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The Impact of IFRS on Industry by Mohan R. Lavi

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Appendix: Impact Summary

A Snapshot of IFRS Standards that Would Impact Different Industries

Industry Indicative Critical Standards that would impact the industry Brief Analysis
All Industries IFRS 1, IAS 36, IAS 40, IFRS 3, IFRS 5, IFRS 8, IFRS 13, IAS 39/IFRS 9 IFRS 10 and Disclosures. The reason as to why IFRS 1 would impact all industries is a no-brainer as the Standard is a mandatory ready reckoner for anyone transitioning to IFRS.IAS 36 is included in this list because every industry goes through its dips and during those dips indicators of impairment could arise. IAS 40 is a new concept brought in by IFRS for properties that are held for rental or capital appreciation, which most industries have. No industry can escape a Business Combination, which is why IFRS 3 is in this list while IFRS 5 is a small but powerful standard on non-current assets that are held for sale. IFRS 8 changes the way segments are recognised. In the midst of wide-ranging criticism of the concept of Fair Value, IFRS 13 has been issued which attempts to bring some sanity into fair valuation. Financial Instruments are to be found on the Balance-Sheet of every major company bringing the complexities of IAS 39/IFRS 9 into play. IFRS 10 redefines the concept of control and would impact any entities in all industries that acquire stakes in others. IFRS thrives on disclosures, which will impact every industry irrespective of size.
Airlines IAS 18, IAS 16, IAS 36, IFRIC 13 Ascertaining useful lives ...

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