- 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- BOA Repealed Resolutions on FS Compilation Services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
- Treatment of Net Unrealized Losses in the EFCDU/FCDU Book for Purposes of Determining Compliance with the EFCDU/FCDU Asset Cover Requirement
- Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category for Prudential Reporting to the BSP
- Reporting the Impact of COVID-19 to your Business
- Guidelines on Filing SEC Form 17-LC and 17-C Report
- COVID-19: Financial Reporting and Disclosures
- Reduction in Reserve Requirements
- COVID-19 Outbreak: Accounting Implications
- Guidelines for Filing of Reports through Electronic Mail with the SEC during ECQ Period
- Application of IFRS 9 in Light of the Coronavirus Uncertainty
- [UPDATE] Regulatory Relief for Entities Regulated by the Insurance Commission
- 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...
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GTI IFRS News Q3 2019
This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS). We'll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Third Quarter Edition of IFRS News
We begin this third edition of 2019 by considering the current International Accounting Standards Board (IASB) Exposure Drafts that are out for comment and conclude with IFRS-related news at Grant Thornton.
We take a look at the summary of the following Exposure Drafts published by IASB:
- Amendments to IFRS 17, Insurance Contracts which responds to challenges and concerns raised by stakeholders as they implement IFRS 17
- Annual Improvements to IFRS Standards 2018-2020 Cycle which proposes minor amendments to the following standards in relation to the following issues:
- IFRS 1, First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter
- IFRS 9, Financial Instruments - Fees included in the 10 per cent test for derecognition of financial liabilities
- Illustrative Examples accompanying IFRS 16, Leases - Lease incentives
- IAS 41, Agriculture - Taxation in fair value measurements
- References to the Conceptual Framework (Proposed Amendments to IFRS 3) which intends to update IFRS 3 for the new conceptual framework
- Deferred Tax related to Assets and Liabilities from a Single Transaction which proposes to make amendments to IAS 12, Income Taxes. The changes aim to clarify how to account for deferred tax on transactions that an entity recognizes both an asset and a liability, for example, leases or decommissioning obligations.
- Disclosure of Accounting Policies which proposes changes to IAS 1, Presentation of Financial Statements and IFRS Practice Statement 2, Making Material Judgments. The aim of these amendments is to assist entities in deciding which accounting policies to disclose and to make them more useful.
We finish with brief news at Grant Thornton, including the release of 2019 Example Financial Statements and Insights into IFRS 16.