We published a post earlier on how to implement IFRS 16 on leases on a sustainable way. As noted there, sustainability includes that the core process provides as much data for disclosure requirements as possible. As underpinned by several comprehensive post-implementation studies, the projects were harder than expected, and the new standard considerably increased workload of annual reporting. The fact that a substantial portion of IT tools applied for lease accounting (almost half of them as per the study quoted above) further contributed to this. It might therefore be useful to have a look on these disclosure requirements now, when the preparation of the first, IFRS 16 compliant annual report preparation is knocking on our doors. We consider lessee aspects, since lessor requirements did not change significantly.
This author has yet to write their bio.Meanwhile lets just say that we are proud int-adm contributed a whooping 18 entries.
Entries by int-adm
IFRS 16 on leases kicked in the doors from 1 January this year. This standard gave (or should have given) some headache to most companies using IFRS, regardless of the sector or the type of reporting they are required to do. Plenty of information and great advisory materials came out on the accounting methods brought in by IFRS 16 (tip: if it does not deal with lease modification, it is just scratching the surface…), comparing the new and “old” lease accounting, shedding some light on adoption choices (full or modified retrospective) and so on. This post is not something “just another one of those”. What we want to have a deeper look at is how to actually implement IFRS 16, in particular how to make it sustainable. If your IFRS 16 project lacks any of the points we discuss below, it might be worth having a second glance at it to avoid surprises later.
Now we continue our analysis of IFRS 15 with the aim to provide an overview of the main features and requirements of the new revenue standard. Now let’s see the remaining steps of the 5-step model.
In our 2-part post, we intend to summarize the main features of the new revenue standard, by which we would like to assist companies keeping their books in, and/or reporting according to, IFRS in the application of the new standard.
Év végéhez közeledve górcső alá vesszük mindazokat a 2016. január 1-től hatályba lépő IFRS standard módosításokat, melyekre a 2016-os üzleti évére IFRS beszámolót készítő társaságnak külön figyelmet kell szentelnie.
This article is on something entirely different from those we published previously, mainly about IFRS. We have had the opportunity to attend a conference (Exchange Summit 2016 – http://www.exchange-summit.com/) in Barcelona, organized around interesting topics like the future of E-Invoicing, Supply Chain Financing etc. Among the many interesting topics Blockchain was a key theme again – […]
Applying IFRS for statutory reporting is within reach once regulatory environment has been established. Scope of companies affected, as well as the expected benefits and consequences of a transition have been discussed in a previous post. Next, let’s list the phases and tasks of an implementation project. Of course such projects are unique for each company and heavily depends on the extent (if any) of their previous IFRS application experience. Nonetheless, there are some common elements and deliverables in every transition.