IFRS 9, 15 and 16 IT'S TIME FOR CHANGE! ARE YOU GETTING READY?

Changes that have been described as being more significant than the entire move from local GAAP to IFRS are on the horizon. Effective in 2018 (IFRS 15: Revenue from Contracts with Customers and IFRS 9: Financial Instruments) and 2019 (IFRS 16: Leases), these three new accounting standards will bring fundamental change and have the potential to transform how a company presents its performance and financial position in its financial statements. The requirements are complex and detailed, and their potential effects can be, and often are, completely underestimated.Focussing on the right areas can be difficult, and the volume of the new guidance can be overwhelming. This document summarises some key messages to help you think about what’s coming.