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New Standards

IFRS 15

The new revenue standard applies to every industry and every business from 1 January 2018. Its wide ranging implications go well beyond the accounting function given revenue affects many crucial business and control processes

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IFRS 16

A new leasing standard was issued on 13 January 2016. The new standard introduces fundamental changes to the accounting for leases and will have significant business implications in virtually every industry

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Articles

What’s the difference between ‘likely’ and ‘probable’?

What’s the difference between ‘likely’ and ‘probable’?

The Korea Accounting Standards Board and the Australian Accounting Standards Board have conducted research into the different terms of ‘likelihood’ in International Financial Reporting Standards (IFRS). We looked into their research and considered whether it is extremely unlikely, unlikely, possible, expected, likely, probable, reasonably certain, highly probable or virtually certain that the different terms of likelihood are creating issues for financial reporters.

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