Global insurers have significantly underestimated the costs of moving toward a new accounting regulation, IFRS 17 Insurance Contracts, with more than a third now budgeting over €50m (£44.2m) for implementation, according to research from Deloitte

The government has published draft legislation requiring companies adopting IFRS 16 Leases to continue to classify leases as either financial or operating leases for the purposes of Corporate Interest Restriction (CIR) rules

Rebecca Farmer, partner at EY, considers the complex accounting issues facing construction companies when applying the new lease standard, IFRS 16 Lease, offering tips and advice on dealing with control issues, specialised materials and judgment calls

In this month’s roundup of developments in accounting and financial reporting, government plans to endorse IFRS and maintain FRC as regulator post-Brexit, calls for CVA overhaul to protect company creditors, potential EY ‘conflict of interest’ in Carillion inquiry

The International Accounting Standards Board (IASB) is consulting on ways to improve the classification of financial instruments and equity in financial statements

Companies need to improve the way they compile performance metrics in their year end and interim reporting to ensure they reflect the needs of investors, says the Financial Reporting Council (FRC)

Andrew Marshall FCA, senior technical partner at KPMG, considers the impact of the latest IFRS standards, effective from 1 January, including IFRS 15 on revenue recognition and IFRS 9 financial instruments on this season’s interim reporting period, and highlights the key issues to consider

Jeroen Van Doorsselaere, Wolters Kluwer vice president of risk and finance, on the issues of transitioning to IFRS 17 Insurance Contracts and tardy planning for IFRS 16 Leases

The government has revealed plans to transpose EU-adopted IFRS into UK law and introduce a UK corporate reporting and audit framework, which will be controlled by the Financial Reporting Council (FRC), subject to EU agreement

New lease accounting rules under IFRS 16 mean fleet leases will have to be recorded on the balance sheet for the first time as right of use (ROU) asset requirements change. Paul Lippitt ACA, principal consultant and Andrew Charlton, senior finance manager at Lex Autolease explain the implications of the rule changes on company car leasing

In this month’s roundup of developments in accounting and financial reporting, government plans urgent crackdown on use of Scottish limited partnerships, Korean regulator probes Samsung BioLogics accounts, tech company hit by balance sheet impact of IFRS 15

The absence of accounting guidance for cryptocurrencies is causing some concern for reporters as various standards boards review the accounting treatments, but the global standard setter remains on the sidelines. Sarah Perrin ACA asks leading accounting experts about how they deal with crypto accounting

In part three of this series on IFRS 16 Leases, Peter Westaway, senior manager audit at Deloitte, explains the key changes to lease reporting for utility companies under IFRS 16 

The IFRS Foundation has published a document providing an overview of its proposed amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which are designed to simplify the application of accounting policy changes resulting from agenda decisions published by the IFRS interpretations committee