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Marshall: disclosure of the impact of IFRS 9, 15 and 16

As the year draws to an end, it is essential when preparing the next set of financial statements to consider the impact of new IFRS standards on revenue recognition, financial instruments and leases. Andrew Marshall FCA, senior technical partner at KPMG stresses that informed disclosure reporting is vital

As we move towards the end of the year and the next reporting season comes into view, one of the most important matters that companies need to be considering is the disclosures they are going to make on the impact on future financial statements of the new standards on IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.

This will be their final financial statements before the first two of these standards become effective. In fact, for many companies these standards will be effective from New Year’s Day.

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