When Will We See The Next IFRS “Big Bang”?
Together with the publication of its revised work plan, the International Accounting Standards Board (‘IASB’) announced that it will publish a consultation document in September regarding the mandatory effective dates and transition provisions for the standards to be published over the coming months.
Keywords: IFRS, IASB, Accounting
The IASB is aware that the planned changes, if they go ahead, will have a major impact on both companies’ financial reporting and their information systems, and that it is thus important to give entities the time to adjust. The IASB may therefore decide to stagger effective dates of the various texts. Early application would however be permitted for first-time adopters of IFRSs. This means that there is a significant risk, given the extent of the expected changes, that different sets of “IFRS-compliant” standards would co-exist across the world.
As a reminder, the IASB recently stated that it would allow at least two years between the publication date of a new standard and the mandatory effective date. However, in the light of stakeholders’ opinions, the IASB may come back on this.