Building Organisational Capacity for Successful Implementation of IFRS 9
Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity.
IFRS 15: The new revenue framework – What corporates need to know
The financial reporting landscape will witness significant changes in 2018 as the two major standards on Revenue and Financial instruments (IFRS 15 Revenue from contracts with customers and IFRS 9 Financial Instruments) become effective. For many reporting entities, the new revenue accounting principles is a paradigm shift that require care in implementation.
Bridging the Gap between IFRS 17 and IFRS 9
As insurers begin to understand the implications of implementing IFRS 17, a key consideration is the interrelationships between IFRS 17 and IFRS 9 and how these can be maximised to their advantage. Key takeouts from this report IFRS 17, the new Insurance Standard focusing on insurance liability reporting, will have far-reaching consequences for an insurer in terms of modelling, data, processes and systems; ultimately resulting in a fundamentally different statement of comprehensive income and more onerous disclosure requirements. However, as insurers contemplate the expected impact of the Standard, they need to be aware of the interrelationship with the Financial Instruments Standard – IFRS 9 – which impacts the valuation of insurers’ assets for accounting purposes. The synergy between IFRS 17 and IFRS 9 needs to be considered in terms of: the changes required by the two Standards; and the complications arising from having two separate effective dates that may be…