The IASB issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards.
The changes include:
IFRS 16 will require leases to be carried on corporate balance sheets from January 2019
The IFRS Foundation and the Chinese Ministry of Finance today announced the formation of a joint working group to explore ways and steps to advance the use of IFRS Standards within China, especially for internationally oriented Chinese companies.
On 15 September 2015, the Securities & Exchange Commission of Pakistan (SCEP) issued Statutory Notifications 928(I)/2015 and 929(I)/2015 adopting the IFRS for SMEs.
The International Accounting Standards Board (IASB) has changed the effective date of IFRS 15 ‘Revenue from Contracts with Customers’ from 1 January 2017 to 1 January 2018, although early adoption continues to be permitted.
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The new IFRS 15
- Replaces IAS 18 Revenue, IAS 11 Construction Contracts and some revenue-related Interpretations,
- Establishes a new control-based revenue recognition model,
- Changes the basis for deciding whether revenue is to be recognized over time or at a point in time,
- Provides new and more detailed guidance on specific topics,
- Expands and improves disclosures about revenue.
The Standard will impact all entities in all industries, but the extent of the impact can vary significantly.