IFRS News
This section provides you with the most recent news in International Financial Reporting Standards (IFRS). It summarises the activities of the IFRS Foundation, International Accounting Standards Board (IASB) and the IFRS Interpretations Committee, as well as interviews about the effect of IFRS on the profession around the world.
28 May 2020
by RSM IFRS Advisory Committee
20 January 2020
As business becomes more complex, accounting standards become more complex and everyone needs some help with applying some of the new requirements.
11 November 2019
RSM World of IFRS summarises key matters arising from recent IASB discussions and decisions, highlights RSM thought leadership from around the world, and addresses an IFRS application question each month.
6 August 2019
RSM News in Brief on IFRS summarises recent IASB discussions and decisions, highlights RSM thought leadership from around the world, and addresses an IFRS application question each month.
18 June 2019
This months IFRS News in brief issue summarises recent IASB discussions and decisions, highlights RSM thought leadership from around the world, and addresses an IFRS application question each month.
24 May 2019
PUBLICATIONS AND ANNOUNCEMENTS
The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2018: https://www.ifrs.org/-/media/feature/about-us/funding/annual-report-2018.pdf?la=en
15 May 2019
PUBLICATIONS AND ANNOUNCEMENTS
15 May 2019
NTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) LATEST DECISIONS SUMMARY
The following is a summarised update of the main discussions and tentative decisions taken by the IASB at its meeting on 7 – 8 February 2019.
For more details and comprehensive information on the IASB’s discussion see:
22 January 2019
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) LATEST DECISIONS SUMMARY
The following is a summarised update of the main discussions and tentative decisions taken by the IASB at its meeting on 11, 12 and 13 December 2018.
7 January 2019
PUBLICATIONS AND ANNOUNCEMENTS
The IASB issued the seventeenth edition of the ‘Investor Update’ on 27 November 2018. The issue provides investors with information that helps them keep up to date with changes in the world of IFRS and how those changes may affect their work.
26 November 2018
PUBLICATIONS AND ANNOUNCEMENTS
22 October 2018
PUBLICATIONS AND ANNOUNCEMENTS
10 August 2018
PUBLICATIONS AND ANNOUNCEMENTS
The following materials have been published to support the implementation of IFRS 17 Insurance Contracts:
16 July 2018
PUBLICATIONS AND ANNOUNCEMENTS
The following six IFRS for SMEs modules have been published on the IFRS Foundation website; https://www.ifrs.org/supporting-implementation/supporting-materials-for-the-ifrs-for-smes/modules/
13 June 2018
PUBLICATIONS AND ANNOUNCEMENTS
15 May 2018
PUBLICATIONS AND ANNOUNCEMENTS
The IFRS Foundation has released the first three of 35 stand-alone modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs.
15 May 2018
PUBLICATIONS AND ANNOUNCEMENTS
The International Accounting Standards Board issued a revised version of the Conceptual Framework for Financial Reporting on 29 March 2018. It sets out the fundamental concepts of financial reporting that underpin IFRS. It will replace the 2010 Conceptual Framework.
23 March 2018
PUBLICATIONS AND ANNOUNCEMENTS
IAS 19 amended for plan amendment, curtailment or settlement
13 February 2018
PUBLICATIONS AND ANNOUNCEMENTS
IFRS 9 and IFRS 15 are effective for reporting periods starting on or after 1 January 2018.
IFRS 9 Financial Instruments
6 February 2018
IFRS 16 comes into effect for periods commencing on or after 1 January 2019. All businesses that have contracts which are currently treated as operating leases in their financial statements (i.e. any business who pays rent) will definitely be affected by the forthcoming changes.
4 January 2018
PUBLICATIONS AND ANNOUNCEMENTS
Four Standards amended under Annual Improvements to IFRS Standards 2015-2017 Cycle
15 December 2017
In May 2014, the International Accounting Standards Board (IASB) published IFRS 15 which replaces IAS 18 Revenue, IAS 11 Construction Contracts and their associated interpretations.
6 December 2017
IFRS INTERPRETATIONS COMMITTEE (IC)
LATEST DECISIONS SUMMARY
The following is a summarised update on some of the main discussions or tentative decisions taken by the IC at its meeting on 20 November 2017.
7 November 2017
PUBLICATIONS AND ANNOUNCEMENTS
IFRS 9 amended for the classification of particular prepayable financial assets
6 November 2017
On 24 July 2014, the International Accounting Standards Board (IASB) published the complete version of IFRS 9 which becomes mandatorily effective for periods commencing on or after 1 January 2018.
9 October 2017
PUBLICATIONS AND ANNOUNCEMENTS
Proposed narrow-scope amendments to IAS 8 open for comment until 15 January 2018
11 August 2017
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
LATEST DECISIONS SUMMARY
The following is a summarised update on the main tentative decisions taken by the IASB at its meeting on 18-19 July 2017.
25 July 2017
When a company makes the decision to sell an asset or to stop some part of its business, it is making a decision that affects the future cash flows, profitability and overall financial situation. The users of the financial statements should be informed about these events.
10 July 2017
PUBLICATIONS AND ANNOUNCEMENTS
Release of IFRIC Interpretation 23 Uncertainty over Income Tax Treatments
7 June 2017
PUBLICATIONS AND ANNOUNCEMENTS
Release of the final standard on insurance accounting
10 May 2017
PUBLICATIONS AND ANNOUNCEMENTS
Proposed minor amendments to IFRS 9 open for comment until 24 May 2017
21 April 2017
PUBLICATIONS AND ANNOUNCEMENTS
Proposed amendments to IFRS 8 open for comment until 31 July 2017
1 March 2017
The implementation of IFRS 16 (Leases) is around the corner, while IFRS 15 (Revenue from Contracts with Customers) is already in place. It is important that companies start evaluating what impact the introduction of these two accounting standards will have on the Annual Financial Statements as well as on the business as a whole.
1 March 2017
The implementation of IFRS 15 (Revenue from Contracts with Customers) has come into effect, while IFRS 16 (Leases) is around the corner. It is important that companies start evaluating what impact the introduction of these two accounting standards will have on the Annual Financial Statements as well as on the business as a whole.
10 February 2017
PUBLICATIONS AND ANNOUNCEMENTS
Annual Improvements to IFRSs 2015-2017 Cycle open for comment until 12 April 2017
On 12 January 2017, the IASB published an exposure draft covering narrow-scope amendments to:
4 November 2016
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
LATEST DECISIONS SUMMARY
4 November 2016
PUBLICATIONS AND ANNOUNCEMENTS
IFRS 4 amended to address temporary volatility in reported results on implementation of IFRS 9
18 July 2016
PUBLICATIONS AND ANNOUNCEMENTS
IFRS 2 amended for the classification and measurement of certain types of share-based payment (SBP) transactions
18 July 2016
IFRS INTERPRETATIONS COMMITTEE
LATEST DECISIONS SUMMARY
The following is a summarised update on some of the main discussions or provisional decisions taken by the IFRS Interpretations Committee (IC) at its meeting on 10 May 2016.
21 June 2016
IFRS 15 Revenue from Contracts with Customers was issued by the IASB on 28 May 2014 with a planned introduction for periods beginning on or after 1 January 2017. The effective date was delayed to 1 January 2018 to allow for extended clarification and public consultation.
29 April 2016
Small and Medium Entities (SMEs) operate in simpler and less complex environments compared to larger companies. Although SMEs are small in size and capacity, they account for around 95% of all companies around the world.
1 December 2015
In this issue we report on the IASB’s endeavour to publish a new Conceptual Framework, which is approaching a successful completion.
25 September 2015
Part 2 - How to calculate HEPS
25 September 2015
Part 1 - What is HEPS and why the need for it
25 September 2015
Fair value measurement guidance is spread across various standards. In certain standards the guidance is incomplete or silent. This creates a potential for inconsistencies in the interpretation and application when determining an estimate of fair value.
23 September 2015
In the world of the ever-changing International Financial Reporting Standards (IFRS), most of us find it difficult to keep up to date with the new standards, interpretations or amendments to current standards. It doesn’t take long before everything you know has changed or no longer applies.
