The IASB has published a revised Conceptual Framework that clarifies and updates its existing guidance that was published in 1989 and updated in 2010. It also fills gaps in areas where there was no or only little guidance.
International taxation is undergoing the biggest shake-up for a generation and the chief driver of this change is the global roll-out of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan.
The popularity of cryptocurrencies has soared in recent years, yet they do not fit easily within IFRS’ financial reporting structure. For example, an approach of accounting for holdings of cryptocurrencies at fair value through profit or loss may seem intuitive but is incompatible with the requirements of IFRS in most circumstances.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
Nobody thought that complying with the Base Erosion and Profit Shifting (BEPS) transfer pricing analysis and documentation demands would be easy. Yet, the opening year has proved to make greater demands and has required more attention than many multinational enterprises (MNEs) had anticipated.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
On 22 December 2017, the president of the United States signed into law the ‘Tax Cuts and Jobs Act’. The Act is a sweeping reform of US taxation which is likely to have a significant impact on financial statements prepared under IFRS for entities with US operations.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
Blockchain is set to play a crucial role in the digitisation of taxation by providing the ‘wiring’ needed for real-time recordkeeping, verification and information exchange. Automatically fulfilled blockchain-enabled ‘smart contracts’ also offer faster and more efficient ways to evaluate and settle tax liabilities.
We have published the IFRS Alert 2017 - 07: IASB issues 'Annual Improvements to IFRS Standards 2015-2017 Cycle'. The Annual Improvements address minor, but necessary, changes to various IFRS Standards to clarify wording or eliminate inconsistencies between Standards.
The December 2017 edition of the publication has been updated for changes to International Financial Reporting Standards that have been published between 1 December 2016 and 30 November 2017. In particular this edition covers the new Standard for insurance contracts – IFRS 17, for the first time.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
GPPC releases Considerations for the Audit of Expected Credit Losses. This Paper is addressed to the audit committees of systemically important financial institutions. It represents the consensus views of the GPPC members regarding key considerations for auditors of globally systemically important banks.
The International Accounting Standards Board (IASB) has published amendments to IFRS 9 ‘Financial Instruments’ that allow companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income—instead of measuring those assets at fair value through profit or loss
The International Accounting Standards Board (IASB) has published amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ clarifying that companies account for long-term interests in an associate or joint venture—to which the equity method is not applied—using IFRS 9 ‘Financial Instruments’.
Reduced tax liabilities and burden for individual taxpayers; Thailand as the 139th member of the Global Forum on Transparency & Exchange on Information for Tax Purposes.