This publication is designed to give preparers and reviewers 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). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2024 is no different.
The International Accounting Standards Board (IASB) has issued amendments to IFRS 9 ‘Financial Instruments’ and some amendments have also been made to IFRS 7 ‘Financial Instruments: Disclosures’, following a post-implementation review (PIR) of IFRS 9. The amendments also include consequential changes to IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ to reflect the amendments made to IFRS 7.
Following last month’s release of IFRS 18 ‘Presentation and Disclosure in Financial Statements’, the International Accounting Standards Board (IASB) has published another new standard — IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ (the Standard). The new Standard creates a reduced set of disclosures that certain in-scope entities can elect to apply instead of the disclosure requirements set out in other IFRS. IFRS 19 will work alongside other IFRS, with eligible subsidiaries applying the measurement, recognition and presentation requirements set out in other IFRS and the revised disclosures outlined in IFRS 19. The objective of the Standard is to alleviate the reporting burden for subsidiaries without public accountability.
On 9 April 2024 the International Accounting Standards Board (IASB) published a new standard, its first since 2017. The new standard, IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (the Standard) replaces IAS 1 ‘Presentation of Financial Statements’ and will impact every reporting entity that currently uses International Financial Reporting Standards (IFRS). The objective of the Standard is to improve how information is communicated in an entity’s financial statements, particularly in the statement of profit or loss and in its notes to the financial statements.
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.
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 explains and illustrates key tools companies can use to make their financial statements an effective communcation tool.
This IFRS viewpoint considers the reverse acquisition by a listed shell company.
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.
Grant Thornton International Ltd releases IFRS Viewpoint on Classification of loans with covenants
This IFRS Viewpoint considers how a purchaser accounts for discounts and rebates when buying inventory.
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.
When should a purchase of investment property (or properties) be accounted for as a business combination, and when as a simple asset purchase? This is an important issue because the IFRS accounting requirements for a business combination are very different from asset purchases. Distinguishing business combinations and asset purchases can also be challenging for many other types of transaction and judgement is often required. This is particularly the case when investing in assets that generate cash flows on a standalone basis such as retail outlets and hotels. We focus here on investment property but the underlying arguments apply more broadly.
This IFRS viewpoint provides a framework for accounting for loans made by an entity to a related party that are at below-market levels of interest.