IFRS Perspectives - Q4 2017

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

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

Accounting for foreign operations is often complex.

Hedge accounting got an overhaul as the IASB took a comprehensive approach to revise its hedge accounting guidance with US GAAP and IFRS bringing changes.

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.