Accounting / Volkswagen profits dip 3.6% after adopting IFRS 9

Automotive giant Volkswagen is the latest company to report a dip in profits in the first quarter of the year as a result of switching to a new IFRS 9 Leases to report derivatives

Accounting / Company forced to reinstate financials due to impact of IFRS 9 and IFRS 15

Technology company, Aspocomp, has had to adjust its 2018 opening statement of financial position due to the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, with €1m being added to the company’s net sales for 2017

Accounting / IFRS Foundation releases updated learning support for IFRS for SMEs

The IFRS Foundation has indicated that the first three updates of modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs standard will be available shortly

Accounting / IFRS 15 tips: preparing for June 2018 interim accounts

 Tony Perkins, audit partner at BDO, explains the pros and cons of the full retrospective or catch-up approach tin the transition to accounting for revenue recognition under the new IFRS 15 Revenue from Contracts with Customers focusing on issues for reporters preparing June 2018 interim accounts

Accounting / Airbus reports 20% hike in EBIT using IFRS 15 Revenue Recognition

Multinational aircraft and aerospace supplier Airbus has provided further details of the restatement of its 2017 financial figures to account for the implementation of IFRS 15 Revenue from contracts with customers, which will see a 20% increase in earnings before interest and taxes (EBIT) adjusted

Accounting / Revised Code takes into account IFRS 9 and IFRS 15 for local government

The joint board of the Chartered Institute of Public Finance and Accountancy and the Local Authority (Scotland) Accounts Advisory Committee (CIPFA/LASAAC), has issued the latest Code of Practice on Local Authority Accounting in the United Kingdom 2018/19

Accounting / ESMA to focus on IFRS 9 and IFRS 15 implementations

The European Securities and Markets Authority (ESMA) has indicated its focus continues to be on IFRS convergence, as it publishes its 2017 annual report on the enforcement and regulatory activities of accounting enforcers within the EU

Accounting / IASB issues revised Conceptual Framework for IFRS

The International Accounting Standards Board (IASB) has issued its long-awaited revised Conceptual Framework for financial reporting, which underpins International Financial Reporting Standards (IFRS), stopping short of making major changes and focusing on topics that had not previously been covered or that showed obvious shortcomings

Accounting / Accounting updates: April 2018

In this month’s roundup of developments in accounting and financial reporting, revised anti-money laundering rules for accountants extend focus on PEPs, charity SORP amendments, FD whistleblower flagged Carillion accounting mess

Accounting / IFRS rules on changing accounting policy under IAS 8 up for review

The International Accounting Standards Board (IASB) has issued a four-month consultation on minor amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, to improve the quality of financial reporting

Accounting / International reporting: dynamic risk management

Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer, examines the hedging principles in IFRS 9 Financial Instruments and outlines the IASB's plans to introduce a dynamic risk management accounting model

Accounting / EFRAG publishes review of work on financial reporting

EFRAG has published its annual review covering its work to develop and promote European views in the field of financial reporting, highlighting the impact of its final endorsement advice on IFRS 16 Leases

Accounting / IFRS 16 Leases: top tips and advice for transition - part 2

In part two of this series on IFRS 16 Leases, Danielle Stewart, partner and head of financial reporting at RSM, outlines key practical tips for businesses as they prepare for the introduction of this fundamental change to the rules for lease accounting

Accounting / IFRS Taxonomy 2018 published

The IFRS Foundation has published IFRS Taxonomy 2018, covering a number of updates to the 2017 version of the taxonomy, which facilitates the electronic reporting of financial statements that comply with IFRS standards

Accounting / EFRAG needs to raise its profile

Although the European Financial Reporting Advisory Group (EFRAG) is successful in influencing IFRS standards it must broaden its limited scope to review the impact of technological change and sustainable finance, according to the group’s stakeholders