Focus on IFRS

About IFRS

The International Accounting Standards Board (IASB) has laid out numerous fundamental changes under the International Financial Reporting Standards (IFRS) that will be bought into effect of the coming years. Compliance to these is essential, but the road to compliance does not need to be confusing.
This series will help you understand the implications to your business by alerting you to upcoming changes and the new requirements you will be expected to meet.

IFRS Technical Update – January 2017

International Financial Reporting Standards (IFRS) are continually changing. This technical update is designed to help ensure that finance teams are aware of those changes, allowing them to consider the impact that they may have on their company.

We provide an overview of the key action points to be aware of and a review of the coming changes.

IFRS 15: revenue from contracts with customers

IFRS 15 is the result of a joint project between the International Accounting Standards Board (‘IASB’) and the US equivalent, FASB.

The aim of the project was to align revenue recognition between IFRS and USGAAP and to provide a robust framework for addressing revenue issues.

IFRS 15 only applies to contracts with customers. A customer, who could be a related party, is defined as a party that has contracted to obtain goods or services that are an output of the entity’s ordinary activities in exchange for consideration.

We cover the the key changes arising from the standard and their implications for companies.

Shining the light on leases: IFRS 16 Leases

After a project lasting many years, the International Accounting Standards Board (IASB) has finally issued IFRS 16 Leases, comprehensively revising lease accounting. For lessors the accounting remains largely unchanged. However, for lessees the standard radically revises lease accounting.

We review the key changes for lessees.

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9

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