On Friday 22 January 2010 the IASC Foundation will launch a new publication, 'IFRS, Consolidated without early application'.
This new publication is different from our annual IFRS Bound Volume because it will consolidate only those IFRSs with an effective date no later than 1 January 2010.
The annual IFRS Bound Volume will follow the practice of previous years by consolidating all IFRSs issued at 1 January 2010, including those with an effective date later than 1 January 2010, and it will exclude IFRSs that are being superseded, even though they may still be applicable.
To distinguish the new publication from the annual Bound Volume, the cover will be blue, as shown below.
The annual Bound Volume will be published in two parts this year. Its cover will remain red (as in 2009) and our Education book, 'A Guide through IFRS' will remain green (as in 2009). Here at the IASC Foundation we are referring to our publications by colour - to the new publication as the 'Blue Book' and to the Bound Volume as the 'Red Book'. Please feel free to refer to the publications by the colour of their cover when corresponding with us.
The contents and timing of the annual Bound Volume (Red Book) will follow past practice
To give an example, in November 2009 the IASB issued IFRS 9 Financial Instruments with an effective date of 1 January 2013. This new IFRS, together with its copious amendments to other IFRSs, will be consolidated in the 2010 Bound Volume (the Red Book), because it was issued before 1 January 2010. It will not be included in the new Blue Book, because its effective date means that it is not required for annual reporting periods beginning on 1 January 2010.
The new Blue Book has been created as a direct response to comments from practitioners currently reporting under IFRSs. Those seeking a single volume obtaining all the requirements for the current year will value the Blue Book.
The annual IFRS Bound Volume (the Red Book) will, as in previous years, be available towards the end of the first quarter, but this year it will, for convenience, be presented in two parts.
The annual Bound Volume will continue to be the basis for IFRS Translation
Because the annual Red Book will contain the latest text of IFRSs issued by the IASB, it will continue to be the basis for IFRS translation. Translation for the purposes of IFRS adoption will necessarily require updated translations of the Red Book text. A need may also occur in some languages for translations of the Blue Book text, and we shall meet those needs as they arise.