What’s next after the new IFRS standards?

 Economy
Aug 062017
 

In the last three years, the International Accounting Standards Board or IASB has issued four new major International Financial Reporting Standards (IFRS). First on the list was the final version of IFRS 9, the new standard on financial instruments, followed by IFRS 15, the new revenue recognition standard. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. And last, but certainly not the least, came IFRS 17, the much-anticipated new standard on insurance, which takes effect in 2021.

Anticipated challenges in implementing the completed IFRS 9

 Economy
Sep 212014
 

(First of two parts) A FEW weeks ago, the International Accounting Standards Board (IASB) issued the complete version of International Financial Reporting Standard (IFRS) 9 Financial Instruments. IFRS 9 is the culmination of the IASB’s project to replace International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement.

The next great upheaval in financial reporting for insurance firms

 Economy
May 052013
 

IN JULY 2010, the International Accounting Standards Board (IASB) issued an Exposure Draft (ED) on Phase 2 of International Financial Reporting Standard (IFRS) 4, Insurance Contracts, which detailed several significant changes to the way insurers measure insurance contracts. The ED required them to apply current market assessment when they measure their liabilities. The comment period for the ED ended on Nov. 20, 2010 and the IASB has since conducted re-deliberations and has reached tentative conclusions on key topics.