Closing out 2021 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 2021 calendar year-end and subsequent accounting periods.
IASB issued a narrow-scope amendment to IFRS 17
On 9 December 2021, the International Accounting Standards Board (IASB) published 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)' with an amendment that enables comp…
Standard IFRS 17 endorsed for use in the EU
On 23 November 2021, the IFRS 17 standard Insurance contracts together with the amendments to IFRS 17 were endorsed by the European Commission for use in the European Union. The EU effective date is the same as…
IFRS EU Endorsement Process [November 2021]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 23 November 2021…
Comparing IFRS Standards and US GAAP: accounting roadmap published
In October 2021, Deloitte published a new piece of the roadmap accounting series on US GAAP related topics.
ESMA has announced enforcement priorities for 2021 financial statements
On 29 October 2021, the European Securities and Markets Authority (ESMA) announced the priority issues that the assessment of listed companies' 2021 financial statements will focus on.
IFRS EU Endorsement Process [October 2021]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 31 August 2021.
Software-as-a-Service arrangements
There has been an evolution in the technological architecture of entities across the world. This has resulted in potentially significant accounting changes for entities that have entered into cloud-computing ar…
IFRS EU Endorsement Process [September 2021]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 31 August 2021.