For effective dates under IFRS Standards, see our Newly effective standards web tool. Dynamics in IFRS: You find the most important information concerning new IFRS Standards and the latest interpretations here. They can be early adopted. Certain accommodations have been made, such as deferring effective dates, extending project timelines and comment periods and providing relief on accounting for rent concessions by lessees. Early adoption is permitted.Â, Unlike IFRS Standards, the guidance addressing long-duration contracts issued by insurers and reinsurers in US GAAP applies only to insurance entities. Eligible rent concessions are those arising as a ‘direct consequence’ of COVID-19 and for which: For lessees, this is an optional practical expedient to be applied consistently to all lease contracts with similar characteristics and in similar circumstances. Find out more detail in the full IASB Update for November. Find advance information for Standards MT Release 2021 in MyStandards. The proposed amendment would improve the sale and leaseback requirements already in IFRS 16 by providing greater clarity for the company selling and leasing back an asset both at the date of transaction and subsequently. costs of making the PPE available for its intended use. under both IFRS Standards and US GAAP – with major new standards on revenue, leases, financial instruments and insurance. An acquirer should apply the definition of a liability in IAS 37 – rather than the definition in the Conceptual Framework – to determine whether a present obligation exists at the acquisition date as a result of past events. The standard will replace IFRS 4 Insurance Contracts. The IASB Board still intends to advance time-sensitive projects – including IBOR Phase 2 and amendments to IFRS 17 under the original project plans. applies to lessors as well as lessees; it is more permissive with respect to eligibility. This table displays the new standards, ... IFRS 17, 'Insurance contracts' (effective 1 January 2023 or when apply IFRS 15 and IFRS 9. The 'International Financial Reporting Standards (IFRS) and 2020 Updates' course will help build the knowledge you need in IFRS for success in today's global business world. ASU 2018-12 is not fully aligned with the requirements of IFRS 17. This edition does not contain Standards or changes to Standards with an effective date after 1 January 2020. The standard should be applied retrospectively unless impracticable. Also, catch up on the October episode, featuring Sue Lloyd and Technical Director Nili Shah talking about the Board's upcoming Agenda Consultation. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. IFRS 17 provides the first comprehensive guidance to accounting for insurance contracts under IFRS Standards. The Trustees also confirmed the appointment and re-appointment of several organisations and individuals to the IFRS Advisory Council, effective 1 January 2021. IFRS standards with mandatory effective date in 2019 or that can be early adopted. Not yet endorsed 12 For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. IFRS Foundation appoints Robert Pozen, Kenneth Robinson and Erhard Schipporeit as new Trustees The IFRS Foundation has appointed three Trustees and re-appointed seven, effective 1 January 2021. The endorsement process of the European Union often leads to significant delays after the publication by the IASB. New definition of a business: IFRS compared to US GAAP, Accounting standards boards respond to IBOR reform, Rent concessions – Practical relief for lessees, FASB staff guidance on accounting for COVID-19 rent concessions, Accounting for insurance contracts under IFRS 17, Amendments to classification of liabilities (IAS 1), Accounting for proceeds before an asset’s intended use, Interest Rate Benchmark Reform – Phase 2: Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16, FASB provides relief to companies for reference rate reform, Simplifying the Classification of Debt in a Classified Balance Sheet. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). For first time adopters of IFRS, IFRS 1 mirrors the transition guidance set out in Appendix C of IFRS 17. From the IFRS Institute – May 29, 2020. This may, for example, apply to an amortizable license acquired through a business combination in a jurisdiction in which no tax deduction may be available for the purposes of the corporate tax while the asset is used, but the full amount may be deductible for the purposes of the capital gains tax when the asset reaches the end of its life, and corporate and capital gains and losses cannot be offset. Seventy academics and practitioners, including standard-setters and regulators, came together for the virtual IASB Research Forum 2020 to discuss the latest research into financial reporting matters. In accordance with specific requirements in IAS 37. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. It aims to increase transparency and to reduce diversity in the accounting for insurance contracts. Effective for annual periods beginning on or after January 1, 2020: The Board has also proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. Please find below a brief summary of news and events from the International Accounting Standards Board (Board) and the IFRS® Foundation over the past month: The IFRS Foundation Trustees recently announced the appointment of Andreas Barckow to serve as Chair of the Board, effective July 2021. The test is optional under IFRS Standards. of Professional Practice, KPMG US, Managing Director, Dept. Join us for upcoming webcast events. In response to COVID-19, the IASB Board has made significant changes to its work plan, proposing to extend effective date comment deadlines and project timelines, and taking on new priority projects. Tune in to KPMG Advisory podcasts to hear perspectives on today's business issues. 3. Effective for annual periods beginning on or after January 1, 2021: IFRS 17 Insurance Contracts (New in 2017; replaces IFRS 4) In accordance with specific requirements in IFRS 17. Corporate strategy insights for your industry, Explore Corporate strategy insights for your industry, Financial Services Regulatory Insights Center, Explore Financial Services Regulatory Insights Center, Explore Risk, Regulatory and Compliance Insights, Explore Corporate Strategy and Mergers & Acquisitions, Customer service transformation & technology. The Board has started its Post-implementation Review (PiR) of the classification and measurement requirements in IFRS 9 Financial Instruments and has added the PIR as a project to its work plan. Summary of the new IFRS standards. Connect with us via webcast, podcast, or in person at industry events. Many offer CPE credit. The practical expedient is not available to lessors. Update 2016-04— Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force) The deferral of the effective date of the new accounting standard IFRS 17 to 1 January 2023 has given insurers some breathing room to prepare for the transition, but for all there is still an enormous amount of work to do and the year ahead will be a very big year for the entire industry. And last, but certainly not the least, came IFRS 17, the much-anticipated new standard on insurance, which takes effect in 2021. First on the list was the final version of IFRS 9, the new standard on financial instruments, followed by IFRS 15, the new revenue recognition standard. The following summaries highlight new authoritative guidance issued by the International Accounting Standards Board (IASB Board), provide a high-level comparison to US GAAP, and identify resources for further reading. Similarly, the FASB has extended effective dates for the following standards, causing a wider gap for dual reporters that are private US companies: The FASB plans to continue its project on reporting of gifts-in-kind by not-for-profit entities in the near term, but will defer issuing any other proposed updates until later in 2020. Further amendments to IFRS 3, Business Combinations, update references in IFRS 3 to the revised 2018 Conceptual Framework. The amendments also clarify that the transfer of a company’s own equity instruments is regarded as settlement of a liability, unless it results from the exercise of a conversion option meeting the definition of an equity instrument. This product is a printed bound volume. The effective date for preparers is annual periods beginning on or after January 1, 2020.1 The Conceptual Framework is typically used by preparers when developing accounting policies where no IFRS Standards apply to a particular transaction. For SEC filers, excluding those eligible to be ‘smaller reporting companies’, the effective date of the ASU is January 1, 2022. He will succeed Hans Hoogervorst, who completes his second five-year term in June 2021. Early adoption is permitted unless otherwise stated. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Skip to the content. IASB® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. You can view which cookies are used by viewing the details in our privacy policy. The effective date for the amendments for the current versus noncurrent classification of liabilities has been proposed to be extended by one year. Instead, the company can elect to account for eligible COVID-19 related rent concessions, whatever their form (e.g. rent deferrals). To thrive in today's marketplace, one must never stop learning. The right needs to be unconditional and must have substance. The IASB Board has relaxed IFRS 16 requirements for lessees accounting for rent concessions in lease agreements. Accordingly, a company will need to distinguish between: Making this allocation of costs may require significant estimation and judgement. Companies in the extractive industry in particular may need to monitor costs at a more granular level. The IFRS Taxonomy 2020—Proposed Update 5 General Improvements and Common Practice—IAS 19 Employee Benefits proposes changes that aim to support the high-quality tagging of information disclosed about employee benefits. US GAAP requires companies to perform an initial screen test as part of their assessment. The IFRS Standards in this edition have been annotated with extensive cross-references, explanatory notes and IFRS Interpretations Committee (Committee) agenda decisions to help users apply the Standards. The consultation paper presents the Board's preliminary views with the aim to reduce diversity in practice and to improve transparency and comparability in reporting these transactions. Partner, Dept. For all other entities, including ‘smaller reporting companies’, the effective date is January 1, 2024. The amendments to IAS 16 therefore better align the accounting for incidental income to that under US GAAP, except for PPE to be rented or sold. To ensure that this update in referencing does not change which assets and liabilities qualify for recognition in a business combination, or create new Day 2 gains or losses, the amendments introduce new exceptions to the recognition and measurement principles in IFRS 3. In March 2018, the IASB Board revised its Conceptual Framework. The new IFRS standards 2020 will bring about a massive change in the way businesses maintain their records.The International Financial Reporting Standards (IFRS) are accounting measures that are given by the International Accounting Standards Board (IASB). In 2018 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. Our semi-annual outlook is a quick aid to help IFRS Standards preparers in the US keep track of imminent IFRS Standards changes and to assess the relevance to their financial statements. IFRS 17 is effective from 1 January 2021. Please complete the CAPTCHA field to verify you are human. No results have been found ... International GAAP® 2021. Use this tool to generate your customised list of newly effective and forthcoming IFRS Standards Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. See the IASB Board work plan for other projects that are currently in progress. The FASB has provided optional relief for a limited time to ease the accounting burden associated with transitioning away from reference rates in the area of contract modifications, hedge accounting and held-to-maturity debt securities. – New standards and interpretations issued by the IASB Board have a single effective date. Proceeds from selling items (e.g. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. Top 10 differences between interim financial reporting requirements under IAS® 34 and ASC 270. That is, it does not require either (1) that the concession either be a direct consequence of COVID-19 (merely that it is related to COVID-19) or (2) result in reduced payments only through June 30, 2021; and includes specific guidance on acceptable accounting approaches for certain types of concessions (e.g. Trustees announce appointments to … The FASB has made significant changes to the accounting for long-duration contracts.5. Below are effective dates for major financial accounting and reporting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. Standards/Interpretations Issued Not Yet Effective as at September 2020 IAS 8 requires that, when an entity has not applied a new Standard or Interpretation that has been issued but is not yet effective, the entity shall disclose: (a) this fact; and (b) known or reasonably estimable information relevant to assessing the possible Early adoption is permitted. Archived recordings can be accessed anytime. New proposals2 have been issued to provide additional relief post-IBOR reform (IBOR reform – Phase 2), including relief related to debt and lease modifications, hedge accounting documentation, and disclosure requirements. This edition, presented in three volume parts, contains the IFRS® Standards, including IAS® Standards, IFRIC® Interpretations and SIC® Interpretations, as approved for issue up to 31 December 2020 and required to be applied on 1 January 2021. In 2016 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. Improving business performance, turning risk and compliance into opportunities, developing strategies and enhancing value are at the core of what we do for leading organizations. With the implementation of IFRS 17, the accounting for insurance contracts will differ significantly between IFRS Standards and US GAAP both for insurers, reinsurers and non-insurers. Here we offer our latest thinking and top-of-mind resources. Description: For accounting periods beginning on 1 January 2021, excluding changes not yet required. Certain accommodations have been made, such as deferring effective dates, extending project timelines and comment periods and providing relief on accounting for rent … 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. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. Therefore the effective dates for new IFRS Standards of the European Union and the IASB may differ. However, the FASB Concept Statements, SEC guidance used by management, as well as guidance for auditors all refer to ‘materiality’ and define it as “…if there is a substantial likelihood that the fact would have been viewed by a reasonable investor as having significantly altered the total mix of information made available...” In addition, this evaluation involves both quantitative and qualitative aspects. The FASB has made similar responses to COVID-19 to support stakeholders through the current situation. Standards (IFRS) and 2021 Updates +971 4 556 7171 Contents are subject to change. Describes the changes to Standards messages effective as of 21 November 2021. The current and noncurrent classification of liabilities is not currently converged between IFRS Standards and US GAAP. Amendments to IFRS 16, Leases, COVID-19-Related Rent Concessions4, permit lessees not to assess whether eligible COVID-19 related rent concessions are lease modifications, and account for them as if they were not lease modifications. In the November 2020 episode of our monthly IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the Board, talk about the IASB's annual joint education session with the US standard-setter FASB, current Post-implementation Review projects, Management Commentary and Subsidiaries that are SMEs. The amended definitions of a business under IFRS Standards and US GAAP are otherwise substantially converged and the Boards expect them to yield more consistency in practice than previously. We undertook work on an urgent basis to amend IFRS Standards. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020 (fees in the ‘10 per cent’ test for derecognition of financial liabilities) May 2020: Annual periods beginning on or after 1 January 2022: Amendments regarding replacement issues in the context of the IBOR reform; August 2020: Annual periods beginning on or after 1 January 2021 In response to COVID-19, the effective date is pending a one-year deferral to 2023, to be confirmed by the IASB Board mid-2020. For US GAAP, however, only the revenue standard is fully effective in annual periods. statements will need to consider the newly effective standards IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments , as well as other amendments to IFRSs. Instead such proceeds should be recognized in profit or loss, together with the costs of producing those items (to which IAS 27 applies). The comment periods for the following projects have been extended by three months: Exposure Draft, General Presentation and Disclosures, extended to September 30, 2020, Discussion Paper, Business Combinations – Disclosures, Goodwill and Impairment, extended to December 31, 2020. This website uses cookies. For IFRS Standards, implementation efforts are complete, except for insurance. In addition, other projects that were slated for completion in Q2 2020 will not be completed until later in 2020. © IFRS Foundation 2017. Unlike IFRS Standards, materiality is not specifically defined under authoritative US GAAP. Technical resources on the International Financial Reporting Standards (IFRS) – get started now with practical guidance, latest thinking and tools. IASB ® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. Ensure that you communicate their impact to your stakeholders! Meanwhile, three other Trustees hosted live webinars and moderated Q&A sessions on the same topic—view the recordings here. Please remove any invalid characters ('', '+', '|'), links or URLs (e.g www.ifrs.org, http://www.ifrs.org) from the 'Your query' field and re-submit. EY Homepage. Invalid characters in 'Your Query' field. These requirements differ from and are narrower than IFRS Standards.Â. The effective date of IFRS 17 is pending a two-year deferral to 2023, to be confirmed by the IASB Board mid-2020. The IFRS Foundation Trustees recently announced the appointment of Andreas Barckow to serve as Chair of the Board, effective July 2021. Access the recordings and slides or find out more about the call for papers for the 2021 edition of this event. The Board will support the implementation of IFRS 17 over the next three and half years. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Responding quickly to the challenges of COVID-19, the International Accounting Standards Board (the IASB ® Board) deferred the effective dates for certain standards and amendments, and granted relief to lessees in accounting for rent concessions. there are no other ‘substantive’ changes to the lease. The amendments apply retrospectively but only for new PPE that reach their intended use on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. In addition, the amendments clarify that the acquirer should not recognize a contingent asset at the acquisition date. Search Close search See all results in Search Page. This product is a printed bound volume. in the case of subjective acceleration clauses). Derecognition and modifications of financial liabilities, however, remains a complex area where other differences between IFRS Standards and US GAAP arise. Pozen is a financial executive and former executive chair of MFS Investment Management, Robinson currently serves as a trustee of the Financial Accounting Foundation, and Schipporeit is an independent management consultant and is a … By using this site you agree to our use of cookies. An error has occurred, please try again later. Like IFRS Standards, US GAAP applies a ’10 percent’ test for derecognition of financial liabilities, considering fees paid or received between the borrower and the lender. of Professional Practice, KPMG US. Session expired, please refresh your browser. The comment period ended on May 25, 2020 and the final amendments are expected in Q3 2020. Amendments to IAS 16, Property, Plant and Equipment (PPE) – Proceeds before Intended Use, introduce new guidance. the revised consideration for the lease remains ‘substantially the same’ or is less than the consideration for the lease before the concession; any reduced payments were originally due on or before June 30, 2021; and. Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. A company can therefore apply the amendments in annual periods beginning January 1, 2020 by adopting them early. Although the headline of this quarter is COVID-19, some amendments are effective in 2020 and beyond. Effective dates of new International Financial Reporting Standards (IFRSs) From the IFRS Institute – December 4, 2020. The new insurance standard IFRS 17 Insurance Contracts was issued in 2017 with the effective date of 1 January 2021, but IASB already makes steps to postpone its application till 2022. The IASB’s joint project with the Financial Accounting Standards Board (FASB) to develop a new accounting ... IFRS in Practice 2020-2021 - IFRS 15 Revenue from Contracts with Customers 6. This site uses cookies to provide you with a more responsive and personalised service. The content is organized by effective dates: And in On the radar, we explain how the IASB Board and FASB are responding to COVID-19. Revenue Recognition. This was to ease the transition to the new interest rates for companies and to ensure that investors have the information they need about the progress a company has made in transitioning to the new … Are you ready for the new IFRS® accounting standards? We encourage you to closely monitor the FASB’s technical agenda for potential further delays in future standard-setting activities. The amendments to IFRS 16 are effective for annual periods beginning on or after June 1, 2020, with early adoption permitted. Instead, onerous contracts are accounted for under specific Codification topics/subtopics depending on the type of contract involved. 1 January 2021 IFRS 17, ‘Insurance contracts’ Annual periods on or after 1 January 2021 Early adoption is permitted once IFRS 15 and IFRS 9 are applied. Unlike IFRS Standards, assets and liabilities that arise from contingencies are generally recognized in the acquisition accounting if they are probable and reasonably estimable. Are expected in Q3 2020 issued by the IASB Board mid-2020 accounting for insurance contracts under Standards. On today 's business issues occurred, please try again later become effective insurance contracts on an urgent to! Visitâ https: //home.kpmg/governance more responsive and personalised service has made significant changes to effective... Standards of the new leases standard, which will be effective in.! 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