IFRS Newsletter No. 02 – 2017

Following its Post-implementation Review of IFRS 8 on operating segments, the IASB published, on March 28, 2017, an exposure draft proposing amendments to the standard and clarifications in three major areas.

In addition, with IFRS 15, which will come into force in a few months, a good deal of information about implementation of IFRS 15 is provided in the 2016 annual financial statements of many companies. While the level of information disclosed varies, some trends have begun to emerge, as you will note when you read further in this edition.

SUMMARY

IFRS Highlights

A Closer Look – It's now the final run-up to the adoption of IFRS 15: what can we learn from financial reporting as at December 31, 2016?

1. Recommendations from the regulators on IFRS 15 implementation and disclosures
2. Interesting disclosures on the operational implementation of IFRS 15
3. Varying levels of qualitative disclosures, not necessarily in line with the magnitude of the expected impact
4. Transition requirements
5. Prudence regarding the magnitude of expected impact
6. Only three companies presented quantitative disclosures

Upcoming meetings of the IASB and the IFRS Interpretations Committee