With adoption of IFRS 15 becoming mandatory in 2018, some regulators expect entities to have started their projects to implement the new revenue standard. However, our survey of 207 Fortune 500 entities indicates that most entities have provided little, if any, information about the expected effect to date.
As part of the Disclosure Initiative project the IASB published a Discussion Paper to gather feedback by 2 October 2017 on the disclosure problem and its preliminary views on how to address it. The paper outlines principles to improve disclosures effectiveness in financial statements.
On 29 March 2017, the UK Government gave notice of its intention to withdraw from the European Union (Brexit). There is no immediate effect on IFRS reporting requirements, but entities now need to consider the potential implications of Brexit when preparing their upcoming interim and annual reports.