Entities reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations. The resulting changes range from significant amendments of fundamental principles to some minor changes from the annual improvements process (AIP). They will affect different areas of accounting, such as recognition, measurement, presentation and disclosure.
The challenge for preparers is to gain an understanding of what lies ahead.
EY’s IFRS Update of standards and interpretations in issue at 31 March 2019 provides an overview of the upcoming changes in standards and interpretations (pronouncements). Up until now, IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers were the two most significant financial reporting developments impacting the funds industry. Now that the first annual period (1 January 2018 to 31 December 2018) in which the standards became effective has passed, the most significant accounting standard or interpretation for investment funds is IFRIC Interpretation 23 Uncertainty over Income Tax Treatments which is effective for annual periods beginning on or after 1 January 2019.
Our below publication provides an overview of the changes in standards and interpretations (pronouncements). It also provides an update on selected active projects.
If you have any questions, please don’t hesitate in reaching out.