NIIF (IFRS)

IFRS News

IFRS news is published quarterly and offers an overview of the more significant developments in IFRS, their impact on businesses, insights into related topical issues and views from the Grant Thornton International IFRS team. Every edition includes an updated summary of the effective dates of newer standards, interpretations and amendments and the comment deadlines of IASB proposals.

IFRS at a glance (2011)

IFRS is either the required or accepted basis of financial reporting in almost all developed or developing economies around the world. Of the G-8, all members require IFRS or have a strategy in place for implementation except the United States.

Reporting under IFRS for SMEs

This publication sets out a realistic illustration of financial statements prepared in accordance with the IFRS for Small and Medium-sized Entities (IFRS for SMEs), along with extensive guidance notes to explain the underlying requirements and alternative disclosure and presentation approaches available. Our objective in preparing the publication was to illustrate one possible approach to financial reporting by an entity engaging in transactions that are 'typical' across a range of non-specialist sectors. However, as with any example, other approaches may be more appropriate in specific circumstances.

First-time adoption of IFRS – Example Consolidated Financial Statements 2011

For companies, the process of converting to IFRS and preparing their first IFRS financial statements will be challenging. First-time adopters should comply with IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) to ensure that first-time IFRS financial statements contain high quality information that can be prepared at a cost not exceeding the benefits. This publication reflects the collective experience of Grant Thornton International’s IFRS team to illustrate the look and feel of IFRS financial statements and to provide a realistic example of their presentation.

IFRS Top 20 Tracker: 2012 edition

This publication takes management through the top 20 important disclosure and accounting issues that have been identified as causing problems in practice when preparing financial statements under IFRS. IFRS Top 20 Tracker is designed to assist companies in dealing with these trouble spots.

Example consolidated financial statements 2011

The preparation of financial statements in accordance with IFRS is always challenging. Recently the challenges have been increased by several newer standards and amendments that have a significant impact both on the presentation of the primary statements and the accompanying disclosures. this publication illustrates good practice in the application of the presentation and disclosure requirements of IFRS.

Navigating the changes to IFRS: a briefing for Chief Financial Officers

This publication provides a summary of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting. It is designed to give Chief Financial Officers a high-level awareness of the requirements of changes that were finalized by 30 November 2010, giving brief descriptions of each.

Preparing for global lease accounting standards

This publication examines the status of the new lease accounting standards proposed by the International Accounting Standards Board and the Financial Accounting Standards Board accounting standards, expected to become International Financial Reporting Standards by the end of 2011, and offers real estate executives’ perceptions of the standards’ potential impact.

IFRS in the media sector

This survey highlights accounting policies and practices covering business combinations, revenue and IP rights.