Read our insights

Now that the 2023/24 tax year has ended, Grant Thornton has compiled a summary of reminders for the various end-of-year employer obligations to support your business with their compliance needs. If you wish to speak with an expert or have any questions, please contact one of our employment tax specialists listed below.

The International Accounting Standards Board (IASB) has issued a collection of narrow scope amendments to IFRS Standards. The collection includes amendments to three Standards as well as Annual Improvements to IFRS Standards, which addresses non non-urgent (but necessary) minor amendments to four standards.

In December 2019 the IASB published an Exposure Draft ‘General Presentation and Disclosures’ which proposes to replace IAS 1 ‘Presentation of Financial Statements’ with a new IFRS and amend several other IFRS Standards.

In response to the ongoing reform of interest rate benchmarks around the world the IASB have released these latest amendments.

The IASB has published a revised Conceptual Framework that clarifies and updates its existing guidance that was published in 1989 and updated in 2010.

Read the latest from Grant Thornton on IFRS and the revised ‘Conceptual Framework for Financial Reporting’.

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’.

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.

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.