Read our insights, reports and more

The International Accounting Standards Board (IASB) has published ‘Plan Amendment, Curtailment or Settlement (Amendments to IAS 19)’. The amendments require companies to use updated actuarial assumptions to determine pension expenses following changes to a defined benefit pension plan.

See the latest IFRS News looking at Q1 2018.

IFRS News Q4 20`17 looks at a GPPC paper which aims to promote the application of expected credit losses under IFRS 9 ‘Financial Instruments’ to a high standard as well as amendments to IFRS Standards.

The IASB has published amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ clarifying that companies account for long-term interests in an associate or joint venture—to which the equity method is not applied—using IFRS 9 ‘Financial Instruments’.

The IASB has published amendments to IFRS 9 ‘Financial Instruments’ that allow companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income.

The International Accounting Standards Board (IASB) has published guidance on how to make materiality judgements. The Practice Statement encourages entities to apply judgement so that financial statements focus on the information that is useful to investors rather than trying to comply with an IFRS ‘checklist’.

In this issue of IFRS News we look at: IFRS 17 ‘Insurance Contracts', new proposals published by the IASB, including proposed amendments to IAS 16 ‘Property, Plant and Equipment’ and much more.

Both IAS 1 and IAS 10 suggest that a departure from the going concern basis is required when specified circumstances exist. Neither Standard however provides any details of an alternative basis of preparation and how it may differ from the going concern basis. Entities will therefore need to develop an appropriate basis of preparation. This IFRS Viewpoint addresses some of the issues that entities will face when doing so.

Assessing when one entity controls another is essential to the preparation of financial statements in accordance with IFRS. The control assessment determines which entities are consolidated in a parent’s financial statements and therefore affects a group’s reported results, cash flows and financial position – and the activities that are ‘on’ and ‘off’ the group’s balance sheet. Under IFRS, this control assessment is accounted for in accordance with IFRS 10 ‘Consolidated financial statements’.

We begin this first edition of IFRS News 2017 by considering the ESMAs recent public statement on the implementation of IFRS 9 ‘Financial Instruments’. We then look amendments that the IASB has recently made to its Standards and some proposals which are in its pipeline.

This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The IASB has published 'Transfers of Investment Property (Amendments to IAS 40)' which clarifies that transfers to, or from, investment property are required when, and only when, there is a change in use of property supported by evidence.

The IASB has published 'Annual Improvements to IFRSs 2014-2016 Cycle' which addresses non-urgent (but necessary) minor amendments to three Standards, as described below.

The IFRS Interpretations Committee (IFRIC) has issued ‘IFRIC 22 Foreign Currency Transactions and Advance Consideration’. It looks at what exchange rate to use for translation when payments are made or received in advance of the related asset, expense or income.

This final edition of IFRS News looks at amendments to IFRS 4 ‘Insurance Contracts’. We also look at the European and Securities Market Authority’s (ESMA) common enforcement priorities for 2016 financial statements, which contain information that will be of interest to companies all around the world.

The IASB has published IFRS 15 ‘Revenue from Contracts with Customers'. This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.