- Accounting Alerts
- SEC Extends Deadline for Annual and Quarterly Reports for...
- Deferral of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23) for Real Estate Industry
- Implementation of IFRS 17, Insurance Contracts
- Amendments to Regulations on Financial Audit of Banks and Non-Bank Financial Institutions
- Navigating the Changes to IFRS 2020
- SEC Memorandum Circular No. 2 - 2020 Filing of Annual Financial Statements and General Information Sheet
- IASB issues Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
- GTI IFRS News Q4 2019
- Insights into PFRS 3: Definition of a Business
- IASB issues Interest Rate Benchmark Reform
- Insights into PFRS 16: Presentation and Disclosure
- Insights into PFRS 16: Lease Payments
- Insurance Commission's Guidelines on Lease Accounting for Insurance and Reinsurance Companies
- GTI IFRS News Q1 2019
- Application Deferral of PIC Q&A 2018-H and 2018-14
- Sustainability Reporting Guidelines for Publicly-Listed Companies
- Insights into PFRS 16: Sale and Leaseback Accounting
- Insights into PFRS 16: Transition Choices
- Use of the New General Information Sheet (GIS) Form
- 2019 Filing of Annual FS and GIS
- Navigating the Changes to IFRS 18
- Insights into PFRS 3: Definition of a Business
- GTI IFRS News Q2 2019
- Rules on Material Related Party Transactions for Publicly-listed Companies
- BOA Repealed Resolutions on FS Compilation Services
- GTI IFRS News Q3 2019
- Guidelines on Submission by Electronic Mail of Required Forms and Documents and Recognition of Electronic Signature
- Guidelines for the Filing of General Information Sheet (GIS) During the COVID-19 Outbreak and Enhanced Community Quarantine
- Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks
- Alternative Means of Filing Reports, Communications and Other Documents with the SEC
- SEC Relaxes the Requirements for Extension in the Filing of Annual Reports and/or Audited Financial Statements
- Guidelines Covering the Conduct of Business in the Insurance Commission During the Community Quarantine Period
- SEC Issues Guidelines on the Participation in Regular and Special Meetings through Remote Means of Communication
- Regulatory Relief for...
- SEC Extends Deadline for Annual and Quarterly Reports for Companies affected by Covid-19
- Guidelines on Preventative Measures Against...
- 2018 2018
First Quarter Edition of IFRS News
Financial Reporting Standards
January 26, 2016
This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS). We begin this first edition of 2016 by looking at IFRS 16, the new Standard on lease accounting which was published by the IASB on January 13, 2016. We then move on to items currently in the International Accounting Standards Board (IASB)’s pipeline before taking a look at issues that regulators are likely to focus on in the coming months. Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with 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.
New standard on leases
The IASB has published IFRS 16, Leases, completing its long-running project on lease accounting. The new Standard, which is effective for accounting periods beginning on or after January 1, 2019, requires lessees to account for leases 'on-balance sheet' by recognizing a 'right of use' asset and a lease liability.
IASB postpones changes to IFRS 10 and IAS 28
Amendments to IFRS 10 and IAS 28 -- Sale or Contribution of Assets between an Investor and its Associate or Joint Venture was issued in 2014 and addressed an acknowledged inconsistency between IFRS 10 and IAS 28 relating to how to account for transactions in which a parent entity loses control of a subsidiary by contributing it to an associate or joint venture. These 2014 amendments are due to become effective for accounting periods on or after January 1, 2016. A number of questions were raised over the application of the amendments. The IASB decided that it would be better to address them as part of the research project on the equity method rather than make changes now.
Effective Date of Amendments to IFRS 10 and IAS 28' therefore defers indefinitely the mandatory effective date. Entities will still be permitted to apply the 2014 amendments if they wish to. Any proposal to insert a new effective date will be exposed for public comment.
Annual improvements proposals published
The IASB has published an Exposure Draft 'Annual Improvements to IFRSs 2014-2016 Cycle' which proposes minor amendments to three Standards -- IFRS 1, First-time Adoption of International Financial Reporting Standards; IFRS 12, Disclosure of Interests in Other Entities; and IAS 28, Investments in Associates and Joint Venture.
IASB proposes changes to insurance contracts standard to provide relief from IFRS 9
The IASB has issued an Exposure Draft 'Applying IFRS 9, Financial Instruments, with IFRS 4, Insurance Contracts' to address the temporary accounting consequences of the different effective dates of IFRS 9 and the anticipated new insurance contracts Standard. The new insurance contracts Standard is yet to be finalized but, when it is, its effective date is expected to be at least three years later. This means the mandatory effective date of the new insurance Standard will be after the 2018 effective date of IFRS 9.
See attached document for other IFRS-related news and developments in financial reporting standards.