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As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance obligations for long-term contracts.

Responding to Coronavirus COVID-19

Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting.

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.

Loan agreements often include covenants that, if breached by the borrower, permit the lender to demand repayment before the loan’s normal maturity date.

In this edition of IFRS News we begin by considering the latest news from the IASB and conclude with IFRS-related news at Grant Thornton.

Grant Thornton expands in Guernsey with the acquisition of Price Bailey

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’.

IFRS 16 makes significant changes to sale and leaseback accounting. A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor.

We begin this first edition of 2019 by considering the potential financial reporting implications of the UK leaving the European Union without a transition deal. As the UK’s exit date of 29 March 2019 draws closer, this is a scenario which needs to be considered seriously by entities that trade with, or have operations within, the UK.

Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint seeks to explore the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS. It follows our earlier IFRS Viewpoint No.9 ‘Accounting for cryptocurrencies – the basics’.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

Potential accounting consequences of the US tax reform for IFRS preparers

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

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