News on IFRS: August 2016

Our latest IFRS News provides perspectives on key considerations for impairment tests, current IC rejections and the PwC leases lab.

Tax accounting and the research agenda– all quiet on the western front?

The IASB discussed the research project on income taxes and decided to delete it from the work plan. Anna Schweizer from Accounting Consulting Services looks into the finer details of the issues around IAS 12 Income Taxes, which news we can expect in the near future and which not.

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Variable payments for the separate acquisition of PPE and intangible assets

The IC declined to address the accounting in such cases. The current diverse practice is expected to continue. This article looks at the impact and provides an insight into the issue.

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Impact of a decommissioning liability in determining the recoverable amount of a CGU

The IC declined to address this accounting issue for impairment tests under the fair value less costs of disposal approach. This article looks at the impact and provides an insight into the issue.

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Current IC rejections

The IC was asked to clarify if cash received from the government to perform R&D should be recorded as a government grant or a forgivable loan.

The fact pattern submitted was:

  • Government gives cash to an entity to perform research.
  • The cash is repayable if the entity decides to exploit and commercialise the results of the R&D.
  • The IP is transferred to the government if the entity decides to abandon the project.

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Difficulties in translating IFRS

IFRS has greatly contributed to bringing transparency, comparability, and efficiency to financial markets. However, as the guidance is written in English, the risk of incorrect translation is likely (or is it probable?). Sam King-Jayawardana explores the current research

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Cannon Street Press

  • Applying IFRS 9 Financial Instruments with IFRS 4 Insurance contracts
  • IAS 40 Investment property: Transfers of investment property
  • Annual Improvements 2014-2016 cycle
  • Conceptual Framework

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The PwC leases lab

IFRS 16 will have significant impact on the Communications industry, including how contracts are entered into and Key Performance Indicators (KPIs) in financial statements.

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IFRIC Rejections in short – IAS 23

IAS 23 covers recognition, measurement, and disclosure of borrowing costs. The IC has rejected two matters related to IAS 23 over the last decade.

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In brief – A look at current financial reporting issues

  • Accounting for government loans to fund research and development: PwC In brief INT2016-14
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  • Variable payments for the separate acquisition of PPE and intangible assets: PwC In brief INT2016-15

Published by

David Mason

David Mason

David Mason
PwC
Avenue Giuseppe-Motta 50
Case postale, 1211 Genève 2
+41 58 792 94 90

David Mason, ACS (IFRS) leader for Switzerland, is a partner in our Geneva and Zurich offices. He graduated from the University of Bristol and qualified as a UK Chartered Accountant in 1989. He moved to Switzerland shortly after qualification and has since specialised in the audit of, and providing accounting advice to, international clients and IFRS users.
He has been the lead partner on a number of major international groups based in the Romandie, and is the leader of our ACS practice (1998-2010, 2014 -*).