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IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2024 is no different.

The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2024.

Demystifying IFRS 2 by explaining the fundamentals of accounting for share-based payments.

The accounting of share-based payments remains not well understood and this is evidenced by a number of Interpretations and agenda decisions being issued by the IFRS Interpretations Committee (IFRIC).

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements and 2023 is no different.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging.

Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas. We also include several examples illustrating the Standard’s requirements.

Understanding how an entity is performing from management’s point of view during an interim reporting period can be just as important as the annual disclosures that are required when following IFRS 8 ‘Operating Segments’ – which sets out the minimum disclosure requirements for annual reporting periods.

Segmental information is a way of increasing transparency in financial statements prepared for investors and creditors, especially for areas of the business that are significant and drive the entity’s overall business strategy. IFRS 8 ‘Operating Segments’ requires this information that is provided to management to be disclosed in the annual financial statements, so that investors and other users of entities’ financial statements can review an entity’s operations from the same perspective.

IFRS 3 ‘Business Combinations’ contains the requirements for transactions, which are challenging in practice.

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging.

Segment reporting is intended to give information to investors and stakeholders regarding the financial results and financial position of the entity that are used by the entity’s chief operating decision maker (CODM). Given this, IFRS 8 ‘Operating Segments’ provides the guidance to preparers on this area.

Generally, financial information is required to be reported on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments. IFRS 8 ‘Operating Segments’ sets out these requirements and asks for reconciliations of total reportable segment revenues, total profit or loss, total assets, liabilities and other amounts disclosed for reportable segments to corresponding amounts in the entity’s financial statements.

High quality management accounts enable management to monitor performance, allocate resources and devise business and market strategies. Therefore, they are particularly important for entities that operate in a variety of classes of business, geographical locations, regulatory or economic environments or markets.