Accounting for grant expenses—under the new accounting standards, recipients of grants that meet the ‘sufficiently specific’ requirements may accrue for revenue to be received in arrears for performance between grant milestone payments. Effective for annual periods beginning after December 15, 2020. The revised standards—the issuance of the global lease accounting standard, IAS 16, of the International Accounting Standards Board and the Financial Accounting Standards Board’s Accounting Standards Update (ASU) 842—will take effect on January 1, 2019, or … By now, most accountants, and many other financial professionals, are aware that a significant change is coming in lease accounting. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). HKFRS 17 … In addition, there are additional disclosures to be included. To further support councils implement the new Accounting Standards, OLG has released the following additional resources: Guidance on preparing for the introduction of new Accounting Standards Financial Reporting year ending 30 June 2020. When it comes to business, innovation is changing everything. Since March 2019, the IASB has issued the following: • Amendments to IFRS 9, IAS 39, ‘Financial instruments’ and IFRS 7, ‘Financial instruments disclosure’, Interest rate benchmark reform • Amendments to IAS 1,‘Presentation of financial statements’, Classification of liabilities. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Tuesday 17 November 2020 20-286MR Insurers urged to respond to new accounting standard ASIC is calling on insurers to respond to a new accounting standard for insurance contracts. Early adoption is permitted for all entities, including adoption in an interim period. Public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, For all other entities, for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. However, many of the amendments in this Update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. NOTE: The Lease Accounting Standard has been delayed and will now be effective for the 2021 calendar year (years beginning after December 15, 2020). Those effective dates reflect the deferral of certain major standards provided in ASU 2019-10 and ASU 2020-05. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Those effective dates reflect the FASB’s recent decision to defer certain major standards. How will the new AASB 2020-2 standard affect your SMSF clients? The transition and effective date guidance is based on the facts and circumstances of each amendment. With regulations constantly evolving, these innovations are important to help companies easily adapt to new regulatory and accounting standards.” This iteration of the product offers additional functionality and reporting content for accountants and actuaries following the 1909 release of SAP S/4HANA , which has improved the continuous closing process. Effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in Update 2016-13, as amended by this Update. Preparing for the Introduction of New Accounting Standards 2020 3 Disclaimer This document is provided to assist councils in transitioning to the new accounting standards – it is not intended to be a complete guide of all steps required nor does it address issues to be considered. Why are we rushing into new sectors so rapidly when MAS said auditing and accounting standards needs to be raised? 2 • PwC | In depth . Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. HKFRS 9 Financial Instruments. Below are effective dates for major financial accounting and reporting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. Eine hinsichtlich des neusten Endorsements (Änderung des IFRS 3 bz… These amendments are applicable for the accounting year beginning on or after April 01, 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. For entities that have not yet adopted the amendments in Update 2016-13 as of the issuance date of this Update, the effective dates and transition requirements for the amendments are the same as the effective dates and transition requirements in Update 2016-13. New Accounting Standards Update for Nonfinancial Assets In summary, ASU 2020-07 expands those disclosure requirements. The amendments in this Update amend the mandatory effective dates and early application requirements of Accounting Standards Update No. Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current: Extra: Mar 2020: 1 Jan 2022: 2020-2: Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities: Mar 2020: 1 … The amendments are effective upon issuance of this Update. For entities that have not yet adopted the amendments in Update 2017-12 as of April 25, 2019 (the issuance date of Update 2019-04), the effective dates and transition requirements for the amendments to Topic 815 are the same as the effective dates and transition requirements in Update 2017-12. Programme Outline Major new/revised standards effective in 2018. ACCOUNTING AND AUDITING. Jun 2020 … For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. Effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Private Capital through Crisis: Calculating Risks. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Geoff Rooney , Partner, Audit & Assurance | If you are responsible for preparing a client’s SMSF’s annual Financial Report, a new accounting standard released by the Australian Accounting Standards Board (AASB) may affect its creation or amendment when the Standard comes into effect in July 2021. Earlier application is permitted, including adoption in an interim period. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. What does the COVID-19 crisis mean for your business, and for you? The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. FASB has pushed back the implementation deadline for ASC 842, the new standard for lease accounting that private companies and nonprofits must be ready to comply with, to December 2021. The amendments in this Update affect the guidance in Update 2014-09, which is not yet effective. For entities other than private companies, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. But another new FASB standard — on cloud computing costs associated with a service arrangement — became effective for public business entities in fiscal years beginning on or after Dec. 15, 2019, and will take effect for all other entities for reporting periods beginning after Dec. 15, 2020. 2018-12. The tax function is transforming. 2015-14. Entities that are not public business entities are not required to apply the fair value of financial instruments disclosure guidance in the General Subsection of Section 825-10-50. An entity may not adopt the amendments earlier than its adoption date of Topic 606. HKFRS 16 Leases. HKFRS 17 Insurance Contracts (new standard) Update No. Accounting Standards For-profit standards Not-for-profit standards ... A mending standard. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. All other entities should apply the amendments to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Some of the amendments in this Update do not require transition guidance and will be effective upon issuance of this Update. Not-for-profit entities have the same open-ended effective date and unconditional one-time election that private companies have. The amendments in this Update related to separating components of a contract affect the amendments in Update 2016-02, which are not yet effective but can be early adopted. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Consistent with the existing private company alternatives for goodwill and certain intangible assets, not-for-profit entities electing to adopt these alternatives do not have to demonstrate preferability and should follow the transition guidance the first time they elect to adopt the alternatives. by Ghui. 2018-12. Public business entities that meet the definition of an U.S. Securities and Exchange (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. 218 Accounting periods beginning on or after 1 January 2020 * HKAS 39, HKFRS 7 and HKFRS 9 : Hedge accounting (amendments) Update No. 8 December 2020 . Certain amendments are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. While the guidance generally refers to PBEs, and sometimes the effective date for PBEs excludes smaller reporting companies (as defined by the SEC), we have used the “short hand” of “public” and “nonpublic” to refer to the earlier and later effective date buckets. But FASB proposed the delay with the idea that … For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15,  2021, for all other entities. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Recently, on July 24, 2020, MCA notified Companies (Indian Accounting Standards) Amendment Rules, 2020, on recommendations of the ICAI, comprising critical amendments to Ind AS. Click below for more information : Code of Ethics for Professional Accountants (November 2018) New and Revised Auditor Reporting. The insights and advice you need, everywhere you do business. [Revised 07/18/18—Wording corrected in summary to reflect actual Codification wording.]. Those entities may elect to follow the original effective date of annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. For entities that have not yet adopted the amendments in Update 2016-13, the effective date and transition methodology for the amendments in this Update are the same as in Update 2016-13. The transition and effective date provisions for this Update apply to Issue 1 and Issue 2 in the Update. The deferral in this amendment is effective upon issuance (July 8, 2013) for financial statements that have not been issued. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. 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