Looking back at 2016 it is fair to say that the International Accounting Standards Board (IASB) has had a busy year. But in terms of the number of standards released, 2016 has actually been rather quiet. It started well with the release of IFRS 16 Leases, a standard which will actually be beneficial for the companies that apply it.

A second topic was further interpretation of the IFRS 15 Revenue from Contracts with Customers, which unfortunately went from a joint project between IASB and the US Financial Accounting Standards Board (FASB) to a decision to split and go their separate ways on the interpretation, creating a multi-GAAP implementation issue.