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Our ‘Insights into IFRS 8’ series considers key implementation issues and provides interpretational guidance in certain problematic areas.

The impact of IFRS 17 will be felt by many stakeholders, including, but not limited to preparers of financial statements, those charged with the governance of entities that issue insurance contracts, investors, regulators, analysts and auditors.

IFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements.

The International Accounting Standards Board (IASB) has issued ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ (Amendments to IAS 12).

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS)

Granting lease incentives is a common way to encourage a new lessee to sign up to a new lease contract and fill vacant premises. Lease incentives may take various forms depending on the negotiation between the lessee and the lessor.

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.

The International Accounting Standards Board (IASB) has issued ‘Amendments to IFRS 17 ‘Insurance Contracts’’ (the Amendments).

If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period.

As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance obligations for long-term contracts.

As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.

Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting.

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.

Loan agreements often include covenants that, if breached by the borrower, permit the lender to demand repayment before the loan’s normal maturity date.

In this edition of IFRS News we begin by considering the latest news from the IASB and conclude with IFRS-related news at Grant Thornton.

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’.