• Service: Audit, IFRS
  • Date: 2/27/2014

Are you prepared for the newly effective standards? 

Companies with 31 March 2014 financial year ends will be preparing their annual financial statements considering the consequential effects of newly effective and forthcoming standards. Among others, the new consolidation suite of standards and the revised standard on employee benefits now apply.

For companies with 31 December 2014 financial year ends, 2013 was a year of significant change relating to the adoption of the above standards. However, in general 2014 seems to bring less change, giving companies time to prepare for the big changes coming – e.g. IFRS 9 Financial Instruments and new standards on revenue recognition and leases.

Read our In the Headlines – IFRS: New standards for a summary of the newly effective and forthcoming standards.

IFRS: New standards (2014/04)

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This edition covers financial years ending on or after 31 March 2014, including interim periods within those financial years.

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