Ias

STANDARD TITLE NO.
DISCLOSURE DESCIRPTION COMPANY DISCLOSURE
IAS 1 Presentation of Financial The notes must: [IAS

Statements 1.112]
1 present information about The accompanying Note 2
the basis of preparation of consolidated financial
the financial statements statements of the Parent
and the specific Company and its wholly-
accounting policies used owned subsidiaries,
LOGPOCOR, Oriental
Mahogany Woodworks,
Inc. (OMWI) and Oriental
Land Corporation (OLC),
collectively referred to as
the “Group”, which
include the share in the
assets, liabilities, income
and expenses of the joint
operations covered by the
SCs have been prepared
on a historical cost basis,
except for available-for-
sale (AFS) investments
and crude oil inventory
that have been measured
at fair value.
The accompanying
consolidated financial
statements have been
prepared in compliance
with Philippine Financial
Reporting Standards
(PFRS).
2 disclose any information
required by IFRSs that is
not presented elsewhere
in the financial
statements and
3 provide additional
information that is not
presented elsewhere in
the financial statements
but is relevant to an
understanding of any of
them
4 Notes are presented in a
systematic manner and
cross-referenced from the
face of the financial
statements to the
relevant note. [IAS 1.113]
5 IAS 1.114 suggests that
the notes should normally
be presented in the
following order:*
 a statement of
compliance with
IFRSs a summary
of significant
accounting
policies applied,
including: [IAS
1.117]
 the
measure
ment
basis (or
bases)
used in
preparing
the
financial
statement
s the
other
accountin
g policies
used that
are
relevant
to an
understan
ding of
the
financial
statement
s
 supporting
information for
items presented
on the face of the
statement of
financial position
(balance sheet),
statement(s) of
profit or loss and
other
comprehensive
income,
statement of
changes in equity
and statement of
cash flows, in the
order in which
each statement
and each line item
is presented other
disclosures,
including:
 contingen
t liabilities
(see IAS
37) and
unrecogni
sed
contractu
al
commitm
ents non-
financial
disclosure
s, such as
the
entity's
financial
risk
managem
ent
objectives
and
policies
(see IFRS
7Financial
Instrumen
ts:
Disclosure
s)
6 An entity must disclose, in Judgments Note 5
the summary of In the process of applying
significant accounting the Group’s accounting
policies or other notes, policies, management has
the judgements, apart made the following
from those involving judgments, apart from
estimations, that those involving
management has made in estimations, which has
the process of applying the most significant effect
the entity's accounting on the amounts
policies that have the recognized in the
most significant effect on consolidated financial
the amounts recognised statements.
in the financial
statements. [IAS 1.122] Going Concern
Assessment
The Group’s management
has made an assessment
of the Group’s ability to
continue as a going
concern and is satisfied
that the Group has the
resources to continue in
business for the
foreseeable future.
Furthermore,
management is not aware
of any material
uncertainties that may
cast significant doubt
upon the Group’s ability
to continue as a going
concern. Therefore, the
Group’s financial
statements continue to be
prepared on a going
concern basis.
Determination of
Functional Currency
The entities within the
Group determine the
functional currency based
on economic substance of
underlying circumstances
relevant to each entity
within the Group. The
determination of
functional currency was
based on the primary
economic environment in
which each of the entities
generates and expends
cash. The Parent
Company and
LOGPOCOR’s functional
currency is the
US Dollar. The functional
currency of OMWI and
OLC is Philippine Peso.
As at December 31, 2016
and 2015, the Group’s
cumulative translation
adjustment amounted to
$0.43 million and ($0.04)
million, respectively.
Classification of Financial
Instruments
The Group classifies a
financial instrument, or its
components, on initial
recognition as a financial
asset, a financial liability
or an equity instrument in
accordance with the
substance of the
contractual arrangement
and the definitions of a
financial asset, a financial
liability or an equity
instrument. The
substance of a financial
instrument, rather than its
legal form, governs its
classification in the
consolidated statements
of financial position. The
classification of financial
assets and financial
liabilities of the Group are
presented in Note 20.
Operating Leases - Group

as Lessee
The Group has entered
into property leases for its
office space (see Note 19).
The Group has
determined that the
lessor retains all the
significant risks and
rewards of ownership of
these properties that are
leased out on operating
leases.
Asset Retirement
Obligation
Plug and abandonment
costs are based on
estimates made by the
service contract operator.
These
costs are not clearly
provided for in the SCs.
Management believes
that there are no legal
and constructive
obligations for plug and
abandonment costs. As at
December 31, 2016 and
2015, the
Group has not recognized
any asset retirement
obligation.
7 An entity must also Estimates and Note 5

disclose, in the notes, Assumptions
information about the key The key assumptions
assumptions concerning concerning the future and
the future, and other key other key sources of
sources of estimation estimation uncertainty at
uncertainty at the end of the reporting date, that
the reporting period, that have a significant risk of
have a significant risk of causing a material
causing a material adjustment to the
adjustment to the carrying amounts of
carrying amounts of assets and liabilities
assets and liabilities within the next financial
within the next financial year are discussed below:
year. [IAS 1.125] These
disclosures do not involve Fair Values of Financial
disclosing budgets or Assets and Liabilities
forecasts. [IAS 1.130] The Group carries certain
financial assets and
liabilities at fair value
which requires extensive
use of accounting
estimates and judgments.
While components of fair
value measurements were
determined using
verifiable objective
evidence (i.e., foreign
exchange rates and
interest rates), the
amount of changes in fair
value would differ if the
Group utilized different
valuation methodology.
Any changes in fair value
of these financial assets
would directly affect the
of comprehensive income
and consolidated
statements of changes in
equity, as appropriate
(see Note 20).
Impairment of Financial
Assets Carried at
Amortized Cost
The Group assesses on a
regular basis if there is
objective evidence of
impairment of loans and
receivables and HTM
investments. The amount
of impairment loss is
measured as the
difference between the
asset’s carrying amount
and the present value of
the estimated future cash
flows discounted at the
asset’s original EIR. The
Group uses individual
impairment assessment
on its loans and
receivables and HTM
investments. The Group
did not assess its loans
and receivables
and HTM investments for
collective impairment due
to the few counterparties
which can be specifically
identified. The amount of
loss is recognized in the
of income
with a corresponding
reduction in the carrying
value of the loans and
receivables through an
allowance account. As at
2015, the total carrying
value of the Group’s
receivables amounted
to $1.33 million and $1.68
million, respectively (see
Note 7) while the HTM
investment amounted
to $3.22 million and $3.19
million, respectively as at
2015 (see Note 9).
No allowance for
impairment was provided
in 2016 and 2015.
Impairment of AFS
Investments
Quoted Shares - at Fair
Value
An impairment loss arises
with respect of AFS
investments when there is
objective evidence of
impairment, which
involves significant
judgment. In applying this
judgment, the Group
evaluates the financial
health of the issuer,
among others. In the case
of AFS equity instruments,
the Group expands its
analysis to consider
changes in the issuer’s
industry and sector
performance, legal and
regulatory framework,
changes in technology and
other factors that affect
recoverability of the
Group’s investments.
Unquoted Shares - at Cost

Management believes
that while the range of
fair value estimates is
significant, the
probabilities of the
various estimates cannot
be reasonably assessed
given the unquoted
nature of equity
investments. As a result,
the Group carries
unquoted AFS
investments at cost, less
any impairment in value.
A net decrease in market

value of AFS investments
amounting to $0.37
million, $0.20 million and
$0.25 million was
recognized in 2016, 2015
and 2014, respectively. No
impairment loss was
recognized in 2016, 2015
and 2014. AFS
investments amounted to
$13.67 million and
$13.16 million as of
2015, respectively (see
Note 9).
Estimation of Proven Oil

Reserves
Estimation of oil reserves
requires significant
judgment and
assumptions by
management and
engineers. These
estimates have a material
impact on the financial
statements, particularly
on depletion of Wells,
Platforms and Other
Facilities; impairment
testing; and use of going
concern assumptions.
Proven reserves are

estimated by reference to
available reservoir and
well information,
including production and
pressure trends for
producing reservoirs and,
in some cases, subject to
definitional limits, to
similar data from other
producing reservoirs.
Proven reserve estimates
are attributed to
future development
projects only where there
is a significant
commitment to project
funding and execution
and for which applicable
governmental and
regulatory approvals have
been secured or are
reasonably certain to be
secured. All proven
reserve estimates are
subject to revision, either
upward or downward,
based on new
information, such as from
development drilling and
production activities or
from changes in economic
factors, including product
prices, contract terms or
development plans.
Estimates of reserves for
undeveloped or partially
developed fields are
subject to greater
uncertainty over their
future life than estimates
of reserves for fields that
are substantially
developed and depleted.
As a field goes into
production, the amount
of proved reserves will be
subject to future revision
once additional
information becomes
available. As those fields
are
further developed, new
information may lead to
revisions.
As at December 31, 2016

and 2015, the estimated
remaining proven oil
reserves totaled to 6.28
million barrels and 8.01
million barrels for Galoc
oil field, respectively.
The carrying value of

wells, platforms, and
other facilities amounted
to $14.55 million and
$15.64 million in
2015 (see Note 10).
Impairment of Wells,
Platforms, and Other
Facilities
Due to the continued
decline in oil prices in the
market, the Group
performed an impairment
test for wells, platforms,
and other facilities. In
assessing the impairment
on wells, platforms, and
other facilities, the Group
determines the
recoverable amount using
the higher of fair value
less costs of disposal and
its value in use with the
entire Group as the cash
generating unit (CGU).
The value in use

calculations in 2016 used
cash flows projections
based on financial
budgets approved by the
consortium, which was
provided by the operator,
covering a four–year
period.
The discount rate used
was 10%. The above value
in use calculation is
sensitive to the discount
rate and cash flows
inputs.
There is no impairment
loss on wells, platforms,
and other facilities in 2016
as a result of the above
assessments. The carrying
value of property and
equipment amounted to
$14.58 million and
$15.69 million as at
Note10).
Impairment and Write-off

of Deferred Exploration
Costs
The Group assesses
impairment on deferred
exploration costs when
facts and circumstances
suggest that the carrying
amount of the asset may
exceed its recoverable
amount. Until the Group
has sufficient data to
determine technical
feasibility and commercial
viability, deferred
exploration costs need
not be assessed for
impairment.
Pension Expense
The determination of the
obligation and cost of
pension and other
employee benefits is
dependent on the
selection of certain
assumptions used in
calculating such amounts.
Those assumptions
include, among others,
discount rates and salary
increase rates (see Note
16).
Actual results that differ

from the Group’s
assumptions are
accumulated and
amortized over future
periods and therefore,
generally affect the
recognized expense and
recorded obligation in
such future periods.
While the Group believes

that the assumptions are
reasonable and
appropriate, significant
differences between
actual experiences and
assumptions may
materially affect the cost
of employee benefits and
related obligations.
Pension liability
amounted to $0.42
million and
$0.10 million and as at
Note 16).
8 In addition to the
distributions information
in the statement of
changes in equity (see
above), the following
must be disclosed in the
notes: [IAS 1.137]
 the amount of
dividends
proposed or
declared before
the financial
statements were
authorised for
issue but which
were not
recognised as a
distribution to
owners during the
period, and the
related amount
per share the
amount of any
cumulative
preference
dividends not
recognised.
9 An entity discloses Capital Management Note 20 p.43
information about its The primary objective of
objectives, policies and the Group’s capital
processes for managing management is to ensure
capital. [IAS 1.134] To that it maintains a strong
comply with this, the credit rating in order to
disclosures include: [IAS support its business and
1.135] maximize shareholder
 qualitative value.
information about
the entity's The Group manages its
objectives, capital structure and
policies and makes adjustments to it,
processes for in light of changes in
managing capital, economic conditions. To
including> maintain or adjust the
 descriptio capital structure, the
n of Parent Company may
capital it adjust the dividend
manages payment to shareholders
nature of or issue new shares.
external The Group considers as
capital capital its total equity,
requirem which amounted to
ents, if $87.41 million and
any how it $84.58 million as of
is meeting December 31, 2016 and
its 2015, respectively. No
objectives changes were made in the
 quantitative data objectives, policies or
about what the processes during the
entity regards as years ended December
capital changes 31, 2016 and 2015.
from one period
to another
whether the
entity has
complied with any
external capital
requirements and
if it has not
complied, the
consequences of
such non-
compliance.
10 IAS 1.136A requires the
following additional
disclosures if an entity has
a puttable instrument that
is classified as an equity
instrument:
 summary
quantitative data
about the amount
classified as
equity the entity's
objectives,
policies and
processes for
managing its
obligation to
repurchase or
redeem the
instruments when
required to do so
by the instrument
holders, including
any changes from
the previous
period the
expected cash
outflow on
redemption or
repurchase of that
class of financial
instruments and
information about
how the expected
cash outflow on
redemption or
repurchase was
determined.
11 The following other note Oriental Petroleum and
disclosures are required Minerals Corporation (the
by IAS 1 if not disclosed Parent Company) and its
elsewhere in information subsidiaries
published with the (collectively referred to as
financial statements: [IAS “the Group”) were
1.138] organized under the laws
 domicile and legal of the Republic of the
form of the entity Philippines to engage in
country of oil exploration and
incorporation development activities.
address of The Parent Company was
registered office incorporated on
or principal place December 22, 1969.
of business
description of the The Parent Company’s
entity's principal office is located
operations and at 34th Floor, Robinsons
principal activities Equitable Tower, ADB
if it is part of a Avenue, Ortigas Center,
group, the name Pasig City. The Parent
of its parent and Company was listed in the
the ultimate Philippine Stock
parent of the Exchange (PSE) on
group if it is a October 14, 1970.
limited life entity, The Group is 19.4%
information owned by JG Summit
regarding the Holdings, Inc. (JGHSI), the
length of the life ultimate parent company.
IAS 2 Inventories Required disclosures: [IAS

2.36]
1 accounting policy for Crude oil inventory is
inventories valued at the prevailing
market price at the time
of production.
2 carrying amount,
generally classified as
merchandise, supplies,
materials, work in
progress, and finished
goods. The classifications
depend on what is
appropriate for the entity
3 carrying amount of any
inventories carried at fair
value less costs to sell
4 amount of any write-
down of inventories
recognised as an expense
in the period
5 amount of any reversal of
a write-down to NRV and
the circumstances that led
to such reversal
6 carrying amount of
inventories pledged as
security for liabilities
7 cost of inventories
recognised as expense
(cost of goods sold).
8 IAS 2 acknowledges that

some enterprises classify
(if applicable) income statement
expenses by nature
(materials, labour, and so
on) rather than by
function (cost of goods
sold, selling expense, and
so on). Accordingly, as an
alternative to disclosing
cost of goods sold
expense, IAS 2 allows an
entity to disclose
operating costs
recognised during the
period by nature of the
cost (raw materials and
consumables, labour
costs, other operating
costs) and the amount of
the net change in
inventories for the
period). [IAS 2.39] This is
consistent with IAS 1
Presentation of Financial
Statements, which allows
presentation of expenses
by function or nature.
IAS 3 Consolidated Financial Superseded in 1989 by IAS

Statements 27 and IAS 28
IAS 4 Depreciation Accounting Withdrawn in 1999
IAS 5 Information to Be Superseded by IAS 1

Disclosed in Financial
Statements
IAS 6 Accounting Responses to Superseded by IAS 15

Changing Prices
IAS 7 Statement of Cash Flows Required disclosures:

[ IAS 7.31]
1 Cash flows from interest
and dividends received
and paid shall each be
disclosed separately
2 Each shall be classified in
a consistent manner from
period to period as either
operating, investing or
financing activities.
Required disclosures:
[ IAS 7.35]
1 Cash flows arising from
taxes on income shall be
separately disclosed.
2 Cash flows arising from
taxes on income shall be
classified as cash flows
from operating activities
unless they can be
specifically identified with
financing and investing
activities.
[ IAS 7.40]
An entity shall disclose, in
aggregate, in respect of
both obtaining and losing
control of subsidiaries or
other businesses during
the period each of the
following:
1 total consideration paid or
received
2 portion of the
consideration consisting
of cash and cash
equivalents
3 Amount of cash and cash
equivalents in the
subsidiaries or other
businesses over which
control is obtained or lost
4 Amount of the assets and
liabilities other than cash
or cash equivalents in the
subsidiaries or other
businesses over which
control is obtained or lost,
summarized by each
major category.
[ IAS 7.43]
1 Investing and financing
transactions that do not
require the use of cash or
cash equivalents shall be
excluded from a
statement of cash flow
2 Investing and financing
transactions that do not
require the use of cash or
cash equivalents shall be
disclosed elsewhere in the
financial statements in a
way that provides all the
relevant information
about these investing and
financing activities.
[ IAS 7.45]
1 An entity shall disclose
the components of cash
and cash equivalents
2 An entity shall present a
reconciliation of the
amounts in its statement
of cash flow with the
equivalent items reported
in the statement of
financial position.
[ IAS 7.46]
1 In order to comply with
IAS 1 Presentation of
Financial Statements, an
entity discloses the policy
that it adopts in
determining the
composition of cash and
cash equivalents.
[ IAS 7.47]
1 An entity shall disclose,
together with a
commentary by
management, the amount
of significant cash and
cash equivalent balances
held by the entity that are
not available for use by
the group.
[ IAS 7.48]
1 An entity shall disclose,
together with a
commentary by
management, the amount
of significant cash and
cash equivalent balances
held by the entity that are
not available for use by
the group.
[ IAS 7.50]
1 The entity is encouraged
to disclose additional
information that may be
relevant to users in
understanding the
financial position and
liquidity of the entity,
together with a
commentary by
management.
IAS 8 Accounting Policies Required disclosures:

[ IAS 8.28]
When initial application of
an IFRS has an effect on
the current period or any
prior period, would have
such an effect except that
it is impracticable to
determine the amount of
the adjustment, or might
have an effect on future
periods, an entity shall
disclose:
1 the title of the IFRS
2 when applicable, that the
change in accounting
policy is made in
accordance with its
transitional provisions
3 the nature of the change
in accounting policy
4 when applicable, a
description of the
5 when applicable, the
that might have an effect
on future periods
6 for the current period and
each prior period
presented, to the extent
practicable, the amount
of the adjustment:
(i) for each financial

statement line
item affected;
and
(ii) if IAS 33 Earnings
per Share applies
to the entity, for
basic and diluted
earnings per
share
7 the amount of the
adjustment relating to
periods before those
practicable
8 if retrospective
application required by
paragraph 19(a) or (b) is
impracticable for a
particular prior period, or
for periods before those
presented, the
circumstances that led to
the existence of that
condition and a
description of how and
from when the change in
accounting policy has
been applied.
[ IAS 8.29]
When a voluntary change
in accounting policy has
an effect on the current
period or any prior period,
would have an effect on
that period except that it
is impracticable to
determine the amount of
the adjustment, or might
have an effect on future
periods, an entity shall
disclose:
1 the nature of the change
in accounting policy
2 the reasons why applying
the new accounting policy
provides reliable and
more relevant
information
3 for the current period and
each prior period
of the adjustment
i) for each
financial
statement
line item
affected; and
ii) if IAS 33
applies to the
entity, for
basic and
diluted
earnings per
share;
4 the amount of the
adjustment relating to
periods before those
practicable
5 if retrospective
application is
impracticable for a
particular prior period, or
for periods before those
presented, the
circumstances that led to
the existence of that
condition and a
from when the change in
accounting policy has
been applied
[ IAS 8.30]
When an entity has not
applied a new IFRS that
has been issued but is not
yet effective, the entity
shall disclose:
1 this fact
2 known or reasonably
estimable information
relevant to assessing the
possible impact that
application of the new
IFRS will have on the
entity’s financial
statements in the period
of initial application
IAS 8 Changes in accounting Required disclosures:

estimates [ IAS 8.39]
1 An entity shall disclose
the nature and amount of
a change in an accounting
estimate that has an
effect in the current
period or is expected to
have an effect in future
periods, except for the
disclosure of the effect on
future periods when it is
impracticable to estimate
that effect.
[ IAS 8.40]
1 If the amount of the effect
in future periods is not
disclosed because
estimating it is
impracticable, an
entity shall disclose that
fact
IAS 8 Changes in accounting Required disclosures:

estimates [ IAS 8.49]
In applying paragraph 42,
an entity shall disclose the
following:
1 the nature of the prior
period error
2 for each prior period
of the correction:
(i) for each

financial
statement
line item
affected; and
(ii) if IAS 33
applies to the
entity, for
basic and
diluted
earnings per
share;
3 the amount of the
correction at the
beginning of the earliest
prior period presented
4 if retrospective
restatement is
impracticable for a
particular prior period,
the circumstances that led
to the existence of that
condition and a
from when the error has
been corrected
IAS 9 Accounting for Research Superseded by IAS 38 Required disclosures:

and Development effective 1 July 1999
Activities (From IAS 38)
1 useful life or amortisation
rate
2 amortisation method
3 gross carrying amount
4 accumulated amortisation
and impairment losses
5 line items in the income
statement in which
amortisation is included
6 reconciliation of the
carrying amount at the
beginning and the end of
the period showing:
 additions
(business
combinations
separately)
 assets held for
sale
 retirements and
other disposals
 revaluations
impairments
 reversals of
impairments
 amortisation
 foreign exchange
differences
 other changes
7 basis for determining that
an intangible has an
indefinite life
8 description and carrying
amount of individually
material intangible assets
9 certain special disclosures
about intangible assets
acquired by way of
government grants
10 information about
intangible assets whose
title is restricted
11 contractual commitments
to acquire intangible
assets
12 Additional disclosures are
required about:
 intangible assets
carried at
revalued amounts
[IAS 38.124]
 the amount of
research and
development
expenditure
recognised as an
expense in the
current period
[IAS 38.126]
IAS 10 Events After the Required disclosures:

Reporting Period
1 Non-adjusting events
should be disclosed if they
are of such importance
that non-disclosure would
affect the ability of users
to make proper
evaluations and decisions.
The required disclosure is
(a) the nature of the event
and (b) an estimate of its
financial effect or a
statement that a
reasonable estimate of
the effect cannot be
made. [IAS 10.21]
2 A company should update
disclosures that relate to
conditions that existed at
the end of the reporting
period to reflect any new
information that it
receives after the
reporting period about
those conditions. [IAS
10.19]
3 Companies must disclose
the date when the
financial statements were
authorised for issue and
who gave that
authorisation. If the
enterprise's owners or
others have the power to
amend the financial
statements after issuance,
the enterprise must
disclose that fact. [IAS
10.17]
IAS 11 Construction Contracts Will be superseded by Required disclosures: N/A

IFRS 15 as of 1 January
2018
1 amount of contract
revenue recognised; [IAS
11.39(a)]
2 method used to
determine revenue; [IAS
11.39(b)]
3 method used to
determine stage of
completion; [IAS 11.39(c)]
4 for contracts in progress
at balance sheet date:
[IAS 11.40]
 aggregate costs
incurred and
recognised profit
 amount of
advances received
 amount of
retentions
IAS 12 Income Taxes Required disclosures: [IAS N/A

12.80]
1 major components of tax
expense (tax income) [IAS
12.79] Examples include:
 current tax
expense (income)
 any adjustments
of taxes of prior
periods
 amount of
deferred tax
expense (income)
relating to the
origination and
reversal of
temporary
differences
 amount of
deferred tax
expense (income)
relating to
changes in tax
rates or the
imposition of new
taxes
 amount of the
benefit arising
from a previously
unrecognised tax
loss, tax credit or
temporary
difference of a
prior period
 write down, or
reversal of a
previous write
down, of a
deferred tax asset
 amount of tax
expense (income)
relating to
changes in
accounting
policies and
corrections of
errors.
Required disclosures: [IAS
12.81]
2 aggregate current and
deferred tax relating to
items recognised directly
in equity
3 tax relating to each
component of other
comprehensive income
4 explanation of the
relationship between tax
expense (income) and the
tax that would be
expected by applying the
current tax rate to
accounting profit or loss
(this can be presented as
a reconciliation of
amounts of tax or a
reconciliation of the rate
of tax)
5 changes in tax rates
6 amounts and other details
of deductible temporary
differences, unused tax
losses, and unused tax
credits
7 temporary differences
associated with
investments in
subsidiaries, branches and
associates, and interests
in joint arrangements
8 for each type of
temporary difference and
unused tax loss and
credit, the amount of
deferred tax assets or
liabilities recognised in
the statement of financial
position and the amount
of deferred tax income or
expense recognised in
profit or loss
9 tax relating to
discontinued operations
10 tax consequences of
dividends declared after
the end of the reporting
period
11 information about the
impacts of business
combinations on an
acquirer's deferred tax
assets
12 recognition of deferred
tax assets of an acquiree
after the acquisition date.
Other required
disclosures:
13 details of deferred tax
assets [IAS 12.82]
14 tax consequences of
future dividend payments.
[IAS 12.82A]
IAS 13 Presentation of Current Superseded by IAS 1 Required disclosures:

Assets and Current effective 1 July 1998
Liabilities
IAS 14 Segment Reporting Superseded by IFRS 8 Required disclosures:

effective 1 January 2009
[IAS 14.51-67]
1 IAS 14 has detailed
guidance as to which
items of revenue and
expense are included in
segment revenue and
segment expense. All
companies will report a
standardized measure of
segment result – basically
operating profit before
interest, taxes, and head
office expenses. For an
entity's primary segments,
revised IAS 14 requires
disclosure of: [IAS 14.51-
67]
 sales revenue
(distinguishing
between external
and intersegment)
2  result
3  assets
4  the basis of
intersegment
pricing
5  liabilities
6  capital additions
7  depreciation and
amortization
8  significant
unusual items
9  non-cash
expenses other
than depreciation
10  equity method
income
Segment revenue includes

"sales" from one segment
to another. Under IAS 14,
these intersegment
transfers must be
measured on the basis
that the entity actually
used to price the
transfers. [IAS 14.75]
Superseded by IFRS 8
[IAS 14.69-72]
1 For secondary segments,
disclose: [IAS 14.69-72]
 revenue
2  assets
3  capital additions
Other required
disclosures:
1 Disclosure is required of
external revenue for a
segment that is not
deemed a reportable
segment because a
majority of its sales are
intersegment sales but
nonetheless its external
sales are 10% or more of
consolidated revenue.
[IAS 14.74]
2 Special disclosures are
required for changes in
segment accounting
policies. [IAS 14.76]
3 Where there has been a
change in the
identification of
segments, prior year
information should be
restated. If this is not
practicable, segment data
should be reported for
both the old and new
bases of segmentation in
the year of change. [IAS
14.76]
4 Disclosure is required of
the types of products and
services included in each
reported business
segment and of the
composition of each
reported geographical
segment, both primary
and secondary. [IAS
14.81]
Superseded by IFRS 8
[IAS 14.67]
1 An entity must present a
reconciliation between
information reported for
segments and
consolidated information.
At a minimum: [IAS 14.67]
 segment revenue
should be
reconciled to
consolidated
revenue
2  segment result
should be
reconciled to a
comparable
measure of
consolidated
operating profit
or loss and
consolidated net
profit or loss
3  segment assets
should be
reconciled to
entity assets
4  segment liabilities
should be
reconciled to
entity liabilities.
IAS 15 Information Reflecting Withdrawn December Required disclosures:

the Effects of Changing 2003
Prices [IAS 15.21-23]
1 The following items
should be disclosed, at a
minimum, based on the
chosen method for
reflecting the effects of
changing prices: [IAS
15.21-23]
 Adjustment to
depreciation
2  Adjustment to
cost of sales
3  Adjustments
relating to
monetary items
4  The overall effect
on net income of
the above three
items
5  Current cost of
property, plant
and equipment
and of
inventories, if the
current cost
approach is used
6  Description of the
methods used to
compute the
above
adjustments
7 The disclosures can be
made on a supplementary
basis or in the primary
financial statements. [IAS
15.24]
IAS 16 Property, Plant and Required disclosures: [IAS

Equipment 16.73]
1 basis for measuring
carrying amount
2 depreciation method(s) Depreciation of property
used and equipment, other
than wells, platforms and
other facilities,
commences once the
assets are put into
operational use and is
computed on a straight-
line basis
over the estimated useful
lives (EUL) of the assets.
Depletion, depreciation
and amortization of
capitalized costs related
to the contract areas
under
“Wells, platforms and
other facilities” in
commercial operations is
calculated using the unit-
of-production
method based on
estimates of proved
reserves.
3 useful lives or Transportation
depreciation rates equipment – 6 years
Office and furniture
equipment – 5-10 years
4 gross carrying amount
and accumulated
depreciation and
impairment losses
5 reconciliation of the
carrying amount at the
beginning and the end of
the period, showing:
 additions
 disposals
 acquisitions
through business
combinations
 revaluation
increases or
decreases
 impairment
losses
 reversals of
impairment
losses
 depreciation
 net foreign
exchange
differences on
translation
 other movements

16.74]
1 restrictions on title and
items pledged as security
for liabilities
2 expenditures to construct
property, plant, and
equipment during the
period
3 contractual commitments
to acquire property, plant,
and equipment
4 compensation from third
parties for items of
property, plant, and
equipment that were
impaired, lost or given up
that is included in profit
or loss.
5 IAS 16 also encourages,
(encourage) but does not require, a
number of additional
disclosures. [IAS 16.79]

16.77]
1 If property, plant, and
equipment is stated at
revalued amounts, certain
additional disclosures are
required: [IAS 16.77]
 the effective date

of the revaluation
2  whether an
independent
valuer was
involved
3  for each revalued
class of property,
the carrying
amount that
would have been
recognised had
the assets been
carried under the
cost model
4  the revaluation
surplus, including
changes during
the period and
any restrictions
on the
distribution of the
balance to
shareholders.
5 Entities with property,
plant and equipment
stated at revalued
amounts are also required
to make disclosures under
IFRS 13 Fair Value
Measurement.
IAS 17 Leases Required disclosures
(Will be superseded by
1FRS 16 as of 1 January
2019)
1 ● carrying amount
of asset
Disclosure: lessees –
● reconciliation
finance leases [IAS 17.31]
between total
minimum lease
payments and
their present
value
● amounts of
minimum lease
payments at
balance sheet
date and the
present value
thereof, for:
○ the next
year
○ years 2
through 5
combined
○ beyond
five years
● contingent rent
recognised as an
expense
● total future
minimum
sublease income
under
noncancellable
subleases
● general
description of
significant leasing
arrangements,
including
contingent rent
provisions,
renewal or
purchase options,
and restrictions
imposed on
dividends,
borrowings, or
further leasing
2 ● amounts of
minimum lease
Disclosure: lessees –
payments at
operating leases [IAS
balance sheet
17.35]
date under
noncancellable
operating leases
for:
○ the next
year
○ years 2
through 5
combined
○ beyond
five years
● total future
minimum
sublease income
under
noncancellable
subleases
● lease and
sublease
payments
recognised in
income for the
period
● contingent rent
recognised as an
expense
● general
description of
significant leasing
arrangements,
including
contingent rent
provisions,
renewal or
purchase options,
and restrictions
imposed on
dividends,
borrowings, or
further leasing
3 ● reconciliation
between gross
Disclosure: lessors –
investment in the
finance leases [IAS 17.47]
lease and the
present value of
minimum lease
payments;
● gross investment
and present value
of minimum lease
payments
receivable for:
○ the next
year
○ years 2
through 5
combined
○ beyond
five years
● unearned finance
income
● unguaranteed
residual values
● accumulated
allowance for
uncollectible lease
payments
receivable
● contingent rent
recognised in
income
● general
description of
significant leasing
arrangements
4 ● amounts of
minimum lease
Disclosure: lessors –
payments at
operating leases [IAS
balance sheet
17.56]
date under
noncancellable
operating leases
in the aggregate
and for:
○ the next
year
○ years 2
through 5
combined
○ beyond
five years
● contingent rent
recognised as in
income
● general
description of
significant leasing
arrangements
IAS 18 Revenue Required disclosures
(Will be
superseded by
IFRS 15 as of 1
January 2018)
1 accounting policy for recognising revenue
2 amount of each of the following types of

revenue:
● sale of goods
● rendering of services
● interest
● royalties
● dividends
● within each of the above categories,
the amount of revenue from
exchanges of goods or services
IAS 19 Employee Benefits

(1998)
[Superseded Required disclosures
by IAS 19
(2011)
effective 1
January 2013]
IAS 19 Employee Benefits Required disclosures N/A

(2011)
1 an explanation of the characteristics of an

entity's defined benefit plans, and the
associated risks
2 identification and explanation of the

amounts arising in the financial statements
from defined benefit plans
3 a description of how defined benefit plans

may affect the amount, timing and
uncertainty of the entity's future cash flows.
4 Extensive specific disclosures in relation to

meeting each the above objectives are
specified, e.g. a reconciliation from the
opening balance to the closing balance of
the net defined benefit liability or asset,
disaggregation of the fair value of plan
assets into classes, and sensitivity analysis of
each significant actuarial assumption. [IAS
19(2011).136-147]
5 Additional disclosures are required in

relation to multi-employer plans and defined
benefit plans sharing risk between entities
under common control. [IAS 19(2011).148-
150].
6 the recognition and measurement of a

surplus or deficit in an other long-term
employee benefit plan is consistent with the
requirements outlined above
7 service cost, net interest and
remeasurements are all recognised in profit
or loss (unless recognised in the cost of an
asset under another IFRS)
8 when the entity can no longer withdraw the

offer of those benefits - additional guidance
is provided on when this date occurs in
relation to an employee's decision to accept
an offer of benefits on termination, and as a
result of an entity's decision to terminate an
employee's employment
9 when the entity recognises costs for a

restructuring under IAS 37 Provisions,
Contingent Liabilities and Contingent Assets
which involves the payment of termination
benefits.
IAS 20 Accounting for Required disclosures N/A

Government Grants and
Disclosure of
Government Assistance
1 accounting policy adopted for grants,

including method of balance sheet
presentation
accounting policy adopted for grants,

including method of balance sheet
presentation
2 nature and extent of grants recognised in
3 unfulfilled conditions and contingencies

attaching to recognised grants
IAS 21 The Effects of Changes in Required disclosures

Foreign Exchange Rates
1 The amount of exchange differences

recognised in profit or loss (excluding
differences arising on financial instruments
measured at fair value through profit or loss
in accordance with IAS 39) [IAS 21.52(a)]
2 Net exchange differences recognised in

other comprehensive income and
accumulated in a separate component of
equity, and a reconciliation of the amount of
such exchange differences at the beginning
and end of the period [IAS 21.52(b)]
3 When the presentation currency is different

from the functional currency, disclose that
fact together with the functional currency
and the reason for using a different
presentation currency [IAS 21.53]
4 A change in the functional currency of either

the reporting entity or a significant foreign
operation and the reason therefor [IAS
21.54]
5 When an entity presents its financial
statements in a currency that is different
from its functional currency, it may describe
those financial statements as complying
with IFRS only if they comply with all the
requirements of each applicable Standard
(including IAS 21) and each applicable
Interpretation. [IAS 21.55]
6 When have a convenience translation:
a. Clearly identify the information as

supplementary information to distinguish it
from the information that complies with
IFRS
b. Disclose the currency in which the

supplementary information is displayed
c. Disclose the entity's functional currency

and the method of translation used to
determine the supplementary information
IAS 22 Business Combinations Supersede Required disclosures

d by IFRS 3
effective
31 March
2004
1  Names and descriptions of the

combining enterprises.
Business
 Method of accounting for the
combinatio combination.
ns  Effective date of the merger.
 Plans to dispose of a portion of the
combined enterprise
2  Percentage of voting shares
acquired. [IAS 22.87]
Acquisition
 Cost of acquisition, including a
s description of the purchase
consideration paid or contingently
payable. [IAS 22.87]
 Amortisation period(s) for goodwill
and, if over 20 years or non-straight-
line, the justification. [IAS 22.88]
 Line item(s) of the income
statement in which the amortisation
of goodwill is included [IAS 22.88]
 A reconciliation of the carrying
amount of goodwill at the beginning
and end of the period [IAS 22.88]
 Comparative information is not
required.
 Special disclosures in negative
goodwill situations. [IAS 22.91]
 Problems in determining fair values
of assets and liabilities [IAS 22.93]
3  Information about type and number
of shares issued
Unitings of
 Amounts of assets and liabilities
Interest contributed by each enterprise; and
 Sales revenue, other operating
revenues, extraordinary items and
the net profit or loss of each
enterprise prior to the date of the
combination that are included in the
net profit or loss shown by the
combined enterprise's financial
statements.
IAS 23 Borrowing Costs Required disclosures:[IAS 23.26]
1 amount of borrowing cost capitalised during

the period
2 capitalisation rate used
IAS 24 Related Party Required disclosures

Disclosures
1 Regardless of whether there have been

transactions between a parent and a
Relationshi
subsidiary, an entity must disclose the name
ps between
of its parent and, if different, the ultimate
parents
controlling party. If neither the entity's
and
parent nor the ultimate controlling party
subsidiaries
produces financial statements available for
public use, the name of the next most senior
parent that does so must also be disclosed.
2  short-term employee benefits

 post-employment benefits
Manageme
 other long-term benefits
nt
 termination benefits
Compensat  share-based payment benefits
ion
3  the amount of the transactions

 the amount of outstanding balances,
Related
including terms and conditions and
party guarantees
transaction  provisions for doubtful debts related
s to the amount of outstanding
balances
 expense recognised during the
period in respect of bad or doubtful
debts due from related parties
IAS 26 Accounting and Reporting IAS 26.34 and IAS 26.35 N/A
by Retirement Benefit
Plans
1. The financial statements of a retirement
benefit plan, whether defined benefit or
defined contribution, shall contain the
following information:
(a) a statement of changes in net assets
available for benefits
(b) a summary of significant accounting
policies
(c) a description of the plan and the effect of
any changes in the plan during the period.
2. a statement of net assets available for
benefits disclosing: (i) assets at the end of
the period suitably classified
(ii) the basis of valuation of assets
(iii) details of any single investment
exceeding either 5% of the net assets
available for benefits or 5% of any class or
type of security
(iv) details of any investment in the
employer
(v) liabilities other than the actuarial present
value of planned benefits;
3. a statement of changes in net assets
available for benefits showing the following:
(i) employer contributions
(ii) employee contributions
(iii) investment income such as interest and
dividends; (iv) other income
(v) benefits paid or payable (analysed, for
example, as retirement, death and disability
benefits, and lump sum payments)
(vi) administrative expenses
(vii) other expenses;
(viii) taxes on income
(ix) profits and losses on disposal of
investments and changes in value of
investments
(x) transfers from and to other plans;
4. A description of the funding policy
5. Disclosures for defined benefit plans: [IAS
26.35(d) and (e)]

 (i) Actuarial present value of promised
benefit obligations
 (ii) description of actuarial assumptions
 (iii) description of the method used to

calculate the actuarial present value of
promised benefit obligations
6. Other details about the plan [IAS 26.36]
IAS 27 (2008) Consolidated and SUPERSED The following disclosures shall be made in N/A
Separate Financial ED consolidated financial statements: [27:41]
Statements
IFRS
10,IFRS 12
AND IAS 27
1 (a) the nature of the relationship between
the parent and a subsidiary when the parent
does not
own, directly or indirectly through
subsidiaries, more than half of the voting
power;
2 (b) the reasons why the ownership, directly
or indirectly through subsidiaries, of more
than half of the voting or potential voting
power of an investee does not constitute
control;
3 (c) the end of the reporting period of the
financial statements of a subsidiary when
such
financial statements are used to prepare
consolidated financial statements and are as
of a
date or for a period that is different from
that of the parent’s financial statements,
and the
reason for using a different date or period;
4 (d) the nature and extent of any significant
restrictions (eg resulting from borrowing
arrangements or regulatory requirements)
on the ability of subsidiaries to transfer
funds to
the parent in the form of cash dividends or
to repay loans or advances;
5 (e) a schedule that shows the effects of any
changes in a parent’s ownership interest in a
subsidiary that do not result in a loss of
control on the equity attributable to owners
of the parent; and
6 (f) if control of a subsidiary is lost, the parent
shall disclose the gain or loss, if any,
recognised in
accordance with paragraph 34, and: (i) the
portion of that gain or loss attributable to
recognising any investment retained in the
former subsidiary at its fair value at the date
when control is lost; and
(ii) the line item(s) in the statement of
comprehensive income in which the gain or
loss is recognized (if not presented
separately in the statement of
comprehensive
income).
When separate financial statements are

prepared for a parent that, in accordance
with paragraph 10,
elects not to prepare consolidated financial
statements, those separate financial
statements shall
disclose: [27:42]
1 (a) the fact that the financial statements are
separate financial statements; that the
exemption from consolidation has been
used; the name and country of
incorporation or residence of the
entity whose consolidated financial
statements that comply with International
Financial Reporting Standards have been
produced for public use; and the address
where those consolidated financial
statements are obtainable;
2 (b) a list of significant investments in
subsidiaries, jointly controlled entities and
associates,
including the name, country of incorporation
or residence, proportion of ownership
interest
and, if different, proportion of voting power
held; and
3 (c) a description of the method used to
account for the investments listed under (b).
When a parent (other than a parent covered

by paragraph 42), venturer with an interest
in a jointly
controlled entity or an investor in an
associate prepares separate financial
statements, those separate
financial statements shall disclose: [27:43]
1 (a) the fact that the statements are separate
financial statements and the reasons why
those
statements are prepared if not required by
law;
2 (b) a list of significant investments in
subsidiaries, jointly controlled entities and
associates,
including the name, country of incorporation
or residence, proportion of ownership
interest
and, if different, proportion of voting power
held; and
3 (c) a description of the method used to
account for the investments listed under (b);
4 and shall identify the financial statements
prepared in accordance with paragraph 9 of
this Standard
or IAS 28 and IAS 31 to which they relate.
IAS 27 (2011) Separate Financial When a parent, in accordance with

Statements (2011) paragraph 4(a) of IFRS 10, elects not to
prepare consolidated financial statements
and instead prepares separate financial
statements, it shall disclose in those
separate financial statements: [IAS
27(2011).16]
1 the fact that the financial statements are

separate financial statements; that the
exemption from consolidation has been
used; the name and principal place of
business (and country of incorporation if
different) of the entity whose consolidated
financial statements that comply with IFRS
have been produced for public use; and the
address where those consolidated financial
statements are obtainable
2 a list of significant investments in
subsidiaries, jointly controlled entities, and
associates, including the name, principal
place of business (and country of
incorporation if different), proportion of
ownership interest and, if different,
proportion of voting rights, and
3 a description of the method used to account

for the foregoing investments.
When an investment entity that is a parent
prepares separate financial statements as its
only financial statements, it shall disclose
that fact. The investment entity shall also
present the disclosures relating to
investment entities required by IFRS 12.
When a parent (other than a parent
covered by the above circumstances) or an
investor with joint control of, or significant
influence over, an investee prepares
separate financial statements, the parent
or investor shall identify the financial
statements prepared in accordance with
IFRS 10, IFRS 11 or IAS 28 (as amended in
2011) to which they relate. The parent or
investor shall also disclose in its separate
financial statements: [IAS 27(2011).17]
1 the fact that the statements are separate
financial statements and the reasons why
those statements are prepared if not
required by law,
2 a list of significant investments in
subsidiaries, jointly controlled entities, and
associates, including the name, principal
place of business (and country of
incorporation if different), proportion of
ownership interest and, if different,
proportion of voting rights, and.
3 a description of the method used to account
for the foregoing investments
Applicability and early adoption
IAS 27 (as amended in 2011) is applicable to
annual reporting periods beginning on or
after 1 January 2013. [IAS 27(2011).18]
IAS 28 Investment in Associates Required Disclosures: N/A
and Joint Venture (2011)
[28:37] The following disclosures shall be made:
(a) the fair value of investments in

associates for which there are published
price quotations;
(b) summarised financial information of

associates, including the aggregated
amounts of assets, liabilities, revenues and
profit or loss;
(c) the reasons why the presumption that an

investor does not have significant influence
is overcome if the investor holds, directly or
indirectly through subsidiaries, less than 20
per cent of the voting or potential voting
power of the investee but concludes that it
has significant influence;
(d) the reasons why the presumption that an

investor has significant influence is
overcome if the
investor holds, directly or indirectly through
subsidiaries, 20 per cent or more of the
voting or potential voting power of the
investee but concludes that it does not have
significant influence;
(e) the end of the reporting period of the

financial statements of an associate, when
such financial
statements are used in applying the equity
method and are as of a date or for a period
that is
different from that of the investor, and the
reason for using a different date or different
period;
(f) the nature and extent of any significant

restrictions (eg resulting from borrowing
arrangements or regulatory requirements)
on the ability of associates to transfer funds
to the investor in the form of cash dividends,
or repayment of loans or advances;
(g) the unrecognised share of losses of an

associate, both for the period and
cumulatively, if aninvestor has discontinued
recognition of its share of losses of an
associate;
(h) the fact that an associate is not

accounted for using the equity method in
accordance with paragraph 13; and
(i) summarised financial information of

associates, either individually or in groups,
that are not accounted for using the equity
method, including the amounts of total
assets, total liabilities,
revenues and profit or loss.
[27:38] Investments in associates accounted for
using the equity method shall be classified
as non-current
assets. The investor’s share of the profit or
loss of such associates, and the carrying
amount of those
investments, shall be separately disclosed.
The investor’s share of any discontinued
operations of such associates shall also be
separately disclosed.
[27:39] The investor’s share of changes recognised
in other comprehensive income by the
associate shall be recognized by the investor
in other comprehensive income.
[27:40] In accordance with IAS 37 Provisions,
Contingent Liabilities and Contingent Assets
the investor shall
disclose:
(a) its share of the contingent liabilities of an
associate incurred jointly with other
investors; and
(b) those contingent liabilities that arise

because the investor is severally liable for all
or part of the liabilities of the associate.
IAS 28 Investment in Associates Supersede There are no disclosures specified in IAS28.
d by IAS 28 Instead, IFRS 12 disclosure of interest in
(2011) and other entities outlines the disclosures
IFRS 12 required for entities with joint control of or
effective 1 significant influence over, an investee
January
2013
IAS 29 Financial Reporting in Required Disclosures [29:39 and 29:40]

Hyperinflationary
Economies
1 The following disclosures shall be made:
[29:39]
(a) the fact that the financial statements and
the corresponding figures for previous
periods have
been restated for the changes in the general
purchasing power of the functional currency
and,
as a result, are stated in terms of the
measuring unit current at the end of the
reporting
period;
(b) whether the financial statements are
based on a historical cost approach or a
current cost
approach; and
(c) the identity and level of the price index at
the end of the reporting period and the
movement
in the index during the current and the
previous reporting period
2 The disclosures required by this Standard
are needed to make clear the basis of
dealing with the effects of
inflation in the financial statements. They
are also intended to provide other
information necessary to
understand that basis and the resulting
amounts. [29:40]
IAS 30 Disclosure in the financial Supersede Disclosures are also required about:
statement of Bank and d by IFRS 7
Similar Financial effective 1 specific contingencies and commitments
Institution January (including off-balance sheet items)
2007 requiring disclosure [IAS 30.26] specified
disclosures for the maturity of assets and
liabilities [IAS 30.30] concentrations of
assets, liabilities and off-balance sheet
items [IAS 30.40] losses on loans and
advances [IAS 30.43] general banking risks
[IAS 30.50] assets pledged as security [IAS
30.53].
IAS 31 Interest in Joint Ventures Supersede Disclosures:

d by IFRS
11 and
IFRS 12
effective 1
January
2013
A venturer shall disclose the aggregate

amount of the following contingent
liabilities, unless the probability of loss is
remote, separately from the amount of
other contingent liabilities:
(a) any contingent liabilities that the
venturer has incurred in relation to its
interests in joint
ventures and its share in each of the
contingent liabilities that have been incurred
jointly with
other venturers;
(b) its share of the contingent liabilities of
the joint ventures themselves for which it is
contingently liable; and
(c) those contingent liabilities that arise
because the venturer is contingently liable
for the
liabilities of the other venturers of a joint
venture.
55 A venturer shall disclose the aggregate
amount of the following commitments in
respect of its interests
in joint ventures separately from other
commitments:
(a) any capital commitments of the venturer
in relation to its interests in joint ventures
and its share in the capital commitments
that have been incurred jointly with other
venturers; and
(b) its share of the capital commitments of
the joint ventures themselves.
56 A venturer shall disclose a listing and
description of interests in significant joint
ventures and the
proportion of ownership interest held in
jointly controlled entities. A venturer that
recognizes its
interests in jointly controlled entities using
the line-by-line reporting format for
proportionate consolidation or the equity
method shall disclose the aggregate
amounts of each of current assets, long-
term assets, current liabilities, long-term
liabilities, income and expenses related to its
interests in joint ventures.
57 A venturer shall disclose the method it uses
to recognise its interests in jointly controlled
entities.
IAS 32 Financial Instrument: Financial instrument disclosures are in IFRS
presentation 7 Financial instrument: Disclosures, and no
longer in IAS 32.
The disclosures relating to treasury shares

are in IAS 1 Presentation of Financial
Statement and IAS 24 Relating Parties for
share repurchases from related parties.
IAS 33 Earnings Per Share 1 The following disclosures are required: [IAS
28.37]
fair value of investments in associates for
which there are published price quotations
summarised financial information of
associates, including the aggregated
amounts of assets, liabilities, revenues, and
profit or loss explanations when investments
of less than 20% are accounted for by the
equity method or when investments of
more than 20% are not accounted for by the
equity method use of a reporting date of the
financial statements of an associate that is
different from that of the investor nature
and extent of any significant restrictions on
the ability of associates to transfer funds to
the investor in the form of cash dividends, or
repayment of loans or advances
unrecognised share of losses of an associate,
both for the period and cumulatively, if an
investor has discontinued recognition of its
share of losses of an associate explanation
of any associate is not accounted for using
the equity method summarised financial
information of associates, either individually
or in groups, that are not accounted for
using the equity method, including the
amounts of total assets, total liabilities,
revenues, and profit or loss
2 The following disclosures relating to
contingent liabilities are also required: [IAS
28.40]
-investor's share of the contingent liabilities

of an associate incurred jointly with other
investors contingent liabilities that arise
because the investor is severally liable for all
or part of the liabilities of the associate
3 Venture capital organisations, mutual funds,
and other similar entities must provide
disclosures about nature and extent of any
significant restrictions on transfer of funds
by associates. [IAS 28.1]
IAS 34 Interim Financial The explanatory notes required are designed

Reporting to provide an explanation of events and
transactions that are significant to an
understanding of the changes in financial
position and performance of the entity since
the last annual reporting date. IAS 34 states
a presumption that anyone who reads an
entity's interim report will also have access
to its most recent annual report.
Consequently, IAS 34 avoids repeating
annual disclosures in interim condensed
reports. [IAS 34.15]
1 Examples of events and transactions for
which disclosures are required if they are
significant [IAS 34.15A-15B]
write-down of inventories
recognition or reversal of an impairment

loss
reversal of provision for the costs of

restructuring
acquisitions and disposals of property, plant

and equipment
commitments for the purchase of property,

plant and equipment
litigation settlements
corrections of prior period errors
changes in business or economic

circumstances affecting the fair value of
financial assets and liabilities
unremedied loan defaults and breaches of

loan agreements
transfers between levels of the 'fair value

hierarchy' or changes in the classification of
financial assets
changes in contingent liabilities and

contingent assets.
2 Examples of other disclosures required [IAS
34.16A]
changes in accounting policies
explanation of any seasonality or cyclicality

of interim operations
unusual items affecting assets, liabilities,

equity, net income or cash flows
changes in estimates
issues, repurchases and repayment of debt

and equity securities dividends paid
particular segment information (where IFRS

8 Operating Segments applies to the entity)
events after the end of the reporting period
changes in the composition of the entity,

such as business combinations, obtaining or
losing control of subsidiaries, restructurings
and discontinued operations
disclosures about the fair value of financial

instruments
IAS 35 Discontinuing Operations Superseded by IFRS 5 effective 1 January

2005
IAS 36 Impairment of Assets 1 Disclosure by class of assets: [IAS 36.126]

impairment losses recognised in profit or
loss
impairment losses reversed in profit or loss
which line item(s) of the statement of

comprehensive income
impairment losses on revalued assets

recognised in other comprehensive income
impairment losses on revalued assets

reversed in other comprehensive income
2 Disclosure by reportable segment: [IAS
36.129]
impairment losses recognised
impairment losses reversed

3 If an individual impairment loss (reversal) is
material disclose: [IAS 36.130]
events and circumstances resulting in the

impairment loss
amount of the loss or reversal
individual asset: nature and segment to

which it relates
cash generating unit: description, amount of

impairment loss (reversal) by class of assets
and segment
if recoverable amount is fair value less costs
of disposal, the level of the fair value
hierarchy (from IFRS 13 Fair Value
Measurement) within which the fair value
measurement is categorised, the valuation
techniques used to measure fair value less
costs of disposal and the key assumptions
used in the measurement of fair value
measurements categorised within 'Level 2'
and 'Level 3' of the fair value hierarchy*
if recoverable amount has been determined

on the basis of value in use, or on the basis
of fair value less costs of disposal using a
present value technique*, disclose the
discount rate
4 If impairment losses recognised (reversed)
are material in aggregate to the financial
statements as a whole, disclose: [IAS 36.131]
main classes of assets affected
main events and circumstances

5 Disclose detailed information about the
estimates used to measure recoverable
amounts of cash generating units containing
goodwill or intangible assets with indefinite
useful lives. [IAS 36.134-35]
IAS 37 Provisions, Contingent 1 Contingent liabilities

Liabilities and Contingent
Assets Since there is common ground as regards
liabilities that are uncertain, IAS 37 also
deals with contingencies. It requires that
entities should not recognise contingent
liabilities – but should disclose them, unless
the possibility of an outflow of economic
resources is remote. [IAS 37.86]
2 Contingent assets
Contingent assets should not be

recognised – but should be disclosed where
an inflow of economic benefits is probable.
When the realisation of income is virtually
certain, then the related asset is not a
contingent asset and its recognition is
appropriate. [IAS 37.31-35]
3 Reconciliation for each class of provision:
[IAS 37.84]
opening balance
additions
used (amounts charged against the

provision)
unused amounts reversed
unwinding of the discount, or changes in

discount rate
closing balance
A prior year reconciliation is not required.

[IAS 37.84]
4 For each class of provision, a brief
description of: [IAS 37.85]
nature
timing
uncertainties
assumptions
reimbursement, if any.
In rare cases, for example in a lawsuit, it may
not be clear whether an entity has a present
obligation. In those cases, a past event is
deemed to give rise to a present obligation
if, taking account of all available evidence, it
is more likely than not that a present
obligation exists at the balance sheet date. A
provision should be recognised for that
present obligation if the other recognition
criteria described above are met. If it is
more likely than not that no present
obligation exists, the entity should disclose a
contingent liability, unless the possibility of
an outflow of resources is remote. [IAS
37.15]
IAS 38 Intangible Assets Required disclosures: [ IAS 38.49]

An entity shall disclose the following for
each class of intangible assets, distinguishing
between internally generated intangible
assets and other intangible assets:
1 whether the useful lives are indefinite or
finite and, if finite, the useful lives or the
amortization rates used
2 the amortization methods used for
intangible assets with finite useful lives
3 the gross carrying amount and any
accumulated amortization (aggregated with
accumulated impairment losses) at the
beginning and end of the period
4 the line item(s) of the statement of
comprehensive income in which any
amortization of intangible assets is included
5 a reconciliation of the carrying amount at
the beginning and end of the period
showing:
(i) additions, indicating separately

those from internal
development, those acquired
separately, and those acquired
through business combinations;
(ii) assets classified as held for sale
or included in a disposal group
classified as held for sale in
accordance with IFRS 5 and
other disposals;
(iii) increases or decreases during
the period resulting from
revaluations under paragraphs
75, 85 and 86 and from
impairment losses recognized or
reversed in other
comprehensive income in
accordance with IAS 36 (if any);
(iv) impairment losses recognized in
profit or loss during the period
in accordance with IAS 36 (if
any);
(v) impairment losses reversed in
profit or loss during the period
in accordance with IAS 36 (if
any);
(vi) any amortization recognized
during the period;
(vii) net exchange differences arising
on the translation of the
financial statements into the
presentation currency, and on
the translation of a foreign
operation into the presentation
currency of the entity;
(viii) other changes in the carrying
amount during the period
Required disclosures: [ IAS 38.120]
1 An entity discloses information on impaired
intangible assets in accordance with IAS 36
in addition to the information required by
paragraph 118(e)(iii)–(v)
1 IAS 8 requires an entity to disclose the
nature and amount of a change in an
accounting estimate that has a material
effect in the current period or is expected to
have a material effect in subsequent
periods.
An entity shall also disclose:
1 for an intangible asset assessed as having an
indefinite useful life, the carrying amount of
that asset and the reasons supporting the
assessment of an indefinite useful life. In
giving these reasons, the entity shall
describe the factor(s) that played a
significant role in determining that the asset
has an indefinite useful life.
2 b) a description, the carrying amount and
remaining amortization period of any
individual intangible asset that is material to
the entity’s financial statements.
3 For intangible assets acquired by way of a
government grant and initially recognized at
fair value (see paragraph 44):
(i) the fair value initially recognized

for these assets;
(ii) their carrying amount; and
(iii) whether they are measured
after recognition under the cost
model or the revaluation model.
4 the existence and carrying amounts of
intangible assets whose title is restricted
and the carrying amounts of intangible
assets pledged as security for liabilities.
5 the amount of contractual commitments for
the acquisition of intangible assets.
If intangible assets are accounted for at
revalued amounts, an entity shall disclose
the following:
1 by class of intangible assets:
(i) the effective date of the

revaluation
(ii) the carrying amount of revalued
intangible assets; and
(iii) the carrying amount that would
have been recognized had the
revalued class of intangible
assets been measured after
recognition using the cost model
in paragraph 74
2 the amount of the revaluation surplus that
relates to intangible assets at the beginning
and end of the period, indicating the
changes during the period and any
restrictions on the distribution of the
balance to shareholders
1 An entity shall disclose the aggregate
amount of research and development
expenditure recognized as an expense
during the period
Encouraged disclosures: [ IAS 38.128]
1 A description of any fully amortized
intangible asset that is still in use
2 a brief description of significant intangible
assets controlled by the entity but not
recognized as assets because they did not
meet the recognition criteria in this
Standard or because they were acquired or
generated before the version of IAS 38
Intangible Assets issued in 1998 was
effective
IAS 39 Financial Instruments: Supersede

Recognition and d by IFRS 9
Measurement
IAS 40 Investment Property Required disclosures: [ IAS 40.75]

An entity shall disclose:
1 whether it applies the fair value model or
the cost model
2 if it applies the fair value model, whether,
and in what circumstances, property
interests held under operating leases are
classified and accounted for as investment
property
3 when classification is difficult (see paragraph
14), the criteria it uses to distinguish
investment property from owner-occupied
property and from property held for sale in
the ordinary course of business
4 the extent to which the fair value of
investment property (as measured or
disclosed in the financial statements) is
based on a valuation by an independent
value who holds a recognized and relevant
professional qualification and has recent
experience in the location and category of
the investment property being valued. If
there has been no such valuation, that fact
shall be disclosed
5 the amounts recognized in profit or loss for:
(i) rental income from investment

property;
(ii) Direct operating expenses
(including repairs and
maintenance) arising from
investment property that
generated rental income during
the period;
(iii) direct operating expenses
(including repairs and
maintenance) arising from
investment property that did
not generate rental income
during the period.
(iv) The cumulative change in fair
value recognized in profit or loss
on a sale of investment property
from a pool of assets in which
the cost model is used into a
pool in which the fair value
model is used (see paragraph
32C)
6 The existence and amounts of restrictions
on the realisability of investment property
or the remittance of income and proceeds of
disposal.
7 contractual obligations to purchase,
construct or develop investment property or
for repairs, maintenance or enhancements
In addition to the disclosures required by
paragraph 75, an entity that applies the fair
value model in paragraphs 33–55 shall
disclose a reconciliation between the
carrying amounts of investment property at
the beginning and end of the period,
showing the following:
1. additions, disclosing separately those
additions resulting from acquisitions and
those resulting from subsequent
expenditure recognized in the carrying
amount of an asset
2 additions resulting from acquisitions
through business combinations
3 assets classified as held for sale or included
in a disposal group classified as held for sale
in accordance with IFRS 5 and other
disposals
4 net gains or losses from fair value
adjustments
5 the net exchange differences arising on the
translation of the financial statements into a
different presentation currency, and on
translation of a foreign operation into the
presentation currency of the reporting
entity
6 transfers to and from inventories and
owner-occupied property
7 other changes
When a valuation obtained for investment
property is adjusted significantly for the
purpose of the financial statements, for
example to avoid double-counting of assets
or liabilities that are recognized as separate
assets and liabilities as described in
paragraph 50, the entity shall disclose a
reconciliation between the valuation
obtained and the adjusted valuation
included in the financial statements,
showing separately the aggregate amount of
any recognized lease obligations that have
been added back, and any other significant
adjustments.
In the exceptional cases referred to in
paragraph 53, when an entity measures
investment property using the cost model in
IAS 16, the reconciliation required by
paragraph 76 shall disclose amounts relating
to that investment property separately from
amounts relating to other investment
property. In addition, an entity shall
disclose:
1 a description of the investment property
2 an explanation of why fair value cannot be
measured reliably
3 if possible, the range of estimates within
which fair value is highly likely to lie
4 on disposal of investment property not
carried at fair value:
(i) The fact that the entity has

disposed of investment property
not carried at fair value;
(ii) The carrying amount of that
investment property at the time
of sale; and
(iii) The amount of gain or loss
recognized.
In addition to the disclosures required by
paragraph 75, an entity that applies the cost
model in paragraph 56 shall disclose:
1 the depreciation methods used
2 the useful lives or the depreciation rates
used
3 the gross carrying amount and the
accumulated depreciation (aggregated with
4 a reconciliation of the carrying amount of
investment property at the beginning and
end of the period, showing the following:
(i) additions, disclosing separately
those additions resulting from
acquisitions and those resulting
from subsequent expenditure
recognized as an asset;
(ii) additions resulting from
acquisitions through business
combinations;
(iii) assets classified as held for sale
or included in a disposal group
classified as held for sale in
accordance with IFRS 5 and
other disposals;
(iv) depreciation;
(v) the amount of impairment
losses recognized, and the
amount of impairment losses
reversed, during the period in
accordance with IAS 36;
(vi) the net exchange differences
arising on the translation of the
financial statements into a
different presentation currency,
and on translation of a foreign
operation into the presentation
currency of the reporting entity;
(vii) transfers to and from
inventories and owner-occupied
property;
(viii) other changes
5 The fair value of investment property. In the
exceptional cases described in paragraph 53,
when an entity cannot measure the fair
value of the investment property reliably, it
shall disclose:
i) A description of the investment
property;
ii) An explanation of why fair value
cannot be measured reliably;
and
iii) if possible, the range of
estimates within which fair
value is highly likely to lie.
IAS 41 Agriculture Required disclosures: [ IAS 41.40]

1 An entity shall disclose the aggregate gain or
loss arising during the current period on
initial recognition of biological assets and
agricultural produce and from the change in
fair value less costs to sell of biological
assets
1 An entity shall provide a description of each
group of biological assets (may take the
form of a narrative or quantified
description)
If not disclosed elsewhere in information
published with the financial statements, an
entity shall describe:
1 the nature of its activities involving each
group of biological assets; and
2 non-financial measures or estimates of the
physical quantities of:
(i) each group of the entity’s

biological assets at the end of
the period; and
(ii) Output of agricultural produce
during the period.
An entity shall disclose the methods and
significant assumptions applied in
determining the fair value of each group of
agricultural produce at the point of harvest
and each group of biological assets
An entity shall disclose the fair value less
costs to sell of agricultural produce
harvested during the period, determined at
the point of harvest
An entity shall disclose:
1 the existence and carrying amounts of
biological assets whose title is restricted,
and the carrying amounts of biological
assets pledged as security for liabilities
2 the amount of commitments for the
development or acquisition of biological
assets
3 financial risk management strategies related
to agricultural activity
An entity shall present a reconciliation of
changes in the carrying amount of biological
assets between the beginning and the end
of the current period. The reconciliation
shall include:
1 the gain or loss arising from changes in fair
value less costs to sell
2 Increases due to purchases
3 decreases attributable to sales and
biological assets classified as held for sale (or
included in a disposal group that is classified
as held for sale) in accordance with IFRS 5
4 decreases due to harvest
5 increases resulting from business
combinations
6 net exchange differences arising on the
translation of financial statements into a
different presentation currency, and on the
translation of a foreign operation into the
presentation currency of the reporting
entity
7 other changes
Additional disclosures for biological assets
where fair value cannot be measured
reliably [ IAS 41.54]
If an entity measures biological assets at
their cost less any accumulated depreciation
and any accumulated impairment losses (see
paragraph 30) at the end of the period, the
entity shall disclose for such biological
assets:
1 a description of the biological assets
2 an explanation of why fair value cannot be
measured reliably
3 if possible, the range of estimates within
which fair value is highly likely to lie
4 the depreciation method used
5 the useful lives or the depreciation rates
used
6 the gross carrying amount and the
accumulated depreciation (aggregated with
1 If, during the current period, an entity
measures biological assets at their cost less
any accumulated depreciation and any
accumulated impairment losses (see
paragraph 30), an entity shall disclose any
gain or loss recognized on disposal of such
biological assets and the reconciliation
required by paragraph 50 shall disclose
amounts related to such biological assets
separately.
2 In addition, the reconciliation shall include
the following amounts included in profit or
loss related to those biological assets:
a. impairment losses
b. reversals of impairment losses
c. Depreciation.
If the fair value of biological assets
previously measured at their cost less any
accumulated depreciation and any
accumulated impairment losses becomes
reliably measurable during the current
period, an entity shall disclose for those
biological assets:
a. a description of the biological asset

b. an explanation of why fair value has
become reliably measurable;
c. The effect of the change.
An entity shall disclose the following related
to agricultural activity covered by this
Standard (Government Grants):
a. the nature and extent of

government grants recognized in
b. b unfulfilled conditions and other
contingencies attaching to
government grants; and
c. Significant decreases expected in
the level of government grants.

Ias

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STANDARD TITLE NO.

DISCLOSURE DESCIRPTION COMPANY DISCLOSURE

IAS 1 Presentation of Financial The notes must: [IAS

Operating Leases - Group

7 An entity must also Estimates and Note 5

Unquoted Shares - at Cost

A net decrease in market

Estimation of Proven Oil

Proven reserves are

As at December 31, 2016

The carrying value of

The value in use

Impairment and Write-off

Actual results that differ

While the Group believes

IAS 2 Inventories Required disclosures: [IAS

8 IAS 2 acknowledges that

IAS 3 Consolidated Financial Superseded in 1989 by IAS

IAS 4 Depreciation Accounting Withdrawn in 1999

IAS 5 Information to Be Superseded by IAS 1

IAS 6 Accounting Responses to Superseded by IAS 15

IAS 7 Statement of Cash Flows Required disclosures:

IAS 8 Accounting Policies Required disclosures:

(i) for each financial

IAS 8 Changes in accounting Required disclosures:

IAS 8 Changes in accounting Required disclosures:

(i) for each

IAS 9 Accounting for Research Superseded by IAS 38 Required disclosures:

IAS 10 Events After the Required disclosures:

IAS 11 Construction Contracts Will be superseded by Required disclosures: N/A

IAS 12 Income Taxes Required disclosures: [IAS N/A

IAS 13 Presentation of Current Superseded by IAS 1 Required disclosures:

IAS 14 Segment Reporting Superseded by IFRS 8 Required disclosures:

Segment revenue includes

IAS 15 Information Reflecting Withdrawn December Required disclosures:

IAS 16 Property, Plant and Required disclosures: [IAS

Required disclosures: [IAS

Required disclosures: [IAS

 the effective date

IAS 17 Leases Required disclosures

1 accounting policy for recognising revenue

2 amount of each of the following types of

IAS 19 Employee Benefits

IAS 19 Employee Benefits Required disclosures N/A

1 an explanation of the characteristics of an

2 identification and explanation of the

3 a description of how defined benefit plans

4 Extensive specific disclosures in relation to

5 Additional disclosures are required in

6 the recognition and measurement of a

8 when the entity can no longer withdraw the

9 when the entity recognises costs for a

IAS 20 Accounting for Required disclosures N/A

1 accounting policy adopted for grants,

accounting policy adopted for grants,

3 unfulfilled conditions and contingencies

IAS 21 The Effects of Changes in Required disclosures

1 The amount of exchange differences

2 Net exchange differences recognised in

3 When the presentation currency is different

4 A change in the functional currency of either

6 When have a convenience translation:

a. Clearly identify the information as

b. Disclose the currency in which the