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Accounting standards are always the most interesting thing on your mind as you update your PE owners on your results or think forward for exit planning. However, if you are an IFRS reporter then read on and view our summaries: IFRS 15 on revenue recognition, IFRS 9 on financial instruments and IFRS 16 on lease accounting. These standards have the ability to change the face of your income statement and balance sheet fundamentally.

Do you understand the impact of these on YOUR business? Have you prepared and managed all stakeholders on this?

IFRS 15 and IFRS 9 come into force on 1 January 2018, so for December 2017 reporters you need to be disclosing and quantifying the impact now.. .and whilst IFRS 16 is further down the line with an effective date of 1 January 2019 - work is needed to gather your lease data to bring it on the balance sheet.

If you don't know the answer to the questions posed and your stakeholders aren’t yet aware of this - then please do take action.

 

IFRS 15

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IFRS 9

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IFRS 16

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We have a lot of ways to support you on this, whether we are your auditors or not, and understand the urgency so please let us know what help you may need - gemma.l.clark@pwc.com.  

For more detailed information, visit our IFRS web pages:

IFRS 9

IFRS 15

IFRS 16