IFRS publications
IFRS news
IFRS news is published quarterly and offers an overview of the more significant developments in IFRS, their impact on businesses, insights into related topical issues and views from the Grant Thornton International IFRS team. Every edition includes an updated summary of the effective dates of newer standards, interpretations and amendments and the comment deadlines of IASB proposals.
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We occasionally produce special editions of IFRS News on particular matters of interest. These include special editions on:
- IFRS 13 'Fair Value Measurement'
- IFRS 9 Financial Instruments and
- the IASB's new consolidations standards.
Navigating the changes to IFRS: a briefing for Chief Financial Officers
This publication provides a summary of recent changes to IFRS - it covers new Standards and Interpretations that have been issued and amendments made to existing ones - that will affect companies' future financial reporting. It is designed to give Chief Financial Officers a high-level awareness of the requirements of changes that were finalised by 30 November 2011, giving brief descriptions of each.
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IFRS Top 20 tracker - 2011 editionThis tracker guides management through the top 20 disclosure and accounting issues identified by Grant Thornton as potential challenges for IFRS preparers. The member firms within Grant Thornton have extensive experience in the application of IFRS. This edition of the tracker is based on IFRS applicable for accounting periods commencing on or after 1 January 2010.
Navigating the accounting for business combinations
This publication assists management in identifying how alternative deal structures can affect an acquirer's reported results and financial position when applying IFRS 3. It summarises the requirements of IFRS 3, using extensive examples to explain their application and highlighting possible problem areas.
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Example consolidated financial statements 2011
The preparation of financial statements in accordance with IFRS is always challenging. Recently the challenges have been increased by several newer standards and amendments that have a significant impact both on the presentation of the primary statements and the accompanying disclosures. 'Example consolidated financial statements 2011' illustrates good practice in the application of the presentation and disclosure requirements of IFRS. This publication has been reviewed and updated to reflect changes in IFRS that are effective for the year ending 31 December 2011.
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Capitalisation of borrowing costs - from theory to practice
The current version of IAS 23 'Borrowing costs' will result in a change in accounting policy from 2009 for entities that previously expensed all borrowing costs under the previous version. These entities will now need to develop procedures to calculate the amount of borrowing costs to be capitalised. Although the concept of capitalising borrowing costs is simple and familiar to many, putting that concept into practice frequently leads to questions and practical issues. The questions we encounter most often are addressed in this guide, along with extensive examples to help explain the practical implications.
Financial instruments - a chief financial officer's guide to avoiding the traps
This guide summarises the impact of IAS 39 'Financial instruments: recognition and measurement' together with relevant parts of IAS 32 'Financial instruments: presentation'. Its objective is to identify the main challenges that businesses typically encounter in applying these complex standards in order to help CFOs to identify key issues and prioritise. The guide willl help a CFO to understand potential problem areas in order to know when to consult further.
Operating segments - applying IFRS 8 in practice
IFRS 8 'operating segments' has replaced IAS 14 'segment reporting' for annual periods beginning on or after 1 January 2009. For entities operating in a variety of classes of business, geographical locations, regulatory or economic environments or markets, segmental information is an essential management tool, enabling management to monitor performance, allocate resources and devise business and market strategies. IFRS 8 requires much of this management information to be published externally so investors, analysts and other users of financial statements can review operations from the same perspective as management. This guide explains IFRS 8's key implementation issues and includes interpretational guidance and illustrative examples in the most problematic areas to help management understand the requirements of IFRS 8.
Financial instruments on display - illustrative disclosures and guidance on IFRS 7
The global financial crisis has put the spotlight on the adequacy of risk and other disclosures concerning financial instruments. These disclosures are the subject of IFRS 7 'Financial instruments: disclosures'. The crisis has also led the IASB to add some significant new requirements in 2009. Compliance with IFRS 7 takes time and should not be under estimated. The instruments covered are extensive, ranging from straightforward financial assets and liabilities such as bank accounts, trade receivables and trade payables to more complex financial instruments such as derivatives. IFRS 7 is very detailed but also requires significant judgement in some areas. This guide reflects the collective experience of the Grant Thornton International IFRS team and member firm experts in applying IFRS 7.
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