IFRS

Accounting 

Closing Out 2018 in IFRS Financial Statements

This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for December 2018 calendar year-ends 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 2018. 

31. 1. 2019
Accounting 

IASB issued amendments to IFRS 3 regarding the definition of a business

On 22 October 2018, the IASB issued 'Definition of a Business (Amendments to IFRS 3)' aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020. 

26. 11. 2018
Accounting 

Applying the expected credit loss model under IFRS 9 to trade receivables

IFRS 9 Financial Instruments is effective for annual periods beginning on or after 1 January 2018. Its new impairment requirements will affect almost all entities and not just large financial institutions. Where entities have material trade receivable, contract asset and lease receivable balances care is needed to ensure that an appropriate process is put in place to calculate the expected credit losses. 

23. 10. 2018