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Current Developments: IFRS - Q2 2018

Current Developments: IFRS - Q2 2018

This edition covers current developments as of June 30, 2018.

Kristy Carscallen

Canadian Managing Partner, Audit

KPMG in Canada


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What happened this quarter?

In May, the IFRS 17 Insurance Transition Resource Group (TRG) held its second meeting to understand the implementation questions raised with respect to the new Standard and to share their views on the accounting analysis.

Year-to-date summary

With the passing of the effective date of IFRS 9 and IFRS 15, it seems like the significant changes are behind us. However, IFRS 16 Leases is not far off with an effective date of January 1, 2019. Entities are encouraged to begin the implementation process if they haven't already done so. As outlined in the Leases section, IFRS 16 represents a fundamental change in lease accounting. In addition, practical issues encountered in implementing the new leases standard may not be obvious when only reading the standard.

As the effective date approaches, communication and the disclosures of the expected impact on the financial statements are required as per IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and are expected by investors and regulators. As the implementation of IFRS 16 and IFRS 17 progresses, more information about the impacts should be known or reasonably estimable and so entities should be able to provide more entity specific qualitative and quantitative information throughout 2018.

Other activities in the first quarter included the issuance by the International Accounting Standards Board (IASB or the 'Board') of a narrow scope amendment to IAS 19 Employee Benefits, the first meeting of the TRG and the release of the IASB's revised Conceptual Framework for Financial Reporting.

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