Current Developments: IFRS - Q3 2016

Current Developments: IFRS - Q3 2016

Current and upcoming standards released prior to Sept 30, 2016.


Canadian Managing Partner, Audit

KPMG in Canada


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Current Developments: IFRS - Q3 2016

What happened this quarter?

In September the International Accounting Standards Board (“IASB”) issued
amendments to its existing insurance contracts standard, IFRS 4. The amendments introduce two approaches to address concerns arising from implementing the new financial instruments standard, IFRS 9, before
implementing the replacement standard for IFRS 4, expected to be effective in 2020. Refer to “Update on Major Projects” for additional information.

As the effective dates for the new standards are quickly approaching, the European and US regulators have issued statements with respect to their expectations of transparent disclosure of the impact of the new standards
on the financial statements. The European and US regulators have indicated that they would expect disclosures of the expected impact of the new standards and status of implementation projects as early as the 2016 annual
financial statements.

Although other regulators have not as yet specifically communicated their
expectations, companies should be aware that their key stakeholders may also expect incremental disclosures.

© 2017 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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