Consistency — Different Cost Formulas for Inventories |
| Consistency — Different Cost Formulas for Inventories |
| (i) | Delete “IAS 2.21”, “IAS 27.21” and “IAS 27.22” wherever they appear and substitute in each case “FRS 2.20”, “FRS 27.20” and “FRS 27.21”, respectively. |
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| | (ii) | Delete the words “paragraph 39 of the Framework” wherever they appear and substitute in each case the words “paragraph 35 of the FRS Framework”. |
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| | (iii) | Delete “IAS 2.23” in paragraph 1. |
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| | (iv) | Delete the words “FIFO, weighted average cost or LIFO” in paragraph 1 and substitute the words “FIFO or weighted average cost”. |
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| | (v) | Delete the words “using the LIFO method” in paragraph 6 and substitute the words “using the FIFO method”. |
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| | (vi) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (vii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 1 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Consistency — Capitalisation of Borrowing Costs |
| Consistency — Capitalisation of Borrowing Costs |
| (i) | Delete “IAS 23.04”, “IAS 23.07”, “IAS 23.11”, “IAS 23.19”, “IAS 27.21” and “IAS 27.22” wherever they appear and substitute in each case “FRS 23.03”, “FRS 23.06”, “FRS 23.10”, “FRS 23.18”, “FRS 27.20” and “FRS 27.21”, respectively. |
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| | (ii) | Delete the words “paragraph 39 of the Framework” wherever they appear and substitute in each case the words “paragraph 35 of the FRS Framework”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| | | “INT FRS 2 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 23.29. Therefore, a company using the Allowed Alternative Treatment may choose not to capitalise all borrowing costs incurred before the effective date of INT FRS 2.”. |
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Elimination of Unrealised Profits and Losses on Transactions with Associates |
| Eliminaton of Unrealised Profits and Losses on Transactions with Associates |
| (i) | Delete “IAS 28.16” and “IAS 28.17” wherever they appear and substitute in each case “FRS 28.14” and “FRS 28.15”, respectively. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 3 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Classification of Financial Instruments — Contingent Settlement Provisions |
| Classification of Financial Instruments — Contingent Settlement Provisions |
| (i) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (ii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 5 comes into effect on 1st February 2003.”. |
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Costs of Modifying Existing Software |
| Costs of Modifying Existing Software |
| (i) | Delete the words “paragraphs 89 and 90 of the Framework” wherever they appear and substitute in each case the words “paragraphs 85 and 86 of the FRS Framework”. |
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| | (ii) | Delete the words “paragraph 91 of the Framework” wherever they appear and substitute in each case the words “paragraph 87 of the FRS Framework”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 6 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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| | (i) | Delete “IAS 8.42”, “IAS 10.28”, “IAS 21.07”, “IAS 21.11 (a)”, “IAS 21.14”, “IAS 21.15”, “IAS 21.17”, “IAS 21.19”, “IAS 21.21”, “IAS 21.30 (c)” and “IAS 21.37” wherever they appear and substitute in each case “FRS 8.36”, “FRS 10.20”, “FRS 21.06”, “FRS 21.10 (a)”, “FRS 21.13”, “FRS 21.14”, “FRS 21.16”, “FRS 21.18”, “FRS 21.20”, “FRS 21.29 (c)” and “FRS 21.36”, respectively. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 7 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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First Time Application of FRSs as the Primary Basis of Accounting |
| First Time Application of IASs as the Primary Basis of Accounting |
| (i) | Delete “IAS 8.49”, “IAS 8.53” and “IAS 8.54” wherever they appear and substitute in each case “FRS 8.43”, “FRS 8.47” and “FRS 8.48”, respectively. |
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| | (ii) | Delete “1st January 1995” in paragraph 12 and substitute “1st October 2000”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 8 comes into effect on 1st February 2003.”. |
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Business Combinations – Classification either as Acquisitions or Unitings of Interests |
| Business Combinations — Classification either as Acquisitions or Unitings of Interests |
| (i) | Delete “IAS 27.06” wherever it appears and substitute in each case “FRS 27.05”. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 9 comes into effect on 1st February 2003.”. |
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Government Assistance – No Specific Relation to Operating Activities |
| Government Assistance — No Specific Relation to Operating Activities |
| (i) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (ii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 10 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Foreign Exchange — Capitalisation of Losses Resulting from Severe Currency Devaluations |
| Foreign Exchange — Capitalisation of Losses Resulting from Severe Currency Devaluations |
| (i) | Delete “IAS 21.11 (a)” and “IAS 21.21” wherever they appear and substitute in each case “FRS 21.10 (a)” and “FRS 21.20”, respectively. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 11 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Consolidation — Special Purpose Entities |
| Consolidation — Special Purpose Entities |
| (i) | Delete “IAS 27.06”, “IAS 27.11”, “IAS 27.12” and “IAS 27.13 (b)” wherever they appear and substitute in each case “FRS 27.05”, “FRS 27.10”, “FRS 27.11” and “FRS 27.12 (b)”, respectively. |
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| | (ii) | Delete the words “Paragraph 35 of the Framework” and substitute the words “Paragraph 31 of the FRS Framework”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 12 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Jointly Controlled Entities — Non‑Monetary Contributions by Venturers |
| Jointly Controlled Entities — Non‑Monetary Contributions by Venturers |
| (i) | Delete “IAS 18.12”, “IAS 18.14 (b)”, “IAS 18.14 (c)” and “IAS 18.16 (a) to IAS 18.16 (d)” wherever they appear and substitute in each case “FRS 18.11”, “FRS 18.13 (b)”, “FRS 18.13 (c)” and “FRS 18.15 (a) to FRS 18.15 (d)”, respectively. |
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| | (ii) | Delete the words “Paragraph 92 of the Framework” and substitute the words “Paragraph 88 of the FRS Framework”. |
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| | (iii) | Delete the words “Framework (paragraphs 53 to 64 and paragraphs 89 to 91)” and substitute the words “FRS Framework (paragraphs 49 to 60 and paragraphs 85 to 87)”. |
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| | (iv) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (v) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 13 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Property, Plant and Equipment — Compensation for the Impairment or Loss of Items |
| Property, Plant and Equipment — Compensation for the Impairment or Loss of Items |
| (i) | Delete the words “Paragraph 92 of the Framework” and substitute the words “Paragraph 88 of the FRS Framework”. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 14 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Operating Leases — Incentives |
| Operating Leases — Incentives |
| (i) | Delete the words “Paragraph 35 of the Framework” and substitute the words “Paragraph 31 of the FRS Framework”. |
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| | (ii) | Delete the words “Paragraph 22 of the Framework” and substitute the words “Paragraph 18 of the FRS Framework”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 15 comes into effect on 1st February 2003.”. |
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Share Capital — Reacquired Own Equity Instruments (Treasury Shares) |
| Share Capital — Reacquired Own Equity Instruments (Treasury Shares) |
| (i) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (ii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 16 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Equity — Costs of an Equity Transaction |
| Equity — Costs of an Equity Transaction |
| (i) | Delete the words “Paragraph 65 of the Framework” and substitute the words “Paragraph 61 of the FRS Framework”. |
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| | (ii) | Delete the words “Paragraphs 94–98 of the Framework” and substitute the words “Paragraphs 90–94 of the FRS Framework”. |
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| | (iii) | Delete “IAS 8.07”, “IAS 12.61” and “IAS 12.81 (a)” wherever they appear and substitute in each case “FRS 8.05”, “FRS 12.59” and “FRS 12.79 (a)”, respectively. |
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| | (iv) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (v) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 17 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Consistency — Alternative Methods |
| Consistency — Alternative Methods |
| (i) | Delete the words “Paragraph 39 of the Framework” and substitute the words “Paragraph 35 of the FRS Framework”. |
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| | (ii) | Delete “IAS 8.42”, “IAS 27.21” and “IAS 27.22” wherever they appear and substitute in each case “FRS 8.36”, “FRS 27.20” and “FRS 27.21”, respectively. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 18 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Reporting Currency — Measurement and Presentation of Financial Statements under FRS 21 and FRS 29 |
| Reporting Currency — Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 |
| (i) | Delete the words “The Framework (see paragraphs 17, 35, 39, and 46)” and substitute the words “The FRS Framework (see paragraphs 13, 31, 35, and 42)”. |
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| | (ii) | Delete the words “(See also paragraph 110 of the Framework)” and substitute the words “(See also paragraph 106 of the FRS Framework)”. |
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| | (iii) | Delete the words “Paragraph 4 of IAS 21” and substitute the words “Paragraph 3 of FRS 21”. |
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| | (iv) | Delete “IAS 21.4”, “IAS 21.5”, “IAS 21.7”, “IAS 21.8–IAS 21.22”, “IAS 21.30”, “IAS 21.36” and “IAS 21.43” wherever they appear and substitute in each case “FRS 21.3”, “FRS 21.4”, “FRS 21.6”, “FRS 21.7–FRS 21.21”, “FRS 21.29”, “FRS 21.35” and “FRS 21.42”, respectively. |
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| | (v) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (vi) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| | | “INT FRS 19 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Equity Accounting Method — Recognition of Losses |
| Equity Accounting Method — Recognition of Losses |
| (i) | Delete “IAS 28.22” and “IAS 28.23” wherever they appear and substitute in each case “FRS 28.20” and “FRS 28.21”, respectively. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| | | “INT FRS 20 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Income Taxes — Recovery of Revalued Non-Depreciable Assets |
| Income Taxes — Recovery of Revalued Non-Depreciable Assets |
| (i) | Delete the following paragraph: |
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| “Draft Interpretation SIC-D21, Income Taxes — Omnibus was issued for comment in September 1999. The Draft Interpretation included both the issue addressed in this Interpretation and the issue included in Interpretation SIC-25, Income Taxes — Changes in the Tax Status of an Enterprise or its Shareholders.”. |
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| | (ii) | Delete “IAS 12.20” and “IAS 12.51” wherever they appear and substitute in each case “FRS 12.19” and “FRS 12.49”, respectively. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 21 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Business Combinations — Subsequent Adjustment of Fair Values and Goodwill Initially Reported |
| Business Combinations — Subsequent Adjustment of Fair Values and Goodwill Initially Reported |
| (i) | Delete the words “IAS 12 (revised 1996), paragraphs 66 through 68” and substitute the words “FRS 12, paragraphs 64 through 66”. |
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| | (ii) | Delete the words “paragraphs .23 through .30 of IAS 8 (revised 1993)” and substitute the words “paragraphs .17 through .24 of FRS 8”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 22 comes into effect on 1st February 2003.”. |
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Property, Plant and Equipment — Major Inspection or Overhaul Costs |
| Property, Plant and Equipment — Major Inspection or Overhaul Costs |
| (i) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (ii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 23 comes into effect on 1st February 2003. Implementation of the components approach described in this INT FRS is a change in method of depreciation and is treated as a change in accounting estimate, consistent with FRS 16.52. As a result, the depreciation charge for the current and future periods is adjusted.”. |
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Earnings Per Share — Financial Instruments and Other Contracts that may be Settled in Shares |
| Earnings Per Share — Financial Instruments and Other Contracts that may be Settled in Shares |
| (i) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (ii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 24 comes into effect on 1st February 2003. Comparative information presented and disclosed in financial statements under FRS 33.47–33.52 should be restated for the effect of applying this INT FRS.”. |
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Income Taxes — Changes in the Tax Status of an Enterprise or its Shareholders |
| Income Taxes — Changes in the Tax Status of an Enterprise or its Shareholders |
| (i) | Delete the following paragraph: |
|
| “Draft Interpretation SIC-D21, Income Taxes — Omnibus was issued for comment in September 1999. The Draft Interpretation included both the issue addressed in this Interpretation and the issue included in Interpretation SIC-21, Income Taxes —Recovery of Revalued Non-Depreciable Assets.”. |
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| | (ii) | Delete “IAS 12.58”, “IAS 12.61”, “IAS 12.62”, “IAS 12.63”, “IAS 12.63 (b)” and “IAS 12.65” wherever they appear and substitute in each case “FRS 12.56”, “FRS 12.59”, “FRS 12.60”, “FRS 12.61”, “FRS 12.61 (b)” and “FRS 12.63”, respectively. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 25 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Evaluating the Substance of Transactions Involving the Legal Form of a Lease |
| Evaluating the Substance of Transactions Involving the Legal Form of a Lease |
| (i) | Delete the words “paragraph 35 of the Framework” wherever they appear and substitute in each case the words “paragraph 31 of the FRS Framework”. |
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| | (ii) | Delete the words “paragraphs 49–64 of the Framework” wherever they appear and substitute in each case the words “paragraphs 45–60 of the FRS Framework”. |
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| | (iii) | Delete the words “Paragraph 75 of the Framework” and substitute the words “Paragraph 71 of the FRS Framework”. |
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| | (iv) | Delete the words “Paragraph 9 of IAS 11” and substitute the words “Paragraph 8 of FRS 11”. |
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| | (v) | Delete the words “paragraph 20 of IAS 18” wherever they appear and substitute in each case the words “paragraph 19 of FRS 18”. |
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| | (vi) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (vii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 27 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Business Combinations — “Date of Exchange” and Fair Value of Equity Instruments |
| Business Combinations — “Date of Exchange” and Fair Value of Equity Instruments |
| (i) | Delete the words “Sub-paragraph 100 (a) of the Framework” and substitute the words “Sub‑paragraph 96 (a) of the FRS Framework”. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 28 comes into effect on 1st February 2003.”. |
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Disclosure — Service Concession Arrangements |
| Disclosure — Service Concession Arrangements |
| (i) | Delete the words “Paragraph 15 of the Framework” and substitute the words “Paragraph 11 of the FRS Framework”. |
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| | (ii) | Delete the words “Paragraph 21 of the Framework” and substitute the words “Paragraph 17 of the FRS Framework”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 29 comes into effect on 1st February 2003.”. |
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Reporting Currency — Translation from Measurement Currency to Presentation Currency |
| Reporting Currency — Translation from Measurement Currency to Presentation Currency |
| (i) | Delete “IAS 21.5”, “IAS 21.30”, “IAS 21.31”, “IAS 21.36” and “IAS 27.4” wherever they appear and substitute in each case “FRS 21.4”, “FRS 21.29”, “FRS 21.30”, “FRS 21.35” and “FRS 27.3”, respectively. |
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| | (ii) | Delete the words “Paragraph 12 of the Framework” and substitute the words “Paragraph 8 of the FRS Framework”. |
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| | (iii) | Delete the words “paragraph 21 of the Framework” wherever they appear and substitute in each case the words “paragraph 17 of the FRS Framework”. |
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| | (iv) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (v) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 30 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Revenue — Barter Transactions Involving Advertising Services |
| Revenue — Barter Transactions Involving Advertising Services |
| (i) | Delete “IAS 18.7”, “IAS 18.9”, “IAS 18.12”, “IAS 18.20 (a)”, “IAS 18.26” and “IAS 18.27” wherever they appear and substitute in each case “FRS 18.6”, “FRS 18.8”, “FRS 18.11”, “FRS 18.19 (a)”, “FRS 18.25” and “FRS 18.26”, respectively. |
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| | (ii) | Delete the words “Paragraph 31 of the Framework” and substitute the words “Paragraph 27 of the FRS Framework”. |
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| | (iii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iv) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 31 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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Intangible Assets — Web Site Costs |
| Intangible Assets — Web Site Costs |
| (i) | Delete “IAS 8.7” wherever it appears and substitute in each case “FRS 8.5”. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 32 comes into effect on 1st February 2003. The effects of adopting this INT FRS should be accounted for using the transitional requirements in FRS 38.118 - 38.121. Therefore, when a web site does not meet the criteria for recognition as an intangible asset, but was previously recognised as an asset, the item should be derecognised at the date when this INT FRS becomes effective. When a web site exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, but such expenditure was not previously recognised as an asset, the intangible asset should not be recognised at the date when this INT FRS becomes effective. When a web site exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, and where such expenditure was previously recognised as an asset and initially measured at cost, the amount of expenditure initially recognised is deemed to have been properly determined according to this INT FRS.”. |
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Consolidation and Equity Method — Potential Voting Rights and Allocation of Ownership Interests |
| Consolidation and Equity Method — Potential Voting Rights and Allocation of Ownership Interests |
| (i) | Delete “IAS 27.6”, “IAS 27.12”, “IAS 27.29 (b)”, “IAS 27.30 (b)”, “IAS 28.3” and “IAS 28.4—IAS 28.5” wherever they appear and substitute in each case “FRS 27.5”, “FRS 27.11”, “FRS 27.28 (b)”, “FRS 27.29 (b)”, “FRS 28.2” and “FRS 28.3–FRS 28.4”, respectively. |
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| | (ii) | Delete the heading “Date of Consensus” and the date following thereafter. |
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| | (iii) | Delete the paragraph under the heading “Effective Date” and substitute the following paragraph: |
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| “INT FRS 33 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”. |
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