Isle of Man News - POSTED Wed 08-03-2017

Grant Thornton issues further guidance on International Financial Reporting Standards

by LC

Grant Thornton issues further guidance on International Financial Reporting Standards

Grant Thornton has issued the latest in its series of reports offering guidance on the implementation and correct application of International Financial Reporting Standards (IFRS).

Under control? A practical guide to applying IFRS 10 Consolidated Financial Statements explains how IFRS 10 redefines ‘control’ (when one entity controls another, such as a parent-subsidiary relationship) for the purposes of reporting results, cash flow and financial position. It establishes a single, control-based model for assessing control and determining the scope of consolidation.

IFRS, developed by the International Accounting Standards Board, are becoming established as the global standard for the preparation of public financial statements. The standards are detailed and technical and can appear hard to navigate.

To assist compliance with IFRS, Grant Thornton issues regular bulletins and reports examining the latest changes and helping to make the finer details easier to understand and apply.

Martin Kneale, a director at Grant Thornton in the Isle of Man, said: ‘Drawing on the experience and knowledge of Grant Thornton’s global IFRS advisors and experts, our reports and bulletins help clarify what the standards require and translate them into language people can easily understand.

‘Our experts are well versed in the intricacies of IFRS and are able to identify areas where the standards have proved difficult to apply or lack guidance, offering simple explanations and advice.’

He added: ‘The latest report deals with an area of limited application, which underlines the thoroughness of Grant Thornton’s analysis of IFRS. There are many businesses in the Isle of Man which need to ensure IFRS are understood and correctly applied and they could find many of the subjects covered in our regular updates essential reading.’

Under Control? outlines IFRS 10’s requirements, identifies situations where it can impact control assessments, and identifies and addresses the key practical application issues and judgements. It is presented in an easy-to-follow six-section format and includes an appendix dealing with requirements of the related IFRS 12.

Mr Kneale added: ‘If anyone is interested in receiving this latest report, or requires assistance with the application of IFRS or any aspect of financial reporting, I’d invite them to get in touch.’

To find out more about IFRS updates and guidance contact Grant Thornton Isle of Man on 639494.

Photo - Martin Kneale.

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