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Technical publications & IFRS

IFRS News Special Bulletins

Merilyn Gwan Merilyn Gwan

In addition to the publication of the IFRS quarterly newsletters, the IFRS team at Grant Thornton International releases from time to time special edition newsletters that focus on major IFRS developments.

While these newsletters are written from an IFRS perspective, they are relevant to the Australian environment as Australian Accounting Standards incorporate IFRSs issued by the International Accounting Standards Board.   If you have any queries regarding these special edition newsletters please don’t hesitate to contact your local Grant Thornton office.


IFRS News Special Edition – A revised ‘Conceptual Framework for Financial Reporting’

In March 2018 the International Accounting Standards Board (IASB) concluded its long-running project by publishing a revised version of its Conceptual Framework. While the Conceptual Framework is primarily a tool for the IASB, it might have an impact on preparers of financial statements who use the Conceptual Framework to develop accounting policies for transactions or events to which no IFRS Standard applies or where a Standard allows a choice of accounting policy.

This Special Edition of IFRS News explains the key features of the revised Conceptual Framework and provides practical insights into its application and impact.

IFRS News Special Edition – Get ready for IFRS 17: A fundamental change to the reporting for insurance contracts' when displayed as wide

After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’ (the Standard).

The Standard introduces insurance contract measurement principles requiring:

  • current, explicit and unbiased estimates of future cash flows
  • discount rates that reflect the characteristics of the contracts’ cash flows
  • explicit adjustment for non-financial risk

Day one profits should be deferred as a contractual service margin and allocated systematically to profit or loss as entities provide coverage and are released from risk.

Revenue is no longer equal to written premiums but to the change in the contract liability covered by consideration.

A separate measurement model applies to reinsurance contracts held. Modifications are allowed for qualifying short-term contracts and participating contracts.

Increased disclosure requirements apply.

This publication is designed to get you ready for the Standard. It explains the key features of the Standard and provides insights into their application and impact. 

IFRS News Special Edition - IASB and FASB release major new standard on revenue recognition

IFRS 15 ‘Revenue from Contracts with Customers’ represents the culmination of more than five years of cooperation between the IASB and FASB, and will affect almost every revenue-generating business that applies IFRSs. While achieving convergence has been challenging and sometimes controversial, we believe the new Standard will provide a major boost for investors looking to compare company performance across borders.

IFRS 15 will apply to most revenue arrangements, including constructions contracts. Among other things, it changes the criteria for determining whether revenue is recognised at a point in time or over time. IFRS 15 also has more guidance in areas where current IFRSs are lacking – such as multiple element arrangements, variable pricing, rights of return, warranties and licensing. The actual impact on each company’s top line will depend on their specific customer contracts and how they have applied existing Standards. For some it will be a significant shift, and systems changes will be required, while others may see only minor changes. With IFRS 15 taking effect in 2018, management should begin their impact assessment now.

IFRS News Special Edition on lease accounting - Major reforms to global lease accounting

The IASB has published IFRS 16 'Leases' completing its long-running project on lease accounting.

This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.

IFRS News (September 2014) - Special edition on IFRS 9: Financial Instruments

IFRS 9 ‘Financial Instruments’ is now complete

Following several years of development, the IASB has finished its project to
replace IAS 39 ‘Financial Instruments: Recognition and Measurement’ by
publishing IFRS 9 ‘Financial Instruments (2014)’.

This special edition of IFRS News takes you through the requirements of the
new Standard. It covers all of the individual chapters that make up the Standard
but focuses in particular on the chapters added in July 2014 dealing with:

  • expected credit losses
  • the revised classification and measurement requirements

IFRS News Special Edition - A consolidation exception for investment entities

The IASB has published ‘Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27’ (the Amendments). The Amendments introduce an exception for investment entities to the well-established principle that a parent entity must consolidate all its subsidiaries.

The Amendments:

  • define the term ‘investment entity’ and provide supporting guidance
  • require investment entities to measure investments in the form of controlling interests in another entity (in other words, subsidiaries) at fair value through profit or loss in accordance with IFRS 9 ‘Financial Instruments’ (or IAS 39 ‘Financial Instruments: Recognition and Measurement’) instead of consolidating them
  • specify disclosure requirements for entities that apply the exception.

This special edition of IFRS News explains the key features
of the Amendments and provides practical insights into their
application and impact.

IFRS News Special Edition - IFRS 13 Fair Value Measurement

The IASB has published IFRS 13 ‘Fair Value Measurement’.

The Standard:

  • explains how to measure fair value by providing a clear definition and introducing a single set of requirements for (almost) all fair value measurements
  • clarifies how to measure fair value when a market becomes less active
  • improves transparency through additional disclosures

IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used.

IFRS News Special Edition - New consolidations standards

The IASB has published the following five new Standards dealing with group issues and off-balance sheet activity:

  • IFRS 10 ‘Consolidated Financial Statements’
  • IFRS 11 ‘Joint Arrangements’
  • IFRS 12 ‘Disclosure of Interests in Other Entities’
  • IAS 27 (Revised) ‘Separate Financial Statements’
  • IAS 28 (Revised) ‘Investments in Associates and Joint Ventures’.

This special edition of IFRS News informs you about the new Standards and the implications they may have.