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Current Developments: IFRS - Q3 2018

Current Developments: IFRS - Q3 2018

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

Kristy Carscallen

Canadian Managing Partner, Audit

KPMG in Canada


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Current Developments publications

What happened this quarter?

In September, the IFRS 17 Insurance Transition Resource Group (TRG) held its third substantive 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

Fundamental changes in lease accounting fast approaching

Now that we are through the 3rd quarter of 2018, the effective date (January 1, 2019) of IFRS 16 Leases is fast approaching. Entities should 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 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.

Highlights from the previous quarters

In the second quarter International Accounting Standards Board (the 'IASB' or the 'Board') added a project to its research agenda on IBOR reforms and published a discussion paper for the project 'Financial Instruments with Characteristics of Equity'.

In the first quarter the IASB issued a narrow scope amendment to IAS 19 Employee Benefits, and released the revised Conceptual Framework for Financial Reporting.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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