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Notes on the consolidated financial statements

The notes to IFRS consolidated financial statements prepared in the EU must contain disclosures on newly adopted standards and interpretations (IAS 8.28) as well as on standards and interpretations that have been issued but not yet adopted (IAS 8.30). The following provides an overview of the current status (end of November 2018) of the standards and interpretations issued by the IASB that have to be reported on pursuant to IAS 8.28 and IAS 8.30 in IFRS consolidated financial statements prepared in the EU as of 31 December 2018.

EU Endorsement

The following table contains standards and interpretations that have not yet been adopted by the EU and those that have been adopted since 1 January 2018. These are based on the EU Endorsement Status Report issued by EFRAG on 2 November 2018.

ESMA

The national European enforcers audit the financial statements of companies with securities traded on a regulated market in Europe or in the process of admission to the market. The financial statements are prepared in accordance with the IFRSs and reviewed to determine the extent to which they comply with the IFRSs and other applicable reporting requirements, including the authoritative national legal requirements.

Notes on the consolidated financial statements includes:

• Required disclosures in the notes on the legal status of IFRS
• Effects of new or amended standards and interpretations (IAS 8.28)
• New or amended standards and interpretations not applied (IAS 8.30).

IASB includes:

• IASB publishes amendments to IFRS 9
• IASB finalizes amendments to IAS 28
• IASB publishes exposure draft on IAS 8 entitled “Accounting Policies and Accounting Estimates”
• Published exposure draft on the definition of “material”
• Practice statement “Making Materiality Judgements” issued
• Update of the IFRS Taxonomy for the submission of electronic financial statements.

Other standard setters includes:

• Q&A document on the introduction of IFRS for SMEs.

EU Endorsement includes:

• EU Endorsement Status Report.

ESMA includes:

• ESMA 2018 key audit areas
• ESMA issues further Q & As on the Guidelines on Alternative Performance Measures
• ESMA: Enforcement decisions published.

IASB includes:

• Revision of IFRS Framework completed
• IFRS 17 “Insurance Contracts” published
• IASB publishes exposure draft on Annual Improvements to IFRS Standards 2015-2017 Cycle
• Exposure draft on IFRS 8 “Operating Segments” published
• Published exposure draft on IFRS 9 “Financial Instruments”
• IASB publishes exposure draft on IAS 16 “Property, plant and equipment”
• IFRIC 23 “Uncertainty over Income Tax Treatments” published.

EU Endorsement includes:

• EU Endorsement Status Report.

ESMA includes:

• ESMA issues report on the application of IFRS 13 “Fair Value Measurement”
• ESMA issues Q & A on the Guidelines on Alternative Performance Measures
• ESMA – Enforcement decisions published.

Notes on the consolidated financial statements

The notes to IFRS consolidated financial statements prepared in the EU must contain disclosures on newly adopted standards and interpretations (IAS 8.28) as well as on standards and interpretations that have been issued but not yet adopted (IAS 8.30). Read more… IASB The IASB published amendments to IFRS 2 “Sharebased payment” on 20 June 2016. These include clarifications
on individual questions concerning the accounting and measurement of cash-settled sharebased payment transactions. Read more… EU Endorsement On 25 November 2016, the EU Commission announced the adoption of IFRS 9 into EU law. The announcement in the Official Journal was made on 29 November 2016. Read more… ESMA The European Securities and Markets Authority (ESMA) has published its annual Public Statement on European Common Enforcement Priorities (the Statement) which identifies enforcement priorities for listed companies’ 2016 financial statements and highlights the need for transparency in disclosing the potential impact of Brexit on issuers’ financial statements.

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New standard on accounting for leases with IFRS 16 “Leases”, the IASB published a new standard on accounting for leases on 13 January 2016. The IASB and the US standard setter FASB initiated the joint project back in 2006 with the aim of introducing improved accounting for leases, in particular by the lessee. Differences of opinion in relation to a few key areas meant that they failed to arrive at a uniform standard. The IASB decided in favour of a single-model approach at the lessee, while the FASB implemented a dual model in its new standard on leases. Based on the single-model approach of the IASB, the lessee will have to recognise assets and liabilities for most leases in the statement of financial position. While the lessee no longer has to distinguish between operating leases and finance leases, this distinction will remain in place for lessors.
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Notes on the consolidated financial statements

IASB publishes amendments to IFRS 10, IFRS 12 and IAS 28

IFRS 15 revenue from Contracts with Customers

Publications of IFRS rules by the IASB

Publications of IFRS Rules by the IASB