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International reporting: when the big standards disappear

After the launch of three critical IFRS on revenue recognition, financial instruments and leases, the IASB is switching its focus to disclosure, taxonomy and a hedging replacement, explains Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services

As the deadline for the last big accounting standard approaches (IFRS 17 Insurance Contracts), the question on the lips of accountancy standard experts is whether the International Accounting Standards Board (IASB) will find its purpose.

Financial institutions in particular will relish the relative period of ‘calm’ before the journey to Basel III implementation begins. However, these same financial institutions are unlikely to forget about accounting standards.

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