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Financial reporting news

Regulators’ focus for 2016 includes the impact Revenue—Regulator calls for transparency
of new standards and Brexit on IFRS 15 impacts

The European regulator, ESMA, has issued a The European regulator, ESMA, has issued
statement highlighting the common areas that a public statement promoting consistent
European national regulators will be focusing application of IFRS 15 Revenue from Contracts
on when reviewing listed companies’ 2016 IFRS with Customers and transparent disclosure in
financial statements. Its three key priorities cover: the lead up to initial application. In particular, the
statement sets out ESMA’s expectations with

– disclosures of the impact of the new standards; respect to an issuer’s disclosures on the potential
– presentation of financial performance, including impacts of the initial application of IFRS 15 in its
the topical issue of alternative performance 2016 and 2017 annual financial statements and
measures; and interim financial statements during 2017.
– debt / equity classification.
For those companies potentially affected by
Brexit, ESMA is also encouraging disclosure of the
associated risks, and the expected impacts and
uncertainties on their business activities. Although
the topics included in ESMA’s statement are those
deemed to be most relevant at a European level,
regulatory bodies outside of Europe are also likely
to take notice, and to pay particular attention to
many of the same topics.

Insights—Your tool for applying new and
existing IFRS

With the effective dates for the new standards on
revenue and financial instruments fast approaching—
and leases close behind—this is a critical time for
every company reporting under IFRS. Insights into
IFRS will help you rise to the challenges ahead. It
provides in-depth, easy-to-understand guidance
and draws on the hands-on experience of our IFRS
specialists. It can be used alongside our forthcoming
suite of Guides to annual financial statements to
form your complete guide to the year end.

Visit our website at www.kpmg.com/be/aci and
download Insights into IFRS: An overview, which
provides a high-level briefing for audit committees
and boards.

Read more of any of the publications above and more on IFRS:

– KPMG Belgium IFRS Institute: www.kpmg.com/be/en/topics/ifrs–institute
– KPMG Global IFRS Institute: www.kpmg–institutes.com/institutes/ifrs–institute

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