Regulatory Alerts2011-01-01
Instructions to Verify Value and Disposal of Re-evaluating Surplus for the Year 2011
Issued by the Jordan Securities Commission, these instructions mandate all regulated issuing companies to apply International Financial Reporting Standards for verifying and disposing of re-evaluation surpluses during the 2011 fiscal year. Companies must early-apply IFRS 9, adhere to the Cost Principle for real estate and property under IAS 40 and IAS 16, retain biological asset surpluses per IAS 41, and restrict the distribution or capitalization of specific fair value changes to retained earnings. The regulations standardize consolidated financial statement preparations, require detailed independent notes disclosing accounting policy changes and fair value adjustments, and formally repeal the 2007 instructions on evaluating fair value.
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