February 2016

Welcome to IFRS Newsletter – a newsletter that offers a summary of certain developments in International Financial Reporting Standards (IFRS) along with insights into topical issues.

We begin this first edition of 2016 by looking at IFRS 16 Leases, the new standard on lease accounting which was published by the International Accounting Standards Board (IASB) on January 13.

We then move on to items currently in the IASB’s pipeline before taking a look at issues that regulators are likely to focus on in the coming months.

Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer standards that are not yet mandatory, and a list of IASB publications that are out for comment.

 

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February 2016

Overview

The Grant Thornton International IFRS team has published IFRS Viewpoint – Classification of loans with covenants.

The IFRS Viewpoint series provides insights on applying IFRS in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance.

This edition considers how the existence of covenants can impact the presentation of debt on the balance sheet.

 

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January 2016

Executive Summary

On January 13, 2016 the IASB released IFRS 16 Leases, completing its long-running project on lease accounting. IFRS 16 will require lessees to account for leases “onbalance sheet’’ by recognizing a “right-ofuse” asset and a lease liability.

IFRS 16 also:

  • changes the definition of a lease;
  • sets requirements on how to account for the asset and liability, including complexities such as non-lease elements, variable lease payments and option periods;
  • provides exemptions for short-term leases and leases of low-value assets;
  • changes the accounting for sale and leaseback arrangements;
  • largely retains the IAS 17 Leases approach to lessor accounting;
  • introduces new disclosure requirements.

The Standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted in certain circumstances.

 

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December 2015

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 décisions.

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