Air Canada 2012 Annual Report Download - page 101

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2012 Consolidated Financial Statements and Notes
101
Amendments to IAS 1 – Financial Statement Presentation
The amendments to IAS 1 require entities to separate items presented in OCI into two groups, based on whether or not they
may be recycled to profit or loss in the future. Items that will not be recycled such as remeasurements related to IAS 19 will
be presented separately from items that may be recycled in the future, such as deferred gains and losses on cash flow hedges.
Entities that choose to present OCI items before tax will be required to show the amount of tax related to the two groups
separately.
Amendments to Other Standards
In addition, there have been amendments to existing standards, including IFRS 7 Financial Instruments: Disclosure, IAS 27,
Separate Financial Statements, IAS 28, Investments in Associates and Joint Ventures, and IAS 32, Financial Instruments:
Presentation. IFRS 7 amendments require disclosure about the effects of offsetting financial assets and financial liabilities and
related arrangements on an entity’s financial position. IAS 27 addresses accounting for subsidiaries, jointly controlled entities
and associates in non-consolidated financial statements. IAS 28 has been amended to include joint ventures in its scope and
to address the changes in IFRS 10 – 13. IAS 32 addresses inconsistencies when applying the offsetting requirements, and is
effective for annual periods beginning on or after January 1, 2014.