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									 International Financial Reporting
      Standards (IFRSs®) 2008

   including International Accounting Standards (IASs®)
     and Interpretations as approved at 1 January 2008

The consolidated text of International Financial Reporting Standards
                   as approved at 1 January 2008

             International Accounting Standards Board®
                          30 Cannon Street
                         London EC4M 6XH
                          United Kingdom

                   Telephone: +44 (0)20 7246 6410
                      Fax: +44 (0)20 7246 6411

             Publications Telephone: +44 (0)20 7332 2730
                Publications Fax: +44 (0)20 7332 2749
              Publications Email:
IFRSs together with their accompanying documents are issued by the
International Accounting Standards Board (IASB).
30 Cannon Street, London EC4M 6XH, United Kingdom.
Tel: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411
Email: Web:
ISBN: 978-1-905590-54-4
Copyright © 2008 International Accounting Standards Committee Foundation
International Financial Reporting Standards, International Accounting
Standards, Interpretations, Exposure Drafts, and other IASB publications are
copyright of the IASCF. The approved text of International Financial Reporting
Standards, including International Accounting Standards and Interpretations, is
that issued by the IASB in the English language. Copies may be obtained from the
IASCF Publications Department. Please address publication and copyright
matters to:
IASCF Publications Department
30 Cannon Street, London EC4M 6XH, United Kingdom.
Telephone: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749
Email: Web:
All rights reserved. No part of this publication may be translated, reprinted or
reproduced or utilised in any form either in whole or in part or by any electronic,
mechanical or other means, now known or hereafter invented, including
photocopying and recording, or in any information storage and retrieval system,
without prior permission in writing from the IASCF.
The IASB, the IASCF, the authors and the publishers do not accept responsibility
for loss caused to any person who acts or refrains from acting in reliance on the
material in this publication, whether such loss is caused by negligence or

The IASB logo/‘Hexagon Device’, ‘eIFRS’, ‘IAS’, ‘IASB’, ‘IASC’, ‘IASCF’, ‘IASs’, ‘IFRIC’,
‘IFRS’, ‘IFRSs’, ‘International Accounting Standards’, ‘International Financial
Reporting Standards’ and ‘SIC’ are Trade Marks of the IASCF.
Cover designed and produced in the United Kingdom by Buckmans.
Telephone: +44 (0)20 7770 6040

Changes in this edition                                                    1
Introduction to this edition                                               3
IASC Foundation Constitution                                             13
Due Process Handbook for the IASB                                        25
Due Process Handbook for the IFRIC                                       51
Preface to International Financial Reporting Standards                   63
Framework for the Preparation and Presentation of Financial
Statements                                                               69

International Financial Reporting Standards (IFRSs)
IFRS 1   First-time Adoption of International Financial Reporting
         Standards                                                       95
IFRS 2   Share-based Payment                                            187
IFRS 3   Business Combinations                                          323
IFRS 4   Insurance Contracts                                            527
IFRS 5   Non-current Assets Held for Sale and Discontinued Operations   665
IFRS 6   Exploration for and Evaluation of Mineral Resources            717
IFRS 7   Financial Instruments: Disclosures                             747
IFRS 8   Operating Segments                                             815

International Accounting Standards (IASs)
IAS 1    Presentation of Financial Statements                           879
IAS 2    Inventories                                                    961
IAS 7    Statement of Cash Flows                                        981
IAS 8    Accounting Policies, Changes in Accounting Estimates and
         Errors                                                         1003
IAS 10   Events after the Reporting Period                              1035
IAS 11   Construction Contracts                                         1049
IAS 12   Income Taxes                                                   1065
IAS 16   Property, Plant and Equipment                                  1123
IAS 17   Leases                                                         1157
IAS 18   Revenue                                                        1185
IAS 19   Employee Benefits                                              1205

                                        IASCF                              v
IAS 20    Accounting for Government Grants and Disclosure of
          Government Assistance                                           1327
IAS 21    The Effects of Changes in Foreign Exchange Rates                1337
IAS 23    Borrowing Costs                                                 1369
IAS 24    Related Party Disclosures                                       1389
IAS 26    Accounting and Reporting by Retirement Benefit Plans            1405
IAS 27    Consolidated and Separate Financial Statements                  1417
IAS 28    Investments in Associates                                       1461
IAS 29    Financial Reporting in Hyperinflationary Economies              1483
IAS 31    Interests in Joint Ventures                                     1493
IAS 32    Financial Instruments: Presentation                             1515
IAS 33    Earnings per Share                                              1587
IAS 34    Interim Financial Reporting                                     1643
IAS 36    Impairment of Assets                                            1669
IAS 37    Provisions, Contingent Liabilities and Contingent Assets        1823
IAS 38    Intangible Assets                                               1857
IAS 39    Financial Instruments: Recognition and Measurement              1927
IAS 40    Investment Property                                             2233
IAS 41    Agriculture                                                     2281

IFRIC 1   Changes in Existing Decommissioning, Restoration and Similar
          Liabilities                                                     2323
IFRIC 2   Members’ Shares in Co-operative Entities and Similar
          Instruments                                                     2343
IFRIC 4   Determining whether an Arrangement contains a Lease             2361
IFRIC 5   Rights to Interests arising from Decommissioning, Restoration
          and Environmental Rehabilitation Funds                          2383
IFRIC 6   Liabilities arising from Participating in a Specific Market—
          Waste Electrical and Electronic Equipment                       2399
IFRIC 7   Applying the Restatement Approach under IAS 29 Financial
          Reporting in Hyperinflationary Economies                        2407
IFRIC 8   Scope of IFRS 2                                                 2425
IFRIC 9   Reassessment of Embedded Derivatives                            2435
IFRIC 10 Interim Financial Reporting and Impairment                       2445
IFRIC 11 IFRS 2—Group and Treasury Share Transactions                     2453
IFRIC 12 Service Concession Arrangements                                  2465
IFRIC 13 Customer Loyalty Programmes                                      2507

vi                                      ©
IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum
         Funding Requirements and their Interaction                     2523
SIC-7    Introduction of the Euro                                       2545
SIC-10   Government Assistance—No Specific Relation to Operating
         Activities                                                     2551
SIC-12   Consolidation—Special Purpose Entities                         2555
SIC-13   Jointly Controlled Entities—Non-Monetary Contributions by
         Venturers                                                      2563
SIC-15   Operating Leases—Incentives                                    2569
SIC-21   Income Taxes—Recovery of Revalued Non-Depreciable Assets       2575
SIC-25   Income Taxes—Changes in the Tax Status of an Entity or its
         Shareholders                                                   2579
SIC-27   Evaluating the Substance of Transactions Involving the Legal
         Form of a Lease                                                2585
SIC-29   Service Concession Arrangements: Disclosures                   2595
SIC-31   Revenue—Barter Transactions Involving Advertising Services     2601
SIC-32   Intangible Assets—Web Site Costs                               2607

Glossary of Terms                                                       2617


                                        IASCF                             vii

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