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IASCA (Jordan) Issues the Arabic Translated Version

02 Dec 2014

of the International Financial Reporting Standards 2014

AMMAN------- December 2, 2014--------- The International Arab Society of Certified Accountants (Jordan) issued the latest Arabic translated version of the International Financial Reporting Standards.

The only official printed edition of the consolidated text of the IASB's authoritative pronouncements as issued at 1 January 2014.

What’s New?
This version contains the latest changes since the 2013 edition of the Bound Volume of International Financial Reporting Standards (the ‘Red Book’)

The following are the main changes made since 1 January 2013:

•    Amendments to the following Standards: IFRS 7, IFRS 9, IAS 19, IAS 36 and IAS 39;
•    Two sets of Annual Improvements;
•    One new Interpretation—IFRIC 21 “Levies”; and
•    IFRS Foundation Constitution and Due Process Handbook.
•    It also contains the Annual Improvements to IFRSs 2011–2013 Cycle which were issued in December 2013. 

Following are the four amendments related to the four Standards.

 

Standard 
Subject of amendment
 IFRS 1 First-time Adoption of International Financial Reporting Standards   Meaning of ‘effective IFRSs’.
 IFRS 3 Business Combinations   Scope exceptions for joint ventures.
 IFRS 13 Fair Value Measurement  Scope of paragraph 52 (portfolio exception).
 IAS 40 Investment Property  Clarifying the interrelationship between IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property.


•    Amendments to the following were also issued:
- Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36) issued in May 2013.
- Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) issued in June 2013.
- Defined Benefit Plans: Employee Contributions (Amendments to IAS 19) issued in November 2013

This book is available to purchase as a printed copy or as a PDF from the official website of the IFRS Foundation.

It is worth mentioning that IASCA-Jordan continuously seeks to develop accounting and management sciences, as well as all related principles applicable to professional services. IASCA-Jordan also strives to improve competence and practice and strengthen the code of ethics in accordance with the highest professional standards through the issuance of accounting publications and following up on the recent developments in accounting and auditing.