Isle of Man News - POSTED Thu 11-01-2018

Grant Thornton releases report to help businesses navigate the changes to IFRS

by LC

Grant Thornton releases report to help businesses navigate the changes to IFRS - picture

Grant Thornton, one of the world’s leading organisations of independent assurance, tax and advisory firms, has published a new report covering the latest changes to International Financial Reporting Standards (IFRS).

Each year the requirements of IFRS change, and new Standards, Interpretations and Amendments are introduced which affect future financial reporting for businesses.

The advisory firm has put together the publication, Navigating the changes to International Financial Reporting Standards, to give Chief Financial Officers (CFO) a high-level awareness of these recent changes. It covers new Standards and Interpretations that have been issued, as well as amendments made to existing ones.

The publication now covers 31 March 2017, 30 June 2017, 30 September 2017, 31 December 2017 and 31 March 2018 financial year ends. Page two includes a table which lists all the changes included, their effective dates and whether early application is permitted. However, the latter will also be dependent on local legislation.

Mark Harvey of Grant Thornton Isle of Man, said: ‘The table is really useful as it can be used to identify the changes that directly affect your business. It has been colour coded to help entities planning for a specific financial reporting year end, and identifies changes that are mandatorily effective for the first time, changes not yet effective and changes already in effect.’

For each change covered in the publication, its commercial implications have also been considered.

Mark added: ‘IFRS is a very complex accounting framework that is subject to regular changes and amendments, which can make it difficult for businesses to keep on top of. With this in mind, I would encourage all CFOs to take advantage of this report, which shares Grant Thornton’s expert knowledge and insight into this intricate accounting framework.’ 

To read the full report, visit:

Photo - Mark Harvey.

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