Welcome to the Field

The introduction of IFRS 16 ‘Leases’ addressed many of the shortcomings of its predecessor. The result is a robust, fit for purpose framework that delivers a level of transparency and insight that was previously unavailable to investors.

IFRS 16 ‘Leases’ is a standard that impacts most reporting entities that apply IFRS Accounting Standards and are involved in leasing assets and can have a substantial impact on the financial statements of lessees of property and high-value equipment.

Insights into IFRS 15 – Determining the transaction price

In effecting a business combination, the acquirer may also enter into transactions and arrangements with the vendor and/or acquiree. Under IFRS 3, the acquirer should determine whether such a transaction is part of the exchange for the acquiree. If not, the transaction must be accounted for separately.

IFRS Alert 2026-03 IFRS 20 - the new rate regulation standard

Discover how IFRS 18 changes the classification of income and expenses in the statement of profit or loss. This article explains key requirements, practical challenges and what to expect from the new financial reporting standard

Discover how IFRS 18 changes the classification of income and expenses in the statement of profit or loss. This article explains key requirements, practical challenges and what to expect from the new financial reporting standard

Understand how to assess whether your company acts as a principal or an agent under IFRS 15. This article explains the key considerations and judgements needed to recognise revenue correctly in multi-party transactions

Understand how to identify performance obligations under IFRS 15 Step 2. This article explains the key concepts behind revenue recognition and helps businesses apply the standard consistently across contracts with customers.

In 2024, the International Accounting Standards Board (IASB), issued a new Standard IFRS 18 ‘Presentation and Disclosures in Financial Statements’. IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after 1 January 2027.

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 IFRS Foundation has issued 'Disclosures about Uncertainties in the Financial Statements,' addressing practical application of the disclosure requirements in IFRS Accounting Standards.

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 2025 is no different.

Get ready for IFRS 18

Stay informed with Grant Thornton’s IFRS Alerts: IASB issues amendments to IFRS standards, including IFRS 19 and IAS 21, addressing disclosure simplifications for subsidiaries and clarifying foreign currency translation in hyperinflationary economies. Explore key updates and implications for financial reporting.

The popularity of cryptocurrencies has soared in recent years, yet they do not fit easily within IFRS’ financial reporting structure.