Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. Click on the standards below for a quick access to relevant resources. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Chief of the Monetary Authority of Singapore (MAS), Ravi Menon (Menon), has said that Singapore needs to raise its auditing and accounting standards to help boost the nation’s Environmental, Social, and … 2 • PwC | In depth . The old standard, IAS 39, required that for lending transactions, entities apply the incurred loss approach, that is, to provide for only losses that were incurred at the reporting date. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. For entities that have not already adopted Update 2017-12, the amendments in this Update are required to be adopted concurrently with the amendments in Update 2017-12. AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions. INT FRS 122; FRS 109 Financial instruments; FRS 115 Revenue from contracts with customers Accounting Standards Update (ASU) No. News October 2020 Amendments to UK and Ireland accounting standards. 19 October 2020. Below are effective dates for major financial accounting and reporting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. in Opinion. Amendments in this Update are effective for annual financial statements issued for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. Changes in the economy are signaling that the “new normal” may significantly reshape business leasing strategy and, therefore, lease accounting. Jun 2020: Reference to the Conceptual Framework : Jan 2022: Amending standard. HKFRS 17 … Early application of the amendments is permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Since March 2019, the IASB has issued the following: • Amendments to IFRS 9, IAS 39, ‘Financial instruments’ and IFRS 7, ‘Financial instruments disclosure’, Interest rate benchmark reform • Amendments to IAS 1,‘Presentation of financial statements’, Classification of liabilities. Early adoption is permitted, including early adoption in an interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. Why are we rushing into new sectors so rapidly when MAS said auditing and accounting standards needs to be raised? For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. In this publication, we’ve summarized the new accounting standards with mandatory effective dates in the first quarter of 2020 for public entities, as well as new standards that take effect in annual 2019 financial statements for nonpublic entities. 218 Accounting periods beginning on or after 1 January 2020 * HKAS 39, HKFRS 7 and HKFRS 9 : Hedge accounting (amendments) Update No. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Here are some other things to expect as 2020 approaches. The effective date and transition requirements for the amendments in this Update for entities that have not adopted Topic 842 before the issuance of this Update are the same as the effective date and transition requirements in Update 2016-02 (for example, January 1, 2019, for calendar-year-end public business entities). Early adoption is permitted, including adoption in an interim period. All other entities should apply the amendments to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. For all other entities, the effective date is the same as the effective date in Update 2016-01. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Accounting Standard AASB 17 Insurance Contracts (AASB 17) is effective for reporting periods beginning on or after 1 January 2023. New Accounting Standards Update for Nonfinancial Assets In summary, ASU 2020-07 expands those disclosure requirements. Effective at the same time as the amendments in Update 2014-09, Revenue from Contracts with Customers (Topic 606). Amendments to UK and Ireland accounting standards . The insights and advice you need, everywhere you do business. An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. FASB has pushed back the implementation deadline for ASC 842, the new standard for lease accounting that private companies and nonprofits must be ready to comply with, to December 2021. Innovative solutions to nonprofit organizations, helping clients position their organizations to navigate the industry in an intensely competitive environment. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. For public business entities that meet the definition of an U.S. Securities and Exchange(SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09. An entity that elects early adoption must adopt all of the amendments in the same period. Effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Therefore, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the amendments in this Update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. When it comes to business, innovation is changing everything. For entities that have not yet adopted ASC 606 before the issuance of this ASU, the effective date and transition requirements for the amendments generally are the same as the effective date and transition requirements for ASC 606. Public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, All other entities for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, Public business entities; not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter market; and employee benefit plans that file or furnish financial statements with or to the SEC for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Next year should be less frantic for many financial statement preparers as a result of FASB's delay in implementation dates for private companies and certain other preparers for accounting standards for leases, credit losses (known as CECL), and hedging. Accounting Standards Update No. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Die folgende Zusammenstellung enthält alle von der EU-Kommission freigegebenen IFRS, die für Geschäftsjahre, die am oder nach dem 01.01.2020 beginnen, verpflichtend anzuwenden sind (Redaktionsstand: 26.04.2020): [Zum Download der pdf-Datei (rd. Public business entities that meet the definition of an U.S. Securities and Exchange (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The amendments in this Update are effective for a private company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. For entities that have not yet issued financial statements or made financial statements available for issuance as of June 3, 2020, those entities may elect to adopt the revenue guidance for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. 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