Here we go again, Financial year has started and following is quick summary of changes or amendments of IFRS came into effect from January 2019 onwards

Here we go again, Financial year has started and following is quick summary of changes or amendments of IFRS came into effect from January 2019 onwards


Here we go again, Financial year has started and following is quick summary of changes or amendments of IFRS came into effect from January 2019 onwards:

  1. New IFRS 16 Lease becomes effective
  2. If you are a lessee with some operating leases, then you need to start recognizing lease liability and Asset(right to use).

  3. Amendment to IAS 19 Employee Benefits
  4. The amendment relates to defined benefit plan changes, such as plan amendment, curtailment and settlement and asset ceiling.

  5. Amendments to IFRS 3 Business Combinations and IFRS 11 Joint Operations - If an entity obtains control of another entity that was joint operation (i.e. joint operation becomes subsidiary), then the parent DOES remeasure previously held interest in the subsidiary.
  6. Amendment to IFRS 9 Financial Instruments
  7. This amendment relates to the classification of certain financial assets, namely those with specific prepayment options.

  8. Amendment to IAS 23 Borrowing Costs
  9. If any specific borrowing remains outstanding after the related asset is ready, then it becomes a part of general borrowing.

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