​The European Commission has endorsed the use of IFRS 16 Leases in EU member states following release of the latest IFRS Standards and amendments update

The International Public Sector Accounting Standards Board (IPSASB) has published a revised IPSAS, Financial Reporting under the Cash Basis of Accounting (the Cash Basis IPSAS) in a bid to simplify and encourage wider adoption

The Prudential Regulation Authority (PRA) has published a note for non executive directors on getting ready for the implementation of IFRS 9 Financial Instruments, saying it is important, particularly for those who are also on a firm’s audit committee, to engage with the new standard and challenge management effectively

The Treasury has published guidance on sustainability reporting in the public sector, outlining minimum requirements, some best practice guidance, and the underlying principles to be adopted in preparing the information

In this month’s roundup of developments in accounting and financial reporting, UK needs to align with IFRS post-Brexit, FRC proposes amendments to FRS 102 for Gift Aid payments, intangibles reporting

The European Securities and Markets Authority (ESMA) will be focusing on disclosures under IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers as a key part of their priorities in assessing listed companies’ 2017 financial statements

The Financial Reporting Council (FRC) has released FRED 69 covering its annual review of FRS 101 Reduced Disclosure Framework and has concluded no changes are required at this point, with work on IFRS 17 Insurance Contracts deferred until a clearer picture of the progress of its endorsement is known

Barclays has revealed that the estimated impact of adopting IFRS 9 Financial Instruments is a £2bn post tax decrease in shareholders’ equity while Lloyds Banking Group believes IFRS 9 will not have an impact on its capital position

The imminent effective date for IFRS 9 Financial Instruments is only two months away but there are concerns that some listed companies and group subsidiaries are not aware of the impact of the new standard on classification, impairment and hedging, warns Andrew Marshall FCA, senior technical partner at KPMG UK

Under the pending IFRS 9 Financial Instruments dynamic risk management is one way to replace the existing hedge accounting rules in IAS 39 for portfolio hedging, but how would this work, asks Jeroen Van Doorsselaere, VP of risk and finance at Wolters Kluwer

Telecoms giants Vodafone, EE and Three are continuing to charge customers extra for a handset after this cost has been covered in their fixed deal, research suggests, despite the looming prospect of IFRS 15 Revenue from Contracts with Customers

Anne Cowley ACA examines the disclosure requirements and exemptions provided under FRS 101 Reduced Disclosure Framework, and explains how to make the most of reporting under this accounting regime and any potential pitfalls for reporters