Identifying a performance obligation
IFRSAccurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets.
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The Grant Thornton International Ltd IFRS Team has published Get ready for IFRS 9 –The impairment requirements, the second issue in a series of publications intended to help you prepare for IFRS 9 (2014) Financial Instruments.
IFRS 9 (2014) fundamentally rewrites the accounting rules for financial instruments. While IFRS 9’s mandatory effective date of January 1, 2018 may seem a long way off, companies really need to start evaluating the impact of the new Standard now. As well as the impact on reported results, many businesses will need to collect and analyze additional data and implement changes to systems.
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Classification of income and expenses in the statement of profit or loss
IFRS 18In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, replacing IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after January 1, 2027”.
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