IFRS News is a quarterly publication produced by the Grant Thornton International Financial Reporting Standards team. It provides a global insight into developments in International Financial Reporting Standards (IFRS), which are consistent with New Zealand equivalents of IFRS (NZ IFRS). These developments have a direct impact on New Zealand since our standards mirror the international ones, albeit there are a few adaptations to address the needs of not-for-profit entities and public sector entities. These are supplemented by special editions that give more insight into changes taking place.
IFRS Special Editions
This Special Edition of IFRS News explains the key features of the new revenue Standard and provides practical insights into its application and impact.
IFRS 16 represents the first major overhaul of lease accounting for over 30 years. The new Standard replaces IAS 17 ‘Leases’ along with three Interpretations (IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC 15 ‘Operating Leases-Incentives’ and SIC 27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’).
2019 IFRS news issues
This publication begins by considering the IASB Exposure Draft ‘Interest Rate Benchmark Reform’. It also looks at the implications of the IASB’s statement that an entity should be entitled to sufficient time in determining whether it needs to change an accounting policy as a result of an IFRIC agenda decision and in implementing any such change. It then looks at the agenda decisions that were issued in March 2019 and the tentative issues that are currently out for comment. It ends with a general round-up of financial reporting developments.
In this edition of IFRS News, there is consideration of potential financial reporting implications of the UK leaving the European Union without a transition deal. As the UK’s exit date of 29 March 2019 draws closer, this is a scenario which needs to be considered seriously by entities that trade with, or have operations within, the UK. Also included are some recent IASB proposals where comments are currently being sought and some feedback on points to consider when adopting IFRS 9 and IFRS 15. Further on in this newsletter, is some IFRS-related news at Grant Thornton and a general round-up of IFRS related financial reporting developments.
2018 IFRS news issues
In this final edition of our newsletter for 2018, we look at the recently issued IASB publication ‘Definition of Material – Amendments to IAS 1 and IAS 8’, before turning to some topical issues in this final edition of our newsletter for 2018. These include regulators’ views on IFRS 9 and IFRS 15, reverse factoring, and issues related to the discontinuance of LIBOR and other inter-bank offer rates. Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments, including a proposition that the basis of accounting for goodwill be reconsidered. We finish with a summary of the implementation dates of newer Standards that are not yet mandatory, and a list of IASB publications that are out for comment.
We begin this third edition of 2018 with the IASB’s major new Discussion Paper ‘Financial Instruments with Characteristics of Equity’. This contains proposals that would alter the process for classifying financial instruments issued by an entity as either financial liabilities or equity. We then move on to consider the likely outcome of Argentina being declared hyperinflationary in the second half of 2018, and the effects this would have. The accounting implications of such a large economy being considered hyperinflationary for IFRS purposes are likely to be felt well beyond Argentina itself, and we encourage clients with operations there to start preparing for the change now. Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer Standards that are not yet mandatory, and a list of IASB publications that are out for comment.
We begin this second edition of 2018 with the revised ‘Conceptual Framework for Financial Reporting’. We then move on to look at two other recent IASB publications: Amendments to IAS 19 ‘Employee Benefits’ and an Exposure Draft on ‘Accounting Policy Changes (Proposed amendments to IAS 8)’. We then consider ESMA’s recent report on what European accounting enforcers have been doing during the past year, and an EFRAG Discussion Paper on ‘Equity Instruments – Impairment and Recycling’. Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer Standards that are not yet mandatory, and a list of IASB publications that are out for comment.
We begin this first edition of 2018 by considering the potential effect of the recent US tax reforms on IFRS preparers with operations in America. We also remind readers of the key aspects of the two major new Standards coming into effect on 1 January 2018 (IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from Contracts with Customers’) and take a look at issues that are currently attracting regulators’ attention.
2017 IFRS news issues
We begin this second edition of the year by considering how tax issues resulting from the UK’s decision to leave the European Union may affect entities’ financial reporting. We then move on to look at a number of proposals that have been published by the IASB, including the latest instalment in the IASB’s ‘Disclosure Initiative’ project – a Discussion Paper which suggests principles to make disclosures in financial statements more effective.
2016 IFRS news issues
We begin this final edition of the year by looking at amendments that have been made by the IASB to IFRS 4 ‘Insurance Contracts’. We then look at the European and Securities Market Authority’s (ESMA) common enforcement priorities for 2016 financial statements, which contain information that will be of interest to companies all around the world.
We begin this third edition of the year by looking at some of the potential financial reporting implications of the UK’s decision to leave the European Union. We then look at the amendments and proposed amendments the IASB has recently made to its Standards before looking at IFRS-related news at Grant Thornton.
In this second addition we look at amendments made by the International Accounting Standards Board (IASB), including changes that have been made to IFRS 15 ‘Revenue’. We also remind you of a couple of major pronouncements that some companies will be applying for the first time. We then go on to discuss two major Grant Thornton publications that have been issued in the last quarter.
We begin this first edition of 2016 by looking at IFRS 16, the new Standard on lease accounting which was published by the IASB on 13 January. We then move on to items currently in the IASB’s pipeline before taking a look at issues that regulators are likely to focus on in the coming months.
Originally published by the IASB in 2009, the IFRS for SMEs is aimed at the needs of private companies. The IFRS for SMEs is an internationally-recognised framework for the preparation of financial statements by private companies.
We begin this fourth and final edition of the year by looking at the deferral of the effective date of IFRS 15 ‘Revenue from Contracts with Customers’. We then move on to other items in the
IASB’s pipeline, including further targeted changes to IFRS 15; IFRSrelated news at Grant Thornton; and a general round-up of financial reportingdevelopments.
We begin this third edition of the year by looking at the amendments that have been made to the International Financial Reporting Standard for Small and Medium-sized Entities following the completion of the IASB’s first comprehensive review of the Standard. We then move on to look at items in the IASB’s pipeline, including plans to defer the adoption of IFRS 15; IFRSrelated news at Grant Thornton; and a general round-up of financial reporting developments.
In this second edition of the year, we look at developments relating to IFRS 11 Joint Arrangements as well as Exposure Drafts and we also outline other items in the IASB’s pipeline. We examine IFRS-related news at Grant Thornton and also provide a general round-up of financial reporting developments.
In this first edition of 2015, we’ll look at some of the issues companies will face during their reporting seasons and new Standards issued by the IASB. We also outline Exposure Drafts that have been issued, IFRS-related news at Grant Thornton as well as a general round-up of financial reporting developments.