Grant Thornton International has published a special edition of IFRS News regarding the recent publication by the IASB of a document entitled Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (the amendments). This special edition explains the key features of the amendments and provides practical insights into their application and impact.

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The Grant Thornton International IFRS team has published a revised version of the guide The Road to IFRS – a practical guide to IFRS 1 and first-time adoption. The guide deals with the application of IFRS 1 First-time Adoption of International Financial Reporting Standards by entities issuing their first financial statements prepared in accordance with International Financial Reporting Standards (IFRS).

With the exception of IFRS 9 Financial Instruments, the revised guide has been updated to reflect changes and updates in IFRS 1 and other IFRS that have been issued as of June 2012, including those that are not yet in mandatory effect.

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The Grant Thornton International IFRS team has published a new guide, Under control? A Practical Guide to IFRS 10 Consolidated Financial Statements. This guide is a useful tool that will assist management in transitioning to and applying IFRS 10 Consolidated Financial Statements.

By issuing IFRS 10 in May 2011, the International Accounting Standards Board (IASB) introduced new requirements on assessing control. IFRS 10 redefines “control” and provides extensive new guidance on applying the new definition. IFRS 10 applies to all investees and replaces both IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities.

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The Grant Thornton International IFRS team has published a new external guide: IAS 7: Statement of Cash Flows – a guide to avoiding common pitfalls and application issues. The guide aims to:

  • remind management of the basic requirements for preparing the statement of cash flows;
  • highlight interpretative and practical application issues noted by regulators and commentators; and
  • provide insights on avoiding the common pitfalls and application issues that regulators and our IFRS experts see in practice.

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