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76 articles available

IFRS

Events after the reporting period

If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.

06 Jul 2020
IFRS

COVID 19: Accounting for lease modifications

The COVID-19 pandemic is requiring those responsible for the preparation of financial statements to reconsider whether assumptions and assessments previously made are still valid and appropriate which in turn is creating an additional burden on entities all over the world. In particular, IFRS 16 has become an area of focus for entities and the International Accounting Standards Board (IASB). The IASB has therefore added a practical expedient to provide relief for lessees from lease modification accounting for rent concessions related to COVID-19. We explain the current accounting requirements, the practical expedient and how to apply it.

01 Jul 2020
IFRS

FRS 116 Alert

This article covers the recent amendments to FRS 116 to provide practical expedients for lessees to account for rent concessions during the COVID-19 pandemic and certain GST related matters.

15 Jun 2020
IFRS

Navigating the changes to IFRS 2020

Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting. Our publication, Navigating the Changes to International Reporting Standards, is designed to give Chief Financial Officers a high-level awareness of these recent changes to IFRS.

04 Mar 2020
IFRS Alert

IASB proposes major changes to the primary statements and notes

IFRS Alert - IASB proposes major changes to the primary statements and notes

28 Jan 2020
IFRS

Navigating the Changes to SFRS

The publication is designed to give Chief Financial Officers a high-level awareness of recent changes that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones, giving brief descriptions of each.

22 Feb 2019
IFRS

Get ready for FRS 109 - the impairment requirements

This is the second in a series of publications designed to get you ready for FRS 109. In this issue, we bring you up to speed with the Standard’s new expected credit loss impairment model.

19 Dec 2018
FRS 116

Understanding the discount rate

Are you prepared for IFRS 16? Do you understand the discount rate? Find out more

11 Dec 2018
FRS 115

Recognising revenue in the real estate and construction industries

Our Industry Insights series summarises FRS 115 and explores what it means for various industries. This issue looks at the real estate and construction industries and talks you through the implications of the new revenue standard.

27 Nov 2018
FRS 109

Get ready for FRS 109: Classifying and measuring financial instruments

FRS 109 introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.

30 Jul 2018
FRS 115

Accounting for revenue – the new normal: FRS 115

The Accounting Standards Council Singapore issued Financial Reporting Standards FRS 115, Revenue from Contracts with Customers and aligns the adoption of revenue recognition standards in Singapore to the global adoption of new revenue recognition standards under IFRS and US GAAP.

25 Jun 2018
IFRS

Accounting for cryptocurrencies

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance.

22 May 2018

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