IREIT Global.
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
2.
SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(a) Basis of preparation of financial statements
(Continued)
NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
(Continued)
Annual Improvements to IFRSs 2011-2013 Cycle
The Annual Improvements to IFRSs 2011-2013 Cycle include a number of amendments to
various IFRSs, which include the amendments to IAS 40 to clarify that IAS 40 and IFRS 3 are
not mutually exclusive and application of both standards may be required. Consequently,
an entity acquiring investment property must determine whether:
(a) the property meets the definition of investment property in terms of IAS 40; and
(b) the transaction meets the definition of a business combination under IFRS 3.
Annual Improvements to IFRSs 2012- 2014 Cycle
The Annual Improvements to IFRSs 2012-2014 Cycle include a number of amendments to
various IFRSs, which include the amendments to:
(a) IFRS 5 to clarify that reclassifications from held-for-sale to held-for-distribution to
owners (or vice versa) should not be considered changes to a plan of sale or a plan
of distribution to owners, and the classification, presentation and measurement
requirements applicable to the new method of disposal should be applied. Assets that
no longer meet the criteria for held-for-distribution to owners (and do not meet the
criteria for held-for-sale) should be treated in the same way as assets that cease to
be classified as held-for-sale.
(b) IFRS 7 to clarify whether servicing contracts result in continuing involvement in a
transferred asset for the purpose of determining the disclosures required. It also
clarifies that offsetting disclosures are not explicitly required for all interim periods.
(c) IFRS 34 clarifies that the meaning of ‘elsewhere in the interim report’ encompasses
other statements besides the interim financial statements (e.g. management
commentary or risk reports) that is available to users on the same terms and at the
same time as the interim financial statements. Cross-references between the interim
financial statements and those other statements are required where disclosures are
made in the latter.
