Other comprehensive income, is IFRS for SME’s different to full IFRS?
I have been getting queries on the differences between full IFRS and IFRS for SME's with regards to Other Comprehensive Income. So to clarify there are 6 instances under full IFRS for OCI, and three for IFRS for SME’s, as follows:
Full IFRS : Components of OCI for full IFRS include:
- Gains / losses on PPE revaluations (IAS 16)
- Actuarial gains / losses on defined benefit plans (IAS19)
- Exch. differences on translating foreign ops(IAS 21)
- Investments in equity instruments (IFRS 9)
- Cash flow hedges (IAS 39)
- Financial liabilities designated at fair value – own credit risk changes (IFRS 9)
IFRS for SME’s: Components of OCI for IFRS for SME’s include:
- Exch. differences on translating foreign ops(Section 30).
- Actuarial gains or losses (see Section 28) – if accounting policy chooses OCI, otherwise 100% to P/L
- Changes in fair values of cash flow hedging instruments ( Section 12).