Eye on Reporting | October 2021 Edition

Welcome to EY Eye on Reporting newsletter, providing you with the latest insights in financial reporting.

This month's issue includes the following:

  • The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was passed in October 2021, which requires certain entities, to be known as Climate Reporting Entities (CREs), to make mandatory disclosures regarding the climate risks and opportunities of their businesses. The XRB is developing climate reporting standards for the new regime and has recently issued its consultation document. Comments close on 22 November 2021. You can find more details here.
  • A recent IFRIC tentative agenda decision (TAD) clarifies the accounting for cash received via an electronic transfer system which can take up to three days to transfer. Entities may need to reconsider their accounting for cash transfers if the TAD is finalised.
  • We have released the alternative format of our latest international IFRS illustrative financial statements for annual periods beginning on 1 January 2021 which reorganised the presentation of information and allows users to identify relevant information more easily.
  • We have also released the new IFRS accounting standards and interpretations publication issued as at 30 September 2021.


Good Group (International) Limited - December 2021 (Alternative format)

This alternative version of our illustrative financial statements provides an example for entities to consider when reorganising their financial statements to be more effective in permitting users to identify the relevant information more easily.

IGAAP® Disclosure Checklist for Annual Financial Statements

This disclosure checklist for annual financial statements with a 31 December 2021 year end which captures the disclosure requirements for IFRS standards and interpretations in issue on 31 August 2021. For the checklist for interim condensed financial statements, please find here

IFRS - New Accounting Standards and Interpretations

This publication provides an overview of the upcoming changes in IFRS standards and interpretations (pronouncements) issued as of 30 September 2021.

IFRS IC tentative agenda decision: cash received via electronic transfer

The IFRS IC reached a tentative agenda decision on the accounting for cash received via an electronic transfer system. For some entities, this could lead to changes to their financial statements and reporting processes. Please read our publication for more details.

Post-implementation Review on IFRS 9

The IASB is requesting feedback as part of its post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments.

IASB Update and IFRIC Update in September 2021

A summary of matters discussed during the September 2021 meetings is now available. A Podcast for matters discussed during the IASB September 2021 meeting is also available