new ifrs standards effective 2021

Are you ready for the new IFRS® accounting standards? Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. By using this site you agree to our use of cookies. Our semi-annual outlook is a quick aid to help IFRS Standards preparers in the US keep track of imminent IFRS Standards changes and to assess the relevance to their financial statements. in the case of subjective acceleration clauses). Many offer CPE credit. IFRS in your pocket is our popular guide to International Financial Reporting Standards (IFRS). IFRS Foundation appoints Robert Pozen, Kenneth Robinson and Erhard Schipporeit as new Trustees The IFRS Foundation has appointed three Trustees and re-appointed seven, effective 1 January 2021. In accordance with specific requirements in IAS 37. Unlike IFRS, the FASB practical expedient applies to lessors as well as lessees; it is more permissive with respect to eligibility. Explore challenges and top-of-mind concerns of business leaders today. The IFRS foundation has appointed three new trustees —Robert Pozen, Kenneth Robinson and Erhard Schipporeit, effective 1 January 2021. Further amendments to IFRS 3, Business Combinations, update references in IFRS 3 to the revised 2018 Conceptual Framework. Update 2016-04— Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force) Eligible rent concessions are those arising as a ‘direct consequence’ of COVID-19 and for which: For lessees, this is an optional practical expedient to be applied consistently to all lease contracts with similar characteristics and in similar circumstances. IASB ® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. US GAAP requires companies to perform an initial screen test as part of their assessment. Top 10 differences between interim financial reporting requirements under IAS® 34 and ASC 270. In addition to useful summaries of all current Standards and Interpretations, it includes a vast array of information about global accounting standard setting. Revenue Recognition. This site uses cookies to provide you with a more responsive and personalised service. These requirements differ from and are narrower than IFRS Standards.Â. The effective date of IFRS 17 is pending a two-year deferral to 2023, to be confirmed by the IASB Board mid-2020. statements will need to consider the newly effective standards IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments , as well as other amendments to IFRSs. Technical resources on the International Financial Reporting Standards (IFRS) – get started now with practical guidance, latest thinking and tools. Meanwhile, three other Trustees hosted live webinars and moderated Q&A sessions on the same topic—view the recordings here. Proceeds from selling items before the related PPE is available for intended use are recognized in profit or loss unless the property is being developed for rental or sale, in which case income (but not a loss) from incidental operations is recognized as a reduction to the cost of the property. Early adoption is permitted unless otherwise stated. US GAAP does not contain an example of lessor payments for lessee-owned leasehold improvements. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. This edition, presented in three volume parts, contains the IFRS® Standards, including IAS® Standards, IFRIC® Interpretations and SIC® Interpretations, as approved for issue up to 31 December 2020 and required to be applied on 1 January 2021. FASB staff guidance (hereinafter, the practical expedient) permits a company to forgo an evaluation of the enforceable rights and obligations of the original lease contract. An acquirer should apply the definition of a liability in IAS 37 – rather than the definition in the Conceptual Framework – to determine whether a present obligation exists at the acquisition date as a result of past events. Connect with us via webcast, podcast, or in person at industry events. Find out what KPMG can do for your business. In 2016 and the following years once more new or amended IFRS standards and interpretations became or are going to become effective. The effective date of ASC 606, Revenue from Contracts with Customers, has been extended by one year for all private companies that have not yet adopted the guidance, The effective date of ASC 842, Leases, for private companies and public not-for-profit entities has been extended by one year. The standard should be applied retrospectively unless impracticable. under both IFRS Standards and US GAAP – with major new standards on revenue, leases, financial instruments and insurance. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The proposed amendment would improve the sale and leaseback requirements already in IFRS 16 by providing greater clarity for the company selling and leasing back an asset both at the date of transaction and subsequently. The standard will replace IFRS 4 Insurance Contracts. 3. The effective date for the amendments for the current versus noncurrent classification of liabilities has been proposed to be extended by one year. Instead such proceeds should be recognized in profit or loss, together with the costs of producing those items (to which IAS 27 applies). Publication: Use of IFRS Standards around the world [PDF], How the IFRS Interpretations Committee helps support consistent application, Supporting materials for the IFRS for SMEs Standard, business combinations under common control, educational material to highlight how existing requirements in IFRS Standards, Consultation Paper on Sustainability Reporting. All rights reserved. Join us for upcoming webcast events. Instead, the company can elect to account for eligible COVID-19 related rent concessions, whatever their form (e.g. For SEC filers, excluding those eligible to be ‘smaller reporting companies’, the effective date of the ASU is January 1, 2022. For lessee-owned leasehold improvements amendments are expected in Q3 2020 revenue standard is fully effective in periods. About global accounting standard setting and amended Standards ready for the 2021 edition this. Other differences between IFRS Standards ) that the concession either be a Release 2021 in MyStandards concerns of leaders!, skills and capabilities help our clients meet challenges and top-of-mind concerns of business leaders today has! Of contract involved herein May not be permissible for KPMG audit clients their... Office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK a company therefore!... International GAAP® 2021 skills and capabilities help our clients meet challenges and respond to.. 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