Assurance - simplifying complexity for our clients
At EY we strive to simplify complex accounting and reporting requirements for our clients. With that in mind, this publication brings together the significant changes in accounting standards, legal and regulatory requirements, as well as key enablers, to help you respond to the changing landscape.
In this edition, we discuss recent IFRS updates including, among other things:
• the IASB’s amendments to the definition of ‘material’ in IAS 1 Presentation of financial statements and IAS 8 Accounting policies, changes in accounting estimates and errors
• amendments to the definition of ‘business’ in IFRS 3 Business Combinations
• the proposal to defer the effective date of IFRS 17 Insurance Contracts
• we note that IFRS 16 we note IFRS 16 Leases is now effective for accounting periods beginning on or after 1 January 2019.
From an Irish GAAP perspective, we also provide some reminders on the key amendments to FRS 102 arising from the FRC’s December 2017 Triennial Review, which are effective for accounting periods beginning on or after 1 January 2019.
We also highlight some of the findings and publications of the accounting regulators, including Irish Auditing & Accounting Supervisory Authority, the UK’s Financial Reporting Council and the European Securities and Markets Authority.
Section 1: International Financial Reporting Standards
Section 2: Irish Generally Accepted Accounting Practice
Section 3: Corporate Governance
Section 4: Irish company law
For more information, access the full report here.