Third Quarter Edition of IFRS News
This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS). This brings readers up to speed on topical issues, provide comment and points of view and summarizes any significant developments.
This edition tackles the IASB’s major new Discussion Paper ‘Financial Instruments with Characteristics of Equity.’ This contains proposals that would alter the process for classifying financial instruments issued by an entity as either financial liabilities or equity.
Also addressed in this newsletter is the likely outcome of Argentina being declared hyperinflationary in the second half of 2018, and the effects this would have. The accounting implications of such a large economy being considered hyperinflationary for IFRS purposes are likely to be felt well beyond Argentina itself. Clients with operations in the said country are then encouraged to start preparing for the change now.
Further on in the newsletter, as well, are IFRS-related news at Grant Thornton, a general round-up of financial reporting developments, a summary of the implementation dates of newer Standards that are not yet mandatory, and a list of IASB publications that are out for comment.