IFRS news, July 2020

A look at current financial reporting issues

Player transfer payments (IAS38)

 The IFRS Interpretations Committee (IC) received a request asking whether a football club recognises a transfer payment received for transferring a player to another club, gross as revenue, or, net as part of the gain or loss arising from the derecognition of anintangible asset.

Amendments to IFRS 17, ‘Insurance contracts’

The IASB issued the amendments to IFRS 17, ‘Insurance contracts’, on 25 June 2020, together with an amendment to IFRS 4, so that eligible insurers can still apply IFRS 9 alongside IFRS 17. This concluded the IASB’s targeted amendments to IFRS 17 which aimed to ease implementation of the standard by reducing implementation costs and making it easier for entities to explain, to investors and others, the results from applying IFRS 17.

Coronavirus (COVID-19)

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