Transition provisions of amendments

Learning objectives

• Identify the existence of transition provisions for recent amendments to IAS 16.L4

Normative references

• IAS 16Transition: the requirements for assets acquired in exchange transactions (paras. 24 to 26) are applied prospectively to future transactions.
• IAS 16 §80ATransition for the amendment to para. 35 (Annual Improvements 2010–2012).
• IAS 16 §80BBearer Plants transition: relief from the disclosure in IAS 8.28(f) for the current period.
• IAS 16 §80CBearer Plants transition: option to use fair value as deemed cost at the beginning of the earliest period presented, with the difference recognised in opening retained earnings.
• IAS 16Proceeds before Intended Use transition: application to items brought to the location and condition necessary for use on or after the beginning of the earliest period presented; cumulative effect in opening equity.
• IAS 16 §81Effective date of the revised Standard: annual periods beginning on or after 1 January 2005; paras. 81A onwards set out the effective date of each amendment.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

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