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Q1 2018 Interim report market watch - Disclosures on impact of IFRS 9 and IFRS 15

Q1 2018 Interim report market watch

Q1 2018 Interim report market watch

Ruben Rog

Partner Capital Markets and Accounting Advisory Services

KPMG Nederland


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Interim report market watch

IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers have come into effect on 1 January 2018. As a follow up to our 2017 Annual report market watch, in this article, we focus on disclosures made by companies in their Q1 2018 interim financial statements in accordance with IAS 34.

As there is little guidance on the extent of disclosures required by IAS 34 Interim Financial Reporting in respect of newly effective accounting standards, the purpose of this article was to identify the general consensus.

Our analysis focused on how reporters dealt with:

  • Disclosure of full accounting policies
  • Assessment of significance of the impact
  • Extent of quantitative disclosures about the transition impact
  • Changes in estimate of transition impact from year-end 2017

We also looked at a number of US GAAP reporters to draw parallel with disclosures made in relation to the new revenue standard.

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