Post implementation review of IFRS 9 and IFRS 15
This thematic review is an early post implementation review focusing on the way IFRS 9 and IFRS 15 were implemented in central government.
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IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers were implemented in the public sector from 01 April 2018. They represent the most significant change in financial standards in recent years. Implementation has been a major reporting challenge for the whole of the public sector.
In this thematic review the Treasury examines the implementation process for lessons applicable to introducing future standards, and considers the quality of disclosures made in relation to IFRS 9 and IFRS 15 in the first year of their implementation. The review takes in feedback from those who prepare and use government financial reporting, and refers to a sample of disclosures in the audited 2018-19 annual reports and accounts.
Guidance on government financial reporting is published in the Government Financial Reporting Manual (FReM) which is updated for every financial year.
The Treasury also publishes application guidance providing further support on specific accounting standards. The IFRS 9 and IFRS 15 application guidance forms part of this collection.