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  • IFRSs and Amendments effective in periods after 31 December 2016 year ends

IFRSs and Amendments effective in periods after 31 December 2016 year ends

31 January 2017

During 2016, the IASB continued its focus on the completion of significant new accounting standards. In January, IFRS 16 Leases was released and work continued during the year on the new insurance standard, which is expected to be issued in May 2017 as IFRS 17. The IASB also issued amendments to IFRS 4, which address the interaction between the effective date of IFRS 9 Financial Instruments (periods beginning on or after 1 January 2018) and the expected effective date  of IFRS 17 of periods beginning on or after 1 January 2021.

Following the discussion of a range of topics at the joint IASB/FASB Transition Resource Group for revenue recognition, the IASB issued a number of clarifications to IFRS 15 in April 2016. Other work included making amendments to existing standards and the issue of an IFRIC Interpretation.

The new accounting standards for financial instruments, revenue and leases (IFRSs 9, 15 and 16) are complex, may require significant judgements and estimates, and are likely to have significant commercial effects. The impact of other changes should not be underestimated. For those entities in the insurance sector the amendments to IFRS 4 may be of fundamental importance.