Navigating the Changes to IFRS 2020

This accounting alert provides a summary of the changes to International Financial Reporting Standards (IFRS) that have been published between January 1, 2019 to December 31, 2019.

Every year, the requirements of IFRS change.  New standards, interpretations and amendments are being published that affect companies' future financial reporting.  This publication, Navigating the Changes to International Financial Reporting Standards, is designed to give Chief Financial Officers a high-level awareness of these recent changes to IFRS.  It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

What's new in the 2020 edition?

The December 2020 edition of the publication has been updated for changes to IFRS that have been published between January 1, 2019 and December 31, 2019.

For completeness, the publication specifically covers March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020 financial year-ends.

Effective dates of new pronouncements

This publication includes a table on page 2 which lists all the changes covered, their effective dates and whether early application is permitted.  However, the latter will also be dependent on local legislation.

The table can be used to identify the changes that affect companies.  It has been color coded to help entities planning for a specific financial reporting year-end, and identifies:

  • changes mandatorily effective for the first time;
  • changes not yet effective; or,
  • changes already in effect.

Identifying the commercial significance of the changes

For each change covered in the publication, its commercial implications have also been considered.  This assessment focuses on two questions:

  • how many entities will be affected; and,
  • what will be the impact on affected entities?

A traffic light system indicates Grant Thornton's assessment of the answers to these questions.

See attached document for the details of this publication.