The new standards IFRS 10, 11, 12 and 13 are effective for periods ending on or after 1 January 2013. They can also be adopted early, but IFRS 10, 11 and 12 would need to be adopted together.
The standards are:
- IFRS 10 Consolidated financial statements. This replaces SIC 12 and parts of IAS 27. Its focus is should an entity be included in the financial statements of a parent entity. It aims to achieve this with its focus on control
- IFRS 11 Joint arrangements. This replaces SIC 13 and IAS 31. It focuses on the rights and obligations of a joint arrangement rather than its legal form
- IFRS 12 Disclosure of interests in other entities. This sets out the disclosure requirements for IFRS 10 and 11 and replaces the existing disclosure requirements in IAS 28. Its aim is to help uses of financial statements to understand and evaluate the nature, risks and the financial implication of the entity's interests in subsidiaries, joint arrangements, associates or unconsolidated structures
- IFRS 13 Fair value measurement. The standard provides guidance on how the concept of fair value should be applied in practice.
You can find useful summaries and podcasts on each of the standards at IAS Plus, the Deloitte Touché Tohmatsu Ltd website.
