IFRS News February 2017

Our latest IFRS News provides new year’s resolutions every company should take on board, presents the five stages of grief concerning
IFRS 17, current IC rejections and the PwC leases lab.

New year’s resolutions every company should take on board

Elana Du Plessis, PwC Senior Manager, shares the new year’s resolutions all companies should consider.

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Demystifying IFRS 9

Incorporating forward looking information is a big change under IFRS 9. Nitassha Somai, Financial instruments specialist, looks into her crystal ball to make some predictions!

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The five stages of grief

Irina Sedelnikova, PwC Insurance specialist, explains how to work
towards accepting IFRS 17.

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IC rejections

Joanna Demetriou of Accounting Consulting Services examines the
practical implications of IFRIC rejections related to IAS 28.

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IFRS 15 Mole

The IFRS 15 mole is back and has a new case! Katie Woods, PwC revenue specialist, is helping him get to the bottom of accounting for free gifts!

Suspects: Accounting for free gifts
Incident description: Performance obligations (POs) are promises to a customer that arise every time they enter a contract to supply a good or service.
Once the contract has been identified, the next step is to identify the POs. The ‘incidents’ start when not all of the POs are identified resulting in the incorrect measurement of revenue or recognition in the wrong period.

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Cannon Street Press

  • Post Implementation Review of IFRS 13, Fair Value
  • Insurance
  • Conceptual Framework
  • IFRS 9 – Symmetric Prepayment options

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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 Dr Holger Meurer.

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In brief – A look at current
financial reporting issues

  • FASB simplifies measurement of goodwill     impairment:
    PwC In brief US2017-05
    Read more
  • NFP consolidation: FASB clarifies how to
    evaluate limited partnerships:
    PwC In brief US2017-04
    Read more
  • FASB proposes new inventory disclosures: PwC In brief US2017-03
    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 -*).