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We are delighted to launch the second year of the Grant Thornton tax technical network, which was designed to provide accounting professionals with specialist tax expertise and training for any issues you wish to outsource, allowing you to concentrate on growing your practice.

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The preparation of financial statements in accordance with International Financial Reporting Standards (‘IFRS’) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (‘IASB’) with the potential to significantly impact the presentation of a complete set of financial statements.

IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be for changes in the general purchasing power of that currency so that the financial information provided is more meaningful.

Granting lease incentives is a common way to encourage a new lessee to sign up to a new lease contract and fill vacant premises. When accounting for lease incentives in accordance with IFRS 16 ‘Leases’ from a lessee perspective, questions may arise in how to identify a lease incentive and when the accounting treatment changes depending on how the lease incentive is granted.

Read our latest update - Transfer pricing - Experience, insight and value

Navigating the changes to International Financial Reporting Standards.

This issue: Brexit – what happens next for businesses, New corporation tax rules for non-resident landlords, EU VAT ‘quick fixes’ to ease international trade, Irish budget 2020, Quarterly instalment payments for ‘very large’ companies, Making Tax Digital (MTD) for VAT – further changes and Growth through Research & Development (R&D) investment.

IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). We’ll bring you up to speed on topical issues and significant developments, provide comments and give our point of view.

Read our latest IFRS update: IFRS Example Interim Consolidated Financial Statements 2020

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’. The amendments are a response to feedback received from the post-implementation review of IFRS 3 (‘the Standard’).

Read our Insights into IFRS 16 publication

Read our latest IFRS article: Applying IFRS 15’s ‘no alternative use’ to real estate sales

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.

Read our latest IFRS News Q1

Read our latest publication on Direct to indirect taxation