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Key elements of International Financial Reporting Standards (IFRS) by placing the acronym "IFRS" at the center, symbolizing its global relevance in financial reporting. Surrounding it are illustrations representing critical components such as financial statements with balance sheets and income statements, reflecting the foundational aspect of IFRS. Revenue recognition is depicted to showcase how companies recognize revenue from contracts, a crucial aspect governed by IFRS 15. Lease accounting (IFRS 16) emphasizes transparency in recognizing lease assets and liabilities, while insurance contracts (IFRS 17) illustrate the standards regulating insurance liabilities. Digital assets signify the modern challenges of valuing cryptocurrencies and NFTs under IFRS, and sustainability/ESG reporting highlights the increasing focus on environmental and social disclosures in financial reports. The globe symbolizes the international scope and uniformity that IFRS brings to financial reporting across countries.

New Amendments to IFRS 9 & IFRS 7 Explained: Our latest publication provides a comprehensive summary of the recent amendments to IFRS 9 and IFRS 7 concerning the classification and measurement of financial instruments. These updates provide crucial clarifications and introduce significant changes aimed at enhancing transparency and consistency in financial reporting. Key Highlights: - Derecognition of Financial Liabilities: The amendments specify that financial liabilities are derecognized on the ‘settlement date’. Additionally, there is now an accounting policy choice allowing for the derecognition of financial liabilities settled via an electronic payment system before the settlement date. - ESG and Financial Assets: The classification of financial assets now includes guidance on assessing ESG-linked features and other contingent features, providing clarity for investors and stakeholders. - Enhanced Disclosures: New disclosure requirements are introduced for financial instruments with contingent features and for equity instruments classified at fair value through OCI, ensuring greater transparency. - Implementation and Early Adoption: These amendments are set to take effect for annual periods starting on or after 1 January 2026, with options for early adoption, including a specific early adoption choice for amendments related to contingent features only. These amendments are expected to impact a wide range of stakeholders and could significantly influence financial reporting processes and outcomes. We encourage finance professionals, auditors, and corporate management to familiarize themselves with these changes to ensure compliance and leverage the intended benefits. For a deeper dive into what these changes mean for your business and how to prepare, read the full publication here: https://lnkd.in/euxaAkcA #IFRSUpdate #FinancialReporting #Accounting #ESG #FinanceProfessionals

Explore the latest on FASB refining interim disclosure rules and the ISSB's global push for sustainability standards — key moves shaping financial and sustainability reporting. #accounting #news #finance https://lnkd.in/eh2RimsN

As we head towards the end of another financial year and into reporting season the attached may be a useful reminder of some key issues for #financialstatement preparers and #auditors as well as for #board and #auditcommittee members.

What are ESMA and National Competent Authorities going to focus on for issuers' 2024 corporate reporting? ESMA's 2024 European Common Enforcement Priorities are out! Read on... #ESMA #IFRS #sustainabilityreporting #ESEF

ESMA announces their enforcement priorities. More attention for the quality of digital reporting (in ESEF).

Ease the burden of ACFR preparation with a digital reporting platform! Our Forvis Mazars US article highlights how this technology can help save time and reduce stress for accounting departments. Read on: https://lnkd.in/gti-HMmT

The meeting summary for the 1 February 2024 #IFRS Taxonomy Consultative Group meeting is now available. As part of the meeting, the group held productive discussions on several key areas of digital financial reporting, including: 👉 feedback on the digital taxonomies for the IFRS Sustainability Disclosure Standards and the prospective #IFRS18 Presentation and Disclosure in Financial Statements; 👉 possible topics for the next IFRS Accounting Taxonomy common practice review; and 👉 a recently commissioned survey by the UK @Financial Reporting Council Lab of 160 investment professionals about their use of digital financial reports in #XBRL format. Read the full meeting summary: https://lnkd.in/ezKQc8GT #digitalreporting #taxonomy #IFRSaccounting #IFRSsustainability

Great article from IFRS stressing the importance of machine-readable formats, highlighting their role in improving comparability, analysis, and market oversight.  With over 90% of listed companies adopting digital reporting, advantages are plain to see. Mandates like ESEF in the EU spotlight the importance of Open Data access (thanks to XBRL International, Inc.), driving the demand for Data Hubs to deliver insightful analyses. At BR-AG, we believe it's not just about easing reporting burdens, it's also about empowering institutions like business registers and stock exchanges to capitalize on these initiatives. Dive into the full article to uncover how digital reporting is reshaping transparency and facilitating insightful decision-making through analysis. #ESEF #XBRL #DigitalReporting #ESEFanalyses European Business Registry Association (EBRA)

Update on Digital Financial Reporting Activities from IFRS Foundation Following an insightful article released by the IFRS Foundation two months ago, we’re excited to hear more about their digital financial reporting activities at the next IFRS Taxonomy Consultative Group meeting. Digital reporting feels inevitable, but why is it so crucial? It significantly increases comparability and transparency by standardizing financial data, making it easier to analyse and understand. Enhanced investor confidence and improved accuracy of statistics are key outcomes, as clear and reliable financial reports boost trust and provide a solid foundation for economic insights. Additionally, digital reporting reduces the filing burden, particularly for small and micro entities, simplifying processes and saving valuable time and resources. Remarkably, XBRL is the predominant computer-readable, structured data format for financial information, maintained by XBRL International, Inc. With its adoption spanning over 70 countries, it’s impressive to recognize that CoreFiling supports most of these implementations worldwide. #DigitalReporting #FinancialReporting #IFRS #XBRL #Transparency #InvestorConfidence #Regulation