IFRS News May 2017

Our latest IFRS News contains some information about
solving carve-outs, IFRS 8 ED, demistifying IFRS 9 for corporates,
IFRIC rejections, the leases lab and more.

Solving the mystery of carve-out
financial statements

Rich Jones, divestment specialist, explains what carve-out financial statements are and what they may be used for.

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The Leases Lab

The lease term is key when calculating the lease liability. Professor Lee Singh and his assistant Holger Meurer explore how to determine the lease term. Let’s experiment!

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Proposed tweak to IFRS 8,
Operating Segments

Joanna Demetriou provides the latest from the standard setter – the IFRS 8 Exposure Draft.

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Scene 2, Take 1: Demistifying IFRS 9 for Corporates: Intra-Group loans

Nitassha Somai, Financial instruments expert, works through one of the biggest impacts of IFRS 9 on corporates – Intragroup loans.

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IFRIC Rejections Supplement – IAS 34

Looking for an answer? Maybe it was already addressed by the experts.

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The IFRS 15 Mole

PwC revenue specialists and the IFRS 15 Mole investigate how to identify a principal or an agent in a revenue transaction.

Suspects: Accounting for variable consideration.
Incident description: It can be difficult to determine revenue when the amount of consideration due from a customer is dependent on the outcome of a future event. Examples include:

  • contracts with early completion bonuses in the construction industry or;
  • volume related discounts or rebates.

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Cannon Street Press

  • Definition of a business exposure draft (ED)
  • Fees included in the ’10 per cent’ test
  • Amendments to IAS 19 and IFRIC 14
  • Amendments to IFRS 3 and IFRS 11 – previously held interests in joint operations

Read more

Read the latest issue on IFRS News from April 2017

Read more

In brief – A look at current
financial reporting issues

  • FASB clarifies share-based payment
    modification guidance:

    PwC In brief US2017-13
    Read more
  • FASB changes made to premium
    amortization period on callable
    debt securities:
    PwC In brief US2017-12
    Read more
  • Brexit – income tax accounting
    PwC In brief US2017-11
    Read more




Published by

David Mason

David Mason

David Mason
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 -*).