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In such unprecedented times, communicating effectively has never been more important for companies – telling your own story in your financial reports, explaining the judgements made and the estimates used in making them.

Our IFRS Insights page features the very latest insights from our IFRS Institute in Belgium on the IASB’s projects and other matters in international accounting and financial reporting. 

Read on to explore our latest thinking, initiatives and events, or jump directly to one of the following sections:

Guides to IFRS interim and annual financial statements  |  IFRS 16: Leases  |  IFRS 9 and IBOR Reform  |  IFRS 17  |  Other IFRS Standards  |  Amendments to IFRS  |  IFRS compared to US GAAP  |  Other IFRS Developments

 

  

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Guides to IFRS interim and annual financial statements

Interim financial statements

  

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Interim financial statements & COVID-19

Preparing 2020 interim financial statements is likely to involve more than the usual update since the last annual financial statements. Investors and other users may expect information above and beyond what is typically disclosed. What are the issues and what actions can management take now?

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Checklist

Disclosure checklist for interim financial statements

This guide is intended to help entities to prepare and present condensed consolidated interim financial statements in accordance with IAS 34 Interim Financial Reporting by identifying the potential disclosures required. In addition, it includes the minimum disclosures required in the condensed interim financial statements of a first-time adopter of IFRS Standards.

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Illustrative disclosures for interim financial statements

This guide is intended to help entities to prepare and present condensed consolidated interim financial statements in accordance with IAS 34 Interim Financial Reporting by illustrating one possible format for financial statements for a fictitious multinational corporation involved in general business activities. This hypothetical reporting entity has been applying IFRS Standards for some time – i.e. it is not a first-time adopter.

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Annual financial statements & sector-specific guidance

   

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COVID-19 supplement guide to annual financial statements

This guide illustrates one possible format for financial statements based on a fictitious multinational listed corporation (the Group) involved in general business activities. This supplement focuses on the additional disclosures that entities may need to provide on accounting issues arising from the COVID-19 coronavirus pandemic. 

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Checklist

Disclosure checklist for annual financial statements

This guide is intended to help entities to prepare and present financial statements in accordance with IFRS Standards by identifying the potential disclosures required. In addition, it includes the minimum disclosures required in the financial statements of a first-time adopter of IFRS Standards.

Read more

Hourglass

Illustrative disclosures for annual financial statements

This guide is intended to help entities to prepare and present financial statements in accordance with IFRS Standards by illustrating one possible format for financial statements for a fictitious multinational corporation (the Group) involved in general business activities. This hypothetical reporting entity has been applying the Standards for some time – i.e. it is not a first‑time adopter. 

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Illustrative disclosures for insurers

Our illustrative disclosures for insurers are based on a fictitious multinational insurer that is not a first-time adopter of IFRS Standards.

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Illustrative disclosures for banks

Our illustrative disclosures for banks are based on a fictitious banking group involved in a range of general banking activities, which is not a first-time adopter of IFRS Standards. This 2020 edition reflects standards in issue at 30 November 2020 that are required to be applied by an entity with an annual period beginning on 1 January 2020. It the early adoption of IBOR reform Phase 2 amendments and notes on possible additional disclosures in relation to the impact of the COVID-19 coronavirus pandemic.

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Investment funds – Illustrative disclosures

​​Our illustrative disclosures for investment funds are based on a fictitious tax-exempt open-ended single-fund investment company, which is not a first-time adopter of IFRS Standards.​ This 2020 edition reflects standards in issue at 31 December 2020 that are required to be applied by an entity with an annual period beginning on 1 January 2020 and early adoption of the IBOR reform Phase 2 amendments. It also notes additional disclosures that funds may consider in relation to the impact of the COVID-19 coronavirus pandemic.​​

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Additional guidance

  

   

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IFRS 16: Leases

The leases standard IFRS 16 had a significant impact for a wide variety of entities when it became effective in 2019.

Our IFRS 16 publications contain practical guidance and examples to help you understand the initial and subsequent accounting for leases.

 

Leases Handbook: The accounting model

  

Leases Handbook: Ongoing application

  

Leases Handbook: Sector-specific

  

  

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IFRS 9 and IBOR Reform

IFRS 9: Financial Instruments

Financial instruments accounting continues to respond and adapt to the changing circumstances of the global economy, including the effects of the COVID-19 coronavirus pandemic as well as issues that affect corporates and banks alike such as benchmark reform and financial instruments with characteristics of equity.

IFRS 9 Financial Instruments has brought fundamental changes to financial instruments accounting in recent years. Our materials will help you understand the requirements of this standard as they relate to your company, as well as offering insights and guidance on the application of IFRS® Standards.

IBOR Reform

The reform of interest rate benchmarks such as interbank offered rates (IBORs) caused changes to financial reporting requirements under IFRS® Standards.

The International Accounting Standards Board (the Board) tackled the changes in two phases.

  • Phase 1 amended specific hedge accounting requirements where uncertainty could arise in the run-up to transition;
  • Phase 2 addressed potential financial reporting issues that may arise when IBORs are either reformed or replaced.

Our materials provide insights and guidance on both phases of reform and their potential impact on your financial statements.

  

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IFRS 17

The new insurance contracts standard, IFRS 17, aims to increase transparency and to reduce diversity in the accounting for insurance contracts.

First published in May 2017, it has since been amended and its effective date has been deferred to 1 January 2023.

  

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Other IFRS Standards

Many standards can be challenging when applying in practice. Our handbooks aim to help you apply IFRS, sharing out insights and using illustrative examples.

  

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Amendments to IFRS

Here you can find our latest insights on (proposed) amendments to IFRS.

  

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IFRS compared to US GAAP

We are pleased to share our publications on the comparison of IFRS Standards and US GAAP to help you understand the most common differences.

  

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Other IFRS Developments

   

 

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