Accounting regulations - updates

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IFRS 17 Insurance Contracts

IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2021 with earlier application permitted as long as IFRS 9 and IFRS 15 are also applied.

https://www.ifrs.org/issued-standards/list-of-standards/ifrs-17-insurance-contracts/ 

IFRS 9 Financial Instruments

IFRS 9 is effective for annual periods beginning on or after 1 January 2018 with early application permitted.

IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.

https://www.ifrs.org/issued-standards/list-of-standards/ifrs-9-financial-instruments/

IFRS 16 Leases

IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted (as long as IFRS 15 is also applied).

https://www.ifrs.org/issued-standards/list-of-standards/ifrs-16-leases/

IFRS 15 Revenue from Contracts with Customers

IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with earlier application permitted.

https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/

IFRS 7 Financial Instruments: DisclosuresIFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate:

• the significance of financial instruments for the entity’s financial position and performance.     
• the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks. The qualitative disclosures describe management’s objectives, policies and processes for managing those risks. The quantitative disclosures provide information about the extent to which the entity is exposed to risk, based on information provided internally to the entity’s key management personnel. Together, these disclosures provide an overview of the entity’s use of financial instruments and the exposures to risks they create. 

https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/ 

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

IAS 8 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. When an IFRS Standard or IFRS Interpretation specifically applies to a transaction, other event or condition, an entity must apply that Standard.

https://www.ifrs.org/issued-standards/list-of-standards/ias-8-accounting-policies-changes-in-accounting-estimates-and-errors/

IAS 19 Employee Benefits

IAS 19 prescribes the accounting for all types of employee benefits except share-based payment, to which IFRS 2 applies. Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. 

https://www.ifrs.org/issued-standards/list-of-standards/ias-19-employee-benefits/

Financial Reporting Council - FRC

FRS 100 Application of Financial Reporting Requirements

FRS 101 Reduced Disclosure Framework

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

FRS 103 Insurance Contracts

FRS 104 Interim Financial Reporting

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime

https://www.frc.org.uk/accountants/accounting-and-reporting-policy/uk-accounting-standards