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IFRS 16 makes significant changes to sale and leaseback accounting. A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor.

Under IFRS 16 ‘Leases’, discount rates are used to determine the present value of the lease payments used to measure a lessee’s lease liability.

The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and in other IFRS that are effective for the year ending 31 December 2018.

See the latest IFRS News for quarter 2 2018 and see the upcoming implementation dates for frameworks and standards.

On 22 December 2017, the President of the United States signed into law the ‘Tax Cuts and Jobs Act’. The Act is a sweeping reform of US taxation which is likely to have a significant impact on financial statements prepared under IFRS for entities with US operations.

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.

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.

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 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 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.

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.

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.