IFRS 15

IFRS 15 for real estate companies: principal or agent?

In my last article, I provided an overview of the requirements for determining whether an entity is acting as a principal or an agent. I want now to look at this topic in more detail, and with a focus on the real estate sector—where it can be a considerable challenge. Rental contracts have a leasing component accounted for under IFRS 16 Leases, as well as ( […]

IFRS 15: are you a principal or an agent?

“When another party is involved in providing goods or services to a customer, the entity shall determine whether the nature of its promise is a performance obligation to provide the specified goods or services itself (i.e. the entity is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the entity is an agent)…” […]

Survey finds companies unready for new leasing standards

The new standards on lease accounting are here. They became effective on 1 January 2019 for calendar year-end companies. However, KPMG’s survey of companies around the world reveals that some firms won’t have fully completed their implementation programs by the effective date, and will therefore be relying on interim solutions to enable compliance workaround […]

The less obvious sides of ESMA’s enforcement priorities

Seeing as the dust hasn’t quite settled around IFRS 9, 15 and 16, it can be easy to focus all your attention on compliance with these standards and to sweep everything else under the rug for now. Good news: to a limited extent, you can! ESMA has indeed announced that their main enforcement priorities will involve the three standards mentioned above. However […]

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 […]

We wanted IFRS insights—so we went straight to the source

Reserved, technical, conservative... is generally what comes to mind when picturing the writer of an accounting standard. That was the image our IFRS team took to Frankfurt, to the annual IFRS conference hosted by the International Accounting Standards Board (IASB). Our plan was to corner one IASB board member in particular for insights—Mary Tokar, who literal […]