The IFRS Issues and Solutions for the Consumer Markets Industry is our collected insight on the application of International Financial Reporting Standards (IFRS) in this industry.
There have been significant changes to the industry since our last publication of similar guidance. Most recently, during the pandemic, consumers have had to pivot and adopt new habits, many of which are sticking – signifying an historic and dramatic shift in consumer behaviour. We also know that consumers are evolving to be even more digital and eco-friendly. These changes continue to introduce complexity to the accounting for consumer products entities, including in particular as it relates to leasing arrangements, complex multi-party supply chains and impairment considerations.
We hope that you find this publication useful in understanding the accounting for common transactions. Each solution is based on a specified set of circumstances. Entities must evaluate their own facts and circumstances which might well differ from those in these solutions. The ongoing transformation of the industry might lead to variations, requiring an individual case-by-case assessment of the accounting implications.
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