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Need to know — Disclosing the new adoption of accounting standards in interim financial statements

Published on: 21 Jun 2018

Both IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are mandatorily effective for annual periods beginning on or after 1 January 2018. For many entities, the first financial statements reflecting adoption of these significant standards will be an interim report for the six months to June 2018. IFRS 16 Leases is also available for early adoption in 2018 financial statements.

The Financial Reporting Council highlighted the importance of proper disclosure in respect of the adoption of IFRS 9 and IFRS 15 in its recent Corporate Reporting Review Briefing, noting that these disclosures should be clear, concise, company‑specific and that they should focus on the areas of change. The need to consider the materiality of the impact of new standards in deciding the extent of necessary disclosures was also recognised.

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