IFRS Perspectives (May edition) | KPMG | US

IFRS Perspectives (May edition)

IFRS Perspectives (May edition)

The May 2017 edition provides an update on IFRS issues in the US, including no-GAAP financial measures, Brexit, carve-out financials and IFRS 15 implementation.

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Non-GAAP financial measures are thriving

Despite increased scrutiny from the SEC and other regulators, the use of non-GAAP financial measures continues to grow. The IASB is looking at options to incorporate alternative performance measures, such as EBIT or EBITDA, into IFRS as part of its project on primary financial statements.1 These activities, as well as IOSCO’s Statement on Non-GAAP Financial Measures issued in 2016, evidence the challenge of enhancing communication around financial performance without misleading the reader or diluting the importance of the GAAP measures.

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Brexit: IFRS considerations for US companies

Among other things, Brexit brings regulatory uncertainty and market volatility, possibly affecting the financial statements of US companies with significant UK operations. Impairment, foreign currency translation, income tax and risk disclosures are a few examples. A robust and continuous monitoring of political and regulatory developments in the UK is essential to getting financial reporting right.

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IFRS 15: Our five tips for a successful implementation

In less than seven months, IFRS 15 will go live. The modified retrospective approach is gaining in popularity, while estimating variable consideration, assessing performance obligations and compiling disclosures are top concerns for preparers. A proactive holistic assessment is key to a successful implementation. Read our five tips and speed up your IFRS 15 project.

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IFRS combined and/or carve-out financial statements

Capital market transactions, private placements and M&A deals frequently require the preparation of IFRS combined and/or carve-out financial statements. While IFRS does not contain guidance in this area, the preparation of combined and/or carve-out financial statements in compliance with IFRS is possible when those financial statements are 'fit for purpose'.

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IFRS vs. US GAAP: Liability/equity classification

There is no concept of 'temporary equity' under IFRS. Many instruments classified as a financial liability under IFRS could be classified as equity or temporary equity under US GAAP; and certain instruments that are equity under IFRS could be classified outside equity under US GAAP.

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For more information, please contact:
Michael Maekawa | +1 213-955-8331 | tmaekawa@kpmg.com

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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