Recent changes to IFRS 9, 15 and 16.
IFRS 9 became effective for annual reporting periods beginning 1 January 2018, so those companies with December year ends should have already implemented the changes required. For other companies, IFRS 9 will apply shortly. We have summarised the key considerations (with examples) for updating a company’s treasury policy when implementing the new requirements. Click here to read more.
IFRS 15 Revenue from Contracts with Customers became applicable from 1 January 2018. There are many different types of contracts with customers that require a detailed analysis in order to determine the appropriate accounting treatment under IFRS 15. For the energy and resources industry, one such contract is a streaming agreement. This article looks at streaming agreements and the issues to consider in applying IFRS 15.
In the energy and resources sector, there are several types of arrangements that may be impacted by the introduction of IFRS 16 Leases. This new standard, will replace IAS 17 Leases, provides guidance and examples on assessing whether a contract contains a lease, a service or both. Click here to read the arrangements that allows a mining company to access a road, rail track or port and how IFRS 16 may apply to such arrangements.
If you have any questions on above changes or would like to know more, please contact Matthew Schofield.
Partner, Assurance and Advisory Services