Taking the Mystery Out of IFRS Regulatory Deferral Accounts

When an entity provides goods or services to customers at a price or rate that is subject to rate regulation, what are the rules for the financial reporting of the resulting requirements for IFRS regulatory deferral account balances? Interestingly, within the specified scope, this standard and update permits an entity to continue to account for IFRS regulatory deferral account balances in its IFRS financial statements in accordance with its previous GAAP when it adopts IFRS, subject to the limited changes. In addition, this standard and update provides some exceptions to, or exemptions from, the requirements of other Standards. All specified requirements for reporting IFRS regulatory deferral account balances, and any exceptions to, or exemptions from, the requirements of other IFRS’s that are related to those balances, are contained within this standard and update instead of within those other IFRS’s. This presentation is a resource that will help preparers of IFRS financial statements and accounting and auditing practitioners in exercising their professional judgment as to the implementation of the rules for IFRS regulatory deferral account balances. This session outlines an easy-to-understand step-by-step procedure for IFRS financial reporting by entities that have to report IFRS regulatory deferral account balances and what needs to be carefully considered. Course Key Concepts: Regulatory deferral account, IFRS, International Financial Reporting Standards, Financial statement, Reporting.