28-09-2021
When IAS 39 was replaced by IFRS 9 on 1 January 2018, it was perhaps little lamented, writes Steven Hall, Partner, Financial Services Risk Consulting, KPMG and Nicholas Mead, Director, KPMG. In a financial crisis that had manifold causes, some laid at least part of the blame for the 2008 meltdown on the ‘incurred loss’ provision model in IAS39 – inadequate, too little too late, or simply the dog that didn’t bark.
24-01-2019
A summary of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, including information on disclosure exemptions, who should apply the standard, current proposals and a timeline of past amendments, announcements, exposure drafts and consultations.
01-02-2021
A guide to the accounting implications of changes to contracts with customers as a result of the pandemic.
08-07-2020
This hour long webinar looks at the accounting and financial reporting considerations for financial services firms under IFRS9 as a result of COVID-19.
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15-04-2020
The subjective nature of IFRS 9 Financial Instruments means banks are facing difficult decisions when it comes to applying the standard in a world grappling with the health and economic impacts of coronavirus.
20-04-2020
21 April 2020: the International Accounting Standards Board has issued guidance on the application of IFRS 16 Leases for COVID-19-related rent concessions.
11-12-2019
This factsheet provides a summary of the basic principles of accounting for impairments and practical tips on application.
01-02-2021
This short guide outlines the accounting implications of contract modifications to financial liabilities together with an illustrative example.
27-09-2021
This factsheet highlights new and modified requirements for preparers of IFRS accounts. The factsheet deals primarily with new IFRS requirements with mandatory application for annual periods beginning on or after 1 January 2021.
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07-07-2021
A public sector perspective on issuing grants and financial guarantees.
27-05-2020
Factors to consider to help determine whether events are adjusting or non-adjusting in the accounts.
12-05-2020
A short guide on the impact for entities with 2019 and early 2020 year-ends preparing accounts in accordance with IFRS or the IFRS for SMEs.
03-12-2020
In this guide the Financial Reporting Faculty looks at what is different about the current reporting season and where to focus your efforts.
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17-09-2020
Discover the IFRS 16 implementation lessons learned and hear about the COVID-19-related rent concessions amendment.
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18-06-2020
Covering recent IFRS implementation experience, a summary of changes applicable in 2020 and developments on the horizon.
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16-06-2020
A short webcast providing an overview of the amendment to IFRS 16 Leases relating to rent concessions granted during the COVID-19 pandemic.
05-06-2020
A short webcast, suitable for UK GAAP and IFRS reporters, outlining the accounting requirements for impairment of assets in the context of the pandemic.
16-04-2020
Aimed at both UK GAAP and IFRS reporters, a short webcast on the factors to consider when determining whether COVID-19 is an adjusting or non-adjusting event.
18 February 2021: As lockdown continues, the issue of commercial rent concessions is certainly topical. Now the IASB is proposing an extension to the availability of the practical expedient issued last year that allows entities to account for rent concessions due to COVID-19 in a simpler way.
Six business questions and their accounting consequences.
17 November 2020: The European Securities and Markets Authority has highlighted the need for timely disclosures on the consequences of the pandemic in annual financial reports as part of next year’s enforcement priorities.
29 June 2020: A roundtable discussion on IFRS 9 for banks and audit firms across Greece and Cyprus highlighted the effectiveness of the standard.
18 June 2020: Amendments to IFRS 16 Leases to help lessees account for rent concessions as a result of the Coronavirus pandemic.
16 June 2020: ICAEW CEO Michael Izza explains the new IASB guidance on climate-related disclosures.
12 June 2020: ICAEW’s Financial Reporting Faculty considers accounting requirements relating to the impairment of assets in the context of the COVID-19 pandemic in their latest short webcast.
21 April 2020: the International Accounting Standards Board has issued guidance on the application of IFRS 16 Leases for COVID-19-related rent concessions.
20 April 2020: ICAEW’s Financial Services Faculty has published a guide to help banks and their auditors deal with the effects of coronavirus on financial reporting under IFRS 9 Financial Instruments.
16 April 2020: The International Public Sector Accounting Standards Board (IPSASB) has issued a Q&A publication
EY
22-04-2021
This guide on IFRS 16 discusses how to assess whether a rent concession is a lease modification, how lessees and lessors account for rent concessions, and how to account for concessions that are not treated as lease modifications.
EY
17-02-2021
Updated guide from EY highlighting accounting considerations for the financial effects of the coronavirus when preparing annual or interim IFRS financial statements for years ending 2020. It also covers disclosure considerations for interim financial reporting.
EY
30-10-2020
Survey of IFRS financial statements from more than 120 companies published after the coronavirus pandemic was declared. It provides examples of disclosures that illustrate the impact on entities which may help businesses in preparing their own financial statements.
FRC
18-08-2020
The FRC confirms that it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU.
PwC
19-06-2020
In-depth guide from PwC following the amendment to IFRS 16 issued by the IASB in May 2020. The guide answers a range of frequently asked questions on the scope of the amendments, measurement, presentation and disclosure, transition and effective date.
Deloitte
18-06-2020
Need To Know bulletin from Deloitte IAS Plus outlining key issues for IFRS and FRS 101 reporters, updated in May 2020. The detailed guide highlights a wide range of issues including going concern, impairment of non-financial assets, financial instruments, revenue from contracts with customers, lease contracts, government assistance, interim financial reports, and other accounting considerations.
IFAC
03-06-2020
Summary compiled by IFAC looking at the key financial reporting challenges and implications arising from the coronavirus crisis. Topics include going concern, events after the reporting period, fair value measurement and impairment, ECL, lease accounting, hedge accounting, deferred tax assets, and revenue recognition.
IASB
28-05-2020
Updated summary from the IASB highlighting its guidance on applying IFRS 16 to rent concessions (issued in April 2020) and the amendment issued in May 2020 to the standard.
EY
17-04-2020
Publication from EY that outlines and discusses whether recent declines in oil and natural gas prices due to the coronavirus pandemic create accounting risks, such as counterparty credit risk, impairment risk or going concern risk. Sections cover considerations for oil and gas entities, going concern, events after the reporting period disclosures and related accounting, interim reporting, considerations for other industries, and internal control over financial reporting.
Accountancy Europe
10-04-2020
A summary produced by Accountancy Europe of responses by country to the implications on company reporting as a result of COVID-19. The publication focuses on extension of filing deadlines, IAS 10 Events After the Reporting Period, going concern, IAS 36 Impairment of Assets, IFRS 9 Financial Instruments, and other governance matters. A separate page Coronavirus crisis resources – banks covers information for European professional accountants dealing with financial institutions.
KPMG
03-04-2020
Resource centre created by KPMG on the financial reporting impacts of coronavirus. It includes FAQs on assets, financial instruments, going concern considerations, accounting for government assistance, liabilities, employee benefits, revenue-cycle accounting, lease contracts, impact on insurers, interim reporting, and events after the reporting date.
IASB
27-03-2020
Document issued by the IASB on accounting for expected credit losses (ECL) in response to questions on applying IFRS 9 Financial Instruments in the light of current uncertainty resulting from the coronavirus COVID-19 pandemic.