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Last month, KPMG Isle of Man hosted a morning briefing at the Sefton Hotel to update businesses on the changing financial reporting landscape.

A mixture of speakers from KPMG discussed topics that included recent IFRS (International Financial Reporting Standards) implementation whilst also updating the attendees on the latest valuation guidance from IFRS 13 and IPEV, common tax issues, regulatory developments and corporate governance, Cyber risks and IT control environments, all in relation to financial statements preparation.

“The financial reporting environment continues to shift at pace, with a significant focus on increased transparency and compliance of accounts in respect of risks and uncertainties, judgements and estimation and accountability to stakeholders”, said Nick Quayle, Partner and Head of Audit at KPMG Isle of Man.

Another important change that will affect local businesses is IFRS 16 Leases.

“IFRS 16 replaces existing lease guidance and is effective for annual periods beginning on or after 1 January 2019. IFRS 16 removes the concept of operating (“off balance sheet”) and finance (“on balance sheet”) leases for lessees and replaces it with a single, on-balance sheet lease accounting model. This represents a significant change for lessees’ financial statements”, said Ed Houghton, Audit Director at KPMG Isle of Man.


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