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.
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?
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?
Cannon Street Press
- Insurance Contracts
- Disclosure Initiative: Materiality Practice Statement
- Conceptual Framework
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
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.
IFRIC Rejections in short – IAS 27
Tatiana Geykhman of Accounting Consulting Services examines the practical implications of IFRIC rejections related to IAS 27.
In brief – A look at current financial reporting issues
- Annual Improvements to IFRS Standards 2014: PwC In brief INT2016-19
- Amendment to IAS 40, ‘Investment property’: PwC In brief INT2016-18
- Foreign currency transactions and advance consideration: PwC In brief INT2016-17