The IASB has issued 3 new IFRS (3 in 2014 and 1 in 2016)

IFRS 14 – Regulatory Deferral Accounts 2014

IFRS 15 – Revenue from Contracts with Customers – this standard will replace IAS 18 as of January 2018

IFRS 9 – Financial Instrument – to replace IAS 38 with effect from January 2018. There are views from public that IAS 32 (Presentation of Financial Instrument should also be merged with IFRS 9. However, given the complexity in some

IFRS 16 – Leases – will replace IAS 17 by January 2019

When IFRS 16 becomes effective in 2019, it will result in a substantial change to many companies’ balance sheets. All leases will be recognized as assets and liabilities by lessees, better reflecting the underlying economics. It’s mainly for Economic growth