In depth - New IFRSs for 2017

May 2017

Since March 2016, the IASB has issued the following amendments:

  • Amendments to IFRS 4, ‘Insurance contracts’, regarding the implementation of IFRS 9
  • Amendments to IFRS 2, ‘Share based payments’, regarding the classification and measurement of share based payment transactions
  • Amendments to IAS 40, ‘Investment property’, regarding transfers of investment property
  • Amendments to IFRS 15, ‘Revenue from contracts with customers’ regarding clarifications to the standard
  • Annual improvements 2014-2016 covering IFRS 12, ‘Disclosure of interests in other entities’, IFRS 1, ‘First-time adoption of IFRS’, and IAS 28, ‘Investments in associates and joint ventures’
  • IFRIC 22 - ‘Foreign currency transactions and advance consideration’

This guide summarises these new amendments and IFRIC plus those standards and amendments issued previously that are effective from 1 January 2017.

It is designed to be used by preparers, users and auditors of IFRS financial statements. It includes a quick reference table of each standard/amendment/interpretation categorised by the effective date, whether early adoption is permitted. The publication gives an overview of the impact of the changes, which may be significant for some entities, helping companies understand if they will be affected and to begin their considerations. It will help entities plan more effectively by flagging up where new processes and systems or more guidance may be needed.

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