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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.

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.

Ambitious technology firms must pay attention to a country’s innovation tax regime. It will have important future effects for both innovation and talent as the business grows.

The wider hotel sector as we know it is shifting dramatically. There has been a flurry of multi-billion dollar M&A activity in recent months, as well as new entrants to the market. Looking further ahead, commentators look at technology giants such as Google and Amazon and ask if, or when, they will use their extensive consumer insight to further disrupt the sector.

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.

Research has shown that there has been a discernible shift by Governments in the focus of taxation from direct to Indirect Taxes. Most Governments believe that Indirect Taxes have less of a negative impact on economic growth than direct taxes and VAT rate increases are viewed as less inflammatory than income tax increases.

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.

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