What this means for the retail industry

September 2014

The International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board have finally issued their new standard on revenue – IFRS 15 Revenue from Contracts with Customers (ASU 2014-09 or Topic 606 in the U.S.). This bulletin summarizes the new requirements and what they will mean for entities in the retail industry that apply International Financial Reporting Standards (IFRS).

Next article

The Organisation for Economic Co-operation and Development (“OECD”) presented in a September 16, 2014 webcast its first set of deliverables following its Action Plan to address Base Erosion and Profit Shifting (“BEPS”). BEPS refers to the reduction in governments’ tax revenues resulting from the erosion of their tax base, particularly through the shifting of profits by multinational corporations to low-tax or no-tax jurisdictions. Two of these BEPS deliverables address transfer pricing, namely, the transfer pricing of intangibles, and transfer pricing documentation together with country by country reporting.

Download the publication below.

Next article

In this August 2014 edition, we will cover new standards issued by the International Accounting Standards Board (IASB), Exposure Drafts issued, IFRS-related news at Grant Thornton and a general round-up of financial reporting developments.

You can find out about the implementation dates of newer standards, some of them being not yet mandatory towards the end of this document, as well as a list of IASB publications that are out for comment.

 

Next article

Private Enterprises, NFPO and Pension Plans

Flash

Flash bulletins provide a summary of the most recent news and publications from standard setters on accounting standards for private enterprises (ASPE), not-for-profit organizations (NFPO) and pension plans. International Financial Reporting Standards (IFRS) are not covered by the Flash bulletins, but we issue IFRS Newsletters, dedicated exclusively to new IFRS developments, and Adviser Alerts on specific topics of importance.
This publication is intended to inform readers about recent changes in accounting; however, it cannot deal with all topics. Readers are always encouraged to refer to the original publications mentioned in the articles before making any decisions.

Download the document below.