Beyond the GAAP no.109 - March 2017
While they do not form an official part of the IASB’s Disclosure Initiative, the amendments proposed to IFRS 8 on operating segments are certainly in the same spirit. With this consultation, and the consultation around the discussion paper on Principles of Disclosure, the IASB has started the ball rolling for the 2017 round of deliberations on the theme of Better Communication. In Europe, the recently published standard on leases has just completed the first stage of the adoption process, EFRAG having just issued a recommendation for rapid endorsement to the European Commission.
The publication of the 2016 financial statements was an opportunity to analyse the information provided by entities about how they are implementing IFRS 15 on Revenue from Customers, in particular in light of the expectations expressed in summer 2016 by the market regulators While the level of information disclosed is varied, some trends are starting to emerge, and you can read about these in our study!