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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’.
The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.
We begin this second edition of 2019 by considering the IASB Exposure Draft ‘Interest Rate Benchmark Reform’.
The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2019.
At the commencement of a lease, IFRS 16 requires a lessee to measure the lease liability at the present value of the lease payments that are not paid at that date.
IFRS 16 makes significant changes to sale and leaseback accounting. A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor.
We begin this first edition of 2019 by considering the potential financial reporting implications of the UK leaving the European Union without a transition deal. As the UK’s exit date of 29 March 2019 draws closer, this is a scenario which needs to be considered seriously by entities that trade with, or have operations within, the UK.
Many recent accounting standards include significant transition reliefs to make first time application simpler – IFRS 16 is no exception. Appendix C to IFRS 16 contains all the details of the transition provisions that are available.
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.
Under IFRS 16 ‘Leases’, determining the correct ‘lease term’ is significant for a number of reasons.
In January 2016, the International Accounting Standards Board (IASB) issued IFRS 16 ‘Leasing’, which represents the first major overhaul in lease accounting for over 30 years. The Standard brings fundamental changes to lease accounting that replace previous accounting that is considered no longer fit for purpose. These changes become effective from 1 January 2019.