News on IFRS: September-October 2016

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

IFRS 4 Phase II – an opportunity to shine a light on value creation in the insurance industry

The insurance industry’s long wait for a comprehensive standard for insurance contracts is nearly over. IFRS 17 has been a long time in development but is expected in late 2016 or early 2017. Chris Hancorn and Matt Donnery outline some of the key implications for the industry.

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IFRS9 – Myth Buster

IFRS 9, the new financial instruments standard, is well recognised as being a big change in accounting by banks. This is largely due to IFRS 9’s requirements in the area of loan loss impairment and the introduction of the expected loss model. The new rules will generally result in earlier recognition of losses compared to today’s incurred loss model.

There are a number of common misconceptions over the expected loss model. The following table busts some of the more significant myths!

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Cannon Street Press

  • Change in accounting policy and accounting estimates
  • Draft Interpretation on long-term interests in an associate or joint venture
  • Financial Instruments with Characteristics of Equity (FICE)
  • Conceptual Framework

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The PwC leases lab

Lease contracts denominated in a foreign currency under IFRS 16 will create a lot of additional volatility in profit or loss for lessees.

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IFRIC Rejections in short – IAS 24

IIAS 24 Related party disclosures is a disclosure standard. It sets out how related party relationships, transactions and balances, including commitments, should be identified and what disclosures should be made, and when.

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In brief – A look at current financial reporting issues

  • More flexibility in the application of IFRS 9 – the IASB publishes an amendment to IFRS 4: PwC In brief INT2016-16

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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 -*).