17 Jan 2022 2 min read
The IASB has issued a narrow-scope amendment to IFRS 17 which is applicable on transition to the new Standard. However, it does not impact any other requirements of IFRS 17. IFRS 17 and IFRS 9 ‘Financial Instruments’ have different transition requirements. For some insurers, these differences can cause temporary accounting mismatches between financial assets and insurance contract liabilities in the comparative information they present in their financial statements when applying IFRS 17 and IFRS 9 for the first time. The amendment will help insurers to avoid these temporary accounting mismatches and, therefore, will improve the usefulness of comparative information for investors. It will do this by providing insurers with an option for the presentation of comparative information about financial assets. This amendment has the same effective date of the new Standard, which is effective for annual reporting periods starting on or after 1 January 2023.
Learn how to determine the transaction price under Step 3 of IFRS 15's five-step revenue recognition model, including key considerations for customer contracts and financial reporting.
Share-based payments have become increasingly popular over the years, with many entities using equity instruments or cash and other assets based on the value of equity instruments as a form of payment to directors, senior management, employees, and other suppliers of goods and services.
Share-based payment transactions with non-employees involve compensating parties other than employees, such as suppliers of goods and services.
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