IFRS – upcoming changes

The financial statements for the year 2017 will be prepared based on a fairly stable set of standards – the majority of the implemented changes have little effect on the preparation of the financial statements.

However, we would like to draw your particular attention to the changes in IAS7 arising from the project of the IFRS Board to improve the quality of disclosures and the presentation of the financial statements, concerning disclosures on changes in borrowings. 

In the years 2018 and 2019, we are expecting considerable changes arising from the introduction of three new standards on: revenue recognition, leases and financial instruments.

This summary allows the reader to quickly determine what is the status of the endorsement by the EU – the year from which the change is binding has been provided or information that the change has not yet been endorsed. It indicates whether a given change can be applied early or whether it involves the need for the early adoption of other standards. The application date may differ for entities whose financial year is other than the calendar year.