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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.
We begin this final edition for 2018 with an article on the recently issued IASB publication ‘Definition of Material – Amendments to IAS 1 and IAS 8’, before turning to some topical issues. These include regulators’ views on IFRS 9 and IFRS 15, reverse factoring, and issues related to the discontinuance of LIBOR and other inter-bank offer rates.
Each year the requirements of International Financial Reporting Standards (IFRS) change. New Standards and Amendments become effective and these determine the presentation of primary financial statements and accompanying disclosures. As a result companies face the challenge of updating their financial statements every year.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint seeks to explore the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS. It follows our earlier IFRS Viewpoint No.9 ‘Accounting for cryptocurrencies – the basics’.
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.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Potential accounting consequences of the US tax reform for IFRS preparers
an IFRS alert about the IASB issuing amendedments to IFRS 9
an IFRS alert about the IASB issuing amendments to IFRS 9
an IFRS alert about the IASB issuing amendments to IFRS 9
an IFRS alert about the IASB issuing a new practice statement