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I. IFRS (International Accounting Standards Board (IASB) (Issues IFRS,…
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IFRS Transitioning
Example
Transition Implemented in June 30, 2010
Date of Transition is Jan 1, 2009
For December 31, 2010 F/S
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Date of Transition is the first time it can produce a full comparative F/S (full prior year statements)
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PPE Valuation
Valuation
Asset is adjusted to FV, less ACD
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Must be applied to whole class of assets, not just one
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Intangible Assets
Same as PPE valuation
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Adjustment increase (OCI), decrease (expense)
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