The next phase of IFRS.
With another wave of IFRS standards to be implemented between now and 2021 (most sooner), companies are facing transition challenges that may rival those of the first implementation phase in 2011.
It’s critical that companies do not underestimate the scope and complexity of the impending IFRS initiative, as some did in 2011. Even if you believe you won’t be seriously affected, regulators will be looking to see that you’ve implemented the new standards properly, on time and without taking inappropriate shortcuts. Many companies will be more affected than they think.
There’s no reason, however, that your organization’s resources should be taxed more than necessary as you strive to get the right transition processes and systems in place. To support organizations in their IFRS preparation efforts, KPMG’s Accounting Advisory Services practice has released: Ready? Or not: The next phase of IFRS.
Looking at key aspects of IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases and IFRS 17 Insurance Contracts—as well as exploring impacts beyond financial reporting and asking critical questions around your company’s implementation strategies—this report should prove a valuable resource going forward.
Please download Ready? Or not: The next phase of IFRS—at your convenience and find out how to ease the IFRS implementation and transition process for your company.
If you have any questions about this report or would like further information, please get in touch with us.
Watch our FrontPage video series with Kristy Carscallen on Part 1 of Ready? Or not: The next phase of IFRS.
Watch the second part of our two-part FrontPage video series featuring Kristy Carscallen and Todd Buchanan as they discuss KPMG’s newest report Ready? Or not: The next phase of IFRS in further detail.