Current Developments: IFRS - Q1 2017

Current Developments: IFRS - Q1 2017

This edition covers current developments released prior to March 31, 2017.

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Current Developments

What happened this quarter?

Companies that have calendar year ends and are preparing interim financial statements will need to consider newly effective amendments to IFRSs. Further information on these amendments are provided in the section ‘Amendments effective within the coming year’.

In the first quarter of 2017, the International Accounting Standards Board (IASB) issued two exposure drafts, Annual Improvements to IFRS Standards 2015-2017 Cycle, which proposes narrow scope amendments to several standards, and Improvements to IFRS 8 Operating Segments, which proposes amendments to IFRS 8 and IAS 34 Interim Financial Reporting. Additionally, the IASB issued its discussion paper with respect to the Disclosure Initiative: Principles of Disclosure.

As we begin 2017, the effective dates of the new standards are rapidly approaching: IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are effective January 1, 2018 and IFRS 16 Leases is effective January 1, 2019.

As the effective dates for the standards approach, communication and the disclosures of the expected impact of the standards on the financial statements are required as per IAS 8 Accounting policies, changes in accounting estimates and errors, and are expected by investors and regulators.

The level of disclosure is expected to be more reliable and progressively more detailed throughout 2017, with the expectation that the 2017 annual statements will include quantitative information about the impact of the application and changes to the amounts reported under current GAAP, specifically for IFRS 9 and IFRS 15.

© 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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