International Financial Reporting Standards ("IFRS") – Complex Accounting Issues

The recent changes in accounting rules have been fuelled by a combination of actions and events which have undoubtedly left a distinct mark on the accounting profession. Accounting and auditing practitioners will need to be aware of these changes and to assess the extent to which these will affect them during the course of their work. This article provides an overview of some of the more complex current accounting issues under IFRS.

Fair Value Measurement - Most practitioners will be aware of the number of inconsistencies in the determination and the disclosure of fair value measurements under current IFRS. These inconsistencies have led to diversity in practice and to a lack of comparability. The new IFRS 13, which addresses these issues, is applicable for annual periods beginning on or after 1 January 2013, with earlier application being permitted.