Since March 2019, the IASB has issued the following: • Amendments to IFRS 9, IAS 39, ‘Financial instruments’ and IFRS 7, ‘Financial instruments disclosure’, Interest rate benchmark reform • Amendments to IAS 1,‘Presentation of financial statements’, Classification of liabilities. Under the new standard, contributed nonfinancial assets (gifts-in-kind) will be required to be presented separately from other cash contributions on the statement of activities. HKFRS 9 Financial Instruments. Aug 2020: Going Concern Disclosures (Amendments to FRS-44) Annual periods ending on or after 30 September 2020 : A mending standard. These amendments are applicable for the accounting year beginning on or after April 01, 2020. Jun 2020: Annual Improvements to NZ IFRS 2018–2020: Jan 2022: Amending standard. Changes in the economy are signaling that the “new normal” may significantly reshape business leasing strategy and, therefore, lease accounting. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. 234 Accounting periods … Effective for annual periods beginning after December 15, 2020. 10 MB) bitte auf das Bild oder hier klicken] Statt mit pdf-Dateien arbeiten Sie lieber mit einer gebundenen Printversion? Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. News October 2020 Amendments to UK and Ireland accounting standards. Public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, For all other entities, for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, A not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market. The amendments are effective upon issuance of this Update. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. NOTE: The Lease Accounting Standard has been delayed and will now be effective for the 2021 calendar year (years beginning after December 15, 2020). [Revised 07/18/18—Wording corrected in summary to reflect actual Codification wording.]. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. They do not apply to Issue 3 in the Update because the amendments for that Issue are to the original transition requirements in Topic 842. Some of the amendments in this Update do not require transition guidance and will be effective upon issuance of this Update. Next year should be less frantic for many financial statement preparers as a result of FASB's delay in implementation dates for private companies and certain other preparers for accounting standards for leases, credit losses (known as CECL), and hedging. Early application continues to be allowed. To discuss the provisions of the new/revised Financial Reporting Standards issued by the Accounting Standards Council and effective for the years 2018, 2019 and 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All other entities should apply the amendments to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early application of the amendments is permitted. For entities other than private companies, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. But another new FASB standard — on cloud computing costs associated with a service arrangement — became effective for public business entities in fiscal years beginning on or after Dec. 15, 2019, and will take effect for all other entities for reporting periods beginning after Dec. 15, 2020. Not-for-profit entities have the same open-ended effective date and unconditional one-time election that private companies have. Public business entities should apply the amendments in this Update to annual periods beginning after December 15, 2017, including interim periods within those periods. Eine hinsichtlich des neusten Endorsements (Änderung des IFRS 3 bz… How will the new AASB 2020-2 standard affect your SMSF clients? The amendments are: Amendment to … Effective at the same time as the amendments in Update 2014-09, Revenue from Contracts with Customers (Topic 606). This webpage contains new and major standards that will be effective soon. A public company or a not-for-profit organization that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market would apply the new standard for transactions in which the entity serves as a resource recipient to annual reporting periods beginning after June 15, 2018, including interim periods within that annual period. AASB 2016-4 Amendments to Australian Accounting Standards -Applying … For entities that elect early application, the transition date may be the beginning of the prior period presented rather than the beginning of the earliest period presented. The amendments in this Update are effective for a private company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The tax function is transforming. New Accounting Standards and amendments effective in 2018-19. Reading Time: 2min read 2. The full text of the FASB documents can be downloaded by their corresponding links. All entities may early adopt these amendments for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01. The amendments related to Issues 1 through 5 are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current: Extra: Mar 2020: 1 Jan 2022: 2020-2: Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities: Mar 2020: 1 … For entities that have not yet adopted the amendments in Update 2016-13, the effective date and transition methodology for the amendments in this Update are the same as in Update 2016-13. Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in Update 2016-13, as amended by this Update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The amendments in Sections B and C of this Update are effective for annual periods beginning after December 15, 2020, for public business entities. Effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Accounting Standards Updates—Effective Dates, Private Company Decision-Making Framework, Revenue Recognition Transition Resource Group, Transition Resource Group for Credit Losses, Exposure Documents & Public Comment Documents, Comparability in International Accounting Standards, FASB Special Report: The Framework of Financial Accounting Concepts and Standards. For all other entities, the amendments in Part I of this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The practical expedient may be elected either in the first reporting period following the issuance of this Update or at the original effective date of Topic 842 for that entity. Early adoption is permitted, including adoption in an interim period. The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. Click below for more information : Code of Ethics for Professional Accountants (November 2018) New and Revised Auditor Reporting. Working Mother Names BDO USA, LLP as one of the 100 Best Companies. With regulations constantly evolving, these innovations are important to help companies easily adapt to new regulatory and accounting standards.” This iteration of the product offers additional functionality and reporting content for accountants and actuaries following the 1909 release of SAP S/4HANA , which has improved the continuous closing process. While the guidance generally refers to PBEs, and sometimes the effective date for PBEs excludes smaller reporting companies (as defined by the SEC), we have used the “short hand” of “public” and “nonpublic” to refer to the earlier and later effective date buckets. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. An entity should apply the amendments in this Update on a retrospective basis to all periods presented. Revenue Recognition. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. For other entities, the amendments in this Update are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Recently, on July 24, 2020, MCA notified Companies (Indian Accounting Standards) Amendment Rules, 2020, on recommendations of the ICAI, comprising critical amendments to Ind AS. AASB 15 Revenue from Contracts with Customers: For profit only. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. Early adoption is permitted, including early adoption in an interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. New standards 8. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. INT FRS 122; FRS 109 Financial instruments; FRS 115 Revenue from contracts with customers 2018-12. The information below reflects developments to 7 September 2020 and will be updated through to 30 September 2020 to reflect new and revised financial reporting requirements that need to be considered for financial reporting periods ending on 30 June 2020. Those effective dates reflect the deferral of certain major standards provided in ASU 2019-10 and ASU 2020-05. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). Effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. In this publication, we’ve summarized the new accounting standards with mandatory effective dates in the first quarter of 2020 for public entities, as well as new standards that take effect in annual 2019 financial statements for nonpublic entities. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Programme Outline Major new/revised standards effective in 2018. The amendments are effective immediately. Effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Effective as of March 12, 2020 through December 31, 2022. 211 Accounting periods beginning on or after 1 January 2021 Conceptual Framework for Financial Reporting 2018 Revised Conceptual Framework for Financial Reporting Update No. The practical expedient may be applied either retrospectively or prospectively. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. New FASB Lease Accounting Standard Changes Effective 2020 December 21, 2017. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Foundation. Accounting Standards Update 2020-01—Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) January 2020 The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective but can be early adopted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. We've created the BDO Library as a "go to" source for informative and thought provoking knowledge resources. Preparing for the Introduction of New Accounting Standards 2020 3 Disclaimer This document is provided to assist councils in transitioning to the new accounting standards – it is not intended to be a complete guide of all steps required nor does it address issues to be considered. 19 October 2020. For public business entities that meet the definition of an U.S. Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. All other entities should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, applies to a wide variety of organizations, including charities, educational institution foundations, and cultural, religious and trade-related nonprofits. Today the FRC has issued three sets of amendments to UK and Ireland accounting and reporting standards. Alternatively, the entity has the option to apply the amendments in either the first reporting period ending after the issuance of this Update (for example, December 31, 2018) or in the first reporting period beginning after the issuance of this Update (for example, January 1, 2019). Public business entities and employee benefit plans that file or furnish financial statements with or to the SEC for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, Not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter market and that as of June 3, 2020 have issued financial statements (or made available for issuance) reflecting the adoption of Leases for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, Not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter market and that as of June 3, 2020 have not issued financial statements (or made available for issuance) reflecting the adoption of Leases for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, All other entities for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, Public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, All other entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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