Grant Thornton has issued a new report outlining the latest changes to International Financial Reporting Standards (IFRS) and how to understand them.
Navigating the changes to IFRS, a 50-page briefing document compiled by Grant Thornton International’s IFRS Team, is intended to assist chief financial officers (CFOs) understand recent developments that will affect companies’ future financial reporting and examines new Standards and Interpretations that have been issued and amendments made to existing ones.
The December 2016 bulletin focuses on changes to IFRS published between 1st December 2015 and 30th November 2016, covering financial year ends from 31st March 2016 to 31st March 2017. The new edition in particular covers the new leasing Standard IFRS 16 for the first time.
Martin Kneale, a director at Grant Thornton in the Isle of Man, said: ‘We know from the feedback we have received following previous updates that this briefing document is extremely useful to CFOs in the Isle of Man, and that people have found the easy-to-use layout, which is designed to make understanding the changes and their affect, simple to access.
‘As with past updates, the colour-coded contents table allows readers to easily navigate through changes mandatorily effective for the first time, changes not yet effective and changes already in effect when planning for a specific financial reporting year end. 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: ‘The commercial significance of each change contained in the document is assessed, with a focus on how many entities will be affected and what the impact will be on the affected entities. The familiar “traffic light” system is once again utilized to share Grant Thornton’s assessment of the answers to these questions.
‘Where more detailed information on the changes discussed is available references have been made to other Grant Thornton International publications, so there is additional advice available to CFOs in the Isle of Man as required.’
For more details on Navigating the changes to IFRS December 2016, and to obtain a free copy, contact Grant Thornton on 639494 or download it from www.grantthornton.global/en/insights/articles/navigating-the-changes-to-ifrs-for-cfos-2016.
