IFRS Update of Standards and Interpretations in Issue at 30 June 2021 Contents
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Impact of IFRS 17 for Insurers
Impacts of IFRS 17 insurance contracts accounting standard Considerations for data, systems and processes Across the globe, an unprecedented wave of new reporting and regulatory requirements are driving changes that are significantly impacting the way insurers manage their business. The new financial reporting standard IFRS 17 will undoubtedly represent the most significant change to insurance accounting requirements in over 20 years. IFRS 17 is scheduled to be applied for reporting periods starting on or after 1 January 2021. Its dynamics will not only have implications on the financial disclosures of insurers – it will also have profound operational impacts on all aspects of the organization. EY is already supporting many insurers across the globe in implementing IFRS 17 and we can see that the industry faces tough challenges in understanding the operational impacts on data, systems and processes. IFRS 17 requirements trigger questions around: • the fundamental data management strategy, including data quality, storage and archiving • the end-to-end systems architecture design and • the different actuarial, risk and accounting processes that will support the future reporting process and how they will interact In the next years insurers will need to implement significant technical and practical changes in order to appropriately respond to these questions. We believe the most efficient way to approach this will be through an integrated operating model and technology platform for Finance and Actuarial, enabling them to work as one unified team with one seamless calculation and reporting system. We see generally three solution approaches to meet the new data, system and process challenges: 1. Actuarial driven solution - Leverage existing data, system and processes for IFRS 17 and build on MCEV/Solvency II tools and models wherever sensible 2. -
IFRS in Your Pocket 2019.Pdf
IFRS in your pocket 2019 Contents Abbreviations 1 Foreword 2 Our IAS Plus website 3 IFRS Standards around the world 5 The IFRS Foundation and the IASB 7 Standards and Interpretations 15 Standards and Interpretations 24 Summaries of Standards and Interpretations in effect at 1 January 2019 29 Requirements that are not yet mandatory 100 IASB projects 104 Deloitte IFRS resources 111 Contacts 113 IFRS in your pocket |2019 Abbreviations ARC Accounting Regulatory Commission ASAF Accounting Standards Advisory Forum DP Discussion Paper EC European Commission ED Exposure Draft EFRAG European Financial Reporting Advisory Group GAAP Generally Accepted Accounting Principles IAS International Accounting Standard IASB International Accounting Standards Board IASC International Accounting Standards Committee (predecessor to the IASB) IFRIC Interpretation issued by the IFRS Interpretations Committee IFRS International Financial Reporting Standard IFRS Standards All Standards and Interpretations issued by the IASB (i.e. the set comprising every IFRS, IAS, IFRIC and SIC) PIR Post-implementation Review SEC US Securities and Exchange Commission SIC Interpretation issued by the Standing Interpretations Committee of the IASC SMEs Small and Medium-sized Entities XBRL Extensible Business Reporting Language XML Extensible Markup Language 1 IFRS in your pocket |2019 Foreword Welcome to the 2019 edition of IFRS in Your Pocket. It is a concise guide of the IASB’s standard-setting activities that has made this publication an annual, and indispensable, worldwide favourite. At its core is a comprehensive summary of the current Standards and Interpretations along with details of the projects on the IASB work plan. Backing this up is information about the IASB and an analysis of the use of IFRS Standards around the world. -
International Accounting Standards
Teacher Guidance for 9706 Accounting on International Accounting Standards Cambridge International AS & A Level Accounting 9706 For examination from 2023 Version 1 In order to help us develop the highest quality resources, we are undertaking a continuous programme of review; not only to measure the success of our resources but also to highlight areas for improvement and to identify new development needs. We invite you to complete our survey by visiting the website below. Your comments on the quality and relevance of our resources are very important to us. www.surveymonkey.co.uk/r/GL6ZNJB Would you like to become a Cambridge International consultant and help us develop support materials? Please follow the link below to register your interest. www.cambridgeinternational.org/cambridge-for/teachers/teacherconsultants/ Copyright © UCLES 2020 Cambridge Assessment International Education is part of the Cambridge Assessment Group. Cambridge Assessment is the brand name of the University of Cambridge Local Examinations Syndicate (UCLES), which itself is a department of the University of Cambridge. UCLES retains the copyright on all its publications. Registered Centres are permitted to copy material from this booklet for their own internal use. However, we cannot give permission to Centres to photocopy any material that is acknowledged to a third party, even for internal use within a Centre. Contents Introduction ...............................................................................................................................4 IAS -
How Should Companies Assess COVID-19 Events After the Reporting Date?
How should companies assess COVID-19 events after the reporting date? 31 March 2020 What’s the issue? The COVID-19 coronavirus pandemic has evolved rapidly in 2020 and it impacts how companies evaluate and disclose events after the reporting date (‘subsequent events’). Depending on a company’s reporting date, the impacts of the COVID-19 outbreak could be adjusting or non-adjusting events. Under IAS 10 Events After the Reporting Period, events, both favourable and unfavourable, that occur between the reporting date and the date when the financial statements are authorised for issue require disclosure or possibly affect recognition and measurement in the financial statements. [Insights 2.9.20, 2.9.30] Gabriela Kegalj Partner, Department of Professional IAS 10 identifies two types of events. Practice, Audit KPMG in Canada Events after the Definition Financial statement reporting date effects Adjusting events Those that provide Adjust the amounts evidence of conditions recognised in the that existed at the financial statements reporting date Non-adjusting events Those that are indicative Disclose the nature of conditions that arose of the event and an after the reporting date estimate of its financial Companies need to effect, or a statement that such an estimate exercise significant cannot be made judgement in Therefore, companies need to evaluate all events that occurred after their reporting determining which date and assess: events after the − which of those events provide additional evidence of conditions that existed at reporting date are the reporting date and for which financial statements need to be adjusted; vs adjusting events. − which lead to disclosure only. -
IFRS 4 Phase II Examples for Short Term Insurance
IFRS 4 Phase II Examples for Short Term Insurance Karl Meissner-Roloff November 2014 Discussion points • Areas considered / Scope • Valuation Method - considerations in application • Product based examples • Concluding remarks Disclaimer Contents of this presentation represent my own views and not that of my employer. Areas considered in this presentation represent on a portion of the changes required under IFRS4 Phase II and should therefore not be taken as an exhaustive demonstration of all requirements. Scope / Approach • Consideration of a few typical Short Term (ST) insurance contracts • Simple examples used to illustrate points – does not cover all eventualities • Identify some of the considerations / pitfalls in switching from existing practice to IFRS4 Phase II • Not going to go into details of OCI – but something that can be used for ST insurers Valuation Method Building Block Approach (BBA) Principles Block 3: The unearned profit the insurer Contractual Service Margin expects to earn as it fulfils the contract • Current The amount between a Block 2: certain and an • Represent fulfilment of obligations Risk Adjustment uncertain liability under the contract • Discounting Amounts the insurer expects to collect from premiums and pay out as it • Risk adjustment Block 1: acquires, services and settles the contract Present Value of Best Estimate Use a discount rate to • Contractual service margin Fulfilment Cashflows adjust the cash flows for the time value of money Valuation Method Premium Allocation Approach (PAA) • What is it? Approach which is very similar to current 365ths method for UPP • When can it be used? “Practical Expedient” for cases where: – Term less than 1 year (and thus also no discounting) – Results would resemble Building Block Approach • Where can it be used? Only for ‘unearned’ portion of premium Example 1 Monthly Policy – e.g. -
Ipsas 12—Inventories
IPSAS 12—INVENTORIES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 2 (Revised 2003), “Inventories,” published by the International Accounting Standards Board (IASB). Extracts from IAS 2 are reproduced in this publication of the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) with the permission of the International Accounting Standards Committee Foundation (IASCF). The approved text of the International Financial Reporting Standards (IFRSs) is that published by IASB in the English language, and copies may be obtained directly from IASB Publications Department, 30 Cannon Street, London EC4M 6XH, United Kingdom. E-mail: [email protected] Internet: http://www.iasb.org IFRSs, IASs, Exposure Drafts, and other publications of the IASB are copyright of the IASCF. “IFRS,” “IAS,” “IASB,” “IASCF,” “International Accounting Standards,” and “International Financial Reporting Standards” are trademarks of the IASCF and should not be used without the approval of the IASCF. IPSAS 12 314 December 2006 IPSAS 12—INVENTORIES CONTENTS Paragraph SECTOR PUBLIC Introduction ............................................................................................. IN1–IN14 Objective .................................................................................................. 1 Scope ....................................................................................................... 2–8 -
VALUE IFRS Plc Illustrative IFRS Consolidated Financial Statements December 2019
VALUE IFRS Plc Illustrative IFRS consolidated financial statements December 2019 This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under International Financial Reporting Standards as issued at 31 May 2019. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2019 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions. Global Accounting Consulting Services PricewaterhouseCoopers LLP This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. About PwC At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com © 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. VALUE IFRS Plc Illustrative IFRS consolidated financial statements December -
IFRS/HKFRS News 准则动态准则动态
2019年6月刊 Feb 2020 国际/香港财务报告 IFRS/HKFRS News 准则动态准则动态 This month's issues: Accounting implications when the • Accounting implications when the Novel Coronavirus Novel Coronavirus outbreak is outbreak is considered to be a non-adjusting event for the financial statements for the considered to be a non-adjusting year ended 31 December 2019 • Classification of Liabilities as event for the financial statements for Current or Non-current (Amendment to IAS 1) the year ended 31 December 2019 Background The spread of the Novel Coronavirus has affected business and economic activities in certain territories including mainland China and Hong Kong. The situation at 31 December 2019 was that a limited number of cases of an unknown virus had been reported. There was no explicit evidence of human to human transmission at that date. In January 2020, the virus spread and it was identified as a new coronavirus. Management should consider carefully the impact of the Novel Coronavirus on the financial statements. For some businesses, the impacts of the Novel Coronavirus outbreak could be significant. Consideration for the consequential accounting and financial reporting implications include not only the measurement of assets and liabilities but also the disclosure for events after the balance sheet date and other disclosures, and the preparation of financial statements on a going concern basis. This publication addresses only the accounting implications of the Novel Coronavirus for December 2019 year end. IFRS/HKFRS News | Feb 2020 (A) Events after the balance sheet date 1. Adjusting or non-adjusting events • The latter events changed the conditions • Relevant information available up to the • A critical part of the assessment of the of the Novel Coronavirus outbreak date of authorisation of the financial impact of the Novel Coronavirus significantly and are considered to be the statements for issue should be outbreak is whether the events most significant in the assessment of post considered in the disclosure. -
Extension of the Temporary Exemption from Applying IFRS 9
June 2020 IFRS® Standards Extension of the Temporary Exemption from Applying IFRS 9 Amendments to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 Amendments to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 is issued by the International Accounting Standards Board (Board). Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof whether in contract, tort or otherwise to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. ISBN: 978-1-911629-76-4 Copyright © 2020 IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. Please contact the Foundation for further details at [email protected]. Copies of Board publications may be ordered from the Foundation by emailing [email protected] or visiting our shop at https://shop.ifrs.org. The Foundation has trade marks registered around the world (Marks) including ‘IAS®’, ‘IASB®’, the IASB® logo, ‘IFRIC®’, ‘IFRS®’, the IFRS® logo, ‘IFRS for SMEs®’, the IFRS for SMEs® logo, ‘International Accounting Standards®’, ‘International Financial Reporting Standards®’, the ‘Hexagon Device’, ‘NIIF®’ and ‘SIC®’. Further details of the Foundation’s Marks are available from the Foundation on request. The Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, USA and operates in England and Wales as an overseas company (Company number: FC023235) with its principal office in the Columbus Building, 7 Westferry Circus, Canary Wharf, London, E14 4HD. -
General Insurers Should Not Ignore IFRS 4 Phase II
General insurers should not ignore IFRS 4 Phase II The IASB believe that they are close to finalising IFRS 4 Phase II, accounting for insurance contracts. Do you write multi-year contracts? The long germination period, conflicting priorities (such as Solvency II in Europe) and a view that Eligibility for the simplified there will be limited impact for general insurers, mean that many insurers in this sector have yet to approach may be tougher than begin to consider the implications of the new standard. However, we recommend that general you think. insurance companies consider the potential impact and assess the expected scale of the Are you undertaking, or planning, implementation effort in order to avoid late surprises. systems or data projects? Efficient project management should build in Phase II awareness. Background Who should be acting now and why? • A new IFRS standard for insurance contract accounting (IFRS 4 Phase The type of business written will drive the accounting models available. This II or ‘Phase II’) has been under development for 18 years and so reports will influence the expected financial and operational impact of its approaching arrival might understandably be met with some • Insurers will need to assess the extent to which the simplified approach can be used scepticism. and, if so, whether it is the optimal choice for the insurer. • However, the IASB have indicated that the standard is close to finalisation • Any general insurer writing multi-year policies may have to apply the standard Phase and hope to issue it next year which would suggest an effective date of II model (the Building Block Approach, “BBA”) rather than the simplified Premium around 2020. -
Insights Into IFRS 13
Accounting Advisory Global Insights into IFRS 13 Fair Value Measurement Fair Value Measurement IFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements. It clarifies how to measure fair value when a market becomes less active. IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used. IFRS 13 has been effective since 1 January 2013 and was subject to a Post Implementation Review (PIR) in 2017. As a result of this PIR, the International Accounting Standards Board (IASB) concluded that IFRS 13 is working as intended. Specifically, • the information required by IFRS 13 is useful to users of financial statements • some areas of IFRS 13 present implementation challenges, mainly in areas requiring judgement. However, evidence suggests that practice is developing to resolve these challenges, and • no unexpected costs have arisen from application of IFRS 13. The IASB therefore concluded no changes were required to IFRS 13. This Insights into IFRS 13 article not only summarises the Standard, it also provides detailed commentary on various aspects of applying this Standard from the perspective of a preparer working alongside a valuation expert. “IFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements.” 2 Insights into IFRS 13 – Fair Value Measurement Summary of IFRS 13 Fair Value Measurement The table summarises the main requirements of the Standard: Requirement Significance • addresses all fair value and ‘fair value-based’ measurements (except those in IFRS 2 ‘Share-based Payment’ and IFRS 16 ‘Leases’) Scope • covers both financial and non-financial items • fair values that are required to be disclosed in the notes are also captured. -
The Application of Ias 2 Inventories Standard in Accounting Practices, BMIJ, (2020), 8(2): 2414-2430 Doi
Research Article BUSINESS & MANAGEMENT STUDIES: ISSN: 2148-2586 AN INTERNATIONAL JOURNAL Vol.:8 Issue:2 Year:2020, 2414-2430 Citation: Boydas Hazar H., The Application Of Ias 2 Inventories Standard In Accounting Practices, BMIJ, (2020), 8(2): 2414-2430 doi: http://dx.doi.org/10.15295/bmij.v8i2.1496 THE APPLICATION OF IAS 2 INVENTORIES STANDARD IN ACCOUNTING PRACTICES Hülya BOYDAŞ HAZAR 1 Received Date (Başvuru Tarihi): 9/05/2020 Accepted Date (Kabul Tarihi): 22/06/2020 Published Date (Yayın Tarihi): 25/06/2020 ABSTRACT In this study, IAS 2 Inventories standard is examined and the real-world accounting applications related to inventories are presented.IAS 2 Inventories is an Keywords: accounting standard, which is part of the International Financial Accounting Standards (IFRS). It is the framework for the accounting treatment of inventories. Inventory makes IAS 2 up substantial part of the total asset value. Therefore, value determination and presentation IFRS of inventories is a fundamental part of accounting.The contribution of this work is highlighting the components which make up the value of inventories and the importance of Inventory choosing the inventory valuation method in managerial decision making. Moreover, Valuation Methods accounts are suggested for journal entries to record inventory related costs. JEL Codes: M11, M41 MUHASEBE UYGULAMALARINDA UMS 2 STOK STANDARDININ KULLANIMI ÖZ Bu çalışmada, UMS 2 Stoklar standardı incelenmiş ve stoklarla ilgili muhasebe Anahtar Kelimeler: uygulamalarına yer verilmiştir.UMS 2 Stoklar, Uluslararası Finansal Muhasebe Standartlarının (UFRS) bir parçası olan bir muhasebe standardıdır. Stokların UMS 2 muhasebeleştirilmesi ile ilgili temel bilgileri verir. Stoklar, toplam varlık değerinin önemli UFRS bir bölümünü oluşturur.