Not sure how to account for Expected Credit Losses (ECL) in the current uncertain climate? IFRS Foundation have issued guidance in order to support a consistent application of IFRS 9, Financial Instruments. IFRS 9 sets out a framework for determining when a significant increase in credit risk on a financial instrument requires an Expected Credit […]
The COVID-19 pandemic has brought on fast and dramatic changes that have been challenging for people and businesses at all ends of society and the economy. Small businesses, in particular, are facing unique pressures as populations self-isolate. Accountancy Europe has created a useful guide for accountants looking to help their Small and Medium Enterprise (SME) […]
The International Accounting Standards Board (IASB) recently published a discussion paper setting out their preliminary views on the goodwill impairment debate. The IASB (and FASB) have been looking at alternatives to the existing accounting rules that assess goodwill through annual evaluations, and are considering moving to an approach where a set amount of goodwill is written down […]
Congratulations to CA. Atul Kumar Gupta, Vice Chairman of the Board of XBRL India, who has been elected as President of The Institute of Chartered Accountants of India (ICAI). CA. Gupta is widely appreciated for his key contribution to the new Goods and Service Tax regime in India. He has also chaired the SAFA Committee on […]
After an accelerated response period, the IASB have finalised the proposed changes to the IFRS standards in advance of the move away from discredited interest rate benchmarks such as LIBOR. The changes amend some of the requirements for hedge accounting to ensure companies can still report useful information during the period of uncertainty caused by […]
At the World Standard-setters Conference in London last week Chair of the International Accounting Standards Board (IASB) Hans Hoogervorst gave some insights into the areas the IASB will be looking to make progress on in 2020. So what’s on the agenda? A recent focus for the IASB has been improving how effectively financial statements communicate. […]
More news on accounting for goodwill this week as the US’s Financial Accounting Standards Board (FASB) announced it will be hosting a public roundtable discussion to gather views on its recent Invitation to Comment (ITC) on Identifiable Intangible Assets and Subsequent Accounting for Goodwill. The roundtable will be held on 15 November 2019 and give […]
The International Accounting Standards Board (IASB) has published proposed changes to IFRS financial instruments standards IAS 39 and IFRS 9 that will allow hedge accounting to continue during the current reforms of interest rate benchmarks such as interbank offer rates (IBORs). After a series of scandals, the once-dominant LIBOR benchmark is being abandoned in favour […]
For audit and accounting to build truly useful advisory services, they need to focus on more than just financial data, suggests a blogpost on the Accountancy Europe site. Wesley Shulte, from Finext, argues that moving beyond financial data will allow auditors and accountants to create valuable assessments for companies – for example, by auditing human […]
The Danish Business Authority, Erhvervsstyrelsen, is exploring cutting edge ways to apply a number of machine learning techniques to predict possible corporate failures. It is using the XBRL financial statements that it collects from the 240,000 or so private companies that operate in Denmark. The goal is to be able to provide early warning information to entrepreneurs […]
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