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The preparation of financial statements in accordance with IFRSs is challenging. Each year new Standards and Amendments are published by the IASB with the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures.

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.

The IASB and FASB have issued their new Standard on revenue recognition – IFRS 15 ‘Revenue from Contracts with Customers’ (ASU 2014-09 in the US). For companies with real estate development, property management or construction activities, IFRS 15 replaces several familiar standards and provides significant new guidance in a number of key areas.

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.

The IASB has published ‘Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)'. We describe the three changes made by the Amendments in more detail below.

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.

The IASB has made clarifying amendments to IFRS 15 Revenue from Contracts with Customers and introduced additional transition relief for entities applying the standard for the first time.

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.