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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’.

Our tax update looks at: The UK government withdrawal of Finance Bill 2017 clauses, 2016/17 expense and benefit reporting, Apprenticeships levy and Furnished Holiday Let (FHL)

April 2017 is the start of a new tax year, arguably this year includes the most dramatic changes to payroll since Real Time Information (RTI) and auto enrolment were rolled out. The apprenticeship levy will have a considerable financial impact on employers, along with increases to minimum and living wage rates.

Our new tax newsletter looks at Spring Budget 2017, personal tax planning, finance cost restrictions, let property campaign, UK corporate tax, VAT - Brexit, cross-border workers and 2016/2017 expense and benefit reporting.

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.

Across a number of countries, the way internationally mobile employees are taxed is being shaken-up. This follows the G20/OECD-led Base Erosion and Profit Shifting (BEPS) Action Plan recommendations set out earlier this year.

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.

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.

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.

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.

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.

What issues are there in the Northern Ireland construction and real estate sector?