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IFRS 16: Disclosures - A Closer Look
IFRS 16 – Leases came into effect on 1 January 2019. The first interim financial statements, which are usually presented in a condensed format in accordance with IAS 34 – Interim Financial Reporting, must take account of the implementation of the new standard. We take a closer look this month at the disclosure required in the first interim financial statements.
Following the publication of the first annual consolidated IFRS financial statements applying IFRS 15, we examined the financial reporting (financial statements and other elements of financial communication) of a sample of 70 European groups at 31 December 2018. This has enabled us to identify the key lessons to be learned on some of the major issues relating to disclosures required in the notes.
Just a few days ahead of the mandatory effective date of IFRS 16 – Leases, Mazars has attempted to see how far the information reported by issuers in their June 2018 interim financial statements had changed in comparison with the information reported in 2017 year-end financial statements on the progress towards the introduction of this standard and its expected impacts.
Far from revolutionising the IFRS landscape, the new Conceptual Framework clarifies, redefines and supplements the existing version, re-examining the argument in the light of the fundamental characteristics of the financial statements and cost-benefit constraints.
On 3 January 2018, the Cabinet approved a draft transfer-pricing law which has been considered and commented on by the Council of State, and passed in a public hearing held by the Revenue Department. However, the draft transfer-pricing law is not yet in effect, but must still be submitted to the National Legislative Assembly for the legislative process.