Navigating the changes to IFRS

The recently issued Grant Thornton International publication “Navigating the changes to International Financial Reporting Standards: a briefing for Chief Financial Officers” is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting.

It covers both new Standards and Interpretations that have been issued and amendments made to existing ones, that have been published between 1 December 2016 and 30 November 2017.  The publication includes, for the first time, summary of IFRS 17 “Insurance Contracts”.

The publication now covers financial statements issued  as at 31 March 2017, 30 June 2017, 30 September 2017, 31 December 2017 and 31 March 2018 financial year ends.

Grant Thornton publication helps entities planning for a specific financial reporting year end identify:

• changes mandatorily effective for the first time
• changes not yet effective
• changes already in effect.

For each change covered in the publication, Grant Thornton has considered its commercial implications, identifying the number of entities that will be affected as well as the impact on affected entities.

For further clarification, please contact  Grant Thornton executives.