New IFRSs
Effective Date
Announced by IASB
(Note 1)
Annual Improvements to IFRSs 2010-2012 Cycle
July 1, 2014 (Note 2)
Annual Improvements to IFRSs 2011-2013 Cycle
July 1, 2014
Annual Improvements to IFRSs 2012-2014 Cycle
January 1, 2016 (Note 4)
IFRS 9 “Financial Instruments”
January 1, 2018
Amendments to IFRS 9 and IFRS 7 “Mandatory Effective Date of IFRS 9 and Transition Disclosures”
January 1, 2018
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture”
January 1, 2016 (Note 3)
Amendments to IFRS 10, IFRS 12 and IAS 28 “Investment Entities: Applying the Consolidation Exception” January 1, 2016
Amendment to IFRS 11 “Accounting for Acquisitions of Interests in Joint Operations”
January 1, 2016
IFRS 14 “Regulatory Deferral Accounts”
January 1, 2016
IFRS 15 “Revenue from Contracts with Customers”
January 1, 2017
Amendment to IAS 1 “Disclosure Initiative”
January 1, 2016
Amendments to IAS 16 and IAS 38 “Clarification of Acceptable Methods of Depreciation and Amortization” January 1, 2016
Amendments to IAS 16 and IAS 41 “Agriculture: Bearer Plants”
January 1, 2016
Amendment to IAS 19 “Defined Benefit Plans: Employee Contributions”
July 1, 2014
Amendment to IAS 27 “Equity Method in Separate Financial Statements”
January 1, 2016
Amendment to IAS 36 “Impairment of Assets: Recoverable Amount Disclosures for Non-financial Assets” January 1, 2014
Amendment to IAS 39 “Novation of Derivatives and Continuation of Hedge Accounting”
January 1, 2014
IFRIC 21 “Levies”
January 1, 2014
Note 1: Unless stated otherwise, the above New IFRSs are effective for annual periods beginning on or after their respective
effective dates.
Note 2: The amendment to IFRS 2 applies to share-based payment transactions with grant date on or after July 1, 2014; the
amendment to IFRS 3 applies to business combinations with acquisition date on or after July 1, 2014; the amendment
to IFRS 13 is effective immediately; the remaining amendments are effective for annual periods beginning on or after
July 1, 2014.
Note 3: Prospectively applicable to transactions occurring in annual periods beginning on or after January 1, 2016.
Note 4: The amendment to IFRS 5 is applied prospectively to changes in a method of disposal that occur in annual periods
beginning on or after January 1, 2016; the remaining amendments are effective for annual periods beginning on or
after January 1, 2016.
The initial application of the above New IFRSs, whenever applied, would not have any material impact on the Corporation’s
accounting policies, except for the following:
1) IFRS 9 “Financial Instruments”
Recognition and measurement of financial assets
All recognized financial assets that are within the scope of IAS 39 “Financial Instruments: Recognition and Measurement”
are subsequently measured at amortized cost or fair value. Under IFRS 9, for debt instruments with contractual cash flows
that are solely payments of principal and interest on the principal amount outstanding, their classification and subsequent
measurement are as follows:
a) If the debt instruments are held within a business model whose objective is to collect contractual cash flows, they are
measured at amortized cost and are assessed for impairment continually, with any impairment loss recognized in profit or
loss. Interest revenue is recognized in profit or loss by using the effective interest method;
