IFRS December 2016 update
Our International IFRS team have issued a new report
outlining the latest changes to International Financial Reporting Standards,
and how to understand them.
The Standards are very detailed and technical.
To the untrained eye, they can appear hard to navigate.
But at Grant Thornton, we have people who are very well versed in their intricacies
and can translate them into language that you can understand and apply to your financial statements.
The International Financial Reporting Standards (IFRS), are a set of global accounting standards developed by the International Accounting Standards Board for the preparation of public company financial statements. With well over 100 countries using them, they are fast becoming the global accounting language. Using IFRSs can help increase the quality, comparability and transparency of your financial information. Applying them correctly will increase your company's credibility and improve access to credit and investment opportunities.
Our IFRS advisers can help you navigate the complexity of the Standards so you can focus your time and effort on running your business.
Navigating the changes to IFRS is a 50-page briefing document, designed to help chief financial officers, and other professionals in the financial world, understand recent developments which will affect companies’ future financial reporting. It also examines new Standards and Interpretations that have been issued and amendments made to existing ones. The December 2016 bulletin focuses on changes to IFRS published between 1 December 2015 and 30 November 2016, covering financial year ends from 31 March 2016 to 31 March 2017. The new edition in particular covers the new leasing Standard IFRS 16 for the first time.