minimum: a. Distinguishes between instruments measured at amortised cost from those measured at fair value International GAAP Disclosure Checklist 89 Disclosure made Yes No N/A b. Treats those financial instruments as a separate class or classes outside the scope of this IFRS The entity decides how much detail it provides to satisfy the requirements, how much emphasis it places on different aspects of the requirements and how it aggregates information to display the overall picture without combining information with different characteristics, in the light of its circumstances. It is necessary to find a balance between excessive detail that may not assist users of financial statements and obscuring important information as a result of too much aggregation. For example, an entity must not obscure important information by including it among a large amount of insignificant detail. Similarly, an entity must not aggregate information so that it obscures important differences between individual transactions or associated risks. 482 IFRS Does the entity disclose information that enables users of its financial statements to evaluate the significance of financial instruments to its financial position and performance 483 IFRS IFRS IFRS Does the entity disclose either in the statement of financial position or in the notes the carrying amounts of each of the following: a. Financial assets measured at fair value through profit or loss, showing separately: Those designated as such upon initial recognition Those mandatorily measured at fair value b. Financial liabilities at fair value through profit or loss, showing separately: Those designated as such upon initial recognition Those that meet the definition of held for trading in IFRS 9 (issued in 2010) c. Financial assets measured at amortised cost d. Financial liabilities measured at amortised cost e. Financial assets measured at fair value through other comprehensive income Financial assets or financial liabilities at fair value through profit or loss 484 IFRS IFRS (a) If the entity designated a financial asset (or group of financial assets) as measured at fair value that would otherwise be measured at amortised cost, does it disclose: a. The maximum exposure to credit risk of the financial asset (or group of financial assets) at the end of the reporting period b. The amount by which any related credit derivatives or similar instruments mitigate that maximum exposure to credit risk c. The change, during the reporting period and cumulatively, in the fair value of the financial asset (or group of financial assets) that is attributable to changes in the credit risk of the financial asset determined either: As the change in its fair value that is not attributable to changes in market conditions that give rise to market risk Or Using an alternative method that the entity believes more faithfully represents the change in its fair value that is attributable to changes in credit risk of the asset IFRS Changes in market conditions that give rise to market risk include changes in an interest rate, commodity price, foreign exchange rate or index of prices or rates. d. The change in the fair value of any related credit derivatives or similar instruments that occurred during the reporting period and cumulatively since the financial asset was designated IFRS An entity presents a gain or loss on a financial liability designated at fair value through profit or loss, as follows: IFRS a. The change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income IFRS -7, 10-12 b. The remaining amount of change in the fair value of the liability is presented in profit or loss unless the treatment of the effects of changes in the liability's credit risk described in (a) would create or enlarge an accounting mismatch in profit or loss. IFRS If these requirements would create or enlarge an accounting mismatch in profit or loss, an entity presents all gains and losses on that liability (including the effects of changes in the credit risk of that liability) in profit or loss. 485 IFRS IFRS IFRS If the entity (a) designated a financial liability as at fair value through profit or loss in accordance with IFRS and (b) is required to present the effects of changes in that liability's credit risk in other comprehensive income (see IFRS ) does it disclose: IFRS a. The change, cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability b. The difference between the financial liability s carrying amount and the amount the entity would be contractually required to pay at maturity to the holder of the obligation International GAAP Disclosure Checklist 90 Disclosure made Yes No N/A c. Any transfers of the cumulative gain or loss within equity during the reporting period including the reason for such transfers d. If a liability is derecognised during the reporting period, the amount (if any) presented in other comprehensive income that was realised at derecognition 486 IFRS IFRS IFRS IFRS If the entity (a) designated a financial liability as at fair value through profit or loss in accordance with IFRS and (b) is required to present all changes in the fair value of that liability (including the effects of changes in the credit risk of the liability) in profit or loss (see IFRS ) does it disclose: IFRS a. The change, during the reporting period and cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability b. The difference between the financial liability s carrying amount and the amount the entity would be contractually required to pay at maturity to the holder of the obligation 487 IFRS Does the entity disclose: a. A detailed description of the methods used to comply with the requirements in items 484(c)., 485(a). and 486(a). b. If the entity believes that the disclosure it has given, either in the statement of financial position or in the notes, to comply with the requirements in items 484(c)., 485(a). or 486(a). or IFRS (a) does not faithfully represent the change in the fair value of the financial asset or financial liability attributable to changes in the credit risk: The reasons for reaching this conclusion The factors the entity believes are relevant IFRS 9. c. A detailed description of the methodology or methodologies used to determine whether presenting the effects of changes in a liability s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss IFRS 9. d. If the entity is required to present the effects of changes in a liability s credit risk in profit or loss, a detailed description of the economic relationship described in IFRS (to comply with (c) above) IFRS 9. When an entity designates a financial liability as at fair value through profit or loss, it must determine whether presenting in other comprehensive income the effects of changes in the liability s credit risk would create or enlarge an accounting mismatch in profit or loss. An accounting mismatch would be created or enlarged if presenting the effects of changes in the liability s credit risk in other comprehensive income would result in a greater mismatch in profit or loss than if those amounts were presented in profit or loss. IFRS 9. To make that determination, an entity must assess whether it expects that the effects of changes in the liability s credit risk will be offset in profit or loss by a change in the fair value of another financial instrument measured at fair value through profit or loss. Such an expectation must be based on an economic relationship between the characteristics of the liability and the characteristics of the other financial instrument. Financial assets measured at fair value through other comprehensive income 488 IFRS IFRS If an entity designated investments in equity instruments to be measured at fair value through other comprehensive income, does it disclose: a. Which investments in equity instruments are designated to be measured at fair value through other comprehensive income b. The reasons for using this presentation alternative c. The fair value of each such investment at the end of the reporting period d. Dividends recognised during the reporting period, showing separately: Those related to investments derecognised during the reporting period Those related to investments held at the end of the reporting period e. Any transfers of the cumulative gain or loss within equity during the reporting period and the reason for such transfers 489 IFRS If an entity derecognises investments in equity instruments measured at fair value through other comprehensive income during the reporting period, does it disclose: a. The reasons for disposing of the investments b. The fair value of the investments at the date of derecognition c. The cumulative gain or loss on disposal Reclassification 490 IFRS IFRS If the entity, in the current or previous reporting periods, reclassified any financial assets in accordance with paragraph of IFRS 9 (issued in 2010), does the entity disclose: a. The date of reclassification International GAAP Disclosure Checklist 91 Disclosure made Yes No N/A b. A detailed explanation of the change in business model and a qualitative description of its effect on the entity's financial statements c. The amount reclassified into and out of each category IAS (ca) d. For any financial assets reclassified so they are measured at fair value, any gain or loss arising from a difference between the previous carrying amount and its fair value at the reclassification date 491 IFRS IFRS For each reporting period following reclassification until derecognition for assets reclassified to be measured at amortised cost, does the entity disclose: a. The effective interest rate determined on the date of reclassification b. The interest income or expense recognised 492 IFRS If the entity reclassified financial assets so that they are measured at amortised cost since its last annual reporting date, does it disclose: a. The fair value of the financial assets at the end of the reporting period b. The fair value gain or loss that would have been recognised in profit or loss during the reporting period if the financial assets had not been reclassified Transfers of financial assets IFRS The Amendments to IFRS 7 Disclosures Transfers of Financial Assets, issued in October 2010, deleted IFRS and added IFRS - 42H and IFRS An entity applies those amendments for annual periods beginning on or after 1 July 2011. In the first year of application, an entity need not provide comparative disclosures required by the amendments for any period presented that begins before 1 July 2011. 493 IFRS Does the entity present the disclosures required in items in a single note in its financial statements 494 IFRS Does the entity disclose information that enables users of its financial statements: a. To understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities b. To evaluate the nature of, and risks associated with, the entity s continuing involvement in derecognised financial assets IFRS The disclosures required in items relating to transferred financial assets supplement the other disclosure requirements of IFRS 7. The entity provides these disclosures for all transferred financial assets that are not derecognised and for any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. For these disclosures, an entity transfers all or part of a financial asset (the transferred financial asset), if it either: a. Transfers the contractual rights to receive the cash flows of that financial asset Or b. Retains the contractual rights to receive the cash flows of that financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in an arrangement Transferred financial assets that are not derecognised in their entirety 495 IFRS IFRS To meet the objectives in item 494.(a), does the entity disclose for each class of transferred financial assets that are not derecognised in their entirety: a. The nature of the transferred assets b. The nature of the risks and rewards of ownership to which the entity remains exposed c. The nature of the relationship between the transferred assets and the associated liabilities, including any restrictions arising from the transfer on the entity s use of the transferred assets d. When the counterparty (counterparties) to the associated liabilities has (have) recourse only to the transferred assets, a schedule that sets out: The fair value of the transferred assets The fair value of the associated liabilities The net position e. When the entity continues to recognise all of the transferred assets, the carrying amounts of the transferred assets and the associated liabilities IFRS (c)(ii) IFRS f. When the entity continues to recognise the assets to the extent of its continuing involvement: The total carrying amount of the original assets before the transfer The carrying amount of the assets that the entity continues to recognise The carrying amount of the associated liabilities International GAAP Disclosure Checklist 92 Disclosure made Yes No N/A Transferred financial assets that are derecognised in their entirety 496 IFRS IFRS (a) IFRS (c)(i) To meet the objectives in item 494.(b), when the entity derecognises financial assets, but has continuing involvement in them, does the entity disclose for each type of continuing involvement at the reporting date: a. The carrying amount of the assets and liabilities that are recognised in the entity s statement of financial position and represent the entity s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised b. The fair value of the assets and liabilities that represent the entity s continuing involvement in the derecognised financial assets c. The amount that best represents the entity s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined d. The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets Examples of cash outflows to repurchase the derecognised financial include the strike price in an option agreement or the repurchase price in a repurchase agreement. If the cash outflow is variable, then the amount disclosed are based on the conditions that exist at each reporting date. IFRS IFRS IFRS e. A maturity analysis of the undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets, showing the remaining contractual maturities of the entity's continuing involvement The maturity analysis should distinguish cash flows that are required to be paid ( , forward contracts), cash flows that the entity may be required to pay ( , written put options) and cash flows that the entity might choose to pay ( , purchased call options). An entity uses its judgement to determine an appropriate number of time bands in preparing the maturity analysis. If there is a range of possible maturities, the cash flows are included on the basis of the earliest date on which the entity can be required or is permitted to pay. IFRS f. Qualitative information that explains and supports the quantitative disclosures in (a) (e), that includes a description of: The derecognised financial assets and the nature and purpose of the continuing involvement retained after transferring those assets The risks to which an entity is exposed, including: A. A description of how the entity manages the risk inherent in its continuing involvement in the derecognised financial assets B. Whether the entity is required to bear losses before other parties, and the ranking and amounts of losses borne by parties whose interests rank lower than the entity s interest in the asset ( , its continuing involvement in the asset) C. A description of any triggers associated with obligations to provide financial support or to repurchase a transferred financial asset IFRS An entity may aggregate the information required by item 496. for a particular asset if the entity has more than one type of continuing involvement in that derecognised financial asset, and report it under one type of continuing involvement. 497 IFRS Does the entity disclose, for each reporting period for which a statement of comprehensive income is presented, for each type of continuing involvement: IFRS a. The gain or loss recognised at the date of transfer of the assets, including: Whether that gain or loss on derecognition arose because the fair values of the components of the previously recognised asset ( , the interest in the asset derecognised and the interest retained by the entity) were different from the fair value of the previously recognised asset as a whole If that gain or loss on derecognition arose because the fair values of the components of the previously recognised asset were different from the fair value of the previously recognised asset as a whole, whether the fair value measurements included significant inputs that were not based on observable market data b. Income and expenses recognised, both in the reporting period and cumulatively, from the entity s continuing involvement (for example, fair value changes in derivative instruments) International GAAP Disclosure Checklist 93 Disclosure made Yes No N/A c. If the total proceeds from transfer activity (that qualifies for derecognition) in a reporting period are not evenly distributed throughout the reporting period (for example, if a substantial proportion of the total amount of transfer activity takes place in the closing days of a reporting period): When the greatest transfer activity took place within that reporting period (for example, the last five days before the end of the reporting period) The amount recognised (for example, related gains or losses) from transfer activity in that part of the reporting period The total amount of proceeds from transfer activity in that part of the reporting period Supplementary information 498 IFRS IFRS Does the entity disclose any additional information that it considers necessary to meet the disclosure objectives in item 494. IFRS IFRS IFRS IFRS For items an entity has continuing involvement in a transferred financial asset if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. However, the following do not constitute continuing involvement: a. Normal representations and warranties relating to fraudulent transfer and concepts of reasonableness, good faith and fair dealings that could invalidate a transfer as a result of legal action b. Forward, option and other contracts to reacquire the transferred financial asset for which the contract price (or exercise price) is the fair value of the transferred financial asset c. An arrangement whereby an entity retains the contractual rights to receive the cash flows of a financial asset, but assumes a contractual obligation to pay the cash flows to one or more entities and the conditions in IFRS (a) (c) are met IFRS Items require qualitative and quantitative disclosures for each type of continuing involvement in derecognised financial assets. An entity aggregates its continuing involvement into types that are representative of the entity's exposure to risks. For example, by type of financial instrument ( , guarantees or call options) or by type of transfer (for example, factoring of receivables, securitisations and secured lending). Collateral 499 IFRS Does the entity disclose: IFRS (a) a. The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities, including amounts reclassified in accordance with IFRS (a) b. The terms and conditions relating to the pledge IFRS (a) If a transferor provides non-cash collateral (such as debt or equity instruments) to the transferee, the accounting for the collateral by the transferor and the transferee depends on whether the transferee has the right to sell or repledge the collateral and on whether the transferor has defaulted. If the transferee has the right by contract or custom to sell or repledge the collateral, then the transferor reclassifies that asset in its statement of financial position (for example, as a loaned asset, pledged equity instruments or repurchase receivable) separately from other assets. 500 IFRS If the entity holds collateral (of financial or non-financial assets) and may sell or repledge the collateral in the absence of default by the owner of the collateral, does the entity disclose: a. The fair value of the collateral held b. The fair value of any such collateral sold or repledged, and whether the entity has an obligation to return it c. The terms and conditions associated with its use of this collateral Allowance account for credit losses 501 IFRS If financial assets are impaired by credit losses and the entity records the impairment in a separate account (for example, an allowance account or similar account used to record a collective impairment of assets) rather than directly reducing the carrying amount of the asset, does the entity reconcile changes in that account during the reporting period for each class of financial assets Compound financial instruments with multiple embedded derivatives 502 IFRS If the entity issued an instrument that contains both a liability and an equity component and the instrument has multiple embedded derivatives whose values are interdependent (such as a callable convertible debt instrument), does the entity disclose the existence of those features. International GAAP Disclosure Checklist 94 Disclosure made Yes No N/A Defaults and breaches 503 IFRS For loans payable recognised at the end of the reporting period, does the entity disclose: a. Details of any defaults of principal, interest, sinking fund, or redemption terms of those loans payable during the reporting period b. The carrying amount of the loans payable in default at the end of the reporting period c. Whether the default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue 504 IFRS If, during the reporting period, there are breaches of loan agreement terms other than those described in item 503., does the entity disclose the same information as required by item 503., if those breaches permit the lender to demand accelerated repayment (unless the breaches were remedied, or the terms of the loan were renegotiated, on or before the end of the reporting period) Statement of comprehensive income and equity Items of income, expense, gains and losses 505 IFRS (a) Does the entity disclose the following items of income, expense, gains or losses, either in the statement of comprehensive income or in the notes: a. Net gains or net losses on: Financial assets measured at fair value through profit or loss, showing separately: A. Those financial assets designated as such upon initial recognition B. Those that are mandatorily measured at fair value in accordance with IFRS 9 (issued in 2010). Financial liabilities at fair value through profit or loss, showing separately: A. Those financial liabilities designated as such upon in initial recognition, showing separately the gain or loss recognised in other comprehensive income and the amount recognised in profit or loss B. Those that are mandatorily measured at fair value in accordance with IFRS 9 (issued in 2010) (for example, financial liabilities that meet the definition of held for trading in IFRS 9 (issued in 2010)) Financial assets measured at amortised cost Financial liabilities measured at amortised cost Financial assets measured at fair value through other comprehensive income 506 IFRS (b) Does the entity disclose either in the statement of comprehensive income or in the notes (calculated using the effective interest method) for financial assets that are measured at amortised cost or financial liabilities not at fair value through profit or loss: a. Total interest income b. Total interest expense IFRS (d) IFRS (b) The entity discloses the total interest expense recognised in profit or loss, but does not need to calculate such interest expense using the effective interest method as required under IFRS (b) for financial instruments that contain a discretionary participation feature. 507 IFRS (c) Does the entity disclose either in the statement of comprehensive income or in the notes, the fee income and expense (other than amounts included in determining the effective interest rate) arising from: a. Financial assets measured at amortised cost or financial liabilities that are not at fair value through profit or loss b. Trust and other fiduciary activities that result in the holding or investing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions 508 IFRS (d) IAS Does the entity disclose either in the statement of comprehensive income or in the notes, the interest income on impaired financial assets accrued in accordance with IAS 509 IFRS (e) Does the entity disclose either in the statement of comprehensive income or in the notes, the impairment loss for each class of financial asset 510 IFRS If the entity derecognised a financial asset measured at amortised cost, does the entity disclose: IAS (aa) a. An analysis of the gain or loss recognised in the statement of comprehensive income arising from the derecognition of those financial assets, showing separately gains and losses arising from derecognition b. The reasons for derecognising those financial assets International GAAP Disclosure Checklist 95 Disclosure made Yes No N/A Other disclosures Accounting policies 511 IFRS IAS Does the entity disclose, in the summary of significant accounting policies, the measurement basis (or bases) used in preparing the financial statements and the other accounting policies that are relevant to an understanding of the financial statements in relation to financial instruments 512 IFRS (a) Does the entity disclose, for financial liabilities designated as at fair value through profit or loss: a. The nature of the financial liabilities the entity has designated as at fair value through profit or loss b. The criteria for so designating such financial liabilities on initial recognition IFRS c. How the entity satisfied the conditions in IFRS for such designation 513 IFRS (aa) For financial assets designated at fair value through profit or loss, does the entity disclose: a. The nature of the financial assets the entity has designated as measured at fair value through profit or loss IFRS b. How the entity has satisfied the criteria in paragraph of IFRS 9 (issued in 2010) for such designation IFRS (e) IFRS (a) c. How net gains or net losses on each category of financial instrument are determined, for example, whether the net gains or net losses on items at fair value through profit or loss include interest or dividend income IFRS (f) IFRS (e) d. The criteria the entity uses to determine that there is objective evidence that an impairment loss has occurred IFRS (g) IFRS (d) e. If the terms of financial assets that would otherwise be past due or impaired have been renegotiated, the accounting policy for financial assets that are the subject of renegotiated terms 514 IFRS IAS Does the entity disclose management's judgements for financial instruments that have the most significant affect the financial statements Hedge accounting 515 IFRS IAS Does the entity disclose the following separately for each type of hedge in IAS 39 (that is, fair value hedges, cash flow hedges and hedges of a net investment in a foreign operations): a. A description of each type of hedge b. A description of the financial instruments designated as hedging instruments c. Their fair values at the end of the reporting period d. The nature of the risks being hedged 516 IFRS For cash flow hedges, does the entity disclose: a. The reporting periods when the cash flows are expected to occur, and when they are expected to affect profit or loss b. A description of any forecast transaction for which hedge accounting was previously used, but which is no longer expected to occur c. The amount recognised in other comprehensive income during the reporting period d. The amount reclassified from equity to profit or loss as a reclassification adjustment for the reporting period, showing the amount included in each line item in the statement of comprehensive income e. The amount removed from equity during the reporting period and included in the initial cost or other carrying amount of a non-financial asset or non-financial liability whose acquisition or incurrence was a hedged highly probable forecast transaction 517 IFRS Does the entity separately disclose: a. In fair value hedges, gains or losses: On the hedging instrument On the hedged item attributable to the hedged risk b. The ineffectiveness recognised in profit or loss that arises from cash flow hedges c. The ineffectiveness recognised in profit or loss that arises from hedges of net investment in foreign operations Fair value IFRS 9 and In limited circumstances, some investments in equity instruments may be measured at cost if there is insufficient recent information available to determine fair value. No fair value disclosures are required for these investments unless indicators included in IFRS 9 allow the entity to calculate the fair value. IFRS IFRS A The entity is not required to disclose fair value: a. If the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables International GAAP Disclosure Checklist 96 Disclosure made Yes No N/A Or b. For a contract containing a discretionary participation feature, if the fair values of that feature cannot be measured reliably 518 IFRS IFRS Does the entity disclose for each class of financial assets and financial liabilities, the fair value of that class of assets and liabilities in a way that permits it to be compared with its carrying amount (except for those noted in IFRS ) 519 IFRS In disclosing fair values, does the entity group financial assets and financial liabilities into classes, but offset them only to the extent that their carrying amounts are offset in the statement of financial position 520 IFRS For each class of financial instrument, does the entity disclose: a. The methods used in determining fair value b. If a valuation technique is used to determine fair value, the assumptions applied in determining fair values of each class of financial assets or financial liabilities IFRS For example, the entity discloses the assumptions for prepayment rates, rates of estimated credit losses, interest rates and discount rates. c. Any change in the valuation technique d. The reasons for that change IFRS IFRS First-time adopters are exempt from disclosing comparative information in items 521 IFRS For the disclosures required by item 522., does the entity classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: a. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) b. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2) c. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3) IFRS The entity determines the level in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. The entity assesses the significance of an input against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. 522 IFRS For fair value measurements recognised in the statement of financial position, does the entity disclose for each class of financial instruments in a tabular format unless another format is more appropriate: a. The level in the fair value hierarchy into which the fair value measurements are categorised in their entirety, segregating fair value measurements based on the levels defined in item 521. b. Any significant transfers between (into and out of) Level 1 and Level 2 of the fair value hierarchy and the reasons for those transfers, presented separately IFRS (b) Significance is judged with respect to profit or loss, and total assets or total liabilities. c. For fair value measurements in Level 3 of the fair value hierarchy, a reconciliation from the beginning balances to the ending balances, disclosing separately changes during the reporting period attributable to the following: Total gains or losses for the reporting period recognised in profit or loss, and a description of where they are presented in the statement of comprehensive income or the separate income statement (if presented) Total gains or losses recognised in other comprehensive income Purchases, sales, issues and settlements (separately for each type of movement) Transfers into or out of Level 3 (for example, transfers attributable to changes in observable market data) and the reasons for those transfers, presented separately d. The total gains or losses for the reporting period in (c) included in profit or loss that are attributable to gains or losses relating to those assets and liabilities held at the end of the reporting period and a description of where those gains or losses are presented in the statement of comprehensive income or the separate income statement (if presented) e. For fair value measurements in Level 3, if changing one or more of the inputs to reasonably possible alternative assumptions changes fair value significantly, disclose: That fact The effect of those changes How the effect of a change to a reasonably possible alternative assumption was calculated International GAAP Disclosure Checklist 97 Disclosure made Yes No N/A IFRS (e) Significance is judged with respect to profit or loss, and total assets or total liabilities, or, when changes in fair value are recognised in other comprehensive income, total equity. 523 IFRS IFRS If there is a difference between the transaction price at initial recognition and the single fair value amount at that date determined using a valuation technique that does not use data from observable markets, does the entity disclose, by class of financial instrument: IFRS a. Its accounting policy for recognising that difference in profit or loss to reflect a change in factors (including time) that market participants would take into account when pricing the asset or liability IFRS An entity subsequently measures a financial asset or financial liability and recognises gains and losses consistently with the requirements of IFRS 9 (issued in 2010). The application of IFRS may result in no gain or loss being recognised on the initial recognition of a financial asset or financial liability. In such a case, IFRS 9 (issued in 2010) requires that a gain or loss is recognised after initial recognition only to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the asset or liability. b. The aggregate difference yet to be recognised in profit or loss at the beginning and end of the reporting period and reconcile this difference New c. If an entity early adopts IFRS 13, it should also disclose why it has concluded that the transaction price was not the best evidence of fair value, including a description of the evidence that supports the fair value 524 IFRS IFRS In the cases described in IFRS (c), does the entity disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those contracts and their fair value, including: a. The fact that the entity does not disclose fair value information for these instruments because their fair value cannot be measured reliably b. A description of the financial instruments, their carrying amount and an explanation of why fair value cannot be measured reliably c. Information about the market for the instruments d. Information about whether and how the entity intends to dispose of the financial instruments e. If financial instruments whose fair value previously could not be reliably measured are derecognised: That fact Their carrying amount at the time of derecognition The gain or loss recognised New 525 If an entity early adopts IFRS 13, has the entity applied the requirements of items instead of Nature and extent of risk arising from financial instruments IFRS IFRS The disclosures required by items 223-234 focus on the risks that arise from financial instruments and how they have been managed. These risks typically include, but are not limited to, credit risk, liquidity risk and market risk. The disclosures are either given in the financial statements or incorporated by cross-reference from the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. Without the information incorporated by cross-reference, the financial statements are incomplete. 526 IFRS Does the entity disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period. Qualitative disclosures in combination with quantitative disclosures enable users to gain an understanding of the nature and extent of risks arising from financial instruments and evaluate the entity's exposure to risk. Transition requirements New 527 IFRS Transition requirements for adoption of IFRS 9 (issued in 2010) depend on the date of initial application: New a. If the first application is made in a reporting period beginning before 1 January 2012 the entity needs not restate prior periods and is not required to provide the disclosures set out in below New b. If the first application is made in a reporting period beginning on or after 1 January 2012 and before 1 January 2013 does the entity either provide the disclosures set out in below or restate prior periods New c. If the first application is made in a reporting period beginning on or after 1 January 2013 does the entity provide the disclosures set out in below and not restate prior periods International GAAP Disclosure Checklist 98 Disclosure made Yes No N/A 528 IFRS When an entity first applies IFRS 9 (issued in 2010) for each class of financial assets and financial liabilities at the date of initial application, does the entity disclose in tabular format unless another format is more appropriate: a. The original measurement category and carrying amount determined in accordance with IAS 39 b. The new measurement category and carrying amount determined in accordance with IFRS 9 (issued in 2010) c. The amount of any financial assets and financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss, but are no longer so designated, distinguishing between those that IFRS 9 (issued in 2010) requires an entity to reclassify and those that an entity reclassifies 529 IFRS When an entity first applies IFRS 9 (issued in 2010), does the entity disclose qualitative information to enable users to understand: a. How it applied the classification requirements in IFRS 9 (issued in 2010) to those financial assets whose classification changed as a result of applying IFRS 9 (issued in 2010) b. The reasons for any designation or de-designation of financial assets or financial liabilities as measured at fair value through profit or loss New IFRS Disclosures required in items . below are just required (IFRS see item 527., above) in the annual period in which IFRS 9 (issued in 2010) is initially applied and are not required after that annual period. New 530 IFRS At the date of initial application of IFRS 9 (issued in 2010) (if required by IFRS 9 , see 527 above) does the entity disclose the changes in the classifications of financial assets and financial liabilities, showing separately: New a. The changes in the carrying amounts on the basis of their measurement categories in accordance with IAS 39 (ie not resulting from a change in measurement attribute on transition to IFRS 9 (issued in 2010)) New b. The changes in the carrying amounts arising from a change in measurement attribute on transition to IFRS 9 (issued in 2010) New IFRS Disclosures required in 531. below are just required in the reporting period of the initial application of IFRS 9 (issued in 2010). However if an entity treats the fair value of a financial asset or financial liability as its amortised cost at the date of initial application, the disclosures in c. and d. shall be made for each reporting period following reclassification until derecognition. New 531 IFRS In the reporting period in which IFRS 9 (issued in 2010) is initially applied, does the entity disclose the following information for financial assets and financial liabilities that have been reclassified so that they are measured at amortised cost as a result of the transition: New a. The fair value of the financial assets and financial liabilities at the end of the reporting period New b. The fair value gain or loss that would have been recognised in profit or loss or other comprehensive income during the reporting period if the financial assets and financial liabilities had not been reclassified New c. The effective interest rate determined on the date of reclassification New d. The interest income or expense recognised New 532 IFRS If an entity presents the disclosures set out in at the date of initial application of IFRS 9 (issued in 2010), do those disclosures, and the disclosures in 123. during the reporting period containing the date of initial application, permit reconciliation between: New a. The measurement categories in accordance with IAS 39 and IFRS 9 (issued in 2010) New b. The line items presented in the statements of financial position New 533 IFRS If an entity presents the disclosures set out in at the date of initial application of IFRS 9, do those disclosures, and the disclosures in 461. and 215. during the reporting period containing the date of initial application, permit reconciliation of: New a. Tthe measurement categories presented in accordance with IAS 39 and IFRS 9 (issued in 2010) New b. The class of financial instrument at the date of initial application New Adoption of IFRS 10 Consolidated Financial Statements New IFRS 10 C1 An entity will apply IFRS 10 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies IFRS 10 earlier, it must also apply IFRS 11, IFRS 12, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) at the same time. New IFRS 10 C2 If an entity has early adopted IFRS 10, the entity has to apply the standard retrospectively in accordance with IAS 8, except as specified in the comment box below International GAAP Disclosure Checklist 99 Disclosure made Yes No N/A New IFRS 10 C3 If application of IFRS 10 results in: New (a) Entities that were previously consolidated continuing to be consolidated New Or New (b) Entities that were previously unconsolidated continuing to be unconsolidated New an entity is not required to do any adjustment in application of the standard New IFRS 10 C4 When application of IFRS 10 for the first time results in an investor consolidating an investee that was not previously consolidated, the investor will: New (a) If the investee is a business, apply IFRS 3 from the date when the investor obtained control of that investee on the basis of the requirements of IFRS 10. New (b) If the investee is not a business, measure the assets, liabilities and non-controlling interests as if that investee had been consolidated (without recognising any goodwill for the investee) from the date when the investor obtained control of that investee on the basis of the requirements of this IFRS, and any difference between the amounts recognised and the previous carrying amount be recognised it in the opening balance of equity. New (c) If application of (a) or (b) is impracticable, the investor will: New (i) If the investee is a business, consider the deemed acquisition date the beginning of the earliest period for which application of IFRS 3 is practicable, which may be the current period. New (ii) If the investee is not a business, consider the deemed acquisition date the beginning of the earliest period for which the application of the acquisition method of IFRS 3 is practicable, which may be the current period. New IFRS 10 C5 If first time application of IFRS 10 results in an investor no longer consolidating an investee that was consolidated, the investor will measure its retained interest in the investee on the date of initial application at the amount at which it would have been measured if the requirements of IFRS 10 had been effective when the investor became involved with, or lost control of, the investee. If measurement of the retained interest is impracticable, the investor will apply the requirements of IFRS 10 for accounting for a loss of control at the beginning of the earliest period for which application of IFRS 10 is practicable, which may be the current period. The investor will recognise any difference between the previously recognised amount of the assets, liabilities and non-controlling interest and the carrying amount of the investor s involvement with the investee as an adjustment to equity New 534 IFRS 10 C1 If the entity has early applied IFRS 10 and, consequently, IFRS 11, IFRS 12, IAS 27 (amended 2011) and IAS 28 (amended 2011), does the entity disclose that fact New Adoption of IFRS 11 Joint Arrangements New IFRS 11 C1 An entity must apply IFRS 11 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies IFRS 11 earlier, it must apply IFRS 10, IFRS 12, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) at the same time. New IFRS 11 C2 When changing from proportionate consolidation to the equity method, an entity must recognise its investment in the joint venture as at the beginning of the earliest period presented. That initial investment must be measured as the aggregate of the carrying amounts of the assets and liabilities that the entity had previously proportionately consolidated, including any goodwill arising from acquisition. If the goodwill previously belonged to a larger cash-generating unit, or to a group of cash-generating units, the entity shall allocate goodwill to the joint venture on the basis of the relative carrying amounts of the joint venture and the cash-generating unit or group of cash-generating units to which it belonged. New IFRS 11 C4 If aggregating all previously proportionately consolidated assets and liabilities results in negative net assets, an entity shall assess whether it has legal or constructive obligations in relation to the negative net assets and, if so, the entity shall recognise the corresponding liability. If not, it must adjust retained earnings at the beginning of the earliest period presented. The entity must disclose this fact, along with its cumulative unrecognised share of losses of its joint ventures as at the beginning of the earliest period presented and at the date at which IFRS 11 is first applied. New IFRS 11 C7 When changing from the equity method to accounting for assets and liabilities (joint operation), an entity must, at the beginning of the earliest period presented, derecognise the investment that was previously accounted for using the equity method and recognise its share of each of the assets and the liabilities in respect of its interest in the joint operation, including any goodwill that might have formed part of the carrying amount of the investment. International GAAP Disclosure Checklist 100 Disclosure made Yes No N/A New IFRS 11 C9 Any difference arising from the investment previously accounted for using the equity method, and the net amount of the assets and liabilities, including any goodwill, recognised must be: New (i) Offset against any goodwill relating to the investment with any remaining difference adjusted against retained earnings at the beginning of the earliest period presented, if the net amount of the assets and liabilities, including any goodwill, recognised is higher than the investment derecognised. New (ii) Adjusted against retained earnings at the beginning of the earliest period presented, if the net amount of the assets and liabilities, including any goodwill, recognised is lower than the investment derecognised. New 535 IFRS 11 C1 If the entity has early applied IFRS 11 and consequently IFRS 10, IFRS 12, IAS 27 (amended 2011) and IAS 28 (amended 2011), does the entity disclose that fact. New Adoption of IFRS 12 Disclosure of Interests in Other Entities New IFRS 12 IN1 IFRS 12 IN2 IFRS 12 C1 IFRS 12 C2 IFRS 12 provides guidance for disclosures for the interests of an entity in subsidiaries, joint arrangements (joint ventures or joint operations), associates and unconsolidated structured entities (former special purpose entities). The application date for IFRS 12 is for annual periods beginning on or after 1 January 2013, but early application is permitted. IFRS 12 encourages entities to provide the information required by the standard before the mandatory application date. If an entity early applies any of the disclosures in IFRS 12, it does not require the entity to comply with the entire standard. If an entity early applies IFRS 12, it is not necessary to also apply IFRS 10, IFRS 11, IAS 27 (amended in 2011) and IAS 28 (amended in 2011). New Disclosure requirements included in IFRS 12 replace those included in IAS 27, IAS 28, IAS 31, SIC 12 and SIC 13. Disclosures detailed below could also be included under the captions "Consolidated financial statements" (items ), "Investments in Associates" (items ) and "Interests in Joint Ventures" (items ) of this checklist. Below are presented all IFRS 12 disclosures, even if they are also includedin those captions. This is to assist an entity that early adopts IFRS 10 and, consequently, IFRS 11, IAS 27 (amended in 2011), IAS 28 (amended in 2011) and IFRS 12. New Subsidiaries New 536 IFRS Does the entity disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in determining that it has control of another entity, , an investee New 537 IFRS Does the entity include under the significant judgements and assumptions disclosed in item 536. above, those judgements and assumptions made by the entity when changes in facts and circumstances are such that the conclusion about whether it has control changes during the reporting period New 538 IFRS Does the entity disclose significant judgements and assumptions made in determining that: New a. It does not control another entity even though it holds more than half of the voting rights of the other entity New b. It controls another entity even though it holds less than half of the voting rights of the other entity New c. It is an agent or a principal New IFRS 10 B58 An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties (the principal(s)). Therefore it does not control the investee when it exercises its decision-making authority. Thus, sometimes a principal s power may be held and exercisable by an agent, but on behalf of the principal. A decision maker is not an agent simply because other parties can benefit from the decisions that it makes. New 539 IFRS Does the entity disclose enough information for a user of financial statements to understand the composition of the group New 540 IFRS When the financial statements of a subsidiary used in the preparation of consolidated financial statements are as of a date or for a period that is different from that of the consolidated financial statements, does it provide the following information: New a. The date of the end of the reporting period of the financial statements of that subsidiary New And New b. The reason for using a different date or period. International GAAP Disclosure Checklist 101 Disclosure made Yes No N/A New Non-controlling Interests New 541 IFRS IFRS 12. B10 Does the entity disclose for each of its subsidiaries that have non-controlling interests that are material to the reporting entity: New a. The name of the subsidiary New b. The principal place of business (and country of incorporation if different from the principal place of business) of the subsidiary New c. The proportion of ownership interests held by non-controlling interests New d. The proportion of voting rights held by non-controlling interests, if different from the proportion of ownership interests held New e. The profit or loss allocated to non-controlling interests of the subsidiary during the reporting period New f. Accumulated non-controlling interests of the subsidiary at the end of the reporting period New g. Summarised financial information about the subsidiary that enables users to understand the interest that non-controlling interests have in the group s activities and cash flows. This information (before intercompany eliminations) shall include: New i Dividends paid to non-controlling interests New ii Summarised financial information that might include but is not limited to: New Current assets New Non-current assets New Current liabilities New Non-current liabilities New Revenue New Profit or loss New Total comprehensive income New IFRS 12 B17 When an entity s interest in a subsidiary is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the entity is not required to disclose summarised financial information for the subsidiary. New Restrictions New 542 IFRS a) Does the entity disclose those circumstances that restrict the ability of a parent or its subsidiaries to transfer cash or other assets to (or from) other entities within the group New 543 IFRS a) Does the entity disclose guarantees or other requirements that may restrict dividends and other capital distributions being paid, or loans and advances being made or repaid, to (or from) other entities within the group New 544 IFRS b) Does the entity disclose the nature and extent to which protective rights of non-controlling interests can significantly restrict the entity s ability to access or use the assets and settle the liabilities of the group New 545 IFRS c) Does the entity disclose the carrying amounts in the consolidated financial statements of the assets and liabilities to which the above mentioned restrictions apply New Other disclosures for subsidiaries New 546 IFRS Does the entity present a schedule that shows the effects on the equity attributable to owners of the parent of any changes in its ownership interest in a subsidiary that do not result in a loss of control New 547 IFRS When an entity loses control of a subsidiary, but retains some investment interest, does the entity disclose New a. The gain or loss New b. The portion of that gain or loss attributable to measuring any investment retained in the former subsidiary at its fair value at the date when control is lost New And New c. The line item(s) in profit or loss in which the gain or loss is recognised (if not presented separately) New IFRS If a parent loses control of a subsidiary, the parent: (a) Derecognises the assets and liabilities of the former subsidiary from the consolidated statement of financial position. (b) Recognises any investment retained in the former subsidiary at its fair value when control is lost and subsequently accounts for it and for any amounts owed by or to the former subsidiary in accordance with relevant IFRS. That fair value shall be regarded as the fair value on initial recognition of a financial asset in accordance with IFRS 9 or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. (c) Recognises the gain or loss associated with the loss of control attributable to the former controlling interest. International GAAP Disclosure Checklist 102 Disclosure made Yes No N/A New Joint Arrangements New 548 IFRS Does the entity disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in determining: New a. That it has joint control of an arrangement New And New b. The type of joint arrangement (ie joint operation or joint venture) when the arrangement has been structured through a separate vehicle New IFRS 11 B14 When an entity has rights to the assets, and obligations for the liabilities, relating to the arrangement, the arrangement is a joint operation. When an entity has rights to the net assets of the arrangement, the arrangement is a joint venture. New IFRS 11 A IFRS 11 B19 IFRS 11 B20 IFRS 11 B21 IFRS 11 B22 A separate vehicle is a separately identifiable financial structure, including separate legal entities or entities recognised by statute, regardless of whether those entities have a legal personality. A joint arrangement in which the assets and liabilities relating to the arrangement are held in a separate vehicle can be either a joint venture or a joint operation. Whether a party is a joint operator or a joint venturer depends on the party s rights to the assets, and obligations for the liabilities, relating to the arrangement that are held in the separate vehicle. When the parties have structured a joint arrangement in a separate vehicle, the parties need to assess whether the legal form of the separate vehicle, the terms of the contractual arrangement and, when relevant, any other facts and circumstances give them: New (a) Rights to the assets, and obligations for the liabilities, relating to the arrangement ( , the arrangement is a joint operation) New Or New (b) Rights to the net assets of the arrangement ( , the arrangement is a joint venture) New IFRS IFRS A joint operator shall recognise in relation to its interest in a joint operation: New Its assets, including its share of any assets held jointly New Its liabilities, including its share of any liabilities incurred jointly New Its revenue from the sale of its share of the output arising from the joint operation New Its share of the revenue from the sale of the output by the joint operation New And New Its expenses, including its share of any expenses incurred jointly New A joint operator must account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. New IFRS 12 provides guidance for disclosures relating to Joint Ventures. Disclosures relating to Joint Operations are the disclosures related to the assets and liabilities of the joint operation. Consideration needs to be given to each of the corresponding assets and liabilities captions of this checklist. New 549 IFRS Does the entity include under significant judgements and assumptions mentioned in the item 548. above, those made by the entity when changes in facts and circumstances are such that the conclusion about whether it has joint control changes during the reporting period New 550 IFRS (a) Does the entity disclose for each joint arrangement that is material to the reporting entity: New a. The name of the joint arrangement New b. The nature of the entity s relationship with the joint arrangement (by, for example, describing the nature of the activities of the joint arrangement and whether they are strategic to the entity s activities) New c. The principal place of business (and country of incorporation, if applicable and different from the principal place of business) of the joint arrangement New d. The proportion of ownership interest or participating share held by the entity and, if different, the proportion of voting rights held (if applicable) New 551 IFRS (b) IFRS 12 B12 IFRS 12 B13 Does the entity disclose for each joint venture that is material to the reporting entity: New a. Whether the investment in the joint venture is measured using the equity method or at fair value New b. The following financial information including: New i. Dividends received from the joint venture ii. Summarised financial information that might include, but is not limited to: New Current assets New Non-current assets International GAAP Disclosure Checklist 103 Disclosure made Yes No N/A New Current liabilities New Non-current liabilities New Revenue New Profit or loss from continuing operations New Post-tax profit or loss from discontinued operations New Other comprehensive income New Total comprehensive income New Cash and cash equivalents (as included in current assets above) New Current financial liabilities (excluding trade and other payables and provisions) as included in current liabilities above New Non-current financial liabilities (excluding trade and other payables and provisions) New Depreciation and amortisation New Interest income New Interest expense New Income tax expense or income New iii. If the joint venture is accounted for using the equity method, the fair value of its investment in the joint venture, if there is a quoted market price for the investment New 552 IFRS 12 B14 Does the detailed financial information, included in the item 551. above, reflect the amounts included in the IFRS financial statements of the joint venture and not the entity s share of those amounts New 553 IFRS 12 B14 If the entity accounts for its interest in the joint venture using the equity method, are the amounts included in the IFRS financial statements of the joint venture adjusted to reflect adjustments made by the entity when using the equity method, such as fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies New 554 IFRS 12 B14 Does the entity provide a reconciliation of the summarised financial information presented to the carrying amount of its interest in the joint venture New 555 IFRS 12 B15 If the entity presents the financial information on the basis of the joint venture's financial information, because: New a. The entity measures its interest in the joint venture at fair value New And New b. The joint venture does not prepare IFRS financial statements and preparation on that basis would be impracticable or cause undue cost New does the entity disclose the basis on which the summarised financial information has been prepared New 556 IFRS 12 B16 Does the entity disclose, in aggregate, the carrying amount of its interests in all individually immaterial joint ventures that are accounted for using the equity method New 557 IFRS 12 B16 Does the entity disclose separately for individually immaterial joint ventures, the aggregate amount of its share in the following financial information: New a. Profit or loss from continuing operations New b. Post-tax profit or loss from discontinued operations New c. Other comprehensive income New d. Total comprehensive income New IFRS 12 B17 When an entity s interest in a joint venture (or a portion of its interest in a joint venture) is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the entity is not required to disclose summarised financial information for it. New Commitments for Joint Ventures New 558 IFRS 12 23a) IFRS 12 B18 IFRS 12 B19 Does the entity disclose the following unrecognised commitments that may give rise to a future outflow of cash or other resources: New a. Unrecognised commitments to contribute funding or resources as a result of, for example: New The constitution or acquisition agreements of a joint venture (that, for example, require an entity to contribute funds over a specific period) New Capital-intensive projects undertaken by a joint venture New Unconditional purchase obligations, comprising procurement of equipment, inventory or services that an entity is committed to purchasing from, or on behalf of, a joint venture New Unrecognised commitments to provide loans or other financial support to a joint venture International GAAP Disclosure Checklist 104 Disclosure made Yes No N/A New Unrecognised commitments to contribute resources to a joint venture, such as assets or services New Other non-cancellable unrecognised commitments relating to a joint venture New b. Unrecognised commitments to acquire another party s ownership interest (or a portion of that ownership interest) in a joint venture if a particular event occurs or does not occur in the future New 559 IFRS 12 23(b) Does the entity disclose contingent liabilities incurred relating to its interests in joint ventures (including its share of contingent liabilities incurred jointly with other investors with joint control of the joint ventures), separately from the amount of other contingent liabilities New Other disclosures for Joint Ventures New 560 IFRS Does the entity disclose: New a. The nature and extent of any significant restrictions ( , resulting from borrowing arrangements, regulatory requirements or contractual arrangements between investors with joint control of a joint venture) on the ability of joint ventures to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity New b. When the financial statements of a joint venture used in applying the equity method are as of a date or for a period that is different from that of the entity: New The date of the end of the reporting period of the financial statements of that joint venture New And New The reason for using a different date or period New c. The unrecognised share of losses of a joint venture for the reporting period and cumulatively, if the entity has stopped recognising its share of losses of the joint venture when applying the equity method New Associates New 561 IFRS Does the entity disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in determining if it has significant influence over another entity New 562 IFRS Does the entity include under significant judgements and assumptions mentioned in item 561. above, those made by the entity when changes in facts and circumstances are such that the conclusion about whether it has significant influence changes during the reporting period New 563 IFRS Does the entity disclose significant judgements and assumptions made in determining that: New a. It does not have significant influence even though it holds 20 per cent or more of the voting rights of another entity New b. It has significant influence even though it holds less than 20 per cent of the voting rights of another entity New 564 IFRS (a) Does the entity disclose for each associate that is material to the reporting entity: New a. The name of the associate New b. The nature of the entity s relationship with the associate (by, for example, describing the nature of the activities of the associate and whether they are strategic to the entity s activities) New c. The principal place of business (and country of incorporation, if applicable and different from the principal place of business) of the associate New d. The proportion of ownership interest or participating share held by the entity and, if different, the proportion of voting rights held (if applicable) New 565 IFRS (b) IFRS 12 B12 Does the entity disclose for each associate that is material to the reporting entity: New a. Whether the investment in the associate is measured using the equity method or at fair value New b. The following financial information (as a minimum): New Dividends received from the associate. New Current assets New Non-current assets New Current liabilities New Non-current liabilities New Revenue New Profit or loss from continuing operations New Post-tax profit or loss from discontinued operations New Other comprehensive income New Total comprehensive income International GAAP Disclosure Checklist 105 Disclosure made Yes No N/A New c. If the associate is accounted for using the equity method, the fair value of its investment in the associate, if there is a quoted market price for the investment New 566 IFRS 12 B14 Does the detailed financial information included in item 565. above reflect the amounts included in the IFRS financial statements of the associate and not the entity s share of those amounts New 567 IFRS 12 B14 If the entity accounts for its interest in the associate using the equity method, are the amounts included in the IFRS financial statements of the associate adjusted to reflect adjustments made by the entity when using the equity method, such as fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies New 568 IFRS 12 B14 Does the entity provide a reconciliation of the summarised financial information presented to the carrying amount of its interest in the associate New 569 IFRS 12 B15 If the entity presents the financial information on the basis of the associate financial information, because: New a. The entity measures its interest in the associate at fair value New And New b. The associate does not prepare IFRS financial statements and preparation on that basis would be impracticable or cause undue cost New does the entity disclose the basis on which the summarised financial information has been prepared New 570 IFRS 12 B16 Does the entity disclose, in aggregate, the carrying amount of its interests in all individually immaterial associates that are accounted for using the equity method New 571 IFRS 12 B16 Does the entity disclose separately, for those individually immaterial associates, the aggregate amount of its share in the following financial information of those associates: New a. Profit or loss from continuing operations New b. Post-tax profit or loss from discontinued operations New c. Other comprehensive income New d. Total comprehensive income New IFRS 12 B17 When an entity s interest in an associate (or a portion of its interest in an associate) is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the entity is not required to disclose summarised financial information for it. New Commitments for Associates New 572 IFRS 12 23b) Does the entity disclose contingent liabilities incurred relating to its interests in associates (including its share of contingent liabilities incurred jointly with other investors with significant influence over the associate), separately from the amount of other contingent liabilities New Other disclosures for Associates New 573 IFRS Does the entity disclose: New a. The nature and extent of any significant restrictions ( , resulting from borrowing arrangements, regulatory requirements or contractual arrangements between investors with significant influence over an associate) on the ability of associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity New b. When the financial statements of an associate used in applying the equity method are as of a date or for a period that is different from that of the entity: New The date of the end of the reporting period of the financial statements of that associate New And New The reason for using a different date or period New c. The unrecognised share of losses of an associate for the reporting period and cumulatively, if the entity has stopped recognising its share of losses of the associate when applying the equity method New Structured Entities (former Special Purpose Entities) New IFRS 12 B21 IFRS 12 B22 A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. New A structured entity often has some or all of the following features or attributes: New (a) Restricted activities New (b) A narrow and well-defined objective, such as to effect a tax-efficient lease, carry out research and development activities, provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors International GAAP Disclosure Checklist 106 Disclosure made Yes No N/A New (c) Insufficient equity to permit the structured entity to finance its activities without subordinated financial support New (d) Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches) New If structured entities are consolidated because they are controlled, they are subject to the same disclosure requirements as subsidiaries. In addition there are certain further disclosure requirements detailed below. New 574 IFRS Does the entity disclose the terms of any contractual arrangements that could require the parent or its subsidiaries to provide financial support to a consolidated structured entity, including events or circumstances that could expose the reporting entity to a loss ( , liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or provide financial support) New 575 IFRS If during the reporting period a parent or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to a consolidated structured entity ( , purchasing assets of or instruments issued by the structured entity), does the entity disclose: New a. The type and amount of support provided, including situations in which the parent or its subsidiaries assisted the structured entity in obtaining financial support New And New b. The reasons for providing the support New 576 IFRS If, during the reporting period, a parent or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to a previously unconsolidated structured entity and that provision of support resulted in the entity controlling the structured entity, does the entity disclose an explanation of the relevant factors in reaching that decision New 577 IFRS Does the entity disclose any current intentions to provide financial or other support to a consolidated structured entity, including intentions to assist the structured entity in obtaining financial support New Unconsolidated Structured Entities New 578 IFRS Does the entity disclose qualitative and quantitative information about its interests in unconsolidated structured entities, including, but not limited to, the nature, purpose, size and activities of the structured entity and how the structured entity is financed New 579 IFRS If an entity has sponsored an unconsolidated structured entity for which it does not provide information ( , because it does not have an interest in the entity at the reporting date), does the entity disclose: New a. How it has determined which structured entities it has sponsored New b. Income from those structured entities during the reporting period, including a description of the types of income presented New And New c. The carrying amount (at the time of transfer) of all assets transferred to those structured entities during the reporting period New 580 IFRS Does the entity disclose a summary of: New a. The carrying amounts of the assets and liabilities recognised in its financial statements relating to its interests in unconsolidated structured entities New b. The line items in the statement of financial position in which those assets and liabilities are recognised New c. The amount that best represents the entity s maximum exposure to loss from its interests in unconsolidated structured entities, including how the maximum exposure to loss is determined, unless the entity cannot quantify its maximum exposure to loss from its interests in unconsolidated structured entities, then that fact and the reasons New d. A comparison of the carrying amounts of the assets and liabilities of the entity that relate to its interests in unconsolidated structured entities and the entity s maximum exposure to loss from those entities New 581 IFRS 12 B26 Does the entity disclose the following additional information that, depending on the circumstances, might be relevant to an assessment of the risks to which an entity is exposed when it has an interest in an unconsolidated structured entity: New a. The terms of an arrangement that could require the entity to provide financial support to an unconsolidated structured entity ( , liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or provide financial support), including: New A description of events or circumstances that could expose the reporting entity to a loss New Whether there are any terms that would limit the obligation International GAAP Disclosure Checklist 107 Disclosure made Yes No N/A New Whether there are any other parties that provide financial support and, if so, how the reporting entity s obligation ranks with those of other parties New b. Losses incurred by the entity during the reporting period relating to its interests in unconsolidated structured entities New c. The types of income the entity received during the reporting period from its interests in unconsolidated structured entities New d. Whether the entity is required to absorb losses of an unconsolidated structured entity before other parties, the maximum limit of such losses for the entity, and (if relevant) the ranking and amounts of potential losses borne by parties whose interests rank lower than the entity s interest in the unconsolidated structured entity New e. Information about any liquidity arrangements, guarantees or other commitments with third parties that may affect the fair value or risk of the entity s interests in unconsolidated structured entities New f. Any difficulties an unconsolidated structured entity has experienced in financing its activities during the reporting period New g. In relation to the funding of an unconsolidated structured entity, the forms of funding ( , commercial paper or medium-term notes) and their weighted-average life That information might include maturity analyses of the assets and funding of an unconsolidated structured entity if the structured entity has longer-term assets funded by shorter-term funding. New 582 IFRS If, during the reporting period, the entity has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated structured entity in which it previously had or currently has an interest (for example, purchasing assets of or instruments issued by the structured entity), does the entity disclose: New a. The type and amount of support provided, including situations in which the entity assisted the structured entity in obtaining financial support New And New b. The reasons for providing the support New 583 IFRS Does the entity disclose any current intentions to provide financial or other support to an unconsolidated structured entity, including intentions to assist the structured entity in obtaining financial support New Adoption of IFRS 13 Fair Value Measurement New 584 IFRS 13 C1 If an entity applies this IFRS for annual periods beginning before 1 January 2013, does it disclose that fact New Class of assets and liabilities New IFRS IFRS IFRS The application of IFRS 13 should be made when another IFRS requires it or when the entity elects fair value measurements or disclosures about fair value measurements, except: New (a) Share-based payment transactions within the scope of IFRS 2 New (b) Leasing transactions within the scope of IAS 17 New (c) Measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36 New (d) Plan assets measured at fair value in accordance with IAS 19 New (e) Retirement benefit plan investments measured at fair value in accordance with IAS 26 New (f) Assets for which recoverable amount is fair value less costs of disposal in accordance with IAS 36 New 585 IFRS Does the entity classify assets and liabilities under the scope of IFRS 13 based on: New a. The nature, characteristics and risks of the asset or liability New And New b. The level of the fair value hierarchy within which the fair value measurement is categorised New IFRS Level of the fair value hierarchy is defined and addressed in detail in IFRS 13. 72 - 90 and IFRS 13. B35 - 36. These levels are based in the inputs that are used to determine the fair value and can be summarised in: Level 1 inputs, New - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2 inputs, New - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly International GAAP Disclosure Checklist 108 Disclosure made Yes No N/A Level 3 inputs, New - Unobservable inputs for the asset or liability New The number of classes of assets and liabilities may need to be greater for fair value measurements categorised within Level 3 because those measurements have a greater degree of uncertainty and subjectivity. Determining the appropriate classes of assets and liabilities requires judgement and often may require more disaggregation than the line items presented in the statement of financial position. New 586 IFRS Does the entity provide sufficient information to permit reconciliation between the classes of assets and liabilities and the line items presented in the statement of financial position New 587 IFRS For each class of assets and liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed does the entity disclose: New a. The level of fair value hierarchy New b. For Levels 2 and 3, a description of the valuation techniques and the inputs used in the measurement New c. If the highest and best use of the non-financial asset differs from its current use New Fair value disclosures New Recurring fair value measurements of assets and liabilities disclosures New IFRS (a) Recurring fair value measurements of assets or liabilities are those that other IFRS require or permit in the statement of financial position at the end of each reporting period. Non-recurring fair value measurements of assets or liabilities are those that other IFRS require or permit in the statement of financial position in particular circumstances ( , when an entity measures an asset held for sale at fair value less costs to sell in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations because the asset s fair value less costs to sell is lower than its carrying amount). New 588 IFRS IFRS Does the entity disclose for assets and liabilities that are measured at fair value on a recurring basis in the statement of financial position after initial recognition: New a. Fair value measurement at the end of the reporting period New b. The level of the fair value hierarchy New c. The amount of any transfers between Level 1 and Level 2, reasons for these transfers and entity's policy for determining when transfers are deemed New d. For Level 2 and Level 3 a description of the valuation techniques and the inputs used in the fair value measurement, any change and reasons for changes in a valuation technique as well as, for level 3, quantitative information about the significant unobservable inputs used that were internally developed by the entity New e. For Level 3, a reconciliation from opening to closing balances disclosing: New Total gains and losses recognised during the period in profit or loss and the line in which these profits or losses are recognised New Total gains and losses recognised during the period in other comprehensive income and the line of other comprehensive income in which these profits or losses are recognised New Purchases, sales, issues and settlements (each separately) New The amounts of any transfer into and out of Level 3, reasons for the transfer and the entity`s policy to determine when these transfers are deemed to have occurred New f. For total gains and losses recognised during the period in profit or loss, above, the amount that is attributable to the change in unrealised gains or losses relating to those assets and liabilities held at the end of the period and the line of profit or loss in which they are recognised New g. For Level 3, a description of the valuation processes used by the entity New h. For Level 3: New A narrative description of the sensitivity if a change in an unobservable input to a different amount might result in a significantly higher or lower fair value measurement New For financial assets and financial liabilities, if changing one or more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value significantly, the effect of those changes New i. If the highest and best use of a non-financial asset differs from its current use and why this has been used New IFRS 13 A The highest and best use of a non-financial asset is the use by market participants that would maximise the value of the asset or the group of assets and liabilities (eg a business) within which the asset would be used. International GAAP Disclosure Checklist 109 Disclosure made Yes No N/A New Non-recurring fair value measurements assets and liabilities disclosures New 589 IFRS IFRS Does the entity disclose for assets and liabilities that are measured at fair value on a non-recurring basis in the statement of financial position after initial recognition: New a. Fair value measurement at the end of the reporting period New b. Reasons for the fair value measurement New c. The level of the fair value hierarchy New d. For Level 2 and Level 3, a description of the valuation techniques and the inputs used in the fair value measurement, any change and reasons for changes in a valuation technique as well as, for Level 3 quantitative information about the significant unobservable inputs used that were internally developed by the entity New e. For Level 3, a description of the valuation processes used by the entity New f. If the highest and best use of a non-financial asset differs from its current use and why this has been used New Other disclosures New 590 IFRS The entity discloses whetherit holds a group of financial assets and financial liabilities exposed to market and credit risks of each of the counterparties, manages that group of assets and liabilities on the basis of its net exposure, and measures the fair value of that group on the basis of the price that would be received to sell the net position New 591 IFRS For a liability measured at fair value and issued with an inseparable third-party credit enhancement, does the entity disclose the existence of that credit enhancement and whether it is reflected in the fair value measurement of the liability New Adoption of IAS 19 (Revised in 2011) Employee Benefits New IAS 19 (Revised in 2011) is applicable for annual periods beginning on or after 1 January 2013, early application is permitted. IAS 19 (Revised in 2011) includes some accounting changes in respect of existing IAS 19, the main changes are: New Corridor approach removed, it should be now recognised in value pension assets and liabilities as they occur New For post employment benefits, service costs and net interest income (expense) recorded in P&L, remaining changes through OCI New Employment benefits classified as short-term based on expected timing of settlement rather than employee entitlement New Termination benefits recognised only when the offer cannot be withdrawn New IAS 19 (Revised in 2011) includes additional disclosure requirements. These new disclosures are focused on defined benefit plans, sensitivity analysis and assets-liabilities matching strategies. If if an entity early applies IAS 19 (Revised in 2011), then it must include the disclosures detailed below and not those included in items All references below refer to IAS 19 (Revised in 2011). New 592 IAS If an entity has early adopted this standard, does the entity disclose that fact New Short-term employee benefits New IAS IAS Although IAS 19 does not require specific disclosures about short-term employee benefits, other IFRS may require disclosures. For example, IAS 1 requires that the entity disclose employee benefits expense and IAS 24 requires disclosures about employee benefits for key management personnel. New Other long-term employee benefits New IAS IAS Although IAS 19 does not require specific disclosures about other long-term employee benefits, other IFRS may require disclosures. For example, IAS 1 requires that the entity disclose employee benefits expense and IAS 24 requires disclosures about employee benefits for key management personnel. New Multi-employer plans New 593 IAS (b) If a multi-employer plan is a defined benefit plan and the entity accounts for the plan as a defined benefit plan, does the entity make the disclosures in items 598-606 and item 594. a. c. New 594 IAS If sufficient information is not available to use defined benefit accounting for a multi-employer plan that is a defined benefit plan, does the entity disclose: New a. A description of the funding arrangements, including the method used to determine the entity s rate of contributions and any minimum funding requirements New b. A description of the extent to which the entity can be liable to the plan for other entities obligations under the terms and conditions of the multi-employer plan New c. A description of any agreed allocation of a deficit or surplus on: International GAAP Disclosure Checklist 110 Disclosure made Yes No N/A New Wind-up of the plan New Or New The entity s withdrawal from the plan New d. The fact that the plan is a defined benefit plan New e. The reason why sufficient information is not available to enable the entity to account for the plan as a defined benefit plan New f. The expected contributions to the plan for the next annual reporting period New g. Information about any deficit or surplus in the plan that may affect the amount of future contributions, including the basis used to determine that deficit or surplus and the implications, if any, for the entity New h. An indication of the level of participation of the entity in the plan compared with other participating entities Examples of measures that might provide such an indication include the entity's proportion of the total contributions to the plan or the entity's proportion of the total number of active members, retired members, and former members entitled to benefits, if that information is available. New Defined benefit plans that share risks between various entities under common control New IAS IAS Defined benefit plans that share risks between various entities under common control (for example, a parent and its subsidiaries) are not multi-employer plans. Participation in such a plan is a related party transaction for each entity. The disclosure requirements in the item 595. only relate to the entity s separate financial statements. New 595 IAS If the entity participates in a defined benefit plan that shares risks between various entities under common control, does the entity disclose the following: New a. The contractual agreement or stated policy for charging the net defined benefit cost or the fact that there is no such policy New b. The policy for determining the contribution to be paid by the entity New c. If the entity accounts for an allocation of the net defined benefit cost under IAS 41 (that is, if the entity shares the risk from the defined benefit plan among entities under common control, measures the plan as a whole, but recognises the net defined benefit cost that relates to the reporting entity only), all the information about the plan as a whole under item New d. If the entity accounts for the contribution payable for the period as noted in IAS , the information about the plan as a whole required by items 598. and 603. New The information required by items c. and d. above can be disclosed by cross-reference to disclosures in another group entity's financial statements if: New a. That group entity's financial statements separately identify and disclose the information required about the plan New And New b. That group entity's financial statements are available to users of the financial statements on the same terms as the financial statements of the entity and at the same time as, or earlier than, the financial statements of the entity New Defined contribution plans New 596 IAS Does the entity disclose the amount recognised as an expense for defined contribution plans New 597 IAS Does the entity disclose contributions to defined contribution plans for key management personnel New Defined benefit plans New Characteristics and risks associated with them New 598 IAS Does the entity disclose: New a. Information about the characteristics of its defined benefit plans, including: New The nature of the benefits provided by the plan ( , final salary defined benefit plan or contribution-based plan with guarantee) New A description of the regulatory framework in which the plan operates, for example the level of any minimum funding requirements, and any effect of the regulatory framework on the plan, such as the asset ceiling New A description of any other entity's responsibilities for the governance of the plan, for example, responsibilities of trustees or of board members of the plan New b. A description of the risks to which the plan exposes the entity, focused on any unusual, entity-specific or plan-specific risks, and of any significant concentrations of risk For example, if plan assets are invested primarily in one class of investments, , property, the plan may expose the entity to a concentration of property market risk New c. A description of any plan amendments, curtailments and settlements International GAAP Disclosure Checklist 111 Disclosure made Yes No N/A New Explanations of the amounts in the financial statements New 599 IAS Does the entity provide a reconciliation from the opening balance to the closing balance for each of the following, if applicable: New a. The net defined benefit liability (asset), showing separate reconciliations for: New Plan assets New The present value of the defined benefit obligation New The effect of the asset ceiling New b. Any reimbursement rights, and a description of the relationship between any reimbursement right and the related obligation New 600 IAS Does each reconciliation listed in item above show each of the following, if applicable: New a. Current service cost New b. Interest income or expense New c. Remeasurements of the net defined benefit liability (asset), showing separately: New The return on plan assets, excluding amounts included in interest in (b) New Actuarial gains and losses arising from changes in demographic assumptions New IAS (a) Demographic assumptions deal with matters such as: New Mortality New Rates of employee turnover, disability and early retirement New The proportion of plan members with dependants who will be eligible for benefits New The proportion of plan members who will select each form of payment option available under the plan terms New Claim rates under medical plans New Actuarial gains and losses arising from changes in financial assumptions New IAS (b) Financial assumptions deal with items such as: New The discount rate New Benefit levels, excluding any cost of the benefits to be met by employees, and future salary New In the case of medical benefits, future medical costs, including claim handling costs ( , the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees) New Taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service New Changes in the effect of limiting a net defined benefit asset to the asset ceiling, excluding amounts included in interest in b. and how it determined the maximum economic benefit available, , whether those benefits would be in the form of refunds, reductions in future contributions or a combination of both New d. Past service cost and gains and losses arising from settlements Past service cost and gains and losses arising from settlements need not be distinguished if they occur together New e. The effect of changes in foreign exchange rates New f. Contributions to the plan, showing separately those by the employer and by plan participants New g. Payments from the plan, showing separately the amount paid in respect of any settlements New h. The effects of business combinations and disposals New 601 IAS Does the entity disaggregate the fair value of the plan assets into classes that distinguish the nature and risks of those assets, subdividing each class of plan asset into those that have a quoted market price in an active market as defined in IFRS 13 Fair Value Measurement and those that do not, including, for example: New a. Cash and cash equivalents New b. Equity instruments (segregated by industry type, company size, geography, etc.) New c. Debt instruments (segregated by type of issuer, credit quality, geography, etc.) New d. Real estate (segregated by geography, etc.) New e. Derivatives (segregated by type of underlying risk in the contract, for example, interest rate contracts, foreign exchange contracts, equity contracts, credit contracts, longevity swaps, etc.) New f. Investment funds (segregated by type of fund) New g. Asset-backed securities New And New h. Structured debt International GAAP Disclosure Checklist 112 Disclosure made Yes No N/A New Disclosures above are stated by IAS as a suggestion. Considering that information to be provided under this paragraph wants to offer to third parties all required information to understand risks associated with defined benefit plan assets, it could be understood as a minimum disclosure requirement. New 602 IAS Does the entity disclose the fair value of the entity's own transferable financial instruments held as plan assets, and the fair value of plan assets that are property occupied by, or other assets used by, the entity New 603 IAS Does the entity disclose, in total for a grouping of plans, the significant actuarial assumptions used to determine the present value of the defined benefit obligation (see examples of actuarial assumptions in item 600. c. above),which must be in absolute terms and in the form of weighted averages or relatively narrow ranges New Cash Flows Information New 604 IAS Does the entity disclose: New a. A sensitivity analysis for each significant actuarial assumption (see examples of actuarial assumptions in item 600. (c) above) as of the end of the reporting period, showing how the defined benefit obligation would have been affected by changes in the relevant actuarial assumption that were reasonably possible at that date New b. The methods and assumptions used in preparing the sensitivity analyses required by item a. and the limitations of those methods New c. Changes from the previous period in the methods and assumptions used in preparing the sensitivity analyses, and the reasons for such changes New 605 IAS Does the entity disclose a description of any asset-liability matching strategies used by the plan or the entity, including the use of annuities and other techniques, such as longevity swaps, to manage risk New 606 IAS Does the entity disclose the following related to future cash flows plan effects: New a. A description of any funding arrangements and funding policy that affect future contributions New b. The expected contributions to the plan for the next annual reporting period New c. Information about the maturity profile of the defined benefit obligation, including. the weighted average duration of the defined benefit obligation and other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments New Termination Benefits New IAS IAS IAS Although IAS 19 does not require specific disclosures about termination benefits, other IFRS may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IAS 1 requires disclosure of employee benefits expense. Appendix - Commentary International GAAP Disclosure Checklist 113 Item Number Commentary Working paper reference Appendix - Commentary International GAAP Disclosure Checklist 114 Item Number Commentary Working paper reference Appendix - Commentary International GAAP Disclosure Checklist 115 Item Number Commentary Working paper reference Appendix - Commentary International GAAP Disclosure Checklist 116 Item Number Commentary Working paper reference Ernst & YoungAssurance | Tax | Transactions | AdvisoryAbout Ernst & YoungErnst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit Ernst & Young s International Financial Reporting Standards GroupThe move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, the impact of which stretches far beyond accounting to affect every key decision you make, not just how you report it. We have developed the global resources people and knowledge to support our client teams. And we work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide. It s how Ernst & Young makes a difference. 2012 EYGM Rights no. AU1149This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgement. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate none.

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