2017 promises to be a rather momentous year, with international trade being re-shaped on both sides of the Atlantic and in the Pacific regions and with new business models stemming from innovative technology and enterprises. What does this mean for the future of accounting? In this issue we continue to provide some insight into the foreseeable developments of IFRS in Europe, in conversation with the CEO and Chairman of the Technical Experts Group of EFRAG, Andrew Watchman.

We also continue to provide further guidance on the application of IFRS 7 Financial Instruments: Disclosures, with Eckhardt Gerber, from RSM in South Africa, focusing this time on liquidity risk management disclosures. This is a topic particularly timely as many of our readers are currently working on their 2016 Financial Reports.

Along these lines, Joelle Moughanni provides ten key reminders for the preparation of 2016 IFRS annual reports.

RSM keeps contributing to disseminating good practice on the application of IFRS, in particular by providing technical advice to its member firms’ clients – an example is given at the end of this issue with regard to measuring deferred tax for intangible assets with indefinite useful lives. In addition, RSM regularly contributes to the wider debate and development of IFRS as with the Comment Letter to the Exposure Draft Definition of a Business and Accounting for Previously Held Interests, reported in this issue.