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Need to know

​Need to know updates you on major IASB projects and developments in accounting requirements, and highlight practical implications of forthcoming changes to accounting standards.

Please speak to your normal BDO contact if you would like to discuss any aspects of the publication, or click here to be redirected to contact details for BDO's  'IFRS Leaders - The IFRS Working Party' or to a list of IFRS Country Leaders who are key contacts at our member firms.

2018

IFRSs and Amendments effective in periods after 31 December 2017 year ends

This Need to Know covers a summary of changes made to IFRSs that will need to be adopted in periods after 31 December 2017 year-ends, together with a discussion about major projects the IASB currently has in progress.

 

 

 

 

2017

IFRSs and Amendments effective in periods after 31 December 2016 year ends

This Need to Know covers a summary of changes made to IFRSs that will need to be adopted in periods after 31 December 2016 year-ends, together with a discussion about major projects the IASB currently has in progress.

 

 

 

2016

IFRS 15 Revenue from Contracts with Customers - IFRS v US GAAP Differences

Since IFRS 15 Revenue from Contracts with Customers was first issued certain clarifications have been made which has resulted in differences with the US GAAP equivalent, Topic 606.  This publication provides an analysis of the differences that now exist between the two accounting frameworks.

 

 

 

IFRS 16 Leases 

IFRS 16 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. It has been developed to replace the existing suite of standards and interpretations on leases.

 

 

 

 

2015

IFRSs and Amendments effective in periods after 31 December 2015 year ends

This Need to Know overs a summary of changes made to IFRSs that will need to be adopted in periods after 31 December 2015 year-ends, together with a discussion about major projects the IASB currently has in progress.

 

 

 

 

IFRSs and Amendments effective in periods after 30 June 2015 year ends (Jul 2015)

Covers a summary of changes made to IFRSs that will need to be adopted in future reporting periods, together with a discussion about major projects the IASB currently has in progress.

 

 

 

IFRS 9 (2014) Financial Instruments - Classification and Measurement (Apr 2015)

Covers final requirements in relation to the classification and measurement of financial assets and financial liabilities in IFRS 9 (2014) and compares these requirements to those in IAS 39 Financial Instruments: Recognition and Measurement and previous versions of IFRS 9.

Note: This publication supersedes the earlier BDO Need to Know Financial Instruments, released in May 2014.

IFRSs and Amendments effective in periods after 31 December 2014 year ends (Mar 2015)

Covers a summary of changes made to IFRSs that will need to be adopted in future reporting periods, together with a discussion about major projects the IASB currently has in progress.

IFRS 9 Financial Instruments - Impairment of Financial Assets (Dec 2014)

Covers a summary of changes made to IFRSs that will need to be adopted in future reporting periods, together with a discussion about major projects the IASB currently has in progress.

​IFRS 15 Revenue from Contracts with Customers (Aug 2014)

Covers the key requirements of IFRS 15 when first issued in May 2014.

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IFRS 9 Financial Instruments (May 2014)

Covers the key requirements currently set out in IFRS 9 for the classification and measurement of financial assets and financial liabilities and compares these requirements to those in IAS 39 Financial Instruments: Recognition and Measurement.

Note: This publication has been superseded by a subsequent BDO Need to Know IFRS 9 (2014) Financial Instruments - Classification and Measurement, released in April 2015.

Hedge Accounting (IFRS 9 Financial Instruments) (Jan 2014)

Covers the application of the hedge accounting requirements that were introduced into IFRS 9 Financial Instruments in November 2013.

In addition to the inclusion of the new hedging requirements, the November 2013 amendment to IFRS 9 also:

Deleted the existing 2015 effective date of IFRS 9 - the effective date has now been left open until all the other outstanding phases of IFRS 9 have been finalised

Made available for early adoption the presentation of changes in ‘own credit’ in other comprehensive income (OCI) for financial liabilities that are measured under the fair value option without early applying the other IFRS 9 requirements

IFRS 11 Joint Arrangements (Dec 2013)

Covers the application of the requirements of IFRS 11 Joint Arrangements, which are effective for periods beginning on or after 1 January 2013.

For periods beginning on or after 1 January 2013, IAS 31 Interests in Joint Ventures has been superseded by IFRS 11.

IFRS 13 Fair Value Measurement (Dec 2013)

Covers the application of the requirements of IFRS 13 Fair Value Measurement, which are effective for periods beginning on or after 1 January 2013.​

Leases - The 2013 Exposure Draft (Exposure Draft) (Sep 2013)

Covers the key proposals of the latest exposure draft regarding the proposed changes to the accounting for leases.

Note: This publication supersedes the earlier BDO Need to Know  Leases - A Project Update, released in Sep 2012.

Financial Instruments: Expected Credit Losses (Exposure Draft) (May 2013)

Covers the key proposals regarding the accounting for the impairment of financial assets that are measured at amortised cost as proposed in the IASB’s exposure draft.​

Note: This publication has been superseded by a subsequent BDO Need to Know IFRS 9 Financial Instruments - Impairment of Financial Assets, released in December 2014.

IFRS 10 Consolidated Financial Statements (Apr 2013)

Covers application of the new consolidation requirements effective for periods beginning on or after 1 January 2013.​

Classification and Measurement: Limited amendments to IFRS 9 (Mar 2013)

Covers the IASB’s proposed amendments to the classification ​and measurement of financial assets under IFRS 9 Financial Instruments

Leases - A Project Update (Sep 2012) 

Covers the current status of the IASB’s project to revise the accounting requirements for leases.

Note: This publication has been superseded by a subsequent BDO Need to Know Leases - The 2013 Exposure Draft, released in Sep 2013.