This product is a printed bound volume. The amended definitions of a business under IFRS Standards and US GAAP are otherwise substantially converged and the Boards expect them to yield more consistency in practice than previously. The 'International Financial Reporting Standards (IFRS) and 2020 Updates' course will help build the knowledge you need in IFRS for success in today's global business world. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. Amendments to IFRS 9, Financial Instruments, IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures, provide temporary but mandatory relief from specific hedge accounting requirements to address potential effects of the uncertainly in the lead up to IBOR reform (IBOR reform – Phase 1). That is, it does not require either (1) that the concession either be a direct consequence of COVID-19 (merely that it is related to COVID-19) or (2) result in reduced payments only through June 30, 2021; and includes specific guidance on acceptable accounting approaches for certain types of concessions (e.g. Early adoption is permitted. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. The IASB Board still intends to advance time-sensitive projects – including IBOR Phase 2 and amendments to IFRS 17 under the original project plans. the revised consideration for the lease remains ‘substantially the same’ or is less than the consideration for the lease before the concession; any reduced payments were originally due on or before June 30, 2021; and. IFRS ® Standards Required 1 January 2020.. For accounting periods beginning on 1 January 2020, excluding changes not yet required. We undertook work on an urgent basis to amend IFRS Standards. Below are effective dates for major financial accounting and reporting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. Publication: Use of IFRS Standards around the world [PDF], How the IFRS Interpretations Committee helps support consistent application, Supporting materials for the IFRS for SMEs Standard, business combinations under common control, educational material to highlight how existing requirements in IFRS Standards, Consultation Paper on Sustainability Reporting. Please remove any invalid characters ('', '+', '|'), links or URLs (e.g www.ifrs.org, http://www.ifrs.org) from the 'Your query' field and re-submit. Unlike IFRS Standards, materiality is not specifically defined under authoritative US GAAP. The test is optional under IFRS Standards. This product is a printed bound volume. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. New definition of a business: IFRS compared to US GAAP, Accounting standards boards respond to IBOR reform, Rent concessions – Practical relief for lessees, FASB staff guidance on accounting for COVID-19 rent concessions, Accounting for insurance contracts under IFRS 17, Amendments to classification of liabilities (IAS 1), Accounting for proceeds before an asset’s intended use, Interest Rate Benchmark Reform – Phase 2: Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16, FASB provides relief to companies for reference rate reform, Simplifying the Classification of Debt in a Classified Balance Sheet. We encourage you to closely monitor the FASB’s technical agenda for potential further delays in future standard-setting activities. They can be early adopted. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. The IASB Board and the FASB take different approaches to the effective dates of new pronouncements. The new IFRS standards 2020 will bring about a massive change in the way businesses maintain their records.The International Financial Reporting Standards (IFRS) are accounting measures that are given by the International Accounting Standards Board (IASB). Effective for annual periods beginning on or after January 1, 2020: Session expired, please refresh your browser. applies to lessors as well as lessees; it is more permissive with respect to eligibility. Responding quickly to the challenges of COVID-19, the International Accounting Standards Board (the IASB ® Board) deferred the effective dates for certain standards and amendments, and granted relief to lessees in accounting for rent concessions. samples) before the related PPE is available for its intended use can no longer be deducted from the cost of PPE. Pozen is a financial executive and former executive chair of MFS Investment Management, Robinson currently serves as a trustee of the Financial Accounting Foundation, and Schipporeit is an independent management consultant and is a … IFRS Foundation appoints Robert Pozen, Kenneth Robinson and Erhard Schipporeit as new Trustees The IFRS Foundation has appointed three Trustees and re-appointed seven, effective 1 January 2021. Certain accommodations have been made, such as deferring effective dates, extending project timelines and comment periods and providing relief on accounting for rent … Unlike IFRS Standards, assets and liabilities that arise from contingencies are generally recognized in the acquisition accounting if they are probable and reasonably estimable. And last, but certainly not the least, came IFRS 17, the much-anticipated new standard on insurance, which takes effect in 2021. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. Find out more detail in the full IASB Update for November. The amendments apply retrospectively but only for new PPE that reach their intended use on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. Standards/Interpretations Issued Not Yet Effective as at September 2020 IAS 8 requires that, when an entity has not applied a new Standard or Interpretation that has been issued but is not yet effective, the entity shall disclose: (a) this fact; and (b) known or reasonably estimable information relevant to assessing the possible Archived recordings can be accessed anytime. This may, for example, apply to an amortizable license acquired through a business combination in a jurisdiction in which no tax deduction may be available for the purposes of the corporate tax while the asset is used, but the full amount may be deductible for the purposes of the capital gains tax when the asset reaches the end of its life, and corporate and capital gains and losses cannot be offset. Proceeds from selling items before the related PPE is available for intended use are recognized in profit or loss unless the property is being developed for rental or sale, in which case income (but not a loss) from incidental operations is recognized as a reduction to the cost of the property. Effective for annual periods beginning on or after January 1, 2021: IFRS 17 Insurance Contracts (New in 2017; replaces IFRS 4) In accordance with specific requirements in IFRS 17. Proceeds from selling items (e.g. Top 10 differences between interim financial reporting requirements under IAS® 34 and ASC 270. The effective date of IFRS 17 is pending a two-year deferral to 2023, to be confirmed by the IASB Board mid-2020. Eligible rent concessions are those arising as a ‘direct consequence’ of COVID-19 and for which: For lessees, this is an optional practical expedient to be applied consistently to all lease contracts with similar characteristics and in similar circumstances. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. For a levy in the scope of IFRIC 21, the acquirer should apply the criteria in IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date. ASU 2018-12 is not fully aligned with the requirements of IFRS 17. That is, it does not require either (1) that the concession either be a. Please find below a brief summary of news and events from the International Accounting Standards Board (Board) and the IFRS® Foundation over the past month: The IFRS Foundation Trustees recently announced the appointment of Andreas Barckow to serve as Chair of the Board, effective July 2021. The Board has started its Post-implementation Review (PiR) of the classification and measurement requirements in IFRS 9 Financial Instruments and has added the PIR as a project to its work plan. IFRS compared to US GAAP 3 About this publication The IFRS Standards in this edition have been annotated with extensive cross-references, explanatory notes and IFRS Interpretations Committee (Committee) agenda decisions to help users apply the Standards. In a recent Agenda Decision, the IFRS Interpretations Committee addressed the accounting for deferred tax in a scenario in which the recovery of the carrying amount of an asset results in multiple tax consequences which cannot be offset. Ensure that you communicate their impact to your stakeholders! To ensure that this update in referencing does not change which assets and liabilities qualify for recognition in a business combination, or create new Day 2 gains or losses, the amendments introduce new exceptions to the recognition and measurement principles in IFRS 3. The standard will replace IFRS 4 Insurance Contracts. in the case of subjective acceleration clauses). In accordance with specific requirements in IAS 37. This edition does not contain Standards or changes to Standards with an effective date after 1 January 2020. This was to ease the transition to the new interest rates for companies and to ensure that investors have the information they need about the progress a company has made in transitioning to the new … © IFRS Foundation 2017. This edition, presented in three volume parts, contains the IFRS ® Standards, including IAS ® Standards, IFRIC® Interpretations and SIC® Interpretations, as required at 1 January 2020. 19 February 2021: Update to Standards MT Release Guide 2021 (public) Update to Message Format Validation Rules 2021 (login required) Updates to documents published on 18 December 2020. First on the list was the final version of IFRS 9, the new standard on financial instruments, followed by IFRS 15, the new revenue recognition standard. No results have been found ... International GAAP® 2021. The effective date for the amendments for the current versus noncurrent classification of liabilities has been proposed to be extended by one year. The standard should be applied retrospectively unless impracticable. This website uses cookies. Many offer CPE credit. Invalid characters in 'Your Query' field. IFRS 17 is effective from 1 January 2021. Further information on these standards and amendments are provided in the section ‘New standards and amendments effective in 2018’. In March 2018, the IASB Board revised its Conceptual Framework. Although the headline of this quarter is COVID-19, some amendments are effective in 2020 and beyond. Our semi-annual outlook is a quick aid to help IFRS Standards preparers in the US keep track of imminent IFRS Standards changes and to assess the relevance to their financial statements. For SEC filers, excluding those eligible to be ‘smaller reporting companies’, the effective date of the ASU is January 1, 2022. By using this site you agree to our use of cookies. Are you ready for the new IFRS® accounting standards? US GAAP does not contain an example of lessor payments for lessee-owned leasehold improvements. An error has occurred, please try again later. Amendments to the Conceptual framework Annual periods 1 Jan 2020 Early adoption is permitted Endorsed 7 1 January 2021 IFRS 17, ‘Insurance contracts’ Annual periods on or after 1 Jan 2021 Early adoption is permitted once IFRS 15 and IFRS 9 are applied. For all other entities, including ‘smaller reporting companies’, the effective date is January 1, 2024. A company can therefore apply the amendments in annual periods beginning January 1, 2020 by adopting them early. The IFRS Foundation Trustees are responsible for the governance, oversight and strategy of the Foundation and the International Accounting Standards Board, which sets IFRS Standards. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. ... Impairment of financial assets under the new standard Revenue from contracts with customers (IFRS 15) ... 2021 Effective Budgeting and Cost Control English Dubai US$ 4900 8 - 12 Aug, 2021 Fast Closing Monthly and Year-End Accounts In 2018 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. Describes the changes to Standards messages effective as of 21 November 2021. Join us for upcoming webcast events. Dynamics in IFRS: You find the most important information concerning new IFRS Standards and the latest interpretations here. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. The Trustees also confirmed the appointment and re-appointment of several organisations and individuals to the IFRS Advisory Council, effective 1 January 2021. Corporate strategy insights for your industry, Explore Corporate strategy insights for your industry, Financial Services Regulatory Insights Center, Explore Financial Services Regulatory Insights Center, Explore Risk, Regulatory and Compliance Insights, Explore Corporate Strategy and Mergers & Acquisitions, Customer service transformation & technology. In 2016 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. of Professional Practice, KPMG US. To thrive in today's marketplace, one must never stop learning. Early adoption is permitted unless otherwise stated. These requirements differ from and are narrower than IFRS Standards.Â. Certain accommodations have been made, such as deferring effective dates, extending project timelines and comment periods and providing relief on accounting for rent concessions by lessees. The amendments to IAS 16 therefore better align the accounting for incidental income to that under US GAAP, except for PPE to be rented or sold. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG does not provide legal advice. KPMG highlights potential IFRS® Standards accounting and disclosures impacts of COVID-19. – New standards and interpretations issued by the IASB Board have a single effective date. Unlike IFRS Standards, US GAAP requires, in certain situations, a likelihood assessment at the reporting date as to whether the creditor will accelerate repayment of the debt (e.g. Like IFRS Standards, US GAAP applies a ’10 percent’ test for derecognition of financial liabilities, considering fees paid or received between the borrower and the lender. Also, catch up on the October episode, featuring Sue Lloyd and Technical Director Nili Shah talking about the Board's upcoming Agenda Consultation. The IASB’s joint project with the Financial Accounting Standards Board (FASB) to develop a new accounting ... IFRS in Practice 2020-2021 - IFRS 15 Revenue from Contracts with Customers 6. See the IASB Board work plan for other projects that are currently in progress. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. Instead such proceeds should be recognized in profit or loss, together with the costs of producing those items (to which IAS 27 applies). Our multi-disciplinary approach and deep, practical industry knowledge, skills and capabilities help our clients meet challenges and respond to opportunities. Meanwhile, three other Trustees hosted live webinars and moderated Q&A sessions on the same topic—view the recordings here. Summary of the new IFRS standards. The IFRS Foundation has published educational material to highlight how existing requirements in IFRS Standards require companies to consider climate-related matters when their effect is material to the financial statements. The comment periods for the following projects have been extended by three months: Exposure Draft, General Presentation and Disclosures, extended to September 30, 2020, Discussion Paper, Business Combinations – Disclosures, Goodwill and Impairment, extended to December 31, 2020. A company can choose to apply IFRS 17 before that date, but only if it also applies IFRS 9 Financial Instrumentsand IFRS 15 Revenue from Contracts with Customers. Search Close search See all results in Search Page. In response to COVID-19, the IASB Board has made significant changes to its work plan, proposing to extend effective date comment deadlines and project timelines, and taking on new priority projects. Accessibility   |   Privacy   |   Terms and Conditions   |   Trade mark guidelines   |   All legal information   |   Using our website. Amendments to IFRS 16, Leases, COVID-19-Related Rent Concessions4, permit lessees not to assess whether eligible COVID-19 related rent concessions are lease modifications, and account for them as if they were not lease modifications. there are no other ‘substantive’ changes to the lease. Trustees announce appointments to … IFRS in your pocket is our popular guide to International Financial Reporting Standards (IFRS). New proposals2 have been issued to provide additional relief post-IBOR reform (IBOR reform – Phase 2), including relief related to debt and lease modifications, hedge accounting documentation, and disclosure requirements. The FASB has made significant changes to the accounting for long-duration contracts.5. Partner, Dept. The right needs to be unconditional and must have substance. Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. US GAAP requires companies to perform an initial screen test as part of their assessment. The IASB Board has relaxed IFRS 16 requirements for lessees accounting for rent concessions in lease agreements. In addition, the amendments clarify that the acquirer should not recognize a contingent asset at the acquisition date. Here we offer our latest thinking and top-of-mind resources. The FASB has made similar responses to COVID-19 to support stakeholders through the current situation. Under both IFRS Standards and US GAAP, a lessor payment for lessee-owned leasehold improvements is a lease incentive that should reduce the lease payments. Tune in to KPMG Advisory podcasts to hear perspectives on today's business issues. For first time adopters of IFRS, IFRS 1 mirrors the transition guidance set out in Appendix C of IFRS 17. For US GAAP, however, only the revenue standard is fully effective in annual periods. As the COVID-19 situation continues, the IASB Board could make additional changes to its work plan, and we encourage you to check our Global IFRS Institute frequently for updates. The IFRS Taxonomy 2020—Proposed Update 5 General Improvements and Common Practice—IAS 19 Employee Benefits proposes changes that aim to support the high-quality tagging of information disclosed about employee benefits. Please complete the CAPTCHA field to verify you are human. Accordingly, a company will need to distinguish between: Making this allocation of costs may require significant estimation and judgement. Companies in the extractive industry in particular may need to monitor costs at a more granular level. of Professional Practice, KPMG US, Managing Director, Dept. under both IFRS Standards and US GAAP – with major new standards on revenue, leases, financial instruments and insurance. 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