Bringing you the latest information on recent IFRS topics
This Deloitte newsletter includes the summaries of new and revised standards and interpretations, exposure drafts and discussion documents, including summaries of the documents and consideration of the principal amendments/proposals.
The journey of insurance companies from IFRS 4 to IFRS 17 - September 2019
The road to transition from IFRS 4 “Insurance Contracts” to IFRS 17 “Insurance Contracts” has been and is still a journey of fruitful debates engaging various stakeholders which continue to yield valuable insights sourcing from all key players in the industry. The IASB has recognized that the myriad of concerns raised by stakeholders, pose serious challenges to a smooth transition to IFRS 17. Accordingly, a series of amendments have been proposed to the existing IFRS 17 standard included in the exposure draft published by IASB recently in June 2019.
CFO Survey - the new IFRS
Early summer of 2017 you may have received a request to participate at a survey on the new IFRS, namely IFRS 15 (Revenue from Contracts with Customers) and IFRS 16 (Leases). The survey was focused on how well the Luxembourgish companies are prepared for the implementation of these new standards.
Because issuers discussed and lobbied for a long time against the new standards issued by the IASB issued, it may be derived that the consequences of these standards would be material to many companies.
Discover the survey results
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IFRS newsletter - July 2017
This issue covers the following topics:
- IFRIC proposed changes relating to the taxation: Uncertainty over Income Tax Treatments
- International Practice Task Force
- IAS 1 Disclosure Initiative
- Expected Credit Loss calculation
- ESMA recent activities update
- Projects of the IASB
IFRS newsletter - March 2017
Under its publication around enforcement priorities for 2016 financial statements, the European Securities and Markets Authority (ESMA) emphasizes that the areas of focus will constitute:
- Presentation of financial performance
- Financial instruments: distinction between equity instruments and financial liabilities
- Disclosures of the impact of the new standards on IFRS financial statements
These matters are described in detail under European common enforcement priorities for 2016 financial statements.
ESMA has also issued extracts from its enforcement database. We found that certain of these case studies would make an interesting read for IFRS users and have therefore summarized them under Extract from the EECS’s Database of Enforcement.
We share with you an attention item over an IFRS 13 (Fair value measurement) topic: highest and best use.
We will then close with a short report over IFRIC proposed changes relating to the taxation: Uncertainty over Income Tax Treatments and a summary of the projects of the IASB.
IFRS newsletter - January 2016
This first 2016 edition of the IFRS Newsletter comprised the following topics: IFRS Updates, Update on New Leases standard (IFRS 16), spotlight on application on IFRS 15, 'Revenue from contracts with customers' and ESMA communications.