April

IASB posts video on IFRS 17

03 Apr, 2018

The IASB has posted a video on supporting implementation of IFRS 17 'Insurance Contracts'.

The short video (two minutes) is part of the IFRS Foundation's efforts to support the implementation of IFRS 17 and describes the three ways pursued in doing so: TRG on IFRS 17, supporting material and education.

For more information, see the press release on the IASB’s website.

ICAEW webinar on IFRS 15

03 Apr, 2018

The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers' on 19 April 2018.

The webinar will cover:

  • best practices and tips on implementing IFRS 15 and dealing with complex contracts;
  • how to have success in the long term with IFRS 15;
  • the impact to incentive plan design, plan calculations and reporting, including example scenarios; and
  • how the tactical need for better data can lead to strategic insights across all business segments.

Further details are available on the ICAEW website.

ESMA publishes report on the activities of accounting enforcers and their findings within the EU in 2017

03 Apr, 2018

The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Union (EU) when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2017.

European enforcers examined the financial statements of about 1,100 issuers representing an average examination rate of 19% of all IFRS issuers with securities listed on regulated markets (2016: 21%). These examinations resulted in 328 actions taken to address material departures from IFRS (2016: 311). As in 2015 and 2016, the main deficiencies were identified in the areas of financial statements presentation, impairment of non-financial assets, and accounting for financial instruments.

Please click to access the full report on the ESMA website.

European Union formally adopts IFRIC 22

03 Apr, 2018

The European Union has published a Commission Regulation endorsing IFRIC 22 'Foreign Currency Transactions and Advance Consideration'.

IFRIC 22 was developed by the IFRS Interpretations Committee to clarify the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency.

The European Union effective date is the same as the IASB's (1 January 2018).

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 3 April 2018.

As a result of the EU's adoption, the EFRAG has updated its endorsement status report.

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