Dr. Hanne Böckem
Partner, Audit, DPP
KPMG AG Wirtschaftsprüfungsgesellschaft
On 17 October 2024 the FAB of the IDW adopted the final new version of the IAS 1-M1 module of the IDW Statement of Financial Reporting.
The module deals with the accounting treatment of reverse factoring transactions and addresses questions of doubt in this context. The new version (we reported on the draft in Express Accounting News 27/2024) now takes into account the ‘Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements’ adopted in May 2023. These amendments to the standards by the IASB include clarifications and new disclosure requirements for supplier finance arrangements.
The adoption of the revised IDW RS FAB 50 was announced in a press release on the IDW website. The pronouncement will be published in issue 11/2024 of IDW Life.
KPMG Express Accounting News
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