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Annual financial statements will always be a critical communication to investors and other stakeholders. How effective will they be in explaining the COVID-19 pandemic impact on your organisation?

As one of the most referred to Standards, IFRS 3 has been in place for more than ten years and has undergone a post-implementation review by the IASB.

We highlight some of the hedge accounting and highly probable cash flow considerations an entity may need to consider in light of the COVID-19 pandemic.

Navigating the Changes to IFRS provides a high-level summary of recent changes to IFRS that will affect companies' future financial reporting.

Common control business combinations

Borrowers need to determine the impact of any changes to debt arrangements and then apply the guidance set out in IFRS 9 ‘Financial Instruments’ to determine whether the change is a modification (as defined in IFRS 9).

Are you ready for IFRS 16? This series of insights will help you prepare.

The global IFRS team at Grant Thornton International Ltd has published consolidated example financial statements for the year ending 31 December 2020.

Navigating the Changes to IFRS provides a high-level summary of recent changes to IFRS that will affect companies' future financial reporting.

The publication illustrates condensed interim financial statements for a six month accounting period beginning on 1 January 2020. The Interim Financial Statements have been reviewed and updated to reflect changes in IAS 34 and in other IFRS that are effective for the year ending 31 December 2020.

How have the amendments to IFRS 3 changed the definition of a business?

The global IFRS team at Grant Thornton International Ltd has published consolidated example financial statements for the year ending 31 December 2019.

The publication illustrates condensed interim financial statements for a six month accounting period beginning on 1 January 2019 in accordance with IAS 34 ‘Interim Financial Reporting’ (IAS 34) at 30 June 2019.

Deciding which payments need be recognised in the measurement of the liability and how changes in those payments are recognised often involves considerable judgement.

IFRS 16 makes significant changes to sale and leaseback accounting.

Taking a closer look at transition choices, we set out the choices that are available and discuss some of their practical implications. We have also included a flow chart summarising the decisions to be made.