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Dear readers,
Since fall 2015, the IASB has issued two significant amendments to IFRS 15. The first, which relates to the one-year deferral of IFRS 15’s mandatory effective date, was issued in September 2015, and the second amendment,
Clarifications to IFRS 15, Revenue from Contracts with Customers (Clarifications), was released in April 2016. In our CFO’s corner series, Maryse Vendette and Alexia Donoghue, from our National Accounting Services group, explore the key points of the Clarifications, the expectation of future amendments and consideration points related to implementing the new revenue standard. The Clarifications are not meant to change the underlying principles of IFRS 15, but rather clarify how the principles should be applied.
Visit the
CFO’s corner in Deloitte’s Centre for Financial Reporting to read this editorial and any previous articles you may have missed.
Warm regards,
Chantal Rassart, CPA, CA, CPA (III)
Partner | Audit Knowledge Management Officer
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Explore What's new
The following is a selection of news published in our Centre for Financial Reporting during the month. Do not miss important developments by making a visit to the Centre part of your daily routine.
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CFO’s corner:
Strategic risks
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Facing (and embracing) strategic risks
Often hard to spot and manage, strategic risks typically do not respond to traditional risk management approaches, such as hedging or mitigation. In this article, we discuss the barriers to recognizing and responding to strategic risks and outline some of the tools available to help harness them.
Read more
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CFO’s corner:
Extended enterprise risk management
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The importance of vendor due diligence
Today, when organizations are increasingly being found liable for their suppliers’ behaviour and third-party actions, which can lead to a loss of reputation and customer trust in the organization, boards and management need to fully understand the extent of their third-party relationships and the associated risks. Read more
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IFRS: Clearly IFRS
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IASB introduced clarifications to IFRS 15
This publication outlines the recent
amendments to IFRS 15. The amendments add clarifications in the following areas: identifying performance obligations, principal versus agent considerations and licensing application guidance. Read more
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IFRS: Webcast
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Clarifications to IFRS 15 – Understanding the final standard
How will the final revenue standard affect your organization? Are you ready for the potential impacts? In this webcast, our experts will focus on the IASB’s recently issued amendments to IFRS 15. Read more
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IFRS: Guide
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Deloitte iGAAP 2016
This guide serves as a comprehensive and practical reference for entities reporting under International Financial Reporting Standards and for those considering whether to move to IFRS in the near future.
Read more
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IFRS: Standards
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Insurance contracts
The IASB confirmed it will amend the current IFRS 4 insurance contracts standard. This is to address issues that may arise from implementing IFRS 9 before adopting the new insurance contracts standard, which will ultimately replace IFRS 4. Read more
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IFRS: Standards
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IASB votes to reconfirm overlay and deferral approach
The IASB voted in favour of the staff recommendations in connection with the redeliberation of the proposals around the application of IFRS 4 together with IFRS 9.
Read more
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ASPE: Exposure Draft
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Clarifications to Sections 1591 and 3056
The AcSB released an Exposure Draft to clarify Section 1591,
Subsidiaries, and Section 3056, Interests in Joint Arrangements, in response to stakeholder feedback. Stakeholders are encouraged to submit their comments by August 2, 2016. Read more
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PSAS: Invitation to Comment
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2013-2016 Strategic Plan: Proposed One-year Extension
The Public Sector Accounting Board (PSAB) issued an Invitation to Comment that proposes to extend the term of its existing Strategic Plan by one year. Stakeholders are encouraged to submit their comments by May 27, 2016. Read more
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PSAS: Feedback Statement
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Post-implementation Review: Government Transfers
The findings of the Post-implementation Review confirmed earlier indications that the primary areas of concern with Section PS 3410,
are recipients accounting for capital transfers, and the role of the “authority to pay” relating to authorization in one jurisdiction. Read more
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US GAAP: Amendments
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FASB clarifies revenue recognition guidance
In May 2016, the FASB issued an ASU amending certain aspects of the Board’s new revenue standard, ASU 2014-09,
Revenue from Contracts with Customers. This latest ASU follows two previously issued ASUs in response to feedback from the TRG.
Read more
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Securities: Non-GAAP measures
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IASB Chairman discusses non-GAAP measures
In a speech given at the European Accounting Association annual conference in Maastricht, the IASB chair, Hans Hoogervorst, admitted that the IASB provides “too little guidance” in formatting the income statement. He also suggested “potential remedies” for IASB consideration. Read more
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Securities:
New act
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Enrollment opened under the ESTMA
Natural Resources Canada has opened the enrollment process for companies who meet the definition of a “Reporting Entity” under the Extractive Sector Transparency Measures Act (ESTMA). Read more
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Assurance: Collaboration and coordination
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Contributors to Audit Quality and Other Projects
The IAASB and the IESBA released an interview where their respective Chairman discuss topics of mutual relevance, including audit quality, the Code of Ethics, and professional skepticism.
Read more
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Assurance: Critical audit matters
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PCAOB Re-proposes Standard to Enhance the Auditor’s Report
The PCAOB re-proposed the auditing Standard to make it more informative for investors by requiring auditors to provide information on critical audit matters. The IFAC also released the publication
The New Auditor’s Report: A Comparison between the ISAs and the US PCAOB Re-proposal. Read more
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Assurance: Invitation to Comment
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Enhancing Audit Quality in the Public Interest
The IAASB released a video supplement to the Invitation to Comment,
Enhancing Audit Quality in the Public Interest. In this video, IAASB Member and Chair of the Group Audits and the Enhancements Working Groups, Megan Zietsman, reviews the key elements of the ITC. Read more
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Look at what's trending
These items attracted the most attention in our Centre for Financial Reporting the last month:
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Kerry Danyluk
IFRS
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Diana De Acetis
ASPE, ASNPO
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Cindy Veinot
PSAS
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Julie Corden
Assurance
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Deanne Kennedy
Securities
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Sue Bennett
CFO's corner
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