Over the past two years, the IASB has finalised three new accounting standards:
- IFRS 15 'Revenue from contracts with customers' in May 2014 with an effective date of 1 January 2018
- IFRS 9 'Financial instruments' in July 2014 with an effective date of 1 January 2018
- IFRS 16 'Leases' in January 2016 with an effective date of 1 January 2019
The adoption of accounting standards introduces a number of risks and challenges to our clients across industries, and is a topic that is front of mind for many audit committees. This publication addresses these challenges, which will impact our clients' business far beyond the Finance function, as well as identifying 5 key questions that audit committees should be asking management about its implementation programme.
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