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IFRS Q2 2016 Update

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.

We begin this second edition of the year by looking at amendments made by the International Accounting Standards Board (IASB), including changes that have been made to IFRS 15 ‘Revenue’. We also remind you of a couple of major pronouncements that some companies will be applying for the first time.

We then go on to discuss two major Grant Thornton publications that have been issued in the last quarter. The first is designed to get you up to speed with the new expected credit loss model for financial instruments. The second one looks at how to make your financial statements an effective communication tool.

Further on in the newsletter, you will find other IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer Standards that are not yet mandatory, and a list of IASB publications that are out for comment.