IFRS

Accounting / IASB amends IAS 1 to clarify debt classification

The International Accounting Standards Board (IASB) has issued limited amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current, to promote greater consistency

Accounting / International reporting: 2020 and beyond

With the International Accounting Standards Board (IASB) focusing on disclosures, management commentary and improving the quality of financial reporting in 2020, Jeroen Van Doorsselaere examines the IFRS standard setter’s work plan

Accounting / Regulators update disclosure guidance for IFRS 9

The joint FCA/FRC regulatory taskforce on disclosures on expected credit losses (DECL) has overhauled the guidance on best practice reporting requirements under IFRS 9 Financial Instruments

Accounting / Brydon review will see audit remit extended to fraud

A major overhaul of audit following the Brydon report will see the creation of a separate corporate auditing profession, greater focus on fraud detection during audits, and the replacement of the ‘true and fair’ concept

Accounting / FRC proposes disclosure changes to FRS 101

The Financial Reporting Council (FRC) is consulting on two minor amendments to FRS 101 Reduced Disclosure Framework, identified as part of its annual review of the standard

Accounting / Marshall: transition disclosures under IFRS 16 Leases

As the first full year reporting deadline for IFRS 16 Leases approaches, Andrew Marshall FCA, senior technical partner at KPMG, sets out the key issues to consider when finalising accounts

Accounting / FRC reporting reviews to focus on high risk sectors

The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews

Accounting / IFRS architect Paul Volcker dies

Paul Volcker, who played a major role in the setting up of the IFRS standard setter, the International Accounting Standard Board (IASB), and was a key player in US monetary policy for three decades, has died at the age of 92

Accounting / International reporting: IBOR Phase 2 and management commentary

Changes to the Interbank Offered Rate (IBOR) will impact IFRS 9 while a review of management commentary will tighten requirements around disclosures, the International Accounting Standards Board (IASB) has confirmed. Jeroen Van Doorsselaere explains

Accounting / FRC tells companies to improve IFRS 16 Leases disclosures

Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases

Accounting / Accounting updates: November 2019

This month’s roundup includes FRC’s revised Stewardship Code, MPs grill auditors over Thomas Cook failure, climate change reporting, concerns raised on revenue recognition disclosures, FRC consults on future of company reports and CIPFA calls for fundamental shift in local government financial reporting

Accounting / International reporting: dynamic risk, disclosures and financial reporting

Improving the quality of risk management and disclosure is a priority for the International Accounting Standards Board (IASB) and revising IAS 32 is central to its plans for 2020. Jeroen Van Doorsselaere examines the priorities

Accounting / ESMA reporting enforcement prioritises IFRS 16 Leases

The European Securities and Markets Authority (ESMA) has outlined the priorities for European enforcers when examining 2019 annual financial reports of listed companies

Accounting / Lack of consistency on climate change reporting worries investors

The quality of reporting on climate-related issues is falling short of investors’ expectations with a lack of consistent comparative data and analysis, while materiality issues are frequently ignored

Accounting / FRC slates quality of IFRS 15 revenue recognition disclosure

Companies need to improve the quality of their reporting under newly introduced IFRS for revenue recognition and financial instruments, according to a Financial Reporting Council (FRC) review
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