International Financial Reporting Standards (IFRS) and 2018 Updates

International Financial Reporting Standards (IFRS) and 2018 Updates

  • 5-8 November, 2018,

  • 7- 10 January, 2019,

  • Johannesburg.

The mandatory effective date of IFRS 15 will be 1 January 2018. The IASB has also released it’s proposed amendments to the new standard. The proposal relates to licenses, identifying performance obligations, principal-agent considerations, and transitional provisions. When a new standard is introduced or an amendment is made to an existing standard, companies need to make changes to the systems and process that support the preparation of financial statements. To ensure that new standards and amendments can be applied effectively, engagement with, and advice from preparers is important. Applying the standards helps companies access the global markets and attract investment.

International companies also benefit from applying a single set of global standards across jurisdiction because the standards provide a common financial reporting language, enabling financial reporting systems and processes to be streamlined. IFRS standards help market regulators fulfill their investor protection mandate and promote investor confidence. They support prudential regulators by helping to identify systemic risks and weakness within the financial system. These standards also provide a range of enforcers with a common base for financial reporting in which to structure their work.

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