Grant Thornton has issued updated advice on the latest changes to International Financial Reporting Standards.
The 50-page briefing document, Navigating the changes to International Financial Reporting Standards, is intended to help Chief Financial Officers understand recent developments.
The updated report examines changes to International Financial Reporting Standards published between 1st December 2013 and 30th November 2014, so it now covers financial year ends from 31st March 2014 through to 31st March 2015.
Martin Kneale, a director at Grant Thornton in the Isle of Man, said: ‘This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting. It has been prepared by the Grant Thornton International IFRS Team and examines both new Standards and Interpretations that have been issued and amendments made to existing ones.
‘Earlier updates have proved very useful to CFOs in the Isle of Man, and the easy-to-use layout makes understanding the changes, and how they affect you, simple. The table of contents has been colour coded to help entities planning for a specific financial reporting year end identify changes mandatorily effective for the first time, changes not yet effective and changes already in effect.
‘Where a change is not yet mandatorily effective for a particular year end, it may still be possible for an entity to adopt it early (depending on local legislation and the requirements of the particular change in concern).’
He added: ‘For each change covered in the publication, the authors have included a box on its commercial implications. These sections focus on two questions; how many entities will be affected, and what will be the impact on affected entities? A traffic light system indicates Grant Thornton’s assessment of the answers to these questions.’
The latest updated Navigating the changes to International Financial Reporting Standards publication is available electronically to all Chief Financial Officers from www.grantthornton.co.im. For more information, or to request a hard copy, contact Martin Kneale on 639494.
Photo - Martin Kneale.
