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Heads Up — Anticipating the independent private sector audit after the year 2 conflict minerals reporting cycle

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A Closer Look - Streamlined energy and carbon reporting
12 Jun 2020
Regulations intending to streamline energy and carbon reporting extend the current disclosures in annual reports for quoted companies and bring large unquoted companies and large limited liability partnerships (LLPs) into scope for periods beginning on or after 1 April 2019.
A Closer Look — Financial instruments disclosures when applying the amendments to IFRS 9 and IAS 39 on Interest Rate Benchmark Reform
19 Dec 2019
This publication provides illustrative examples related to the new disclosure requirements introduced by amendments to IFRS 7; these new disclosures are required for an entity that applies the amendments to IFRS 9 and IAS 39, 'Interest Rate Benchmark Reform'.
A closer look — Climate change
12 Dec 2019
A growing number of scientific projections detail not only potential average increases in global temperatures, but also the consequences, such as rising sea levels and more frequent extreme weather events. Economic forecasts are also increasingly reflecting these impacts, including related factors such as carbon pricing initiatives and changing demand for fossil fuels and renewable energy. It is critical to recognise that the past is no longer a predictor of the future. As a result, investors, regulators and other business stakeholders are increasingly demanding better disclosures on climate change matters and challenging companies that are not factoring the effects of climate change into their critical accounting judgements. This Closer Look publication provides an overview of investor and regulatory focus, and explores a framework for companies to use in responding to climate-related matters, including areas in the financial statements and in narrative reporting that might be ...
Short-term leases
19 Sep 2019
This publication provides a step-by-step explanation of the accounting implications of the various subsequent changes that might impact a short-term lease’s classification using practical and easy to follow examples.
A Closer look — Capital maintenance and distributions under the spotlight
18 Sep 2019
Companies’ capital allocation and dividend policies are a specific area of investor focus and high up on the political agenda. Investors now expect greater transparency around dividend policy and capital allocation and some are calling for an audited figure for distributable reserves. Further calls for improvements have come from the government and the Investment Association who have called on all listed companies to include their distribution policy within their annual report and accounts. With the introduction of new strategic report requirements, effective for accounting periods beginning on or after 1 January 2019, it is expected that disclosure will improve. However, if those requirements and investor pressure do not improve disclosure, the government has indicated that it will move to mandate disclosure of capital allocation and dividend policy by companies. This Closer look publication explores the fundamentals of the UK Capital maintenance regime, identifies common ...
A Closer Look — Revenue recognition - evaluating whether an entity is acting as a principal or as an agent
25 Jun 2019
In April 2016, the IASB issued Clarifications to IFRS 15 which amended the principal-versus-agent implementation guidance and illustrations in IFRS 15 to clarify how the principal-versus-agent indicators should be evaluated to support an entity’s conclusion that it controls a specified good or service before it is transferred to a customer. However, given the complexities of some arrangements, including those involving three or more parties, the evaluation of whether an entity is acting as a principal or as an agent continues to require significant judgement, and conclusions reached under IAS 18 may not be the same as those reached under IFRS 15.
Lease modifications – extending the lease term
21 May 2019
This publication from Deloitte Hong Kong focuses on the extension of a lease. Specifically, it addresses the following issues: 1) What constitutes a lease modification? 2) When should a lease modification be accounted for? 3) What is the impact of a lease modification on the lease term? 4) How do the modification requirements interact with transition reliefs?
A Closer Look — Measurement of expected credit losses for intercompany loan assets with no documented contractual term
09 May 2019
This publication focuses on how to assess the expected credit loss of an intercompany loan asset with no stated terms in separate financial statements.
A Closer Look — Applying the expected credit loss model to trade receivables using a provision matrix
27 Sep 2018
The first half of this publication considers the new accounting requirements for impairment of financial assets and the second half suggests a potential way of applying a provision matrix approach in practice.
A Closer Look — Impact of transition from IAS 39 to IFRS 9 on the exchange of modification of financial liabilities
22 Nov 2017
The accounting for certain modifications and exchanges of financial liabilities measured at amortised cost (e.g. bank loans and issued bonds) will change on transition from IAS 39 Financial Instruments: Recognition and Measurement to IFRS 9 Financial Instruments. This change arises from a clarification by the IASB in the Basis for Conclusions of the amendments to IFRS 9 Prepayment Features with Negative Compensation issued on 12 October 2017. The IFRS 9 accounting treatment is applicable from 1 January 2018 (the effective date of IFRS 9, or earlier if IFRS 9 is adopted early) and will need to be applied retrospectively to all affected financial liabilities that continue to be recognised on transition from IAS 39. This will result in a transition adjustment and a change to the effective interest rate for the financial liabilities affected.

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