Accounting

FASB Issues an Accounting Standards Update Relating to the Reference Rate Reform

On 12 March 2020, the US Financial Accounting Standards Board (FASB) issued Accounting standards update (ASU) no. 2020-04 “Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. Equally to what the International Accounting Standards Board (IASB) did in September 2019, FASB responds to the planned reform of IBOR rates and the planned termination of the use of the LIBOR reference rate at the end of 2021 and to the impact of the changes on financial accounting. The ASU become effective since 12 March 2020 and will apply for a definite period of time, specifically until 31 December 2022. 

24. 3. 2020

Closing Out 2019 in IFRS Financial Statements

This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2019 calendar year-end and subsequent accounting periods. Entities are, however, generally permitted to adopt the new and revised Standards and Interpretations in advance of their effective dates (refer to individual Standards and Interpretations for additional details). This article provides a summary of IFRSs and interpretations that an entity may elect to apply for the year ended 31 December 2019. 

29. 1. 2020