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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.
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:
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.
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.
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.”
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.