Financial Reporting Insights

New Accounting Standards – The clock is ticking, are you ready?

A number of new accounting standards are on the horizon and while some organizations are nearing the completion of their implementation projects for these new standards, many are not as far ahead as they should be.

These changes include:

  • IFRS 9, Financial Instruments and IFRS 15, Revenue from Contracts with Customers superseding IAS 39 and IAS 11/IAS 18 and related interpretations (effective January 1, 2018)

  • IFRS 16, Leases, superseding IAS 17, effective date January 1, 2019.

To avoid future headaches and ultimately ensure that your entity meets its reporting deadlines, now is the time to take action!

Our experts destroy the myths related to the adoption of these standards in our latest CFO’s corner editorial. Embark on the journey before it’s too late!

Other Content of Interest

Stay updated on the latest in financial reporting at Deloitte’s Centre for financial reporting.

 
 

IFRS: Exposure Draft

Prepayment Features with Negative Compensation

The IASB published an exposure draft Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) to address the concerns about how IFRS 9, Financial Instruments classifies particular prepayable financial assets. The AcSB also issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Comments are requested by May 24, 2017.
 

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NPO: State of Change

Significant changes to accounting standards for NPOs

In this issue, our experts summarize the recently issued Exposure Draft by the Accounting Standards Board on major proposed changes to Part III - Accounting Standards for Not-for-Profit organizations. Review our summary and the Exposure Draft, consider the implications to your organization, and provide your feedback to the Accounting Standards Board to help in their deliberations.

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