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  • Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 6/5/2014

Are you prepared for the newly effective standards? 

Companies with 30 June 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.

Companies with a financial year end after 30 June 2014 need to consider the amendments to IFRS 2 Share-based Payment and IFRS 3 Business Combinations included in the 2010–2012 annual improvements. This is because the changes are effective for grant dates and dates of acquisition, respectively, on or after 1 July 2014.


Looking farther ahead, IFRS 15 Revenue from Contracts with Customers was issued on 28 May 2014. For many companies, the new standard will not just change the amounts and timing of revenue, but may require changes to systems and processes. It is effective for financial years ending on or after 31 December 2017 and is available for early adoption. 

IFRS: New standards (2014/10)

Feature image
A summary of newly effective and forthcoming standards: covers financial years ending on or after 30 June 2014, including interim periods within those financial years.

© 2014 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 8 Salisbury Square, London, EC4Y 8BB

 

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