IFRS 15 introduces many new features relating to revenue recognition. In May 2014, the IASB published IFRS 15, Revenue from Contracts with Customers.
The European Audit Reform became effective on 17 June 2016. As professionals with significant experience working within this system, we would like to present you with a guide that explains the main features of Joint Audit, its application and its associated benefits.
The areas of greatest subjectivity and interest within the IFRS financial statements of insurance groups as at 31 December 2012
For the fifth consecutive year, Mazars has carried out a detailed analysis of the largest insurance groups’ financial information. The accounts of insurance entities for the year ended 31 December 2012 were prepared against an ongoing background of economic crisis, characterised by: continuing weak growth in the major world economies; low interest rates; and persistently volatile markets.
The areas of greatest subjectivity and interest within the IFRS financial statements of insurance groups as at 31 December 2011
For the fourth year in a row, Mazars has carried out a detailed analysis of the largest insurance groups’ financial information as at 31 December 2011.
IFRS 10, which was published in May 2011, introduces a single definition of control and replaces the portion of IAS 27 which related to consolidated financial statements, as well as the SIC 12 interpretation on special purpose entities.
According to the IASB’s schedule, the new standard is effective from 2013 for entities with a reporting date at the end of the calendar year.
The accounting standard IFRS 13 “Fair value measurement” was published in May 2011. It represents the outcome of six years of IASB discussions, largely conducted jointly with the FASB.
On 12 May 2011, the IASB published IFRS 11, Joint Arrangements, which cancels and replaces IAS 31, Interests in Joint Ventures. Nearly four years had therefore passed between the publication of the exposure draft ED 9 in September 2007 and the publication of the final standard. Four years during which the stakeholders tried and failed to have their voice heard by the IASB.
The financial crisis of recent months came about not because of the credit crisis but because credit institutions had extreme difficulty in refinancing in the market - prudential supervision at the European level had taken no account of the liquidity criteria.