Current Developments: IFRS - Q2 2017 | KPMG | CA

Current Developments: IFRS - Q2 2017

Current Developments: IFRS - Q2 2017

This edition covers current developments released prior to June 30, 2017.

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Current Developments

What happened this quarter?

This quarter, the International Accounting Standards Board (IASB) issued IFRS 17 Insurance Contracts, effective January 1, 2021. Despite the future effective date, the implementation process should commence now with an initial impact assessment, and then a move onto analyzing insurance contracts for product-by-product impacts.

In April, the IASB issued an exposure draft proposing narrow-scope amendments to IFRS 9 for Prepayment Features with Negative Compensation (refer to update on Financial Instruments Projects for additional information).

In June, the IASB issued IFRIC Interpretation 23 Uncertainty over Income Tax Treatments, effective January 1, 2019 to bring clarity to the accounting for income tax treatments that have yet to be accepted by tax authorities. The IASB also issued a request for feedback on IFRS 13 Fair Value Measurement to assess whether the standard is achieving its objectives. Finally, the IASB issued an exposure draft proposing targeted amendments to IAS 16 Property, Plant and Equipment to clarify the accounting for sale proceeds before an asset becomes available for use.

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