Financial Reporting Webcast – 15 June 2017

Going digital – meeting online

In recent years many professionals have taken advantage of our Stay Smart events to get up to speed on the latest developments in IFRS relevant to the current financial reporting season. We are writing to invite you to our 2017 programme. As in the past we aim to give you the opportunity to find out about and discuss important changes in financial reporting.

This year’s spring programme will take the form of a one hour webcast including a Q & A session, accompanied by a live chat throughout. We will have a focus on the upcoming interim reports and also look at the areas of focus recently published by the SIX exchange regulation. You will be updated on the latest developments and trends in pension accounting, including risk sharing, and we will share insights on the implementation of the new revenue and leasing standards.

Free of charge, this format is designed to fit into your schedule more flexibly. You will get information on the latest changes in compact form, and you will still have the opportunity to interact live with peers and PwC’s specialists. The autumn programme will again take the form of half day events at various venues throughout Switzerland; programme and dates will be communicated in due course.

We cordially invite you to take part in the webcast. Please see the programme for more details.

Registration

Please register online 2 days before the webcast at the latest. We will confirm your registration, including the login details for the webcast.

Register now

Programme

  • All you need to know about interim reports in accordance with IAS 34
  • Current developments and trends in pension accounting
  • Insights into implementation of the new revenue and leasing standards
  • Discussion/Wrap up

Date and Time

Thursday, 15 June, 10am – 11am

 

 

 

 

 

Intensive Course on IFRS

June 2017
Courtyard by Marriott, Zurich

 

Does your company report in accordance with International Financial Reporting Standards (IFRS), or are you responsible for preparing the financial statements in compliance with IFRS? Is your company considering a move to IFRS? Or do you simply want to extend or to refresh your IFRS expertise? Then PwC’s intensive course on IFRS is right for you.

Objectives

Our module based IFRS course will help you deal with IFRS professionally and apply the standards competently by giving you:

  • a solid basic understanding of the most important IFRS/IAS standards and of recent developments
  • detailed knowledge of the content of these standards and how they are applied.

You will learn how IFRS facilitates transparent external reporting. But you will also find out how to use it as a helpful instrument that supports you in assessing the financial position of your company and in recognising priorities. The course shows you how to put the theory into practice.

Methodology and organisation

All modules are specially designed for finance specialists and users of IFRS. In class you have presentations, group work, case studies and sharing sessions to expand and apply what you have learned.

Although all participants are invited to join all 5 modules, please keep the following in mind while registering: on day 4 we will look at IFRS 15 and IFRS 9 from the viewpoint of corporate entities. On day 5 we will tailor the discussion for the needs of the financial services industry, with a focus on IFRS 9.

Date and location:
The course will be held in five modules, each lasting one day from 8:30 am to approx. 6 pm in English.

Module 1: Tuesday, 13 June 2017
Module 2: Wednesday, 14 June 2017
Module 3: Monday, 19 June 2017
Module 4: Tuesday, 20 June 2017
Module 5: Wednesday, 21 June 2017

Courtyard by Marriott
Max-Bill-Platz 19, CH-8050 Zurich

Fee:
1 module:     CHF 1,300 including VAT
2 modules:   CHF 2,500 including VAT
3 modules:   CHF 3,600 including VAT
4 modules:   CHF 4,500 including VAT
5 modules:   CHF 5,400 including VAT

This includes course documentation, refreshments (breaks and lunch) and parking.

Registration:
Please register online.

 

For more information click here.

IFRS News April 2017

Our latest IFRS News contains some information about
uncertainty in income tax accounting, demistifying IFRS 9, the leases lab, the IFRS 15 mole and more.

Article 50 triggers uncertainty in income tax accounting

John Chan, IAS 12 specialist, explains the deferred tax implications of article 50.

Read more

Demystifying IFRS 9

IFRS 9 expected credit loss model 2. Emma Edelshein, Financial Instruments Director, explains more on expected credit losses in IFRS 9

Read more

The Leases Lab

IFRS 16 contains new guidance on separating lease components from other lease components to be considered by both lessees and lessors. Can Professor Lee Singh and his assistant Derek Carmichael help you separate the truth from the fiction? Let’s Experiment!

Read more

Scene 1, Take 1: Demistifying IFRS 9 for Corporates

Nitassha Somai, Financial instruments expert takes us through the first in the series of demystifying IFRS 9 for corporates.

Read more

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 as principal or as agent
Incident description: There are many arrangements in which two or more unrelated parties are involved in providing a specified good or Service to a customer. IFRS 15 requires an entity to determine whether it is the principal or the agent.

Read more

Cannon Street Press

  • Board’s Primary Financial Statement Project
  • The Conceptual Framework for Financial Reporting
  • Financial Instruments with Characteristics of Equity

Read more

IFRIC Rejections Supplement – IAS 32

Helen Wise of Accounting Consulting Services examines the practical implications of IC rejections related to IAS 32.

Read more

Read the latest issue on IFRS News from March 2017

Read more

In brief – A look at current
financial reporting issues

  • FASB Changes made to premium amortization period on callable debt securities:
    PwC In brief US2017-12
    Read more
  • Brexit – income tax accounting implications:
    PwC In brief US2017-11
    Read more
  • FASB proposal would align the accounting for all share-based payment awards:
    PwC In brief US2017-10
    Read more

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.

Read more

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!

Read more

The five stages of grief

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

Read more

IC rejections

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

Read more

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.

Read more

Cannon Street Press

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

Read more

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.

Read more

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

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.

Read more…

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?

Read more…

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?

Read more…

Cannon Street Press

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

Read more…

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

Read more…

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.

Read more…

IFRIC Rejections in short – IAS 27

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

Read more…

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…

News on IFRS: November 2016

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

IFRS 15 – Time is running out

Companies are facing the adoption of several major new accounting standards in the next few years. For many it will be the most significant change in accounting since the adoption of IFRS.

Read more…

Beware of Value in Use

Mary Dolson talks through the common pitfalls of using value in use (VIU) in an impairment review.

Impairment of non-financial assets under IAS 36 remains a hot topic with regulators and users. Six years past the start of the financial crisis, slow or no growth and low commodity prices continue to challenge companies. These issues and new ‘unknowns’ such as Brexit are working their way through into impairment testing.

Read more…

Cannon Street Press

  • Disclosure initiative
  • Conceptual Framework
  • Clarifications to IFRS 8 Operating Segments arising from the Post implementation Review
  • IFRS Implementation issues
  • Financial Instruments with Characteristics of Equity

Read more…

The PwC leases lab

Contracts for the use of an asset in a predetermined manner will not meet the definition of a lease and result in fewer leases recognised on the balance sheet.

Read more…

Demystifying IFRS 9

Credit risk management sits at the core of banking and IFRS 9’s new expected credit loss (ECL) requirements go straight to the heart of this. This first column in our series looks at how to understand and apply IFRS 9’s new impairment requirements for financial assets.

Read more…

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

    Read more…

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.

Read more…

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!

Read more…

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

Read more…

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.

Read more…

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.

Read more…

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

    Read more…

Secure your participation for PwC’s Stay Smart – Financial Reporting Autumn 2016

sliderA_Stay_Smart_EN_980x400_redWe are proud to announce the next Stay Smart event:
“Financial Reporting Autumn 2016”.

Our seminar on IFRS and other important accounting and reporting issues is the ideal way to continue your professional education! As usual, you are invited to discuss the topics with specialists from PwC’s technical department before, during or after the Event.

  • IASB update
    Overview of recent developments and current work plan of the IASB

  • Corporate Tax Reform III
    Background and overview of CTR III measures

    Substantive enactment and related tax accounting Impacts

  • Debt, equity or share-based payment?
    Recap key concepts on debt vs equity
    Identifying hidden share-based payments

  • Statutory and regulatory update
    New accounting law, frequently asked questions

Interested? Sign up today for your preferred date.

 

Geneva 09.11.2016 (morning and afternoon)
Basel 10.11.2016 (morning)
Bern 18.11.2016 (morning)
Lugano 22.11.2016 (morning)
Lucerne 23.11.2016 (morning)
Zurich 29.11.2016 (morning and afternoon)

Keep yourself up to Speed and register now here! We look forward to welcoming you.

News on IFRS: August 2016

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

Tax accounting and the research agenda– all quiet on the western front?

The IASB discussed the research project on income taxes and decided to delete it from the work plan. Anna Schweizer from Accounting Consulting Services looks into the finer details of the issues around IAS 12 Income Taxes, which news we can expect in the near future and which not.

Read more…

Variable payments for the separate acquisition of PPE and intangible assets

The IC declined to address the accounting in such cases. The current diverse practice is expected to continue. This article looks at the impact and provides an insight into the issue.

Read more…

Impact of a decommissioning liability in determining the recoverable amount of a CGU

The IC declined to address this accounting issue for impairment tests under the fair value less costs of disposal approach. This article looks at the impact and provides an insight into the issue.

Read more…

Current IC rejections

The IC was asked to clarify if cash received from the government to perform R&D should be recorded as a government grant or a forgivable loan.

The fact pattern submitted was:

  • Government gives cash to an entity to perform research.
  • The cash is repayable if the entity decides to exploit and commercialise the results of the R&D.
  • The IP is transferred to the government if the entity decides to abandon the project.

Read more…

Difficulties in translating IFRS

IFRS has greatly contributed to bringing transparency, comparability, and efficiency to financial markets. However, as the guidance is written in English, the risk of incorrect translation is likely (or is it probable?). Sam King-Jayawardana explores the current research

Read more…

Cannon Street Press

  • Applying IFRS 9 Financial Instruments with IFRS 4 Insurance contracts
  • IAS 40 Investment property: Transfers of investment property
  • Annual Improvements 2014-2016 cycle
  • Conceptual Framework

Read more…

The PwC leases lab

IFRS 16 will have significant impact on the Communications industry, including how contracts are entered into and Key Performance Indicators (KPIs) in financial statements.

Read more…

IFRIC Rejections in short – IAS 23

IAS 23 covers recognition, measurement, and disclosure of borrowing costs. The IC has rejected two matters related to IAS 23 over the last decade.

Read more…

In brief – A look at current financial reporting issues

  • Accounting for government loans to fund research and development: PwC In brief INT2016-14
    Read more…
  • Variable payments for the separate acquisition of PPE and intangible assets: PwC In brief INT2016-15

News on IFRS: July 2016

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

Alternative Performance Measures – Under scrutiny by regulators

Companies using Alternative Performance Measures (APMs) should understand the new guidance issued by the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) as well as applicable amendments to IAS 1. Annette Malsch from Accounting Consulting Services summarises the dos and don’ts and adds some practical examples.

Read more…

What is a business?

The IASB has proposed clarifications to the definition of a business in IFRS 3 Business Combinations.

The definition of a business affects the accounting not only for acquisitions but also for disposals, consolidation and other areas.

  • Why change the existing requirements?
  • What is going to change?
  • Why is this important?
  • What’s next?

Read more…

Ten reminders for interim reporting

The interim reporting season has arrived for many. Saad Siddique from Accounting Consulting Services summarises the key items to consider for 2016 interim financial statements.

Read more…

Amendments to IFRS 2

The IASB issued amendments to IFRS 2 on 20 June 2016. The amendments provide additional guidance on the accounting for cash-settled share-based payments and add an exception that provides equity-settled accounting where the settlement of share-based payment awards is split between equity instruments issued to the employee and a cash payment to the tax authorities.

Read more…

Cannon Street Press

  • Insurance contracts
  • Previously held interests
  • IAS 12 Income Taxes: Presentation of income tax consequences arising from dividends
  • Conceptual Framework

Read more…

The PwC leases lab

For lessees, IFRS 16 is just an accounting change; it will not require major changes to systems or processes.

Read more…

IFRIC Rejections in short – IAS 21

IAS 21 is applied on the accounting for foreign currency transactions, on the conversion of profit and loss and financial position of foreign businesses and the conversion of the entity’s profit and loss and financial position to presentation currency.

Read more…

In brief – A look at current financial reporting issues

  • Impact of UK referendum result on financial reports: PwC In brief INT2016-12
    Read more…
  • IASB issues amendment to IFRS 2: PwC In brief INT2016-11
  • GPPC paper on IFRS 9 impairment considerations for systemically important banks: PwC In brief INT2016-10