Under IFRS 16 ‘Leases’, discount rates are used to determine the present value of the lease payments used to measure a lessee’s lease liability. Discount rates are also used to determine lease classification for a lessor and to measure a lessor’s net investment in a lease
The International Accounting Standards Board (IASB) has completed the first major overhaul of lease accounting in over 30 years. Understanding the impacts to your organization are key in preparing for the change, and avoiding potential issues with implementation and compliance.
The term ‘client money’ is used to describe a variety of arrangements in which the reporting entity holds funds on behalf of clients. Our view is that entities should recognise client money as an asset (and an associated liability) if the general definition of an asset contained in the Conceptual Framework for Financial Reporting (2018) is met.
The IASB has published a revised version of the ‘Conceptual Framework for Financial Reporting’ (the Conceptual Framework). This completes the IASB’s long-running project to update and clarify its existing guidance and fill in the gaps in it.
Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This edition provides guidance on some of the basic issues encountered in accounting for cryptocurrencies, focussing on the accounting for the holder.
The Grant Thornton International IFRS team has published Get ready for IFRS 17: A fundamental change to the reporting for insurance contracts.
The Grant Thornton International IFRS team has published IFRS Viewpoint – Preparing financial statements when the going concern basis is not appropriate.
The Grant Thornton International IFRS team has published IFRS Viewpoint – Common control business combinations.