MFRS 9, 15 and 16 | It's Time For Change Are You Getting Ready?
03 August 2017
Changes that have been described as being more signiﬁcant than the entire move from local GAAP to MFRS are on the horizon. Effective for annual reporting periods beginning on or after 1 January 2018 (MFRS 15: Revenue from Contracts with Customers and MFRS 9: Financial Instruments) and for annual reporting periods beginning on or after 1 January 2019 (MFRS 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. For more insights to help you think about what’s coming, feel free to download our latest publication below.