IFRS

Accounting / IASB confirms one-year deferral for IFRS 17

The International Accounting Standards Board (IASB) is proposing a one-year deferral of the effective date for IFRS 17 Insurance Contracts, under which insurance contract liabilities will be calculated as the present value, to 2022

Accounting / Standards setters start work on corporate reporting alignment

The Corporate Reporting Dialogue (CRD), a group of major international corporate reporting standard setters and framework providers, has announced a two-year project focused on driving better alignment in the corporate reporting landscape

Accounting / Performance metrics – how to improve reporting

The Financial Reporting Lab has published guidance for companies on ways to improve the presentation of performance metrics in their reporting following criticism from investors about a lack of clarity and transparency

Accounting / IFRS 16 Leases: tips and advice for retail sector - part 7

Andrew Marshall FCA, senior technical partner at KPMG UK, examines the impact of IFRS 16 on the retail sector examines how the new accounting rules, effective from 1 January 2019, affect lease terms and payments, discount options, and sale and leaseback

Accounting / Disclosure reporting at small listed companies under fire

Smaller listed companies must improve the quality of disclosures about significant accounting judgments and errors, and provide more transparency about their cash flow and tax arrangements

Accounting / Governments shift towards accrual basis reporting

Nearly two thirds of governments will report on an accrual basis by 2023, compared to the 25% of governments that do so now, according to the latest research from the International Federation of Accountants (IFAC) and CIPFA

Accounting / FRC flags implementation issues with IFRS 9 and 15

The Financial Reporting Council’s (FRC) thematic reviews of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers show that the early application of both standards has raised a number of problems, particularly in explaining the transition to key stakeholders

Accounting / IASB clarifies definition of ‘material’

The International Accounting Standards Board (IASB) has issued amendments to its definition of material to make it easier for companies to make materiality judgements, saying some companies experienced difficulties using the old definition

Accounting / Segmental reporting: IFRS 8 in practice

Rachel Farris FCA CTA examines how 20 UK listed companies have dealt with segmental reporting under IFRS 8 in their latest annual reports

Accounting / International reporting: dynamic risk management under review

Jeroen Van Doorsselaere, Wolters Kluwer vice president of risk and finance, on dynamic risk management in hedge accounting

Accounting / ESMA prioritises IFRS 9 and 15 for corporate reporting

The European Securities and Markets Authority (ESMA) says European enforcers should focus on the application of two new standards - IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments - when examining 2018 financial statements of listed companies

Accounting / FRC and BEIS to set up IFRS endorsement board

The Financial Reporting Council (FRC) is working with the Department for Business, Energy and Industrial Strategy (BEIS) to create a board responsible for endorsing new and revised IFRS reporting standards following Brexit

Accounting / IFRS 15: revenue recognition and year end reporting

As the deadline for completing first year end accounts under the latest IFRS 15 revenue recognition standard approaches, Richard Veysey considers the key accounting issues, new disclosure requirements and year end balance movements in assets and liabilities

Accounting / IASB amends definition of business in IFRS 3

The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business

Accounting / IFRS 16 Leases: tips and advice for restaurant and fast food sector - part 6

Emily Browne, associate partner in the financial accounting and advisory services team at EY, examines the challenges of new accounting rules for food and catering groups with a large real estate portfolio, offering tips and advice on lease modifications, control issues and sub-leases
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