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.

 

See attached copy of the Third Quarter Edition of IFRS News for further details.