Effective dates of new International Financial Reporting Standards (IFRSs) © IFRS Foundation 2017. Summary of the new IFRS standards. For a levy in the scope of IFRIC 21, the acquirer should apply the criteria in IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date. 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. 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 has also proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. of Professional Practice, KPMG US. 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. The IASB Board has relaxed IFRS 16 requirements for lessees accounting for rent concessions in lease agreements. The right needs to be unconditional and must have substance. Dynamics in IFRS: You find the most important information concerning new IFRS Standards and the latest interpretations here. Partner, Dept. From the IFRS Institute – May 29, 2020. This table displays the new standards, ... IFRS 17, 'Insurance contracts' (effective 1 January 2023 or when apply IFRS 15 and IFRS 9. The effective date for the amendments for the current versus noncurrent classification of liabilities has been proposed to be extended by one year. 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. IFRS ® Standards Required 1 January 2020.. For accounting periods beginning on 1 January 2020, excluding changes not yet required. 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. The standard should be applied retrospectively unless impracticable. Technical resources on the International Financial Reporting Standards (IFRS) – get started now with practical guidance, latest thinking and tools. Description: For accounting periods beginning on 1 January 2021, excluding changes not yet required. Are you ready for the new IFRS® accounting standards? US GAAP requires companies to perform an initial screen test as part of their assessment. Instead, onerous contracts are accounted for under specific Codification topics/subtopics depending on the type of contract involved. 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 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. For SEC filers, excluding those eligible to be ‘smaller reporting companies’, the effective date of the ASU is January 1, 2022. Trustees announce appointments to … of Professional Practice, KPMG US, Managing Director, Dept. 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. 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. Here we offer our latest thinking and top-of-mind resources. 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. Search Close search See all results in Search Page. Join us for upcoming webcast events. 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. 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 date. In addition to useful summaries of all current Standards and Interpretations, it includes a vast array of information about global accounting standard setting. By using this site you agree to our use of cookies. © 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. Unlike IFRS Standards, assets and liabilities that arise from contingencies are generally recognized in the acquisition accounting if they are probable and reasonably estimable. Unlike IFRS Standards, materiality is not specifically defined under authoritative US GAAP. Access the recordings and slides or find out more about the call for papers for the 2021 edition of this event. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. The amendments to IFRS 16 are effective for annual periods beginning on or after June 1, 2020, with early adoption permitted. This website uses cookies. 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. 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. Derecognition and modifications of financial liabilities, however, remains a complex area where other differences between IFRS Standards and US GAAP arise. 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). Amendments. For first time adopters of IFRS, IFRS 1 mirrors the transition guidance set out in Appendix C of IFRS 17. The IFRS foundation has appointed three new trustees —Robert Pozen, Kenneth Robinson and Erhard Schipporeit, effective 1 January 2021. Publication: Use of IFRS Standards around the world [PDF], How the IFRS Interpretations Committee helps support consistent application, Supporting materials for the IFRS for SMEs Standard, business combinations under common control, educational material to highlight how existing requirements in IFRS Standards, Consultation Paper on Sustainability Reporting. 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. Find out more detail in the full IASB Update for November. 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. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. For IFRS Standards, implementation efforts are complete, except for insurance. EY Homepage. there are no other ‘substantive’ changes to the lease. Proceeds from selling items (e.g. An error has occurred, please try again later. 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. Effective for annual periods beginning on or after January 1, 2020: 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. costs of producing and selling items before the PPE is available for its intended use; and. 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. 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. The comment period ended on May 25, 2020 and the final amendments are expected in Q3 2020. In 2016 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. 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). Describes the changes to Standards messages effective as of 21 November 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. US GAAP does not contain an example of lessor payments for lessee-owned leasehold improvements. This site uses cookies to provide you with a more responsive and personalised service. Early adoption is permitted unless otherwise stated. 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. 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. 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 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. 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. 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. To thrive in today's marketplace, one must never stop learning. All rights reserved. Standards (IFRS) and 2021 Updates +971 4 556 7171 Contents are subject to change. 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. 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 … In accordance with specific requirements in IAS 37. 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 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. IASB® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. IFRS in your pocket is our popular guide to International Financial Reporting Standards (IFRS). No results have been found ... International GAAP® 2021. Tune in to KPMG Advisory podcasts to hear perspectives on today's business issues. Also, catch up on the October episode, featuring Sue Lloyd and Technical Director Nili Shah talking about the Board's upcoming Agenda Consultation. 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. They can be early adopted. That is, it does not require either (1) that the concession either be a. under both IFRS Standards and US GAAP – with major new standards on revenue, leases, financial instruments and insurance. 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 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. Connect with us via webcast, podcast, or in person at industry events. 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. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. 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. The test is optional under IFRS Standards. Further information on these standards and amendments are provided in the section ‘New standards and amendments effective in 2018’. You can view which cookies are used by viewing the details in our privacy policy. IFRS standards with mandatory effective date in 2019 or that can be early adopted. For US GAAP, however, only the revenue standard is fully effective in annual periods. Find advance information for Standards MT Release 2021 in MyStandards. 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. – New standards and interpretations issued by the IASB Board have a single effective date. It aims to increase transparency and to reduce diversity in the accounting for insurance contracts. 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 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. In March 2018, the IASB Board revised its Conceptual Framework. Accounting Standards Update No. Session expired, please refresh your browser. 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 … 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. The practical expedient is not available to lessors. 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. Certain accommodations have been made, such as deferring effective dates, extending project timelines and comment periods and providing relief on accounting for rent … Invalid characters in 'Your Query' field. 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. Skip to the content. Revenue Recognition. 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. Many offer CPE credit. Early adoption is permitted. Top 10 differences between interim financial reporting requirements under IAS® 34 and ASC 270. Find out what KPMG can do for your business. We encourage you to closely monitor the FASB’s technical agenda for potential further delays in future standard-setting activities. 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. 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 '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. 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. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. Not yet endorsed 12 And last, but certainly not the least, came IFRS 17, the much-anticipated new standard on insurance, which takes effect in 2021. IFRS 17 is effective from 1 January 2021. Please complete the CAPTCHA field to verify you are human. Instead such proceeds should be recognized in profit or loss, together with the costs of producing those items (to which IAS 27 applies). The Trustees also confirmed the appointment and re-appointment of several organisations and individuals to the IFRS Advisory Council, effective 1 January 2021. rent deferrals). 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. KPMG highlights potential IFRS® Standards accounting and disclosures impacts of COVID-19. For effective dates under IFRS Standards, see our Newly effective standards web tool. The FASB issued a revised exposure draft, Unlike IFRS Standards, US GAAP does not have a general requirement to recognize onerous contracts. The current and noncurrent classification of liabilities is not currently converged between IFRS Standards and US GAAP. 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. The IASB Board still intends to advance time-sensitive projects – including IBOR Phase 2 and amendments to IFRS 17 under the original project plans. 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. These requirements differ from and are narrower than IFRS Standards.Â. 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. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. The IFRS Foundation has published educational material to highlight how existing requirements in IFRS Standards require companies to consider climate-related matters when their effect is material to the financial statements. He will succeed Hans Hoogervorst, who completes his second five-year term in June 2021. In a recent Agenda Decision, the IFRS Interpretations Committee addressed the accounting for deferred tax in a scenario in which the recovery of the carrying amount of an asset results in multiple tax consequences which cannot be offset. Meanwhile, three other Trustees hosted live webinars and moderated Q&A sessions on the same topic—view the recordings here. IFRS 17 provides the first comprehensive guidance to accounting for insurance contracts under IFRS Standards. Explore challenges and top-of-mind concerns of business leaders today. He will succeed Hans Hoogervorst, who completes his second five-year term in June 2021. 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. The standard will replace IFRS 4 Insurance Contracts. 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. The FASB has made similar responses to COVID-19 to support stakeholders through the current situation. Chair of the IFRS Foundation Trustees Erkki Liikanen delivered the keynote speech at the UNCTAD Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, introducing the Trustees' Consultation Paper on Sustainability Reporting. Effective dates are for annual periods beginning on or after the stated date. IASB ® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. In addition, the amendments clarify that the acquirer should not recognize a contingent asset at the acquisition date. 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 The Board has launched a public consultation on possible new accounting requirements for mergers and acquisitions involving companies within the same group—business combinations under common control. 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. Ensure that you communicate their impact to your stakeholders! For all other entities, including ‘smaller reporting companies’, the effective date is January 1, 2024. The Board will support the implementation of IFRS 17 over the next three and half years. 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