IFRS Perspectives - Q4 2017

Uncertainty over income tax treatments: IFRIC 23 brings change

IFRIC 23 clarifies how to account for income tax when it is unclear whether the taxing authority will accept the company’s tax treatment.

Accounting for PP&E under the IFRS component approach

Complex assets often comprise multiple parts that need to be periodically replaced or overhauled during their useful lives.

Foreign operations in hyperinflationary economies

Accounting for foreign operations is often complex.

IFRS and US GAAP long awaited changes to hedge accounting

The IASB took a comprehensive approach in revising its hedge accounting guidance. Effective for most companies in 2018, IFRS 9 brings many welcomed changes.

Leases survey highlights implementation issues

While companies are making progress in their IFRS 16 implementation efforts, KPMG’s survey highlights the need for greater effort and a longer lead time than expected.