Introduction to IFRS A Practical Guide Rosenswig Mc
- Slides: 26
Introduction to IFRS – A Practical Guide Rosenswig Mc. Rae Thorpe LLP
Why IFRS? Parent company requires IFRS Regulatory requirements � Registered entities with the OSC (i. e. fund managers) � Listed entities (public companies) Stipulated by material agreements Anticipation of reporting under IFRS in future
Why IFRS? – RMT examples CHC Student Housing LP, RESCO MIC � Early transition to IFRS due to anticipation of investor need Tera (mutual fund), Glen Union Capital / LP � OSC regulatory requirement Eastcom � IFRS QC review
Preface The intention of this presentation is to highlight some areas that you should be aware of when working on IFRS statements. This presentation is not meant to cover any areas in great detail and it is recommended that you review the relevant sections in detail when working on IFRS engagements.
Key Differences – Balance Sheet Statement of Financial Position Investment properties (IAS 40) Revaluation model for PPE (IAS 16) Agriculture (IAS 41) Impairment of assets (IAS 36) Deferred tax (IAS 12) Future difference: Leases (IFRS 16)
Key Differences – Balance Sheet Investment properties (IAS 40) Meant for revenue-producing properties, including assets under lease but excluding biological assets and mineral reserves Measured at fair value; no amortization External valuation is not required, but highly encouraged
Key Differences – Balance Sheet Investment properties (IAS 40)
Key Differences – Balance Sheet Investment properties (IAS 40)
Key Differences – Balance Sheet Investment properties (IAS 40)
Key Differences – Income Statement of Comprehensive Income Revenue recognition � Specific standard for Construction Contracts (IAS 11) � New encompassing standard (IFRS 15) effective Jan 1, 2018 Income taxes (IAS 12) Equity issuance costs (IAS 39)
Key Differences – Income Statement Income taxes This is a very simplified example!
Key Differences – Notes Note 1 Accounting policies Financial instruments (IAS 39, IAS 32, IFRS 9; IFRS 9 to replace IAS 39) Fair value measurement (IFRS 13) Disclosure of upcoming IFRS standards Transition to IFRS (IFRS 1)
Key Differences – Notes Note 1 and accounting policies
Key Differences – Notes Financial instruments � Usually a note within accounting policies
Key Differences – Notes Financial instruments
Key Differences – Notes Fair value
Key Differences – Notes Fair value
Key Differences – Notes Upcoming IFRS standards � At the end of accounting policy note
Key Differences – Notes Upcoming IFRS standards � At the end of accounting policy note
Key Differences – Notes Transition to IFRS
Key Differences – Notes Transition to IFRS
Key Differences – Notes Transition to IFRS
Key Differences – Notes Transition to IFRS
RMT Learning Points Always check the Standard; don’t assume accounting treatment is the same! Use disclosure requirements in IFRS standards as disclosure checklists. Think of client need and simplify note disclosures where possible. Be proactive in helping a client think through the IFRS vs. ASPE decision.
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