Disclosure Requirements (Different IASs and IFRSs)

IAS-16 (Property, Plant, and Equipment)

For each class of property, plant, and equipment, disclose:

• ·         Basis for measuring carrying amount
• ·         Depreciation method(s) used
• ·         Useful lives or depreciation rates
• ·         Gross carrying amount and accumulated depreciation and impairment losses
• ·         Reconciliation of the carrying amount at the beginning and the end of the period, showing:

§  Additions

§  Disposals

§  Acquisitions through business combinations

§  Revaluation increases or decreases

§  Impairment losses

§  Reversals of impairment losses

§  Depreciation

§  Net foreign exchange differences on translation

§  Other movements

Additional disclosures

The following disclosures are also required:

Ø  Restrictions on title and items pledged as security for liabilities

Ø  Expenditures to construct property, plant, and equipment during the period

Ø  Contractual commitments to acquire property, plant, and equipment

Ø  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.

IAS-36 (Impairment of Assets)

Disclosure by class of assets

Ø  impairment losses recognised in profit or loss

Ø  impairment losses reversed in profit or loss

Ø  which line item(s) of the statement of comprehensive income

Ø  impairment losses on revalued assets recognised in other comprehensive income

Ø  impairment losses on revalued assets reversed in other comprehensive income

Disclosure by reportable segment:

Ø  impairment losses recognised

Ø  impairment losses reversed

Other disclosures:

Ø  If an individual impairment loss (reversal) is material disclose:

Ø  events and circumstances resulting in the impairment loss

Ø  amount of the loss or reversal

Ø  individual asset: nature and segment to which it relates

Ø  cash generating unit: description, amount of impairment loss (reversal) by class of assets and segment

Ø  if recoverable amount has been determined on the basis of value in use, or on the basis of fair value less costs of disposal using a present value technique*, disclose the discount rate

If impairment losses recognised (reversed) are material in aggregate to the financial statements as a whole, disclose:

Ø  main classes of assets affected

Ø  main events and circumstances

IAS-2 (Inventories)

Required disclosures:

Ø  accounting policy for inventories

Ø  carrying amount, generally classified as merchandise, supplies, materials, work in progress, and finished goods. The classifications depend on what is appropriate for the entity

Ø  carrying amount of any inventories carried at fair value less costs to sell

Ø  amount of any write-down of inventories recognised as an expense in the period

Ø  amount of any reversal of a write-down to NRV and the circumstances that led to such reversal

Ø  carrying amount of inventories pledged as security for liabilities

Ø  cost of inventories recognised as expense (cost of goods sold).

IAS 2 acknowledges that some enterprises classify income statement expenses by nature (materials, labour, and so on) rather than by function (cost of goods sold, selling expense, and so on). Accordingly, as an alternative to disclosing cost of goods sold expense, IAS 2 allows an entity to disclose operating costs recognised during the period by nature of the cost (raw materials and consumables, labour costs, other operating costs) and the amount of the net change in inventories for the period). This is consistent with IAS 1 Presentation of Financial Statements, which allows presentation of expenses by function or nature.

IAS-18 (Revenue)

Disclosure:

Ø  accounting policy for recognising revenue

Ø  amount of each of the following types of revenue:

• sale of goods
• rendering of services
• interest
• royalties
• dividend
• within each of the above categories, the amount of revenue from exchanges of goods or services

IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors

Disclosures relating to prior period errors include:

Ø  the nature of the prior period error

Ø  for each prior period presented, to the extent practicable, the amount of the correction:

•  for each financial statement line item affected, and
•  for basic and diluted earnings per share (only if the entity is applying IAS 33)

Ø  the amount of the correction at the beginning of the earliest prior period presented

Ø  if retrospective restatement is impracticable, an explanation and description of how the error has been corrected.

IAS-38 (Intangible Assets)

For each class of intangible asset, disclose:

·         useful life or amortisation rate

·         amortisation method

·         gross carrying amount

·         accumulated amortisation and impairment losses

·         line items in the income statement in which amortisation is included

·         reconciliation of the carrying amount at the beginning and the end of the period showing:

Ø  additions (business combinations separately)

Ø  assets held for sale

Ø  retirements and other disposals

Ø  revaluations

Ø  impairments

Ø  reversals of impairments

Ø  amortization

Ø  foreign exchange differences

Ø  basis for determining that an intangible has an indefinite life

Ø  description and carrying amount of individually material intangible assets

Ø  certain special disclosures about intangible assets acquired by way of government grants

Ø  information about intangible assets whose title is restricted

Ø  contractual commitments to acquire intangible assets

Additional disclosures are required about:

Ø  intangible assets carried at revalued amounts

Ø  the amount of research and development expenditure recognised as an expense in the current period

IAS-10 (Events after reporting date)

Non-adjusting events should be disclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluations and decisions.

The required disclosure is:

(a) the nature of the event and

(b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made.

A company should update disclosures that relate to conditions that existed at the end of the reporting period to reflect any new information that it receives after the reporting period about those conditions.

Companies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the enterprise's owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact.

IAS-37 (Provisions, Contingent Liabilities and Contingent Assets)

Reconciliation for each class of provision:

·         opening balance

·         additions

·         used (amounts charged against the provision)

·         unused amounts reversed

·         unwinding of the discount, or changes in discount rate

·         closing balance

A prior year reconciliation is not required.

For each class of provision, a brief description of:

Ø  nature

Ø  timing

Ø  uncertainties

Ø  assumptions

Ø  reimbursement, if any.

isclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluations and decisions. The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. [IAS 10.21]

A company should update disclosures that relate to conditions that existed at the end of the reporting period to reflect any new information that it receives after the reporting period about those conditions. [IAS 10.19]

Companies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the enterprise's owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact