Changes in this edition

This section is a brief guide to the changes since the 2008 edition that are incorporated in this edition of the Bound
Volume of International Financial Reporting Standards.

Introduction
The main changes in this collection are the inclusion of:
• one revised standard—IFRS 1
• amendments to IFRSs that were issued as separate documents
• amendments to IFRSs issued in the first annual improvements project
• amendments to other IFRSs resulting from those revised or amended standards
• three new Interpretations—IFRICs 15–17.
The version of IFRS 1 that is being superseded by the new version has been omitted.

New pronouncements
Details of the revised standard, new Interpretations and amendments to IFRSs included in this edition are as follows.

IFRS 1
A revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards was issued in November
2008. It supersedes IFRS 1 First-time Adoption of International Financial Reporting Standards (as issued in 2003 and
amended at May 2008). The revised IFRS 1 is required to be applied from 1 July 2009. Earlier application is permitted.

IFRICs 15–17
The three new Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) and
included in this edition are:
• IFRIC 15 Agreements for the Construction of Real Estate
• IFRIC 16 Hedges of a Net Investment in a Foreign Operation
• IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 15 is required to be applied for annual periods beginning on or after 1 January 2009. IFRIC 16 is required to be
applied from 1 October 2008; and IFRIC 17 from 1 July 2009. In each case, earlier application is permitted.

Amendments to IFRSs issued as separate documents

Amendments to IAS 32 and IAS 1

Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1) was issued in
February 2008. The amendments are required to be applied from 1 January 2009. Earlier application is permitted.

Amendments to IFRS 1 and IAS 27

Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27) was
issued in May 2008. The amendments are required to be applied from 1 January 2009. Earlier application is permitted.

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Annual improvements
The annual improvements project provides a vehicle for making non-urgent but necessary amendments to IFRSs. The first
product from this project was issued in May 2008 as Improvements to IFRSs. Most of the miscellaneous amendments are
required to be applied from 1 January 2009, but some have an effective date of 1 July 2009. In all cases earlier application
is permitted.

Amendment to IAS 39
Eligible Hedged Items (Amendment to IAS 39) was issued in July 2008. The amendment is required to be applied from 1
July 2009. Earlier application is permitted.

Amendments to IAS 39 and IFRS 7

Reclassification of Financial Assets (Amendments to IAS 39 and IFRS 7) was issued in October 2008. The amendments
are required to be applied from 1 July 2008. Subsequently, in November 2008 further amendments were issued as
Reclassification of Financial Assets—Effective Date and Transition. Those amendments are also required to be applied
from 1 July 2008.

Other material that has changed

In IAS 19 Employee Benefits, for ease of reference and for conformity with the general practice in IFRSs, the appendices
have been converted into a form consistent with other IFRSs. Their content remains unaltered.
The Glossary of Terms has been revised.
Minor editorial corrections to IFRSs (including necessary updating) have been made: a list of these is available on the
Website.

Up-to-date text of documents

The text of IFRSs (including IASs and Interpretations) given in this collection is the latest consolidated version as at 31
December 2008. In some cases the effective date of the consolidated text is later than 1 January 2009. The title page
preceding each IFRS indicates the effective date of recent amendments. This collection does not include versions of IFRSs
that are being superseded.

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