Nice short article attached from http://www.pqaaccountant.com on the current “weaknesses” of the consolidation rules in international accounting standards:
Attached is a 2016 pocket guide on IFRS adoption that summarises:
– What IFRS Standards are;
– Why countries and other jurisdictions, and companies in those
jurisdictions, would want to adopt IFRS Standards;
– The history of the development of IFRS Standards;
– How IFRS Standards are developed;
– For 143 countries and other jurisdictions (including ROI & UK), information about:
– the accounting standards required for publicly accountable entities;
– the accounting standards required for SMEs; and
– how IFRS Standards are endorsed or otherwise authorised for use;
Sue Lloyd, a member of the International Accounting Standards Board®
(the Board), discusses the changes to lessee accounting introduced
by IFRS 16 Leases in the attached document.
To make it a bit easier for students to assimilate, I have highlighted the key pieces of information.
I think the change can be summed up by the first sentence of the document:
“Sir David Tweedie, the Board’s previous chairman, is famously known for saying that one day he would like to fly on an airplane that actually appears on the airline’s balance sheet.”
Sir David Tweedie, the Board’s previous chairman,
is famously known for saying that one day he would
like to fly on an airplane that actually appears on
the airline’s balance sheet….
The attached document provides Sue Lloyd’s (member of the IASB) views on IFRS 16 from an investors perspective.