Read our insights, reports and more

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.

The IASB has published narrow scope amendments to IFRS 4 'Insurance Contracts'. The Amendments provide temporary accounting solutions, for entities that issue insurance contracts, for the practical challenges of implementing IFRS 9 'Financial Instruments' before the forthcoming insurance contracts Standard.

This issue of IFRS News starts by looking at some of the potential financial reporting implications of the UK’s decision to leave the European Union. We also touch on the amendments and proposed amendments the IASB has recently made to its Standards.

This Publication illustrates condensed interim financial statements for a six month accounting period beginning on 1 January 2016. It is intended to illustrate the ‘look and feel’ of IFRS interim financial statements and to provide a realistic example of their presentation.

Your annual financial statements are a critical communication to your investors and other stakeholders. But how effective are they in meeting your stakeholders’ needs?

While IFRS 9’s mandatory effective date of 1 January 2018 may seem a long way off, companies really need to start evaluating the impact of the new Standard now. As well as compiling the information necessary to implement the Standard, companies will need to review loan covenants and other agreements that could be affected by the impact on reported results.

Private operating companies seeking a ‘fast track’ stock exchange listing sometimes arrange to be acquired by a smaller listed company (sometimes described as a ‘shell’ company). This usually involves the listed company issuing its shares to the private company shareholders in exchange for their shares. How should these transactions be accounted for? The IFRS Viewpoint gives you our views.

The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News explains the key features of the new financial reporting Standard and provides practical insights into its application and impact

The IASB has issued 'Disclosure Initiative (Amendments to IAS 7), which makes narrow-scope amendments to IAS 7 'Cash flow Statements'. The purpose of the Amendments is to improve disclosures about an entity's financing activities and changes in related liabilities.

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 response to a borrower’s request, lenders may decide to voluntarily waive some or all of the rights they acquire as a result of a breach. This IFRS Viewpoint provides guidance on the classification of long-term loans payable as either current or non-current when covenants are present.

IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We begin this first edition of 2016 by looking at IFRS 16, the new Standard on lease accounting which was published by the IASB on 13 January.

The IASB has issued 'Recognition of Deferred Tax Assets for Unrealised Losses' which makes narrow-scope amendments to IAS 12 'Income Taxes' (the Amendments). The focus of the Amendments is to clarify how to account for deferred tax assets related to debt instruments measured at fair value, particularly where changes in the market interest rate decrease the fair value of a debt instrument below cost.

On 13 January 2016 the IASBreleased IFRS 16 'Leases', completing its long-running project on lease accounting. IFRS 16 will require lessees to account for leases 'on-balance sheet' by recognising a 'right-of-use' asset and a lease liability.

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. This issue considers how to account for a common control business combination.

.

Every year, thousands of individuals and businesses pay more tax than they need to. At Grant Thornton we recognise that tax is a cost to you and your business. The guide provides 20 of the most topical tax issues that our team have experienced across our client base. It seeks to highlight certain opportunities that may have application to you and your business.