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  • Vencint Laran - UPDATES IN FINANCIAL REPORTING STANDARDS

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    Vencint Laran
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    The document summarizes recent updates to international financial reporting standards, including: 1) New standards on leases (IFRS 16), uncertainty over income tax treatments (IFRIC 23), references to the conceptual framework, and definitions of a business (amendments to IFRS 3). 2) Amendments to IAS 1 and IAS 8 regarding the definition of material. 3) Amendments to IFRS 9, IAS 39, and IFRS 7 regarding interest rate benchmark reform. The document then provides a compilation of international financial reporting standards and interpretations, along with their effective dates and recent amendments. It concludes with requesting reaction papers on the Enron scandal

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    The document summarizes recent updates to international financial reporting standards, including: 1) New standards on leases (IFRS 16), uncertainty over income tax treatments (IFRIC 23), references to the conceptual framework, and definitions of a business (amendments to IFRS 3). 2) Amendments to IAS 1 and IAS 8 regarding the definition of material. 3) Amendments to IFRS 9, IAS 39, and IFRS 7 regarding interest rate benchmark reform. The document then provides a compilation of international financial reporting standards and interpretations, along with their effective dates and recent amendments. It concludes with requesting reaction papers on the Enron scandal

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    37 views4 pages

    Vencint Laran - UPDATES IN FINANCIAL REPORTING STANDARDS

    Uploaded by

    Vencint Laran
    The document summarizes recent updates to international financial reporting standards, including: 1) New standards on leases (IFRS 16), uncertainty over income tax treatments (IFRIC 23), references to the conceptual framework, and definitions of a business (amendments to IFRS 3). 2) Amendments to IAS 1 and IAS 8 regarding the definition of material. 3) Amendments to IFRS 9, IAS 39, and IFRS 7 regarding interest rate benchmark reform. The document then provides a compilation of international financial reporting standards and interpretations, along with their effective dates and recent amendments. It concludes with requesting reaction papers on the Enron scandal

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    of 4

    UPDATES IN FINANCIAL REPORTING STANDARDS

    I. 1 OR 2 PAGES OVERVIEW OF THE CHANGES OR AMENDMENTS


    A. IFRS 16
    B. IFRIC 23
    C. Amendments to references to the conceptual framework in IFRS Standards
    D. Amendments to IFRS 3
    E. Amendments to IAS 1 and IAS 8
    F. Amendments to IFRS 9, IAS 39 and IFRS 7

    //Main source: iasplus.com, picpa.com.ph, IFRS Core Tools//

    II. CONCEPT MAP (choose 1 effective standard only) except PAS 1


    //Open source//

    III. COMPILATION

    Title Effective 2019-2020 effective Supersedes or


    date developments/amendments Superseded by
    / revisions/ changes and (identify if
    effective date (IF ANY) any)
    (You can use international
    standards, do not include
    proposed amendments)
    PFRS 1
    PFRS 2
    PFRS 3
    PFRS 4
    PFRS 5
    PFRS 6
    PFRS 7
    PFRS 8
    PFRS 9
    PFRS 10
    PFRS 11
    PFRS 12
    PFRS 13
    PFRS 14
    PFRS 15
    PFRS 16
    PFRS 17

    PAS 1
    PAS 2
    PAS 7
    PAS 8
    PAS 10
    PAS 12
    PAS 16
    PAS 17
    PAS 19
    PAS 20
    PAS 21
    PAS 23
    PAS 24
    PAS 26
    PAS 27
    PAS 28
    PAS 29
    PAS 32
    PAS 33
    PAS 34
    PAS 36
    PAS 37
    PAS 38
    PAS 39
    PAS 40
    PAS 41

    Philippine
    Interpretation
    IFRIC 1
    Philippine
    Interpretation
    IFRIC 2
    Philippine
    Interpretation
    IFRIC 4
    Philippine
    Interpretation
    IFRIC 5
    Philippine
    Interpretation
    IFRIC 6
    Philippine
    Interpretation
    IFRIC 7
    Philippine
    Interpretation
    IFRIC 10
    Philippine
    Interpretation
    IFRIC 12
    Philippine
    Interpretation
    IFRIC 14
    Philippine
    Interpretation
    IFRIC 16
    Philippine
    Interpretation
    IFRIC 19
    Philippine
    Interpretation
    IFRIC 20
    Philippine
    Interpretation
    IFRIC 21
    Philippine
    Interpretation
    IFRIC 22
    Philippine
    Interpretation
    IFRIC 23
    Philippine
    Interpretation
    SIC 7
    Philippine
    Interpretation
    SIC 10
    Philippine
    Interpretation
    SIC 15
    Philippine
    Interpretation
    SIC 25
    Philippine
    Interpretation
    SIC 27
    Philippine
    Interpretation
    SIC 29
    Philippine
    Interpretation
    SIC 32
    //Main source: iasplus.com, picpa.com.ph, IFRS Core Tools//

    IV. REACTION PAPER (WITH COMMENTS OR EXPLANATION) ½ OR 1 PAGE ONLY


    A. ENRON AND SARBANES OXLEY ACT (don’t copy-paste )
    B. Accounting or Financial Reporting in a time of Crisis (local, national or international; choose
    your focus wisely, don’t copy-paste)
    //Open source//

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