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HM Treasury publishes results of the post implementation review of IFRS 9 and IFRS 15 for central government

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05 Feb 2020

HM Treasury has published the results of an early post-implementation review focusing on the way that IFRS 9 and IFRS 15 were implemented in central government.

The thematic review examines the implementation process for lessons applicable to introducing future standards, and considers the quality of disclosures made in relation to IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers in the first year of their implementation.

The report indicates that “disclosure quality is variable” with some companies not sufficiently disclosing the impact of the new standards. In order to improve disclosures, the report contains some better practice examples that companies can refer to. HM Treasury is also revising its guidance to support departments as they improve the quality of their financial reporting.

A press release and the full thematic review are available on the HM Treasury website.

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