Deloitte Financial

Reporting Conference

Tuesday 22 September 2015

Convention Centre Dublin

Rising to the challenge

IFRS Update

Things can only get

better?

Glenn Gillard

Time for Improvement?

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Deloitte Financial Reporting Conference - Rising to the challenge 119

The Best Accounting Site in the world…

Deloitte Financial Reporting Conference - Rising to the challenge 120

The Best Accounting Sites in the world…

Deloitte Financial Reporting Conference - Rising to the challenge 121

First mandatory for y/e 2015

Deloitte Financial Reporting Conference - Rising to the challenge 122

IFRIC 21 Levies (EU: 17

June 2014; IASB: 1.1.14)

Companies Act 2014

S.292: IFRS entity

S295: IFRS group

Non compliance: Category 2

offenceFrom 1 June

2015

Materiality is not a

consideration when

complying with additional

information

IFRS financial statements y/e 2015 prepared

under CA 14

Must contain additional

information required by Act

other than schedules 3

and 4

Exemption from consolidation

subject to IFRS 10

s.302

Annual Improvements

2011-2013 Cycle

(EU: 1.1.2015; IASB: 1.7.14)

Unreserved statement

compliance with IFRS in notes – no

change

First mandatory for y/e 2015

Deloitte Financial Reporting Conference - Rising to the challenge 123

IFRIC 21 Levies (EU: 17

June 2014; IASB: 1.1.14)

IFRS financial statements y/e 2015 prepared

under CA 14

Annual Improvements

2011-2013 Cycle

(EU: 1.1.2015; IASB: 1.7.14)

First mandatory for y/e 2016

Deloitte Financial Reporting Conference - Rising to the challenge 124

Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of

Depreciation and Amortisation

Amendments to IFRS 10 and IAS

28: Sale or Contribution of

Assets between an Investor and its Associate or Joint Venture*

Amendments to IFRS 10, IFRS 12 and IAS 28:

Investment Entities:

Applying the Consolidation Exception

Amendments to IAS 27: Equity

Method in Separate Financial

Statements

IFRS financial statements y/e 2016

Annual Improvements

2010-2012 Cycle

(EU: 1.2.2015; IASB: 1.7.14)

Amendments to IAS 16 and IAS

41: Bearer Plants

Amendment to IAS 19 (EU:

1.2.2015; IASB: 1.7.14)

Amendments to IAS 1:

Disclosure Initiative

Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of

Depreciation and Amortisation

Annual Improvements

2012-2014 Cycle

IFRS 15: Revenue from Contracts with Customers

Deloitte Financial Reporting Conference - Rising to the challenge 125

IFRS 15: Revenue from Contracts with Customers

Deloitte Financial Reporting Conference - Rising to the challenge 126

T R G

IFRS 15: Revenue from Contracts with Customers

Deloitte Financial Reporting Conference - Rising to the challenge 127

T R G Identifying performance obligations

Principal versus agent consideration

Licensing

Transition relief

Other topics

IFRS 15: Revenue from Contracts with Customers

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Step 1

Identify the

contract with a

customer

Step 2

Identify the

performance

obligations in

the contract

Step 3

Determine

the transaction

price

Step 4

Allocate

the transaction

price to the

performance

obligations in the

contract

Step 5

Recognise revenue

when (or as) the

entity satisfies a

performance

obligation

IFRS 15: Revenue from Contracts with Customers

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Deloitte Financial Reporting Conference - Rising to the challenge 130

LeasesInsurance Contracts

Disclosure Initiative

Conceptual Framework

Deloitte Financial Reporting Conference - Rising to the challenge 131

Deloitte Financial Reporting Conference - Rising to the challenge 132

Deloitte Financial Reporting Conference - Rising to the challenge 133

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