IFRSs, IFRICs and Amendments Available for Early Adoption for 31 December 2015 Year Ends

In  order  to  comply  with  paragraph  30  in  IAS  8  Accounting  Policies,  Changes  in  Accounting  Estimates  and Errors entities need to make disclosures about new IFRSs that have been issued but are not yet effective when they have decided not apply the new IFRSs at their reporting date. Disclosures need to include ‘known or reasonably estimable information relevant to assessing the possible impact that application of the new IFRS will have on the entity’s financial statements in the period of initial application’.  Our International team explain what it entails.