IFRS

IFRS Alerts

IFRS Alerts

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.

In response to these, the global IFRS team publishes IFRS Alerts on these changes (and other issues relevant to IFRS) as they are announced so that you can keep up to date.

The latest alert looks at the IASB’s publication ‘Definition of Material (Amendments to IAS 1 and IAS 8). The amendments made by this publication are designed to make it easier for companies to define materiality judgements. To find out more click here to open our latest Alert. [ 217 kb ]

Grant Thornton International Ltd is pleased to share our previous Alerts with you below.

Issue

Topic

Issue 2018 - 03

Argentina expected to be declared hyper-inflationary in 2018 [ 225 kb ]

This alert looks at the potential implications of Argentina being declared hyperinflationary in the second half of 2018. IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is hyperinflationary to be restated for changes in its general purchasing power. 

Issue 2018 - 02

Conceptual Framework for Financial Reporting (Conceptual Framework) [ 189 kb ]

The Conceptual Framework describes the objective of, and the concepts for, general purpose financial reporting. Although it is not a Standard and will not immediately change or override any existing Standards, it might affect entities that develop or select accounting policies in accordance with the previous version of the Conceptual Framework that was issued in 2010.

Issue 2018 - 01

Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) [ 264 kb ]

The amendments require companies to use updated actuarial assumptions to determine pension expenses following changes to a defined benefit pension plan, as described in this alert.

Issue 2017 - 07

Improvements to IFRS Standards 2015-2017 Cycle [ 264 kb ]

This addresses non-urgent (but necessary) minor amendments to four Standards: IAS 12 'Income Taxes', IAS 23 'Borrowing Costs', IFRS 3 'Business Combinations' and IFRS 11 'Joint Arrangements'.

Issue 2017 - 06

Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) [ 264 kb ]

Amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ clarifies that companies account for long-term interests in an associate or joint venture—to which the equity method is not applied—using IFRS 9 ‘Financial Instruments’.  This includes long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture.

Issue 2017 - 05

Prepayment Features with Negative Compensation (Amendments to IFRS 9) [ 269 kb ]

Amendments to IFRS 9 ‘Financial Instruments’ allow companies to measure particular prepayable financial assets with negative compensation at amortised cost or at fair value through other comprehensive income—instead of measuring those assets at fair value through profit or loss.

The amendments also include clarifications to the modification or exchange of a financial liability that does not result in derecognition

Issue 2017 - 04

IFRS Practice Statement 2: Making Materiality Judgements [ 268 kb ]

Issue 2017 - 03

IFRIC 23 ‘Uncertainty over Income Tax Treatments' [ 270 kb ]

Issue 2017 - 02

IFRS 17 Insurance Contracts [ 298 kb ]

Issue 2017 - 01

Uncertainty over tax issues resulting from the UK's decision to leave the European Union [ 309 kb ]