Stay Smart – Recording of our Financial Reporting Webcast

On Thursday, June, 15, we gave you the opportunity to find out about and discuss important changes in financial reporting and compact form. Besides that, you had the great opportunity to interact live with peers and PwC’s specialists what made the interaction very lively and dynamic.

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

Access the Recording

Topics

Contacts

David Mason
Assurance Partner
+ 41 58 792 94 90
david.mason@ch.pwc.com

David Baur
Assurance Director
+41 58 792 26 54
david.baur@ch.pwc.com

IFRS News July 2017

Our latest IFRS News contains some information about
IFRIC 23, the leases lab, demistifying IFRS 9 for corporates, IFRIC rejections and more.

IFRIC 23 – Putting some certainty into uncertain tax positions.

Ernesto Mendez highlights the key elements of IFRIC 23, the new Interpretation on uncertain tax treatments.

IFRS News IFRS News – July 2017

The Leases Lab

IFRS 16 brings significant changes to accounting for lessees, but what about lessors? Can Professor Lee Singh help you solve the disclosure Problem? Let’s experiment!

IFRS News – July 2017

Scene 4, Take 1: Demistifying IFRS 9 for corporates: Factoring and business model

Holger Meurer, Financial Instruments expert, explains how Factoring can affect the measurement of receivables.

IFRS News – July 2017

IFRIC Rejections Supplement – IAS 37

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

IFRS News – July 2017

The IFRS 15 Mole

PwC revenue specialist Ruth Preedy investigates how to account for licenses under IFRS 15 with the help of the Mole.

Suspects: A licence Arrangement establishes a customer’s rights to an entity’s intellectual property (IP) and the entity’s obligations to provide those rights. Common licenses include patents, software, motion picture and trademarks.
Incident description: Management should assess whether the contract includes a license that is distinct and therefore treated as a separate performance obligation.

IFRS News – July 2017

Cannon Street Press

  • Definition of a business
  • IAS 8 –  Accounting policy changes resulting from IC agenda decisions
  • Rate regulated

IFRS News – July 2017

Read the latest issue on IFRS News from June 2017

Read more

In brief – A look at current
financial reporting issues

  • SEC announces policy changes designed
    to facilitate capital formation:

    PwC In brief US2017-20
    Read more
  • GASB issues new lease accounting rules:
    PwC In brief US2017-19
    Read more
  • FASB proposal would amend related party consolidation guidance for VIEs:
    PwC In brief US2017-18
    Read more

 

IFRS News June 2017

Our latest IFRS News contains some information about
IFRS 17, the leases lab, demistifying IFRS 9 for corporates, IFRIC rejections and more.

20 years in the making: IFRS 17 has
finally been issued.

Gail Tucker, Global Insurance Accounting leader, walks through the main elements of the new standards.

Read more

The Leases Lab

IFRS 16 brings significant changes to accounting for lessees, but what about lessors? Can Professor Lee Singh and his assistant Derek Carmichael help you separate the truth from the fiction? Let’s experiment!

Read more

Scene 3, Take 1: Demistifying IFRS 9 for corporates: Good news for
financial liabilities

Nitassha Somai, Financial Instruments expert, works through one of the biggest impacts of IFRS 9 on corporates.

Read more

IFRIC Rejections Supplement – IAS 36

Paul Shepherd of Accounting Consulting Services examines the practical implications of IFRIC rejections (NIFRICs) related to IAS 36.

Read more

The IFRS 15 Mole

PwC revenue specialists investigate how to account for warranties under IFRS 15.

Suspects: Warranties – are they distinct?
Incident description: Sellers often provide customers with warranties, a type of guarantee that the seller will replace or repair a product that becomes defective within a particular time period. The nature and terms of such agreements vary across entities, industries, products and/or contracts.

Read more

Cannon Street Press

  • IFRIC Interpretation Ratification
  • Amendments to IAS 28 – Long-term interests in associates and joint ventures
  • Research projects: Goodwill and impairment

Read more

Read the latest issue on IFRS News from May 2017

Read more

In brief – A look at current
financial reporting issues

  • FASB to permit adoption of new hedging guidance
    at issuance, expected in Q3:

    PwC In brief US2017-17
    Read more
  • PCAOB issues proposals on auditing estimates
    and using specialists:
    PwC In brief US2017-16
    Read more
  • PCAOB adopts new standard enhancing
    auditor reporting:
    PwC In brief US2017-15
    Read more

 

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.

Read more

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!

Read more

Proposed tweak to IFRS 8,
Operating Segments

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

Read more

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.

Read more

IFRIC Rejections Supplement – IAS 34

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

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 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.

Read more

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
    implications:
    PwC In brief US2017-11
    Read more

 

 

 

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…

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