IFRS News

LATEST MATTERS FROM THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its remote meetings on the following dates: 15-19 November 2021 25-28 December 2021

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.

Following a significant number of responses to an IFRIC Tentative Agenda Decision, the IASB discussed the proposed 2020 amendments at its June 2021 board meeting where it decided to further amend IAS 1.

FRS 16 Leases requires that the right of use asset (ROU) and the lease liability should initially be measured at the present value of the minimum lease payments (MLPs). IFRIC were asked to consider how irrecoverable Value Added Tax (VAT) charged on lease payments should be accounted for, given IFRS 16 is silent on the matter.

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.

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.

Many companies have underestimated the impact of the adoption of IFRS 16 Leases and the key judgements involved in the transition to the new leasing standard. 

Introduction This newsletter will discuss reporting requirements as of December 31, 2019. The first section will discuss key topics and reminders that financial statement preparers and reviewers should consider in preparing their statements and provide an illustrative example of common issues encountered from the past 3 quarters.

Applications of the Provision Matrix Practical Expedient in the Calculation of Lifetime Expected Credit Losses Scope

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.

Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective Implementing IFRS 16 Leases was a substantial task for many preparers, and COVID-19 has brought a new and unexpected source of difficulty and complexity.

by RSM IFRS Advisory Committee

As business becomes more complex, accounting standards become more complex and everyone needs some help with applying some of the new requirements.

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.

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.