Entities must consider the implications of TFRS 15 when accounting for revenue generated from contracts with customers during COVID-19.
The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards. In response to these, the global IFRS team publishes IFRS Alerts on these changes (and other issues relevant to IFRS) as they are announced so that you can keep up to date.
Each year the requirements of International Financial Reporting Standards (IFRS) change. New Standards and Amendments become effective and these determine the presentation of primary financial statements and accompanying disclosures. As a result companies face the challenge of updating their financial statements every year.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint seeks to explore the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS.
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
The new leasing standard - IFRS 16 'Leases' has been issued by the IASB. The core principle of the new standard is that lessees should recognise all leases on their balance sheet.
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.
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.
Welcome to our International Financial Reporting Standards (IFRS) hub that collect all alert and update about IFRS.
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.
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.