IFRS in your pocket
Welcome to the 2016 edition of IFRS in Your Pocket. It is the concise guide to all of the topics which have made this publication an annual, and indispensable, world‑wide favourite. At its core is a comprehensive summary of the current Standards and Interpretations along with details of the projects on the agendas of the IASB and the IFRS Interpretations Committee. Backing this up is all the information you need on the structure and workings of the IASB and additional analysis of the use of IFRS around the world. It is the ideal guide, update and refresher for everyone involved.
It has been an encouraging year on the global stage as over the year the influence and use of IFRS in global markets has continued to grow. Three of the largest economies in the world made positive steps towards the full adoption of IFRS. The IFRS Foundation and the Chinese Ministry of Finance established a joint working group to explore ways and steps to advance the use of IFRS within China. India adopted new requirements that are broadly converged with IFRS. In Japan voluntary adoption shows a ten‑fold increase in the use of IFRS since the beginning of 2013. And in the same vein it is also encouraging that the SEC has emphasised the importance of the IASB and the FASB cooperating to develop Standards that eliminate differences between international and US financial reporting requirements.
The IASB continued to make progress on some of the most important topics on its agenda. Last year we included a summary of the new requirements of IFRS 15 Revenue Recognition for Contracts with Customers. The IASB has deferred the application of IFRS 15 by a year and is now effective from 1 January 2018. And in other developments over the year the IASB issued IFRS 16 Leases, which will be mandatory in 2019. And it also completed its discussions on a new Standard for Insurance Contracts and intends publishing the new requirements towards the end of 2016.