Each quarter, we provide a summary of newly effective and forthcoming standards. This edition covers financial years ending on or after 30 June 2015, including interim periods within those financial years.
Companies with 30 June 2015 financial year ends will be preparing their annual financial statements considering the consequential effects of newly effective standards. However, companies that have 31 December 2015 financial year ends and are preparing half-yearly interim financial statements will consider only a subset of these standards for the first time.
In both cases, the new considerations include the amendments to IAS 19 Employee Benefits, which offer welcome relief to many companies by introducing simpler accounting for certain defined benefit plans that involve contributions from employees or third parties. In addition, the 2010–2012 and 2011–2013 cycles of annual improvements to IFRS are now effective; for these, companies need to consider amendments to a total of nine standards.
Read our latest In the Headlines – IFRS: New standards for a summary of the newly effective and forthcoming standards.
Previous issues cover interim and annual periods ending on:
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