IFRS PRACTICAL IMPLEMENTATION GUIDE AND WORKBOOK

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translation from functional currency to, 161-163 translation of foreign operations into, 163 Presentation of Financial Stateme nts (l AS 1), 3, 13-25 accrual basis of accounting, 16 balance sheet, 17-1 8 capital disclosures amendment comparative information, 16 compliance with IFRS, 14-15 components of financial statements, 14 consistency of presentation, 16 definitions, 13-14 fair presentation, 14 going concern, 15-16 identification of the financial statements, 16 income statement, 18-19 materiality and aggregation, 16 notes, 20-2 1 offsetting, 16 purpose of financial statements, 14 recent amendments (effective 2009), 24-25 reporting period, 16 scope of standard, 13 statement of changes in equity, 19 Present value of a defined ben efit obligation, 137 Previous GAAP, 364 Prior-period errors: correction of, 57 defined,5 1 Projected unit credit met hod, 141 Property, Plant, and Equipment (lAS 16),3,108-115 definitions, 108 depreciation, 11 1-112 financial statements, 11 4-115 IFRIC interpretation I, 112– 11 3 recognition of assets, 108-111 scope of standard, 108 Proportionate consolidation method,217 Proposed new IFRS, 6 Prospective effectiveness (hedges), 277 Provisions, 318-323 changes in and use of, 320 defined, 317 (effective 2007), 21-24 cash flow statement, 20 derecognition, 11 2 disclosure, 113-114 extracts from published

disclosures of, 322-323 measurement of, 319-320 recognition of, 318-319 restructuring, 321-322 Provisions, Contingent

Papua New Guinea, IFRS adoption by, 1 Parent entities, 193-195 defined, 193 separate financial statements of, 195 Participants, 187 Pass-through arrangements, 246-247 Past service cost , 137 Pension assets and liabilities, 141-142 Percentage of completion method, for construction contracts, 70 Performance conditions, for share-based payments, 391 Periods: for noncurrent assets held for sale, 429 presented by interim financial reports, 300 Peru, IFRS adoption by, 1 Philippines: IFRS adoption by, I national standards of, 363 Ph ysical assets, 222 Piecemeal acquisition, for business combinations, 406- 408 Plan assets, 137 Poland, IFRS adoption by, 1 Portugal, IFRS adoption by, 1 Possible assets, see Contingent as sets Possible obligation, 323 Potential ordinary shares, 286, 289-292 Prada, Michel, 362 Prepaid expen ses, 223 Presentation: consistency of, 10 of consolidated financial statements, 193 of discontinued operations, 433-434 of earnings per share, 286-287, 294 fair, 14 by first-time IFRS adopters, 370-373 of grants related to assets, 155 of grants related to income, 155-1 56 lAS I, Presentation of Financia l Statements, 13-25 lAS 32, Financial Instruments: Presentation, 22 1- 233 Presentat ion currency: defined, 159

Liabilities and Contingent Assets (lAS 37), 4, 317-327 changes in provisions and use of provisions, 320 contingent (possible) assets, 324,325 contingent liabilities, 323-324 definitions, 317-3 18 disclosures of contingent assets, 325 disclosures of contingent liabilities, 323-324 disclosures of provisions, 322– 323 extracts from published financial statements, 326-327 future operating losses, 320 IFRIC interpretations of, 324– 325 measurement of provisions, 319-320 onerous contracts, 320-323 possible obligation, 323 proposed amendment to, 7 provisions, 318-323 recognition of provisions, 318- 319 restructuring provisions, 321– 322 scope of standard, 317 Prudence, 10 Published price quotation, 257– 258 Purchase method, 402 Puttable instruments, 25 Q Qatar, IFRS adoption by, 1 Qualifying assets, 170-172 R Real Estate Sales (Draft IFRIC 021),7 Reas sessment ofEmbedded Derivatives (IFRIC 9), 6, 270 Reclassifications, on balance sheet, 350 Recognition. See also Financial In struments: Recognition and Mea surement (lAS 39) of actuarial gains and losses, 143 of agricultural activity, 353 of borrowing costs, 172-173