Current Developments: IFRS - June 2016 | KPMG | CA

Current Developments: IFRS

Current Developments: IFRS - June 2016

This edition covers current developments and forthcoming standards released prior to June 30, 2016.

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Current Developments: IFRS

Be Prepared for the New Standards

Each quarter, we provide a summary of newly effective and forthcoming standards. This edition covers current developments and forthcoming standards released prior to June 30, 2016.

In April, the IASB issued its final amendments to IFRS 15 – Clarifications to IFRS 15 Revenue from Contracts with Customers. As confirmed by the IASB, stakeholders can now be confident that IFRS 15 will not be subject to further changes before the effective date.

The new standards on revenue and financial instruments will be effective in 2018 and the new leases standard is effective in 2019. Companies should begin the implementation effort as soon as possible to put the company in the best position for a successful transition.

Additionally, in June, the IASB issued Amendments to IFRS 2 Share-based Payment which is effective for annual periods beginning on or after January 1, 2018. The IASB also issued the Exposure Draft Definition of a Business and Accounting for Previously Held Interests (proposed amendments to IFRS 3 and IFRS 11).

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