New BDO IFR Bulletin Available – IFRSs, IFRICs and Amendments Available for Early Adoption for 31 December 2016 Year Ends

Now available from the BDO Global website is a new BDO IFR Bulletin

IFRB 2017/05 - IFRSs, IFRICs and Amendments Available for Early Adoption for 31 December 2016 Year Ends

Summary

This IFRB summarises the following 13 new standards, IFRICs and Amendments effective for the first time after 31 December 2016.

1. IFRS 9 Financial Instruments
2. IFRS 15 Revenue from Contracts with Customers
3. IFRS 15 Revenue from Contracts with Customers (Amendments)
4. IFRS 16 Leases
5. IAS 7 Statement of Cash Flows (Disclosure Initiative Amendments)
6. IAS 12 Income Taxes (Amendment – Recognition of Deferred Tax Assets for Unrealised Losses)
7. IAS 28 Investments in Associates and Joint Ventures (Annual Improvements to IFRSs 2014-2016 Cycle)
8. IAS 40 Investment Property (Amendment – Transfers of Investment Property)
9. IFRS 1 First-time Adoption of IFRS (Annual Improvements to IFRSs 2014-2016 Cycle)
10. IFRS 2 Share-based Payments (Amendment – Classification and Measurement of Share-based Payment Transactions)
11. IFRS 4 Insurance Contracts (Amendment – Applying IFRS 9 Financial Instruments
12. IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (Amendments – Sale or Contribution of Assets); and
13. IFRS 12 Disclosure of Interests in Other Entities (Annual Improvements to IFRSs 2014-2016 Cycle).

The IFRB is intended to assist entities in complying with IAS 8 Accounting policies, Changes in Accounting Estimates and Errors in their 31 December 2016 financial statements. Specifically, paragraph 30 of IAS 8 requires disclosure of qualitative and quantitative information about the effect pronouncements that have been issued but which are not yet effective will have in future accounting periods.

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