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IFRS Technical Update
Weekly Catch-Up 25th January
IFRS 17 progress at IASB’s January board meeting
The IASB have targeted three main areas for improvement for IFRS 17 in their January board meeting. The proposed improvements, voted in by the board, are linked to the recognition of contract costs, reinsurance contracts and the investment service elements of a contract. It is thought that these changes will make it easier for companies to explain the results of applying IFRS 17 to investors and others. It is expected that the board will publish a document on consultation on proposed narrow scope amendments by the middle of the year.
Patisserie Valerie goes into administration following accountancy fraud
Not long after announcing the news of a huge fraud scandal at Patisserie Valerie, the owners have now gone into administration after talks with their lenders HSBC and Barclays collapsed. Accountancy firm KPMG have been brought in to deal with the administration and owners admitted “ it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due."
No delay needed to start new accounting standards
Insurance companies in the Philippines do not need to wait for the deferred implementation schedule of the new IFRS 17, to go ahead. In a statement by the Insurance Commissioner Dennis B Funa, he was quoted as saying local insurers who are “willing and ready to comply with IFRS 17 before the deferred effectivity date are not precluded to implement the same.” The original implementation date of January 1ST 2021 was deferred by the Commissioner to January 2023 after saying the implementation of IFRS 17 was marked with challenges such as tight timelines and lack of clarity.
IFRS Taxonomy Preparer’s Guide has been updated
The IFRS Foundation has recently published an updated guide to using the IFRS Taxonomy. This helps companies to facilitate the creation and use of IFRS financial statements in electronic formats. Specific elements allow companies to tag information and investors can then easily find, process and analyse data.
Updates include a new section providing detail on how to communicate company-specific information and new e.g.s on how to find the correct element when tagging financial statements.
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