IFRS: New standards – Are you ready?

IFRS: New standards – Are you ready?

Your update on the newly effective and forthcoming IFRSs.

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KPMG IFRS effective dates topic image: a tree shown in four different seasons.

If you haven’t already started, it’s time to engage with IFRSs 9, 15 and 16.

Our summaries of newly effective and forthcoming accounting standards are linked to our insight and guidance, and highlight both their effective date as per the IASB as well as the EU effective date.

Find out which standards are mandatory

The following summaries show which new standards have to be applied for the first time in your next financial statements, and the standards that are available for early adoption. They also show which have been endorsed by the EU, and note the EU effective date. Choose one of the following financial periods:

 

 

These summaries illustrate the impact for a company with a December year end but can be also used by companies with non-calendar year ends.

 

Access our insight on the new requirements

Each summary provides links to more detail on the new requirements, enabling you to quickly access the insight that you need.

The summaries are updated whenever a relevant pronouncement is issued, making it easier for you to access up-to-date information, whenever you need it.

Plan ahead

Three major new accounting standards will become effective in the next few years.

accounting standards effective dates timeline 2016

These standards may have a significant impact on your financial statements and may require an overhaul of the processes used to produce the required financial information.

And remember, investors and regulators expect progressively more qualitative and quantitative information about the impacts of the major new standards in both 2016 and 2017 financial statements.

For detailed requirements and guidance on the new standards:

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