News on IFRS: December 2016 / January 2017

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

Pension Disclosures – Remain silent and be thought a fool or speak and remove all doubt?

Pension deficits are increasing. Brian Peters, Partner, and Paul Allen, Senior Manager, leaders of the UK PwC’s pension accounting business, explain the importance of pension disclosure.

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IFRS 9 Disclosure – It’s time to tell your own Story

IFRS 9 disclosures in 2016 annual are unlikely to begin ‘once upon a time…’ or make for light bedtime reading. The effective date of 1 January 2018 is approaching fast, banks need to start to tell their story. What will applying IFRS 9 in 2018 mean to them?

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The IFRS 15 Mole

In the first of this series, John Chan, PwC revenue specialist and the IFRS 15 mole, investigates some of the things you need to think about when looking at a contract with a customer.

Suspects: Unidentified contracts
Incident description: There are a 2 potential incidents;

  • Is the contract in the scope of IFRS 15?
  • Are all the contract terms understood?Facts: Is it a contract?

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Cannon Street Press

  • Insurance Contracts
  • Disclosure Initiative: Materiality Practice Statement
  • Conceptual Framework
  • FICE

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The PwC leases lab

IFRS 16 gives rise to many challenges, so Professor Lee Singh starts a new experiment – this time with his assistant Derek Carmichael

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Demystifying IFRS 9

In the IFRS 9 expected credit loss (ECL) model, a significant increase in credit risk of a financial asset marks a clear change. If there has been a significant increase in credit risk, the asset is in ‘stage 2’ and lifetime ECL is booked. Lifetime ECL is equal to the expected credit losses that result from all possible default events over the expected life of a financial instrument.

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IFRIC Rejections in short – IAS 27

Tatiana Geykhman of Accounting Consulting Services examines the practical implications of IFRIC rejections related to IAS 27.

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In brief – A look at current financial reporting issues

  • Annual Improvements to IFRS Standards 2014: PwC In brief INT2016-19
    Read more…
  • Amendment to IAS 40, ‘Investment property’: PwC In brief INT2016-18
    Read more…
  • Foreign currency transactions and advance consideration: PwC In brief INT2016-17
    Read more…

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 -*).