Monthly Archives: October 2019

IAS Plus

IAS Plus (Deloitte) features an extensive collection of news and resources about International Financial Reporting Standards (IFRS), the International Accounting Standards Board (IASB), and international accounting and auditing developments.

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A news page (updated almost daily), as well as an archive of past news

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IFRS Model Financial Statements 2019

Published on: 30 Oct 2019

Deloitte’s Global IFRS Office has released International GAAP Holdings Limited — Model financial statements for the year ended 31 December 2019.

These financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended 31 December 2019 by an entity that is not a first-time adopter of IFRSs. They illustrate the impact of the application of IFRSs that are mandatorily effective for the annual period beginning on 1 January 2019.

The publication includes:

  • Consolidated statement of profit or loss and other comprehensive income
  • Consolidated statement of financial position
  • Consolidated statement of changes in equity
  • Consolidated statement of cash flows
  • Notes to the consolidated financial statements
  • Independent auditor’s report
  • Appendix 1 – Prior year adjustment

An appendix illustrating transitioning to IFRS 16 Leases using the cumulative catch-up approach will be available shortly will be available from the Deloitte Global IFRS Office.

Cryptocurrencies

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. There are a number of publications dealing with the accounting and financial reporting issues that arise with respect to cryptocurrencies.

Some of the publications that may be of assistance, in no particular order, are:

Blockchain Technology and Its Potential Impact on the Audit and Assurance Profession

This paper was prepared by the Chartered Professional Accountants of Canada (CPA Canada) and the American Institute of CPAs (AICPA). It provides some additional insight into blockchain technology and its impact on the audit and assurance profession. Although the paper was prepared in 2017, it still provides valuable foundational information.

More Blockchain

CPA Canada has prepared a publication that looks at blockchain technology and allows you to familiarize yourself with the potential implications, opportunities and risks for capital markets and reporting.

“Awareness and understanding of the potential impact of emerging technologies are critical to the success of Chartered Professional Accountants (CPAs) as business leaders and trusted advisors in today’s rapidly changing business environment.

Technological Disruption of Capital Markets and Reporting?: An Introduction to Blockchain is intended to familiarize CPAs with blockchain technology and its potential because evidence suggests that investment and innovation in this area may accelerate.

Blockchain originated as the technology underlying the digital currency Bitcoin, but is currently receiving attention for its expanding applicability, particularly within capital markets and reporting. Blockchain-enabled automated processes could significantly affect the way business is conducted and the way information is exchanged and reported in the future if it is widely adopted.

This paper is intended to raise awareness of blockchain technology, provide examples of current blockchain initiatives and consider how capital markets and reporting might evolve as blockchain technology is further developed and implemented.”

Blockchain

If anything is going to change the face of accounting in the future, it will be blockchain technology. It’s important that accountants become familiar with the concepts and implementation to ensure that they don’t become redundant as the technology develops. Here’s a paper from the ICAEW which is a world-leading professional membership organization that promotes, develops and supports over 153,000 chartered accountants worldwide: Blockchain and the future of accountancy.