Companies reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations.
The nature of the changes ranges from significant amendments of fundamental principles to some minor changes from the annual improvements process (AIP). They will affect many different areas of accounting ranging from the presentation of financial statements to changes to particular elements, such as financial instruments and employee benefits.
Some of the changes have implications that go beyond matters of accounting, potentially also impacting the information systems of many entities. Furthermore, the changes may impact business decisions, such as the creation of joint arrangements or the structuring of particular transactions.
The challenge for preparers is to gain an understanding of what lies ahead.