The standard IAS 39 no longer applies and one’s financial statements for the year ended 31 December 2018 need to be prepared under IFRS 9. IFRS 9 is really complex.
As if the implementation of IFRS 9 would not be enough, one need to implement IFRS 15 fully as well for the year ended 31December 2018.
We have now New revenue recognition standard IFRS 15. The revenues are a blood of any business. Sales cover it all. Accounting for revenues is therefore one of the hottest issues in the finance world. In fact, it’s very complex and very challenging to implement in practice.
New IFRS 16 Lease becomes effective from 1 January 2019. This is probably the biggest change with the greatest impact on the financial statements and the amount of work required to make it happen. Older IAS 17 Leases becomes superseded and one can no longer apply it. One would better start revising one’s lease contracts to identify whether one has a lease or not. If one is a lessee with some operating leases, then one need to start recognizing lease liability and right-of-use asset instead of booking all payments straight in profit or loss.
The compliance part should never be delayed and should be dealt with on priority. We provide
- Implementation Services
- Hand-holding in preparation of Financial Statements
on IFRS, of IFRS and with IFRS respectively.