12 0 obj >> endstream Helping real estate and construction companies thrive in every economic environment. April 21, 2021. >> 4 0 obj Practical advice to help organizations succeed in a highly competitive environment. Apply filters to narrow your results for publications, CPA Magazine articles, courses, webinars, blogs and more. IFRS 16 has been endorsed for use by those entities applying EU IFRS. BDO is familiar with the issues associated with the application of IFRS having had many years of auditing and consulting experience. Key facts IFRS 16 Leases replaces IAS 17, SIC 15, SIC 27 and IFRIC 4 and sets out the principles for the recognition, measurement, presentation and disclosure of leases by lessors and lessees. Financial Instruments. What remains in IAS 27 after the implementation of IFRS 10 is the accounting treatment for subsidiaries, jointly controlled entities and associates in their separate financial statements. Up next: What we can offer: Performing a detailed impact assessment of the adoption of IFRS 15. In summary the control model in IFRS 10 requires three key elementsto be present: 1. www.bdo.global IFRS AT A GLANCE IFRS 15 Revenue from Contracts with Customers. IFRS at a Glance includes all IFRSs in issue at 1 July 2018. BDO summarises the changes to IFRS which became effective from 1 January 2020. /Length 2979 endobj application/pdf Operating Segments. This site uses cookies to provide you with a more responsive and personalised service. PDF-XChange Editor 8.0.331 %PDF-1.7 Date: Type: Apply Filters Sort by. IFRS 5 . Strategies and support for a continuously evolving marketplace. Accounting Standards for Private Enterprises (ASPE) Update 2020, Accounting Standards for Not-For-Profit Organizations (ASNPO) Update 2020. returns that are not fixed, and vary as a result of performance of an investee) << IFRS; IAS 10 Events After the Reporting Period; IAS 10 Events after the Reporting Period; IAS 10 Events after the Reporting Period. It has been a busy year for the Public Sector Accounting Board. Introduction. Webinar: Q1 2021 IFRS Quarterly Update. IFRS 12 NZ IFRS 15: REVENUE FROM CONTRACTS WITH Effective Periods Beginning CUSTOMERS (2 OF 4) Version 1: 2020. ... IFRS 9 and IFRS 7: Interest Rate Benchmark Reform . BDO summarises the changes to IFRS which became effective from 1 January 2020. Our dedicated Private Equity Practice offer a full spectrum of services to help navigate today’s complex and global business environment. /Subtype /XML The assessment of control is made at the level of each investee. IFRS 16 Leases replaces IAS 17, SIC 15, SIC 27 and IFRIC 4 and sets out the principles for the recognition, measurement, presentation and disclosure of leases by lessors and lessees. For more details and guidance on IFRS 9 application, please see IFRS Publications by BDO. Power 2. By using this site you agree to our use of cookies. IFRS 11 is based on the same control principle as IFRS 10 Consolidated Financial Statements (see BDO publication IFRS in Practice 2016 – IFRS 10 Consolidated Financial Statements). BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. Providing assistance with the quantification of adjustments at the date of initial application and reporting date relating to recognition and measurement of revenue. IFRS 17 is a journey that may be starting now, but it will continue on … NPO BDO kennt die Herausforderungen von Stiftungen, Heimen, Kliniken, Spitex und Non-Profit-Organisationen. International financial reporting standards (IFRS) Discover a wealth of education, information and resources related to international financial reporting standards. x��]mo#��n��a?ZA�[���}�õI�Ɨ�dK��%ז��'�_��%�\-i�j p'[֮��p8�Uo~��������U��iu�����Q]դ�k�rJ+�Ѫj#��W�G�|U����|�������n�-��5��{��:>���Q����>��O�o�"�M��G��O���F�Dqxj/nTM��i��#G���|�X�T'����YD�E_��RU���쓡�[Z���5n�6���aU�8���t�Xb�:}8>�|�iF�ɗٜ������i6W'Ռ�'�gx���;x�^r5kN3}��;�_6��������Z�C�^�V�a ��_է����^��jփ�X�8��z�Q��O���g�˝�������C|ܸ4����J4 A related need is for preparers, auditors, accountants and regulatory authorities to interpret and apply IFRS appropriately and consistently. BDO guides consumer businesses as they navigate the complexities of a rapidly evolving marketplace. IFRS 10. stream Overview IFRS 10 Con­sol­i­dated Financial State­ments outlines the re­quire­ments for the prepa­ra­tion and pre­sen­ta­tion of con­sol­i­dated financial state­ments, requiring entities to con­sol­i­date entities it controls. IFRS News. By using this site you agree to our use of cookies. www.bdo.nz. Insurance Contracts. This was a new item. BDO’s global International Financial Reporting Standards (IFRS) group produces a range of publications and reference materials for clients and staff to keep up to date with the latest developments. Accounting standards; IFRS 9; IFRS 15 ; IFRS 16; Topics. �? Some of the differences are more obvious, … Navigating the Challenges in Professional Services. HKFRS / IFRS UPDATE 2020/10 2 IASB ISSUES AMENDMENTS TO IAS 1 – CLASSIFICATION OF LIABILITIES AS CURRENT OR NON -CURRENT These amendments are intended to be clarifications of the requirements of HKFRS/IFRS, rather than fundamental changes. IFRS 15 In Practice can be found here. IFRS 15@- Revenue from Contracts with CustomersBackgroundIFRS 15 brings a new and detailed approach to accounting for revenue, and is likely to have far reaching effects across a wide range of industries. An introduction of three new standards that will significantly change the financial reporting landscape for how entities account for financial instruments, recognise revenue and how lessees account for operating leases. The submitter asked the following questions: 1. IFRS 10 Consolidated Financial Statements Page 1 of 2 Effective Date Periods beginning on or after 1 January 2013 to affect the a Specific quantitative disclosure requirements: (iv) Exposure, or rights, to variable returns (i.e. endobj << BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. IFRS Advisory Services The Three New Accounting Standards. Our partner-led practice group provides an integrated suite of services to help our Indigenous clients. �Є���yVukVFu�g~e|��3/�1��䱻{��2�Q�)'�١��`է��'�%l In a market with complex regulatory requirements, BDO’s efficient, tailored approach turns risks into opportunities. Tel: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411 Email: iasb@ifrs.org Phase 1 of the interest rate benchmark (IBOR) reform amendments is now effective and relates to changes to IAS 39 Financial Instruments: Recognition and Measurement, IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. 1 January 2017. www.bdo.com.hk. This site uses cookies to provide you with a more responsive and personalised service. uuid:6144ca88-df2c-4c76-9a4d-ca9d244278b5 IFRS 15@is an International Financial Reporting Standard (IFRS).Our IFRS experts regularly produce short updates and advice on the implementation of IFRS 15. Please read our, Sample Mutual Insurance Company Illustrative IFRS Financial Statements, IFRS 16: Lease Accounting and the Impact on Private Lenders, IFRS 17: 5 Questions Every Insurer Should Be Asking, IFRS 9: Top 5 reasons why IFRS 9 is about process, not accounting, Financial Reporting for Public Companies: What You Need to Know-Q1, 2016, Interim Financial Statements - IAS 34 Explained (30 June 2013), 2013 Q1 Interim IFRS Financial Statements Exploration, 2012 Annual Illustrative IFRS Financial Statements: Mutual Insurance Company, 2012 Annual Illustrative IFRS Financial Statements: Exploration Company, 2012 Annual Illustrative IFRS Financial Statements: Manufacturing Company, 2012 Annual Illustrative IFRS Financial Statements: Credit Unions, Illustrative Financial Statements Year Ended 31 December 2012, The Revenue Proposals - Impact on Construction Companies, The Revenue Proposals - Impact on Technology Based Companies, IFRS 11 and Oil and Gas Joint Arrangements, IFRS 11 and Real Estate and Construction Joint Arrangements, Sample Manufacturing Company Limited Consolidated Financial Statements Year ended December 31, 2011, 2012 Q1 Interim IFRS Financial Statements: Exploration, 2011 Annual Illustrative IFRS Financial Statements: Exploration Company, Sample Mutual Insurance Company Illustrative IFRS Financial Statements Year ended December 31, 2011, Sample credit union Illustrative IFRS Financial Statements Year ended December 31, 2011, Sample Precious & Other Metals Exploration Corporation Illustrative IFRS Condensed Interim Financial Statements Canadian First-Time Adopter, Amendment to Part I of the CICA Handbook - Accounting. /Type /Metadata IFRS 11. Global IFRS Resources. << We draw on our experience with clients and technical knowledge to provide you with practical and useful tips and advice. 2020-08-12T16:34:18-04:00 The IC received a request regarding the as­sess­ment of whether an in­vest­ment entity that has sub­sidiaries (i.e. Please use the following links to access the following resources: Key ways COVID-19 affects your organization’s financial reporting. PDF-XChange Core API SDK (8.0.331) The power of industry experience is perspective - perspective we bring to help you best leverage your own capabilities and resources. BDO USA's IFRS leaders will provide updates to international standards, providing an easy way for financial management and audit committees to stay on top of today's hot topics and developments. ... IFRS Bulletin 2020-10 – IASB issues Amendments to IFRS 17, Insurance Contracts 03. Exploration for and Evaluation of Mineral Resources. Section 1501 - First-time Adoption by Not-for-Profit Organizations, Section 3032 - Inventories Held by Not-for-Profit Organizations, Section 4433 - Tangible Capital Assets Held by Not-for-Profit Organizations. Background. /Pages 5 0 R We also use our updates to focus on a particular aspect or element of IFRS 15. Tags; Accounting standards. IFRS 7. On Nov. 27, 2020, the Department of Finance issued updated... BDO's Global IFRS resources, training and publications can be accessed from BDO's IFRS Reporting microsite. Canadian public company financial reporting update: Q4 2021. Backed by one of the world’s largest accounting and consulting networks, BDO offers the depth of resources to address complex technical issues – as well as the guidance of professionals who … Background. BDO's Global IFRS resources, training and publications can be accessed from BDO's IFRS … [���s6#+�2%� �1�/��%�n����pn��Z>. Is a sub­sidiary c… a parent in­vest­ment entity (PIE)) con­sol­i­dates a sub­sidiary in terms of IFRS 10.32 in specified cir­cum­stances. July 21, 2021 . 2 0 obj IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 1 January 2005 10 IFRS 6 Exploration for and Evaluation of Mineral Resources 1 January 2006 11 IFRS 7 Financial Instruments - Disclosures 1 January 2007 12 IFRS 8 Operating Segments 1 January 2009 13 IFRS 9 Financial Instruments 1 January 2015 14 IFRS 16 Leases may have a significant impact on balance sheet and results, especially EBITDA. Joint Arrangements. Non-current Assets Held for Sale and Discontinued Operations. Q2 2021 International Financial Reporting Standards (IFRS) Quarterly Update. Webinar: Q2 2021 IFRS Quarterly Update. Liability limited by a scheme approved under Professional Standards Legislation. Financial Instruments - Disclosures. NPO BDO kennt die Herausforderungen von Stiftungen, Heimen, Kliniken, Spitex und Non-Profit-Organisationen. Who do we need to get there? BDO is the brand name for the BDO network and for each of the BDO Member Firms. IFRS 17 compliance poses significant data and technology implementation challenges. Service provision within the international BDO network of independent member firms (‘the BDO network’) in connection with IFRS (comprising International Financial Reporting Standards, International Accounting Standards, and Interpretations developed by the … We've created the BDO Library as a "go to" source for informative and thought provoking knowledge resources. Māori ... IFRS 9 Financial Instruments significantly changes the financial reporting landscape for how entities account for financial instruments. HKFRS / IFRS UPDATE 2020/10 2 IASB ISSUES AMENDMENTS TO IAS 1 – CLASSIFICATION OF LIABILITIES AS CURRENT OR NON -CURRENT These amendments are intended to be clarifications of the requirements of HKFRS/IFRS, rather than fundamental changes. IFRS 8. Joint control is based on the same control principle as IFRS 10 Consolidation (i.e. Due to the volume of guidance contained in IFRS 15, individuals may wish to consult with BDO’s IFRS In Practice publication on IFRS 15, which explores the 5-step model and implementation issues in detail with practical examples. IFRS 9. As a … IFRS in Practice; BDO comment letters; Model IFRS statements; IFRS at a glance IFRS at a Glance has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. ԣ�zC�6G~�vl�nY9c����+C���"K�"X��-h�ɲ�0)�`�F�8���0�xŅצF�R�H�)�0��S���ܑ�U|���)��k^�[�A1�Ɨ��&�����F5���ɮ�M�\Z:�3�#xm�f�7����0� Juli 2020. www.bdo.com.hk. Power, exposure to variable returns, ability to use power to affect variable returns). 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