Introduction In May 2023, the International Accounting Standards Board (IASB) published amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements, that set out new disclosure requirements for entities with such arrangements. Supplier...
Introduction The International Accounting Standards Board (IASB) has published amendments to IAS 12 Income Taxes (IAS 12) that introduce a temporary exception to the recognition of deferred taxes resulting from the implementation of the OECD Pillar Two rules, and that require targeted disclosures...
The IFRS Interpretations Committee (Committee) has published a final agenda decision (available here) on how to determine whether a contract contains a lease where there are substitution rights. It was confirmed and published by the International Accounting Standards Board (IASB) in...
One of the concepts introduced by IFRS 9 Financial Instruments (IFRS 9) (effective for IFRS reporters other than insurance companies since 2018) is the “solely payments of principal and interest” (SPPI) test. This test must be met for a financial...
Entities may be aware that in December 2021, the Organisation for Economic Co-operation and Development (OECD) published its Pillar Two model rules (“the rules”). The rules address the tax challenges arising from the digitalisation of the economy and were agreed...
IAS 1 Presentation of Financial Statements sets out the circumstances in which an entity is required to classify a liability as current. One of those circumstances, set out in sub-paragraph 69(d), is when the entity does not have an unconditional...
This publication looks at the top ten areas of improvement highlighted by the Financial Reporting Council (FRC) in its Annual Review of Corporate Reporting for 2022/23, setting out a checklist of what companies should be providing, and avoiding, in their...
Here we provide a technical publication that sets out the key accounting and corporate reporting considerations and reminders for the 2022/2023 reporting season. https://blogs.mazars.com/mindthegaap/files/2022/11/Hot-Topi_Corporate-Reporting-Issues-for-Clients-2022_23-1.pdf Hot-Topic_Corporate-Reporting-Issues-for-Clients-2022_23-2Download
The IFRS Interpretations Committee (Committee) has published a final agenda decision (available here) on whether public shares issued by a SPAC (Special Purpose Acquisition Company) should be classified as financial liabilities or equity. It was confirmed and published by the...
The IFRS Interpretations Committee (Committee) has published a final agenda decision (available here) on methods for determining the amount of revenue to be recognised on immediate annuity contracts. It was confirmed and published by the International Accounting Standards Board (IASB)...
The IFRS Interpretations Committee (Committee) has published a final agenda decision (available here) on government measures to encourage reductions in vehicle CO2 emissions. It was confirmed and published by the International Accounting Standards Board (IASB) in July 2022. The request...
The International Accounting Standards Board (IASB) has published amendments to IFRS 16 Leases (IFRS 16) Lease Liability in a Sale and Leaseback. These amendments clarify the subsequent measurement of sale and leaseback transactions where the initial sale of the underlying asset...
Here we set out two summary technical publications, one for IFRS reporters and one for UK GAAP reporters, that set out the key accounting and corporate reporting considerations and reminders for the 2021/2022 reporting season. Publication for IFRS reporters: https://blogs.mazars.com/mindthegaap/files/2022/01/Hot-Topic_-Corporate-Reporting-Overview-2021-22_IFRS-FINAL.pdf...
The international Accounting Standards Board (IASB) has published a Request for Information for the post-implementation review of IFRS 9 Financial Instruments on classification and measurement. This relates to the first phase of the PIR on IFRS 9, which focuses on the...
In April 2021, the IFRS Interpretations Committee (Committee) issued an agenda decision regarding how to account for configuration or customisation costs associated with software purchased from a supplier in a Software as a Service (SaaS) arrangement (i.e. a cloud-based computing...
This publication looks at the key good disclosure points that companies should include within their interim reporting, as well as those aspects that companies should look to avoid. Please use the following link to view the Hot Topic publication: https://blogs.mazars.com/mindthegaap/files/2021/05/Hot-Topic_Interim-reporting-key-highlights-checklist.pdf
The International Accounting Standards Board (IASB) is currently consulting on its activities and its work plan for the next five years: Request for Information: Third Agenda Consultation. The comment period open until 27 September. Background and overview of the current work...
What’s the issue? The IFRS Interpretations Committee (“IFRS IC”) has published a final agenda decision in relation to supply chain financing arrangements; specifically reverse factoring. The decision relates to the impact of reverse factoring arrangements on the presentation in the statement...
At the March 2021 International Accounting Standards Board’s (“IASB”) meeting, the Board members began the anticipated task of redeliberating the proposals set out in the exposure draft: General Presentation and Disclosures (“ED”), which was published in December 2019 (and was...
The International Accounting Standards Board (“IASB”) has published an amendment to IFRS 16 Leases Covid-19-Related Rent Concessions beyond 30 June 2021 that extends by one year the application period of the amendment to IFRS 16 Leases issued last year (May 2020 amendment)...
This publication looks at how companies can improve their cash flow statements and liquidity disclosures, following the FRC’s thematic review. Please use the following link to view the Hot Topic publication: https://blogs.mazars.com/mindthegaap/files/2020/12/Hot-Topic_Cash-Flow-and-Liquidity-Disclosures-1.pdf
At our Corporate Governance and Reporting Forum webinar, we discussed the pressures and challenges that companies, particular listed and AIM, are facing this year with their annual reporting. This article sets out our top tips for 5 significant areas of...
One of the emerging trends that has arisen during the Covid-19 pandemic has been the surging number of cases of rental forgiveness or deferral, as lease arrangements are negotiated between lessees and lessors. Economically, the purpose of these negotiations is...
This publication looks at the key disclosure expectations, in relation to the impact of Covid-19, that companies should focus on when preparing their forthcoming annual reports. Please use the following link to view the Hot Topic publication: https://blogs.mazars.com/mindthegaap/files/2020/11/Hot-Topic_Impact-of-Covid-19_Key-Disclosure-Expectations.pdf
This publication looks at the top ten areas of improvement highlighted by the Financial Reporting Council ("FRC") in its Annual Review of Corporate Reporting for 20129/20, setting out a checklist of what companies should be providing, and avoiding, in their...
It is difficult to imagine a more extreme test of corporate responsibility and governance than the coronavirus outbreak. Background to the s172 statement The obligation for companies to consider the effects of their actions on other stakeholders (in section 172...
At the International Accounting Standards Board's (“IASB”) meeting in December 2019, it was tentatively decided to delay the effective date of IFRS 17 Insurance Contracts (“IFRS 17”) and the fixed expiry date of the temporary exemption from applying IFRS 9...
The International Accounting Standards Board (“IASB”) has issued narrow-scope Amendments to IAS 1 Presentation of Financial Statements (“IAS 1”) - Classification of Liabilities as Current or Non-current. The amendments clarify the requirements for classifying liabilities, such as debts, loans and...
Important proposals have been announced for IFRS-reporters that will lead to fundamental changes as to how entities will be required to present information within their primary statements, particularly within the statement of profit or loss when reporting on financial performance....
The IFRS Interpretations Committee (“Committee”) recently opined on how airlines should account for compensation paid to passengers for delayed or cancelled flights. The result of their deliberations was that such payments should be accounted for as a reduction to revenue....
Last week, the International Accounting Standards Board (“IASB”) issued amendments to the financial instruments standards, IFRS 9 Financial Instruments (“IFRS 9”), IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”) and IFRS 7 Financial Instruments: Disclosures (“IFRS 7”), setting out...
On 26 June 2019, the IASB published the exposure draft: ED/2019/4 Amendments to IFRS 17, proposing the long-awaited amendments to the insurance contracts standard. Set out below is a summary of the key points of the exposure draft covering what the...
The Financial Reporting Council (“FRC”) has issued Amendments to FRS 101 – 2018/19 cycle, which prohibit insurers applying FRS 101 Reduced Disclosure Framework (“FRS 101”) in their financial statements when IFRS 17 Insurance Contracts (“IFRS 17”) becomes effective. Why –...
The ongoing reform of short-term interest rate benchmarks, and the growing uncertainties affecting future cash flows, have persuaded the International Accounting Standards Board (“IASB”) to put forward proposed amendments to the hedge accounting requirements in IAS 39 Financial Instruments: Recognition and...
The IFRS Interpretations Committee (“Committee”) has now clarified which, and how, IFRS standards are to be applied to holdings of cryptocurrencies; this conclusion being reached after the Committee put their tentative decisions out for discussion back in March. Refer to...
IFRS 16 Leases (“IAS 16”) came into effect on 1 January 2019. The first interim set of financial statements, which are usually presented in a condensed format in accordance with IAS 34 Interim Financial Reporting (“IAS 34”), must therefore take account of the implementation...
A few final technical issues prior to publication of the ED At the May 2019 meeting, the IASB discussed a few final technical issues on the proposed amendments to IFRS 17 Insurance Contracts prior to finalising the exposure draft, which is expected...
At the April 2019 meeting, the IASB concluded its deliberations on amendments to IFRS 17 Insurance Contracts (see previous blog articles for further details) and authorised its staff to start the drafting of the exposure draft. The IASB has also...
At the March meeting, the IASB continued its discussions on the amendments necessary to IFRS 17 Insurance Contracts, which are looking to address the criticisms raised by stakeholders and thus to more faithfully represent the performance of insurance contracts in...
The required accounting for the holdings of cryptocurrencies, such as Bitcoin, Ripple or Litecoin, has recently caused much difficulty and divergence in practice, and with the ever rapidly-growing use of cryptocurrencies around the world, this issue is becoming much more...
At the February meeting, the IASB continued its discussions on the amendments necessary to IFRS 17 Insurance Contracts, which are looking to address the criticisms raised by stakeholders and thus to more faithfully represent the performance of insurance contracts in...
At the January meeting, the IASB decided to make amendments to IFRS 17 Insurance Contracts, relating to the following topics: reinsurance contracts purchased by a primary insurer (reinsurance contracts held); andamortisation of the contractual service margin (CSM) in profit or loss...
1. Group insurance policies Under a group insurance policy an entity provides insurance coverage to members of an association or to customers of a bank (members or customers that purchase insurance coverage are referred to as ‘certificate holders’). Some of...
The September Transition Resource Group (TRG) meeting provided further clarity in a range of areas related to insurance under IFRS 17. Our analysis addresses the points that we expect will affect most insurers. Other topics discussed applicable to mutuals and...
A year and a few months after the issue of the new insurance contracts standard, insurers (issuers of insurance contracts) are recalibrating their IFRS 17 implementation approaches based on the latest technical developments and positions adopted by their peers. Latest...
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