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Current Developments: IFRS - Q1 2019

Current Developments: IFRS - Q1 2019

This edition covers current developments released prior to March 31, 2019.

Kristy Carscallen

Canadian Managing Partner, Audit

KPMG in Canada


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What happened this quarter?

A number of new requirements are effective from January 1, 2019. Companies that have calendar year ends and are preparing quarterly interim financial statements will shortly issue their financial statements where leases are accounted for under IFRS 16 Leases. Companies adopting IFRS 16 in their condenced interim financial statements should consider the transitional disclosure requirements specified in IFRS 16 and disclosure requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IAS 34 Interim Financial Reporting in determining the nature and extent of disclosures required to describe the effects of adopting IFRS 16. Further information on this standard and other amendments effective in 2019 are provided in the section 'Newly effective requirements from January 1, 2019'.

During the quarter the IASB tentatively decided to make further amendments to IFRS 17 Insurance Contracts in nine areas that address stakeholders' concerns and implementation challenges and by the time of issuing this publication confirmed its previous tentative decisions since November 2018.

In addition, the IASB tentatively decided to propose to make amendments to both IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement to provide targeted relief to preparers for hedges of interest rate risk that are impacted by IBOR reforms.

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