The fundamentals of IFRS 16
Future CFO
MAY 22, 2022
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 16, Leases. The post The fundamentals of IFRS 16 appeared first on FutureCFO.
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Future CFO
MAY 22, 2022
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 16, Leases. The post The fundamentals of IFRS 16 appeared first on FutureCFO.
Future CFO
NOVEMBER 27, 2023
The Financial Reporting Council (FRC) calls for IFRS 17 disclosures improvements in its recently published IFRS 17 'Insurance Contracts' thematic review. The IFRS 17 disclosures improvements that FR C expects include the following. The post IFRS 17 disclosures improvements needed: FRC appeared first on FutureCFO.
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Future CFO
APRIL 17, 2022
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 5, 'Non-Current Assets Held for Sale and Discontinued Operations'. The post The fundamentals of IFRS 5 appeared first on FutureCFO.
Future CFO
OCTOBER 8, 2023
One of the major IFRS 17 challenges is that it’s disrupting business as usual for insurers. According to a WTW IRS 17 survey, there are major post-implementation challenges that insurers still need to overcome after reporting their half-year 2023 results under IFRS 17 for the first time.
CFO Talks
JULY 27, 2023
The new IFRS sustainability standards will impact businesses large and small, says Suresh Kana, trustee and deputy chair of the IFRS Foundation. Kana also notes that IFRS will work on industry-specific standards. “If So you could use these standards in the US or you could use them in [IFRS jurisdictions].”
Future CFO
FEBRUARY 7, 2023
IFRS 17 will change insurers' reported earnings and equity as it alters their profit recognition patterns and measurement of liabilities, while not directly affecting insurers' creditworthiness, said Moody's recently. The post IFRS 17 won't directly affect insurers' creditworthiness appeared first on FutureCFO.
Future CFO
JUNE 27, 2022
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 8, Operating Segments. The post The fundamentals of IFRS 8 appeared first on FutureCFO.
Future CFO
NOVEMBER 28, 2021
EY’s new survey explores changes to KPIs under IFRS 17 and recommends actions insurers should take now. The post EY Global IFRS 17 KPI survey appeared first on FutureCFO.
Future CFO
JUNE 22, 2022
Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, said WTW recently. According to WTW’s latest survey, entitled ‘IFRS 17: Will we make it?’, insurers report material progress has been made since WTW’s previous IFRS 17 poll in 2021.
CFO Talks
DECEMBER 3, 2021
From IAS Plus : The IFRS Foundation has announced the creation of its new International Sustainability Standards Board (ISSB) that will develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. Read more here.
Future CFO
JUNE 14, 2021
The total IFRS cost faced by the global insurance sector to implement the standard is estimated to hit the range of US$15 billion - US$20 billion, said Willis Towers Watson recently. Estimated IFRS costs vary significantly by insurer size, according to a Willis Towers Watson study which polled 312 insurers from 50 countries.
Future CFO
AUGUST 15, 2021
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 2, “Share-based Payment”, in this short video. The post The fundamentals of IFRS 2 appeared first on FutureCFO.
Future CFO
DECEMBER 2, 2019
In the third of EY's Global IFRS video series on the implementation of IFRS 16, Emily Moll and Victor Chan discuss agenda decisions reached by the IFRS Interpretations committee about the application of IFRS 16. The post IFRS Interpretations Committee agenda decisions on IFRS 16 (I) appeared first on FutureCFO.
Future CFO
AUGUST 22, 2019
IFRS 16, published by the International Accounting Standards Board (IABS), came into effect on January 1, 2019. In an effort to boost transparency, IFRS 16 eliminates the distinction between finance leases, which were previously capitalized on corporate balance sheets, and operating leases, which were not.
Future CFO
JANUARY 2, 2022
The post IFRS Video: IBOR reform, year-end considerations appeared first on FutureCFO. This video considers the accounting for the latest IBOR reform developments, as entities transition their exposures to risk free rates.
Future CFO
JULY 12, 2020
After several months of re-deliberations, the International Accounting Standards Board (the Board) has published the final amendments to IFRS 17 Insurance Contracts. The post IFRS 17: Final amendments are out now appeared first on FutureCFO.
Future CFO
JANUARY 28, 2020
In this episode, EY Global covers the key reminders and considerations about the implementation of IFRS 16 Leases by lessees as calendar year-end entities finalise their annual financial statements. The post IFRS 16 Leases: Key issues and challenges appeared first on FutureCFO.
Future CFO
JANUARY 3, 2021
In this video Tony Clifford, Jane Hurworth and David Bradbery discuss some practical issues in applying the IFRS IBOR reform amendments, with some illustrative examples. The post Global IFRS video: Applying the IBOR reform amendments in practice appeared first on FutureCFO.
Future CFO
FEBRUARY 23, 2020
The post Global IFRS: IBOR transition discussions appeared first on FutureCFO. Tony Clifford and David Bradbery from EY talk through the tentative decisions taken in January 2020 by the IASB for their IBOR reform project.
Future CFO
AUGUST 26, 2019
In the second of our Global IFRS video series on the implementation of IFRS 16, Emily Moll and Victor Chan discuss a recent survey on the disclosure of the expected impact of adopting IFRS 16 on the date of initial application by large entities.
Future CFO
MAY 23, 2021
The post Global IFRS video: Regulatory assets and regulatory liabilities appeared first on FutureCFO. This EY video addresses the IASB’s proposals for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expense.
Future CFO
JANUARY 5, 2020
The survey was conducted to learn more about emerging presentation and disclosure practices, as well as the transition effect of IFRS 15 on entities in selected sectors. The post Overview of EY IFRS 15 presentation and disclosure survey appeared first on FutureCFO.
Reval
MARCH 7, 2017
IFRS 9 is changing hedge accounting forever. Companies in the European Union have only begun to kick off their IFRS 9 initiatives since the European Commission endorsed the standard in November 2016. IFRS 9 Advantages in a Nutshell. IFRS 9 enables hedgers to treat “costs of hedging” as a separate component of equity.
Future CFO
AUGUST 9, 2020
Brian O’Donovan from KPMG International Standards Group provides an update on plans to amend IFRS 16 Leases in response to the COVID-19 coronavirus pandemic. The post What changes are being made to IFRS 16 because of COVID-19? appeared first on FutureCFO.
Future CFO
FEBRUARY 11, 2020
South Korea life insurance firm Kyobo Life has implemented a high-performance computing platform for IFRS 17 and K-ICS financial reporting compliance, said AON recently. The post IFRS 17: South Korean insurer implements a computing platform for compliance appeared first on FutureCFO.
Future CFO
MAY 3, 2020
The post Global IFRS: Management performance measures in the financial statements appeared first on FutureCFO. In this episode, experts from EY discuss the changes being proposed by the IASB in relation to management performance measures (MPMs) in its recent ED, General Presentation and Disclosures.
Future CFO
JANUARY 21, 2020
At its October 2019 meeting, the IASB made progress in phase two of its project to amend IFRS in response to the financial reporting challenges posed by IBOR reform. The post Global IFRS IBOR reform: Phase 2 Classification and Measurement issues appeared first on FutureCFO.
Future CFO
SEPTEMBER 19, 2019
The CFO Forum and Insurance Europe—representing 23 of the continent’s largest insurers and 95% of premium income—call for a delay of the IFRS 17 implementation deadline to Jan 1, 2023. According to the letter, the organizations also asked for additional changes to IFRS 17.
Future CFO
NOVEMBER 17, 2019
The post Global IFRS: IBOR reform – phase 1 complete; phase 2 underway appeared first on FutureCFO. In this video on the IBOR reform project, Tony Clifford and David Bradbery provide an overview of the IASB’s work so far and the EY organization’s view of how we see it.
Bramasol
JULY 22, 2023
From a global perspective, the International Sustainability Standards Board (ISSB), which was established by the IFRS in November 2021 at COP26 in Glasgow, has issued its first two standards. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
Bramasol
SEPTEMBER 29, 2023
The other is the International Accounting Standards Board (IASB), whose rules for financial reporting are known as International Financial Reporting Standards (IFRS). IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
CFO Talks
MAY 12, 2023
Why Maake believes Treasury was right A core point of Maake’s argument is that State Owned Companies (SOCs) like Eskom are expected to not only adhere to IFRS and the Companies Act, but also the PFMA. All these elements are covered under IFRS. How do you close it?
Future CFO
SEPTEMBER 10, 2023
A watershed moment for the ISSB as IFRS S1 and IFRS S2 are released. Mark Vaessen explains. The post Sustainability reporting : A watershed moment appeared first on FutureCFO.
CFO Talks
MARCH 14, 2023
Regardless of load shedding, CFOs can’t rely on IFRS alone Like many CFOs, Ehsaan made the leap from an auditing to commercial and operational role. “I However, as a modern CFO, you cannot only rely on your IFRS textbook or your technical abilities. I learnt a lot of the key skills I need in the auditing profession.
Bramasol
JANUARY 16, 2022
Compliance with ASC 606 / IFRS 15 requires separate cumbersome processes. One of the key advantages of using this SAP-enabled holistic approach is the ability to streamline integration of revenue recognition compliance with ASC 606 / IFRS 15. Integrated compliance for ASC 606 / IFRS 15 disclosures and reporting.
Future CFO
SEPTEMBER 19, 2023
18 released its final recommendations on nature-related risk management and disclosure, aligned with existing Global Reporting Initiative (GRI) and International Financial Reporting Standards (IFRS) and Kunming-Montreal Biodiversity Framework requirements. The Taskforce on Nature-related Financial Disclosures on Sept.
Bramasol
JULY 31, 2023
For leasing, this means International Accounting Standards Board’s (IASB’s) IFRS 16 and US GAAP Financial Accounting Standards Board’s (FASB’s) ASC 842. For revenue recognition, they also must comply with ASC 606 and IFRS 15.
Bramasol
JANUARY 9, 2023
Since the release of new lease accounting standards ASC 842 and IFRS 16 in 2018, companies have taken a variety of approaches to comply, but many are now aiming to optimize their lease accounting processes for efficiency and long-term manageability.
Future CFO
DECEMBER 4, 2023
ISSB preparedness The research looked at companies’ readiness for meeting the requirements for IFRS S2 Climate-related Disclosures.
Simply Treasury
JUNE 3, 2021
Many companies hedge on a budgetary basis and qualify hedges of future cash flows by applying the so-called "cash-flow hedge" method under IFRS 9 (ex-IAS 39). Any hiccup may require readjustment of the accounting of the transactions, as required by IFRS 9. "Cash-Flow Hedge (CFH) Method applied.
Future CFO
AUGUST 16, 2022
The ISSB, formed by the International Financial Reporting Standards ( IFRS ) Foundation after last year’s UN climate change conference, COP26, published two exposure drafts (EDs) in March 2022 for comment — one on general requirements and a second on climate disclosures. “We
CFO Talks
DECEMBER 3, 2021
From IAS Plus : The IFRS Foundation has released a climate-related disclosures prototype that is the proposal of the Technical Readiness Working Group (TRWG) for the first thematic standard of the ISSB. The TRWG was created in March 2021 to facilitate a running start of the ISSB.
CFO Talks
DECEMBER 3, 2021
From IAS Plus : The IFRS Foundation has released a general requirements prototype that is the proposal of the Technical Readiness Working Group (TRWG) for a general presentation standard of the ISSB. The TRWG was created in March 2021 to facilitate a running start of the ISSB.
Bramasol
AUGUST 29, 2022
For example, SAP Revenue Accounting & Reporting (RAR) and SAP Contract & Lease Management (CLM) streamline and simplify accounting and reporting of complex revenue streams under ASC 606 / IFRS 15 as well as asset management and accounting under ASC 842 / IFRS 16.
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