Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. This edition, presented in three volume parts, contains the IFRS® Standards, including IAS® Standards, IFRIC® Interpretations and SIC® Interpretations, as approved for issue up to 31 December 2020 and required to be applied on 1 January 2021. The consultation paper presents the Board's preliminary views with the aim to reduce diversity in practice and to improve transparency and comparability in reporting these transactions. Join us for upcoming webcast events. The current and noncurrent classification of liabilities is not currently converged between IFRS Standards and US GAAP. IFRS ® Standards Required 1 January 2020.. For accounting periods beginning on 1 January 2020, excluding changes not yet required. That is, it does not require either (1) that the concession either be a. Describes the changes to Standards messages effective as of 21 November 2021. Effective dates of new International Financial Reporting Standards (IFRSs) Tune in to KPMG Advisory podcasts to hear perspectives on today's business issues. The following summaries highlight new authoritative guidance issued by the International Accounting Standards Board (IASB Board), provide a high-level comparison to US GAAP, and identify resources for further reading. KPMG highlights potential IFRS® Standards accounting and disclosures impacts of COVID-19. Effective dates are for annual periods beginning on or after the stated date. Explore challenges and top-of-mind concerns of business leaders today. In the November 2020 episode of our monthly IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the Board, talk about the IASB's annual joint education session with the US standard-setter FASB, current Post-implementation Review projects, Management Commentary and Subsidiaries that are SMEs. These requirements differ from and are narrower than IFRS Standards.Â. In 2018 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. IFRS 17 applies to annual periods beginning on or after 1 January 2021, with earlier application permitted if IFRS 15 and IFRS 9 are also applied. Skip to the content. ASU 2018-12 is not fully aligned with the requirements of IFRS 17. We undertook work on an urgent basis to amend IFRS Standards. The deferral of the effective date of the new accounting standard IFRS 17 to 1 January 2023 has given insurers some breathing room to prepare for the transition, but for all there is still an enormous amount of work to do and the year ahead will be a very big year for the entire industry. This edition does not contain Standards or changes to Standards with an effective date after 1 January 2020. Please remove any invalid characters ('', '+', '|'), links or URLs (e.g www.ifrs.org, http://www.ifrs.org) from the 'Your query' field and re-submit. New definition of a business: IFRS compared to US GAAP, Accounting standards boards respond to IBOR reform, Rent concessions – Practical relief for lessees, FASB staff guidance on accounting for COVID-19 rent concessions, Accounting for insurance contracts under IFRS 17, Amendments to classification of liabilities (IAS 1), Accounting for proceeds before an asset’s intended use, Interest Rate Benchmark Reform – Phase 2: Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16, FASB provides relief to companies for reference rate reform, Simplifying the Classification of Debt in a Classified Balance Sheet. It aims to increase transparency and to reduce diversity in the accounting for insurance contracts. ... Impairment of financial assets under the new standard Revenue from contracts with customers (IFRS 15) ... 2021 Effective Budgeting and Cost Control English Dubai US$ 4900 8 - 12 Aug, 2021 Fast Closing Monthly and Year-End Accounts The proposed amendment would improve the sale and leaseback requirements already in IFRS 16 by providing greater clarity for the company selling and leasing back an asset both at the date of transaction and subsequently. Instead, the company can elect to account for eligible COVID-19 related rent concessions, whatever their form (e.g. Our multi-disciplinary approach and deep, practical industry knowledge, skills and capabilities help our clients meet challenges and respond to opportunities. By using this site you agree to our use of cookies. A company can choose to apply IFRS 17 before that date, but only if it also applies IFRS 9 Financial Instrumentsand IFRS 15 Revenue from Contracts with Customers. under both IFRS Standards and US GAAP – with major new standards on revenue, leases, financial instruments and insurance. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. The Trustees also confirmed the appointment and re-appointment of several organisations and individuals to the IFRS Advisory Council, effective 1 January 2021. Instead such proceeds should be recognized in profit or loss, together with the costs of producing those items (to which IAS 27 applies). The effective date of IFRS 17 is pending a two-year deferral to 2023, to be confirmed by the IASB Board mid-2020. The IASB Board and the FASB take different approaches to the effective dates of new pronouncements. Although the headline of this quarter is COVID-19, some amendments are effective in 2020 and beyond. Amendments to IFRS 9, Financial Instruments, IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures, provide temporary but mandatory relief from specific hedge accounting requirements to address potential effects of the uncertainly in the lead up to IBOR reform (IBOR reform – Phase 1). The standard should be applied retrospectively unless impracticable. Find out what KPMG can do for your business. All rights reserved. EY Homepage. The effective date for preparers is annual periods beginning on or after January 1, 2020.1 The Conceptual Framework is typically used by preparers when developing accounting policies where no IFRS Standards apply to a particular transaction. This edition, presented in three volume parts, contains the IFRS ® Standards, including IAS ® Standards, IFRIC® Interpretations and SIC® Interpretations, as required at 1 January 2020. Search Close search See all results in Search Page. The Board has also proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. Improving business performance, turning risk and compliance into opportunities, developing strategies and enhancing value are at the core of what we do for leading organizations. The IASB Board has relaxed IFRS 16 requirements for lessees accounting for rent concessions in lease agreements. In accordance with specific requirements in IAS 37. 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