IFRS Accounting Update 2016

2015 saw the culmination of a set of core projects undertaken by the IASB with the publication of IFRS 16 – Leasing. Together, with its new standard on revenue, IFRS 15 and completion of its work on financial instruments, IFRS 9, these Standards become mandatory over the next two-three years and will have far reaching consequences on reported results. Companies will need to carefully consider the impact of these new Standards and whether to utilize any of the optional transitional and other reliefs available to them. Furthermore, the IASB has continued to release improvements to other standards.

Looking beyond the immediate changes there are many future developments, some of which are in advanced stages, others which are still at discussion stage. The outcomes of these proposals could have significant impacts upon the presentation, recognition or measurement of transactions and impact upon commercial decisions that you are taking now; you need to understand how these may impact you so that you can future proof those decisions.