Developments in International Financial Reporting Standards [IFRS], July 2018
The following IFRSs will have significant impacts for affected entities in the current year and in 2019.
[Effective for annual periods beginning on or after 1 January 2018]
IFRS 15 provides a single, principles based five-step model to be applied to all contracts with customers.
The five steps in the model are as follows:
Guidance is provided on topics such as the point in which revenue is recognised, accounting for variable consideration, costs of fulfilling and obtaining a contract and various related matters. New disclosures about revenue are also introduced.
[Effective for annual periods beginning on or after 1 January 2019]
IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.
The new legislation will usher in the most comprehensive overhaul of Irish company law in over 50 years and we will provide you with a detailed synopsis of the highlights and notable changes that are to be introduced.
ACIS, Corporate Law & Company Secretarial Practice
A concise guide to the practical measures that Accounting Firms need to take from a tax perspective in adhering to FRS102.This will link up and follow on smoothly from the earlier presentation on the Accounting implications of FRS 102 covered by previous speakers.
The Statement of Recommended Practice applies to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and ROI (FRS 102) - effective date January 2015.