Guide to new Standards IFRS 9, IFRS 15, IFRS 16 and research

IFRS 1 An entity moving from national GAAP to IFRS should apply the requirements of IFRS 1 It applies to an entity’s first IFRS financial statements and the interim reports presented under IAS 34, ‘Interim financial reporting’, that are part of that period It also applies to entities under ‘repeated first-time application’

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Guide to new Standards IFRS 9, IFRS 15, IFRS 16 and research

May 29, 2019 · • IFRS 9 brings many changes to accounting for FI Studies that provide evidence about the impact of these changes will be helpful Studies may use a range of methods • Pre and post application: what changes in accounting practice are observed What are the financial impacts of the changes

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Revenue – IFRS 15 handbook

10 Other application issues 234 10 1 Sale with a right of return 234 10 2 Warranties 239 10 3 Principal vs agent considerations 244 10 4 Customer options for additional goods or services 263 10 5 Customers’ unexercised rights (breakage) 285 10 6 Non-refundable up-front fees 289 10 7 Sales outside ordinary activities 295

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International Financial Reporting Standards (IFRS)

sciences industries is our collected insight on the application of International Financial Reporting Standards (IFRS) in this industry – reflecting the practices of many practitioners in the pharmaceuticals and life sciences industry This edition has been updated in 2019 to reflect changes in IFRS and interpretations as at that date

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Guide to new Standards IFRS 9, IFRS 15, IFRS 16 and research

IFRS

Foundation

The views expressed in this presentation are those of the presenter, not necessarily those of the International Accounting Standards Board or the IFRS Foundation. Copyright © 2018 IFRS Foundation. All rights reserved

Guide to new

Standards

IFRS 9, IFRS 15, IFRS 16

and research opportunities

Anne McGeachin IFRS Technical Staff

Ann Tarca IASB Member

EAA Annual Congress

Paphos29 May 2019

Ann Tarca, IASB Member

2Agenda

Introduction and objectives

IFRS 9 Financial Instruments: the basics

IFRS 15 Revenue from Contracts with Customers: the basics

IFRS 16 Leases: the basics

Wrap up

Introduction and

objectives

4Changes ahead -are they worth it?

2017
2018
2019
2020
2021

RevenueLeases

Insurance

Contracts

Financial

Instruments

5Messages on the new Standards

Effective 2018Effective 2019

FinancialInstrumentsRevenueLeases

Users disappointed in disclosure prior to effective date

Not many new questions

Mixed news on visibility in first interims

Impairment

•Significant challenge, but some benefits for risk management & governance •Generally manageable effect on regulatory capitalGreater awareness of accounting consequences of contract terms

Classification & Measurement

limited changes in classification overall morepractice questionsthan expectedMany may have limited quantitative impact

Disclosure should be a big

gain

6Don't forget about disclosure

Introduction and objectives

Wrap up

1 Jan 201831 March 201831 Dec 2018

2017 f/s: IAS 8 disclosures

Separating impact of accounting change from results of period

Effective

date

IFRS 9, 15

FYE

December

First interim

financial statementsFirst annual financial statements

IFRS 9 Financial Instruments:

Overview of the basics

8IFRS 9 at a glance

•Issued in 2014 •Effective annual reporting periods from 1

January 2018

•Replaces IAS 39

Key points:

•Classification and measurement -a logical, single classification approach driven by cash flow characteristics and how financial instruments are managed •Impairment -forward-looking 'expected loss' model •Hedge accounting -better aligns accounting with risk management

[PDF] Guide to new Standards IFRS 9, IFRS 15, IFRS 16 and research

IFRS overview 2019 - PwC

A Guide Through IFRS for Small and Medium-Sized Entities