Post on 28-Jun-2020
Deloitte Financial
Reporting Conference
Tuesday 22 September 2015
Convention Centre Dublin
Rising to the challenge
IFRS Update
Things can only get
better?
Glenn Gillard
Time for Improvement?
Deloitte Financial Reporting Conference - Rising to the challenge 118
Deloitte Financial Reporting Conference - Rising to the challenge 119
The Best Accounting Site in the world…
Deloitte Financial Reporting Conference - Rising to the challenge 120
The Best Accounting Sites in the world…
Deloitte Financial Reporting Conference - Rising to the challenge 121
First mandatory for y/e 2015
Deloitte Financial Reporting Conference - Rising to the challenge 122
IFRIC 21 Levies (EU: 17
June 2014; IASB: 1.1.14)
Companies Act 2014
S.292: IFRS entity
S295: IFRS group
Non compliance: Category 2
offenceFrom 1 June
2015
Materiality is not a
consideration when
complying with additional
information
IFRS financial statements y/e 2015 prepared
under CA 14
Must contain additional
information required by Act
other than schedules 3
and 4
Exemption from consolidation
subject to IFRS 10
s.302
Annual Improvements
2011-2013 Cycle
(EU: 1.1.2015; IASB: 1.7.14)
Unreserved statement
compliance with IFRS in notes – no
change
First mandatory for y/e 2015
Deloitte Financial Reporting Conference - Rising to the challenge 123
IFRIC 21 Levies (EU: 17
June 2014; IASB: 1.1.14)
IFRS financial statements y/e 2015 prepared
under CA 14
Annual Improvements
2011-2013 Cycle
(EU: 1.1.2015; IASB: 1.7.14)
First mandatory for y/e 2016
Deloitte Financial Reporting Conference - Rising to the challenge 124
Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of
Depreciation and Amortisation
Amendments to IFRS 10 and IAS
28: Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture*
Amendments to IFRS 10, IFRS 12 and IAS 28:
Investment Entities:
Applying the Consolidation Exception
Amendments to IAS 27: Equity
Method in Separate Financial
Statements
IFRS financial statements y/e 2016
Annual Improvements
2010-2012 Cycle
(EU: 1.2.2015; IASB: 1.7.14)
Amendments to IAS 16 and IAS
41: Bearer Plants
Amendment to IAS 19 (EU:
1.2.2015; IASB: 1.7.14)
Amendments to IAS 1:
Disclosure Initiative
Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of
Depreciation and Amortisation
Annual Improvements
2012-2014 Cycle
IFRS 15: Revenue from Contracts with Customers
Deloitte Financial Reporting Conference - Rising to the challenge 125
IFRS 15: Revenue from Contracts with Customers
Deloitte Financial Reporting Conference - Rising to the challenge 126
T R G
IFRS 15: Revenue from Contracts with Customers
Deloitte Financial Reporting Conference - Rising to the challenge 127
T R G Identifying performance obligations
Principal versus agent consideration
Licensing
Transition relief
Other topics
IFRS 15: Revenue from Contracts with Customers
Deloitte Financial Reporting Conference - Rising to the challenge 128
Step 1
Identify the
contract with a
customer
Step 2
Identify the
performance
obligations in
the contract
Step 3
Determine
the transaction
price
Step 4
Allocate
the transaction
price to the
performance
obligations in the
contract
Step 5
Recognise revenue
when (or as) the
entity satisfies a
performance
obligation
IFRS 15: Revenue from Contracts with Customers
Deloitte Financial Reporting Conference - Rising to the challenge 129
Deloitte Financial Reporting Conference - Rising to the challenge 130
LeasesInsurance Contracts
Disclosure Initiative
Conceptual Framework
Deloitte Financial Reporting Conference - Rising to the challenge 131
Deloitte Financial Reporting Conference - Rising to the challenge 132
Deloitte Financial Reporting Conference - Rising to the challenge 133
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a private company limited by guarantee, and its network of member firms, each of which
is a legally separate and independent entity. Please see www.deloitte.com/ie/about for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms.
With nearly 2,000 people in Ireland, Deloitte provide audit, tax, consulting, and corporate finance to public and private clients spanning multiple industries.
With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients,
delivering the insights they need to address their most complex business challenges. With over 210,000 professionals globally, Deloitte is committed to
becoming the standard of excellence.
This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, Deloitte Global Services Limited, Deloitte Global Services
Holdings Limited, the Deloitte Touche Tohmatsu Verein, any of their member firms, or any of the foregoing’s affiliates (collectively the “Deloitte Network”) are,
by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a
substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business.
Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity
in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.
© 2015 Deloitte. All rights reserved