The IASB Board and the FASB take different approaches to the effective dates of new pronouncements. The amendments to IFRS 16 are effective for annual periods beginning on or after June 1, 2020, with early adoption permitted. No results have been found ... International GAAP® 2021. All rights reserved. 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. 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 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. Trustees announce appointments to … These requirements differ from and are narrower than IFRS Standards.Â. EY Homepage. 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. 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) Accessibility   |   Privacy   |   Terms and Conditions   |   Trade mark guidelines   |   All legal information   |   Using our website. 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. Search Close search See all results in Search Page. Explore challenges and top-of-mind concerns of business leaders today. Instead, onerous contracts are accounted for under specific Codification topics/subtopics depending on the type of contract involved. 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. 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 Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Many offer CPE credit. 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. 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. The Board will support the implementation of IFRS 17 over the next three and half years. The FASB has made significant changes to the accounting for long-duration contracts.5. Effective dates of new International Financial Reporting Standards (IFRSs) 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 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. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. 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. We undertook work on an urgent basis to amend IFRS Standards. Here we offer our latest thinking and top-of-mind resources. Our multi-disciplinary approach and deep, practical industry knowledge, skills and capabilities help our clients meet challenges and respond to opportunities. costs of producing and selling items before the PPE is available for its intended use; and. That is, it does not require either (1) that the concession either be a. IFRS in your pocket is our popular guide to International Financial Reporting Standards (IFRS). 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. Describes the changes to Standards messages effective as of 21 November 2021. Amendments to IFRS 9, Financial Instruments, IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures, provide temporary but mandatory relief from specific hedge accounting requirements to address potential effects of the uncertainly in the lead up to IBOR reform (IBOR reform – Phase 1). Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. Proceeds from selling items (e.g. Tune in to KPMG Advisory podcasts to hear perspectives on today's business issues. Top 10 differences between interim financial reporting requirements under IAS® 34 and ASC 270. ASU 2018-12 is not fully aligned with the requirements of IFRS 17. 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 Although the headline of this quarter is COVID-19, some amendments are effective in 2020 and beyond. Proceeds from selling items before the related PPE is available for intended use are recognized in profit or loss unless the property is being developed for rental or sale, in which case income (but not a loss) from incidental operations is recognized as a reduction to the cost of the property. And last, but certainly not the least, came IFRS 17, the much-anticipated new standard on insurance, which takes effect in 2021. An error has occurred, please try again later. See the IASB Board work plan for other projects that are currently in progress. Early adoption is permitted unless otherwise stated. IFRS ® Standards Required 1 January 2020.. For accounting periods beginning on 1 January 2020, excluding changes not yet required. Amendments to IAS 16, Property, Plant and Equipment (PPE) – Proceeds before Intended Use, introduce new guidance. KPMG highlights potential IFRS® Standards accounting and disclosures impacts of COVID-19. The right needs to be unconditional and must have substance. IFRS 17 provides the first comprehensive guidance to accounting for insurance contracts under IFRS Standards. © IFRS Foundation 2017. ... Impairment of financial assets under the new standard Revenue from contracts with customers (IFRS 15) ... 2021 Effective Budgeting and Cost Control English Dubai US$ 4900 8 - 12 Aug, 2021 Fast Closing Monthly and Year-End Accounts The comment period ended on May 25, 2020 and the final amendments are expected in Q3 2020. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG does not provide legal advice. 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. Join us for upcoming webcast events. Connect with us via webcast, podcast, or in person at industry events. Meanwhile, three other Trustees hosted live webinars and moderated Q&A sessions on the same topic—view the recordings here. 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. As the COVID-19 situation continues, the IASB Board could make additional changes to its work plan, and we encourage you to check our Global IFRS Institute frequently for updates. The IFRS Foundation Trustees are responsible for the governance, oversight and strategy of the Foundation and the International Accounting Standards Board, which sets IFRS Standards. Standards (IFRS) and 2021 Updates +971 4 556 7171 Contents are subject to change. 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). Effective for annual periods beginning on or after January 1, 2020: 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. In 2016 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. Technical resources on the International Financial Reporting Standards (IFRS) – get started now with practical guidance, latest thinking and tools. The effective date of ASC 606, Revenue from Contracts with Customers, has been extended by one year for all private companies that have not yet adopted the guidance, The effective date of ASC 842, Leases, for private companies and public not-for-profit entities has been extended by one year. Under both IFRS Standards and US GAAP, a lessor payment for lessee-owned leasehold improvements is a lease incentive that should reduce the lease payments. IFRS standards with mandatory effective date in 2019 or that can be early adopted. 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. 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. Are you ready for the new IFRS® accounting standards? To thrive in today's marketplace, one must never stop learning. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. of Professional Practice, KPMG US, Managing Director, Dept. The effective date for the amendments for the current versus noncurrent classification of liabilities has been proposed to be extended by one year. IFRS 17 applies to annual periods beginning on or after 1 January 2021, with earlier application permitted if IFRS 15 and IFRS 9 are also applied. You can view which cookies are used by viewing the details in our privacy policy. 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. He will succeed Hans Hoogervorst, who completes his second five-year term in June 2021. This product is a printed bound volume. Therefore the effective dates for new IFRS Standards of the European Union and the IASB may differ. The IFRS foundation has appointed three new trustees —Robert Pozen, Kenneth Robinson and Erhard Schipporeit, effective 1 January 2021. By using this site you agree to our use of cookies. They can be early adopted. © 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. Archived recordings can be accessed anytime. Not yet endorsed 12 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. Further amendments to IFRS 3, Business Combinations, update references in IFRS 3 to the revised 2018 Conceptual Framework. We encourage you to closely monitor the FASB’s technical agenda for potential further delays in future standard-setting activities. 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. – New standards and interpretations issued by the IASB Board have a single effective date. The standard will replace IFRS 4 Insurance Contracts. 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. A company can choose to apply IFRS 17 before that date, but only if it also applies IFRS 9 Financial Instrumentsand IFRS 15 Revenue from Contracts with Customers. The practical expedient is not available to lessors. 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. rent deferral, forgiveness or other) either: Eligible COVID-19 related concessions are those where the changes to the lease resulting from and accompanying the concession do not result in a substantial increase to the rights of the lessor or the obligations of the lessee – e.g. leases for which the total payments required by the contract will be substantially the same as or less than the total payments required by the contract pre-concession. Revenue Recognition. In addition to useful summaries of all current Standards and Interpretations, it includes a vast array of information about global accounting standard setting. 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 … Amendments to the Conceptual framework Annual periods 1 Jan 2020 Early adoption is permitted Endorsed 7 1 January 2021 IFRS 17, ‘Insurance contracts’ Annual periods on or after 1 Jan 2021 Early adoption is permitted once IFRS 15 and IFRS 9 are applied. For IFRS Standards, implementation efforts are complete, except for insurance. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. 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. of Professional Practice, KPMG US. The FASB issued a revised exposure draft, Unlike IFRS Standards, US GAAP does not have a general requirement to recognize onerous 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. Also, catch up on the October episode, featuring Sue Lloyd and Technical Director Nili Shah talking about the Board's upcoming Agenda Consultation. This table displays the new standards, ... IFRS 17, 'Insurance contracts' (effective 1 January 2023 or when apply IFRS 15 and IFRS 9. 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. 19 February 2021: Update to Standards MT Release Guide 2021 (public) Update to Message Format Validation Rules 2021 (login required) Updates to documents published on 18 December 2020. Effective dates are for annual periods beginning on or after the stated date. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. 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 … applies to lessors as well as lessees; it is more permissive with respect to eligibility. This website uses cookies. He will succeed Hans Hoogervorst, who completes his second five-year term in June 2021. US GAAP requires companies to perform an initial screen test as part of their assessment. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Dynamics in IFRS: You find the most important information concerning new IFRS Standards and the latest interpretations here. Summary of the new IFRS standards. Unlike IFRS Standards, materiality is not specifically defined under authoritative US GAAP. The IASB Board has relaxed IFRS 16 requirements for lessees accounting for rent concessions in lease agreements. 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. A company can therefore apply the amendments in annual periods beginning January 1, 2020 by adopting them early. For effective dates under IFRS Standards, see our Newly effective standards web tool. In addition, the amendments clarify that the acquirer should not recognize a contingent asset at the acquisition date. 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. 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. The test is optional under IFRS Standards. 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. Amendments to IAS 1, Presentation of Financial Statements, clarify that the classification of liabilities as current or noncurrent is based solely on a company’s right to defer settlement at the reporting date. Description: For accounting periods beginning on 1 January 2021, excluding changes not yet required. IASB ® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. Unlike IFRS Standards, US GAAP requires, in certain situations, a likelihood assessment at the reporting date as to whether the creditor will accelerate repayment of the debt (e.g. This edition does not contain Standards or changes to Standards with an effective date after 1 January 2020. Early adoption is permitted. In 2018 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. costs of making the PPE available for its intended use. 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. 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. 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 information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. 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. Effective date. This product is a printed bound volume. In addition, other projects that were slated for completion in Q2 2020 will not be completed until later in 2020. 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 case of subjective acceleration clauses). US GAAP does not contain an example of lessor payments for lessee-owned leasehold improvements. This edition, presented in three volume parts, contains the IFRS ® Standards, including IAS ® Standards, IFRIC® Interpretations and SIC® Interpretations, as required at 1 January 2020. samples) before the related PPE is available for its intended use can no longer be deducted from the cost of PPE. For all other entities, including ‘smaller reporting companies’, the effective date is January 1, 2024. Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. The FASB has made similar responses to COVID-19 to support stakeholders through the current situation. Skip to the content. 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. 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. 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. rent deferrals). FASB staff guidance (hereinafter, the practical expedient) permits a company to forgo an evaluation of the enforceable rights and obligations of the original lease contract. 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. 3. Below are effective dates for major financial accounting and reporting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. there are no other ‘substantive’ changes to the lease. Find out more detail in the full IASB Update for November. In accordance with specific requirements in IAS 37. Certain accommodations have been made, such as deferring effective dates, extending project timelines and comment periods and providing relief on accounting for rent … 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. He will succeed Hans Hoogervorst, who completes his second five-year term in June.! Moderated Q & a sessions on the same topic—view the recordings here Q2 2020 not. Depending on the type of contract involved 2020.. for accounting periods beginning January 1,...., with early adoption permitted requires companies to perform an initial screen test part. 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