Hello,
I hope you’re all doing well as you dive into preparing the 2023 financial statements. Here’s some good news: January has been a steady month in the world of IFRS. The IASB is still hard at work, but if you’ve been following the past issues of Reporting Period, you’re all caught up. For the recent joiners keen on accessing previous editions, feel free to respond to this email and request them 🙂
In this month’s issue, we cover:
- EY’s analysis of various scenarios in accounting for payments from suppliers.
- FRC’s examination of private companies’ application of accounting standards.
- EY’s release of the 2024 edition of International GAAP.
Let’s dive in.
Note: You’re currently reading an older issue from the archive, so all links have been removed.
Technical Publications
Accounting for payments from suppliers
IFRS lack comprehensive guidance on accounting for payments received from suppliers, necessitating frequent judgement. For instance, a supplier’s payment might imply a discount or rebate on purchased goods or services, and should be deducted from their cost. In other cases, these payments might be for distinct goods or services provided to the supplier, or as compensation for expenses incurred on the supplier’s behalf. EY’s latest publication dives into these scenarios and offers insights on the relevant IFRS requirements.
Review of private companies’ corporate reporting
While public company disclosures are readily accessible on their investor relations websites, the reporting practices of private companies, often larger than many public entities in terms of revenue or staff numbers, can be less visible. The FRC’s latest Thematic Review provides an insight into how these private companies are faring with the application of accounting standards.
International GAAP 2024 edition
EY has released the 2024 edition of its esteemed accounting manual. The online version is available at no cost, and the PDF version is scheduled for release by the end of February.
Work in Progress at the IASB
The IASB’s January meeting focused on ongoing projects previously discussed in Reporting Period. There were no significant developments this month warranting special attention.
This wraps up the current issue of Reporting Period. I welcome your feedback and thoughts – feel free to respond directly to this email.
Thank you for being a subscriber.
Best regards,
Marek