At the beginning of the second half of 2014, it appears that some preparers have initiated an action plan to analyze their contracts with customers in the light of IFRS 15.
Starting early this project will enable to identify practical implementation difficulties that deserve to be referred to the Transition Resource Group, which held its first meeting on 18 July.
This July is also the publication date, for many European groups, of their first interim financial statements using the new consolidation standards. In this context, Mazars published a study on the application of these standards by European Corporates in their financial statements as at 31 December 2013. Details of this study are presented on the last page of this newsletter (PDF version). We hope this will be useful to anticipate your 2014 year-end closing.
Highlights
IFRS Standards
- IASB to create a transition resource group for IRFS 9
- IASB issues amendments for bearer plants
- Leases: further redeliberations
A closer look
- IASB and FASB issue converged standard on revenue recognition
- Endorsement of IFRIC 21 - Levies
