2012 IFRS Consolidated Blue Book to be Published in December 2012

Wednesday, November 7, 2012 Print Email

The 2013 IFRS Blue Book is going to be published and released in the month of December in 2012. This announcement was made by the IFRS Foundation. The book will come with all the pronouncements that were made officially and which have been made mandatory from 1st of January 2013. The book does not consist of International Financial Reporting Standards that will come into effect after January 1st 2013. This book is very different from the 'Red Book' that basically consists of pronouncements released at the date of publication, in addition to those which will not come into effect very soon.

The all new 'Blue Book' will be available at a price of £65 8 in addition to shipping charges.

The new edition comes with all the new needs that have been introduced in the year 2012 that are likely to come into effect on January 1st 2013 or even earlier. Thus, the book would consist of the 4 new principles/standards including International Financial Reporting Standard 10, 11, 12 and 13 (i.e. the amendments that were incorporated in these accounting standards in the year 2012). The book would also feature 3 standards that have been revised, which basically include, International Accounting Standard 19, 27 and 28. It would also incorporate a new Interpretation i.e. IFRIC 20 and important amendments made to Interpretations and Standards. The Blue Book will also feature small amendments that were made during annual improvement process to International Financial Reporting Standards 2009-2011 Cycle to International Accounting Standards 1, 16, 32, 34 and International Financial Reporting Standard 1.

This new edition will be offered in two different volumes and will be sold as one complete set. While Part-A would include the Conceptual Structure and Needs, which contains the latest version of IFRSs, IASs and SIC as well as IFRIC Interpretations that have been consolidated. On the other hand, Part-B would consist of the documents like Implementation Guide, Illustrated Examples, opinions that have been dissented and bases that offer conclusions.

The book was developed in response to the comments received from all the practitioners who at present are reporting as per the IFRSs. Practitioners looking for an edition that contains all the needs of the existing year are definitely going to cherish the details and information that the book is capable of offering.

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