IASB

Proposed amendments to sale-and-leaseback. How ready are you?

In mid-2020, the IFRS Interpretations Committee (IFRS IC) received a question on how to measure a lease liability and right-of-use (ROU) asset on a sale-and-leaseback transaction with fully variable payments. You might be wondering what sparked this question in the first place. Well, IFRS 16 prohibits the inclusion of variable lease payments (except for those […]
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Choosing the right accounting policy under the IFRS framework

Accounting policy refers to the specific rule or principle that an entity applies to a transaction, other event or condition when preparing and presenting its financial statements. It encompasses everything from recognition and measurement to presentations and disclosures. For most transactions, other events or conditions, specific IFRS Standards apply. But what […]
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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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Impairment of goodwill: will the IASB reintroduce previous requirements?

With the adoption of IFRS 3 Business Combinations in 2004, the International Accounting Standards Board (IASB) abolished the amortization of goodwill and introduced an impairment-only approach. In the years after the adoption, however, the Board soon noticed a couple of problems. Firstly, the mandatory impairment test is both costly and subjective. Secondly, imp […]
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Investors call for better communication in Financial Reporting

Everyone understands that the IFRSs must be constantly refreshed in response to a fast-changing world. Over the last eight years, investors’ interests in financial reporting and supporting information has shifted from achieving short term goals to creating sustainable, long term value. Therefore, the need to update the quality and effectiveness of the communic […]
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Inside the new IFRS 17 amendments (insurers, take note)

The International Accounting Standards Board (IASB) has recently published its proposed amendments to IFRS 17 Insurance Contracts. The amendments seek to make it easier for insurers worldwide to implement IFRS 17, a standard aiming to improve comparability in the sector, increase transparency on business profitability, and generate more insights on individual fi […]