Updates on International Financial Reporting Standards (IFRS) and key global accounting issues. Resources for maintaining accounting transparency and compliance in a global business environment.
What is FPI status, and does your company qualify? Foreign Private Issuer status is an SEC classification in Rule 405 and Rule 3b-4 that lets a qualifying non-US company report on Form 20-F, skip Form 10-Q, and use IFRS without a US GAAP reconciliation. A June 2025 SEC concept release may change the eligibility rules…
What is a Korean IFRS reporting package, and why does your parent need one every month? A Korean IFRS reporting package — often written K-IFRS reporting package — is the standardized monthly submission a US subsidiary sends its Korean parent so the parent can consolidate the subsidiary’s results under Korean IFRS (K-IFRS). It contains a…
Are IFRS 15 and ASC 606 still converged? Substantially, yes — but the details still shift the timing and amount of revenue. This IFRS 15 vs ASC 606 guide walks through ten differences that change what dual reporters book and disclose, grounded in the standards themselves rather than firm commentary. The joint issuance of IFRS…
What is a foreign private issuer under SEC rules? A foreign private issuer is a non-US company that meets the SEC’s Rule 405 / Rule 3b-4 tests — 50% or less of voting securities held by US residents, or, if more, none of the US-contacts factors triggered. FPIs use Form 20-F and Form F-1, may…
Which new IFRS standards must I apply for a 30 June 2026 reporting date? Several amendments are mandatory now — including the IAS 21 lack-of-exchangeability rules, the IFRS 9 & IFRS 7 classification and measurement amendments, and Annual Improvements Volume 11 — while IFRS 18, IFRS 19, and IFRS 20 remain optional until 2027. Applying…
Who can still elect the IAS 28 fair value option after the IASB’s 2026 amendments? The updated IAS 28 fair value option extends the FVTPL election beyond classic investment funds to any entity whose main business is investing in associates, joint ventures, unconsolidated subsidiaries, cash and cash equivalents, or other independently-returning assets — aligned to…
Who can measure associates and joint ventures at fair value under IFRS? The IAS 28 fair value option is an exemption from the equity method — and on 26 June 2026 the IASB issued narrow amendments that finally pin down which entities qualify, using the ‘specified main business activities’ concept from IFRS 18. If your…
What did the IFRIC decide in Q1 2026 regarding IFRS 18? The IFRIC finalized five binding IFRS 18 agenda decisions in its March 2026 update, addressing FX differences on intragroup loans, classification of non-income taxes, expense-by-nature disaggregation scope, parent entity main business activity, and FX derivative classification — all critical for entities preparing to adopt…
What are the key IFRS 2026 updates? The most important IFRS 2026 updates include IFRS 9 amendments for financial instrument classification and nature-dependent electricity contracts effective January 1, 2026, the upcoming IFRS 18 replacing IAS 1 effective January 2027, and the March 2026 IASB decisions on IFRS 10 Consolidated Financial Statements — changes that require…
What is IFRS 18 and when does it take effect? IFRS 18, the new standard that replaces IAS 1, fundamentally redesigns how companies present financial statements. It is mandatory for annual periods beginning on or after January 1, 2027 — but with the 2026 comparative period already underway, companies using IFRS must begin planning their…
Navigating the IFRS Landscape for 2025 and Beyond. A comprehensive guide to the new accounting standards and amendments effective from 2024 to 2027, ensuring your financial reporting remains compliant and ahead of the curve. Hello there! 👋 If you’re working in finance or accounting, you know that the only constant is change. [cite_start]As we…
Ready for IFRS 18? Explore the major changes in financial presentation through the lens of Good Group’s 2025 illustrative financial statements. From new P&L categories to MPMs, we’ve got you covered! To be honest, keeping up with changing accounting standards can feel like a full-time job on its own, right? Just when you think…
