Ifrs news

Here are some recent news and updates related to International Financial Reporting Standards (IFRS):

Recent Developments

  1. IFRS Foundation publishes new guidance on IFRS 17: The IFRS Foundation has published a new guidance document on IFRS 17, Insurance Contracts, which provides clarification on the standard's requirements for insurance contracts.
  2. IFRS 16 Leases: Implementation challenges and lessons learned: A new report by the IFRS Foundation highlights the challenges faced by companies in implementing IFRS 16 Leases and provides lessons learned from early adopters.
  3. IFRS 9 Financial Instruments: Amendments to the disclosure requirements: The IASB has issued amendments to the disclosure requirements for IFRS 9 Financial Instruments, which aim to improve the transparency and comparability of financial reporting.

Upcoming Changes

  1. IFRS 17 Insurance Contracts: Effective date delayed: The effective date of IFRS 17 has been delayed to 2023, giving companies more time to implement the new standard.
  2. IFRS 16 Leases: Amendments to the effective date: The IASB has proposed amendments to the effective date of IFRS 16, which would allow companies to adopt the standard earlier than the current effective date of January 1, 2020.
  3. IFRS 9 Financial Instruments: Proposed amendments to the classification and measurement requirements: The IASB has proposed amendments to the classification and measurement requirements of IFRS 9, which aim to improve the consistency and comparability of financial reporting.

Country-Specific Updates

  1. China: IFRS adoption progress: China has made significant progress in adopting IFRS, with over 1,000 listed companies already reporting under the standard.
  2. India: IFRS adoption plans: India is planning to adopt IFRS for listed companies, with a proposed effective date of April 1, 2023.
  3. Japan: IFRS adoption progress: Japan has made significant progress in adopting IFRS, with over 100 listed companies already reporting under the standard.

Industry-Specific Updates

  1. Banking: IFRS 9 Financial Instruments: Implementation challenges: Banks are facing challenges in implementing IFRS 9, including the complexity of the new standard and the need for significant changes to their accounting systems.
  2. Insurance: IFRS 17 Insurance Contracts: Implementation challenges: Insurers are facing challenges in implementing IFRS 17, including the complexity of the new standard and the need for significant changes to their accounting systems.
  3. Real Estate: IFRS 16 Leases: Implementation challenges: Real estate companies are facing challenges in implementing IFRS 16, including the complexity of the new standard and the need for significant changes to their accounting systems.

These are just a few examples of recent news and updates related to IFRS. If you're interested in staying up-to-date with the latest developments, I recommend following reputable sources such as the IFRS Foundation, the International Accounting Standards Board (IASB), and industry publications.