To both help understand the key issues of IFRS 15 and provide answers to your specific questions, Mazars publishes "IFRS 15: Key points of the revenue recognition standard in 100 Questions & Answers". This publication, from the Mazars Insight series, presents the intricacies of a complex standard in a pedagogical way.
This is the last moment to analyse and assess the impact of IFRS 16 on the financial statements and on key indicators used by investors, lenders or other stakeholders to assess the condition of the company.
The new standard IFRS 9 on financial instruments has been effective starting 1st January 2018 for most entities but insurance groups have the possibility to defer its application to 2021, the year when the new standard IFRS 17 on insurance contracts will enter into force.
At the end of February 2018, all the major European banks published information on the impact of the implementation of the new standard IFRS 9. IFRS 9 introduces numerous changes (classification, impairment, hedging, etc.). Their impacts at the transition date vary widely from one bank to another. They are negative in most cases, but for some banks are virtually nil or even positive. The indicators used are also variable: though the impact on the CET1 ratio is a firm common indicator, the level of further detail reported varies significantly from one institution to another.
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.