HKFRS/IFRS9 Implementation: Challenges for financial institutions
In July 2014, the International Accounting Standards Board (IASB) issued the final version of its new standard for Financial Instruments, IFRS 9. Subsequently in September 2014, the Hong Kong Institute of Certified Public Accountants also issued the same standard, HKFRS9 (2014) Financial instruments, so as to maintain convergence with IFRS.
IFRS 15: An overview of the new principles of revenue recognition
In May 2014, the IASB published IFRS 15, Revenue from Contracts with Customers. Simultaneously, the FASB published ASU 2014-09 (Topic 606). These two broadly identical texts represent the culmination of the Boards’ work on a major joint project that has taken many years to complete.
IFRS 10, which was published in May 2011, introduces a single definition of control and replaces the portion of IAS 27 which related to consolidated financial statements, as well as the SIC 12 interpretation on special purpose entities.