IAS 1

IAS 1: small amendments with a potentially big impact on liability classifications

The International Accounting Standards Board (IASB) recently issued narrow-scope amendments to IAS 1 that clarify the existing requirements for classifying liabilities as current or non-current. In practice, the amendments could affect, for example, the classification of rollover facilities, with some becoming non-current, and convertible instruments, with some […]
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Materiality in IFRS: it’s on

Several major new IFRS standards have become effective recently or will do so soon and, as is the case for every new standard, these will mean changes and new requirements not only for accounting treatments but also for disclosures. Altogether, there will undoubtedly be a lot of additional work for both financial statement preparers and their auditors. Theref […]
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What IFRS disclosure priorities to expect from the CSSF

In October, the European Securities and Markets Authority (ESMA) released its 2018 enforcement priorities for listed entities. They mainly focus on IFRS 9 and IFRS 15, which are effective from 1 January 2018, as well as on IFRS 16, which goes live in about a month, on 1 January 2019. Why are these priorities important in Luxembourg? Well, anyone who looks int […]
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Don’t neglect this one aspect of IFRS 16 (Leases)!

As I’m sure everyone is well aware, IFRS 16 is now effective for annual periods beginning on or after 1 January 2019. Although for most of you this means a very real impact only in your 2019 financial statements, there are the (un)lucky few that have to prepare half year reports. But even before we hit that mark, there is the future impact assessment—require […]
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IFRS disclosure problems and the IASB’s big plan

Tuning up the communication of financial reporting is the main project of the International Accounting Standards Board (IASB) at the moment. Though in fact the IASB started discussing this project back in 2013, when it identified the three concerns about information in the financial statements: There is not enough relevant information. There is too much […]
2

IASB provides important clarifications on IAS 1 and IAS 8

The International Accounting Standards Board (IASB) has recently updated its definition of “material” as it appears in IAS 1 and IAS 8, and by a similar process now wants to clarify accounting policy changes as defined in IAS 8. Regarding the latter, the IASB has just finished collecting feedback on its exposure draft (ED). Definition of material The IASB […]