Howlite Consulting Inc.

Incase you missed it:

Fresh off the press is the latest publication from the Foundation, the 2022 Issued and Annotated Issued IFRS Standards. Both editions are available to access electronically to IFRS Digital subscribers. Digital and print subscribers will also receive hard copies. Order your copy at ifrs.org/shop.

COVID-19 has significantly impacted expected credit loss models used by businesses for IFRS 9 ECL financial reporting. See how businesses and professionals in the field are responding to these unprecedented challenges. Join the discussion @ howliteinc.com/blog/

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Managing the impairment of business assets in today’s environment of rapidly changing markets, technology, and regulations, has become a very important part of the overall management of business assets. In simplified terms, impairment of long lived assets (items of property, plant and equipment) occurs when an asset or a group of assets is worth less than the value at which it is presented in the business’ Balance Sheet. Join the discussion @ howliteinc.com/blog/

IFRS The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS...

IFRS 17: Insurance Contracts. IFRS 17 presents a significant change in the way insurance companies and other financial services companies that issue insurance contracts must account for and report their financial performance under IFRS. IFRS 17 will be mandatory for reporting periods beginning on or after January 1, 2021. While the objective of IFRS 17 is to improve transparency and comparability, the standard is significantly detailed and complex, and will require considerable effort to implement. Read the full article @ https://howliteinc.com/ifrs-17-insurance-contracts/

IFRS 16: Leases, is the new standard on recognizing, measuring, presenting and disclosing leases for financial reporting. Most businesses with equipment lease terms that run over 12 months will need to pay special attention to the new standard as they will be significantly affected. Look out for how the new standard impacts your loan covenants and other important debt ratios. Join the discussion @ https://howliteinc.com/blog/

The new hedge accounting model under IFRS 9 will have a significant impact on non-financial entities. While the new hedge accounting model has a less cumbersome approach compared to IAS 39, it has significant disclosure requirements that will need close review by entities.
Read the full article @
https://howliteinc.com/summary-impact-of-ifrs-9-on-non-financial-entities/

Implementing IFRS 15: The new revenue recognition standard

As the effective date of January 1, 2018 draws near, many businesses have initiated the process of analyzing the effects of the new revenue recognition standard, IFRS 15: Revenue from Contracts with Customers. However, only a few have taken the next critical steps of diving deep and implementing the new standard requirements. While the overall principles in IFRS 15 may sound familiar, the devil is in the details. The new standard introduces a significant amount of guidance and many new concepts on revenue recognition, cost recognition and requires significant disclosures.....
see the full article @
https://howliteinc.com/implementing-ifrs-15-the-new-revenue-recognition-standard/

Revenue recognition standards are changing are you ready?
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