IFRS News March 2018

Our latest IFRS News contains some information about transition requirements when applying IFRS 9, 15, 16 and 17, IFRS Interpretations committee agenda decisions and more.

Adopting IFRS or preparing a transaction document? You may be subject to different transition requirements when applying IFRS 9, 15, 16 and 17

Read more about the issue and and the impact – IFRS News – March 2018

IFRS Interpretations committee agenda decision on the presentation of interest revenue for certain financial instruments

The IFRS Interpretations Committee has concluded that the line item “interest revenue” can contain only interest income on assets that are measured at amortised cost or fair value through other comprehensive income (subject to the effect of applying hedge accounting to derivatives in designated hedge relationships).

IFRS News – March 2018

Cannon street press

The March 2018 IASB Update has been published and the work plan updated.

IFRS News – March 2018

Disclose – PwC’s online magazine

Reading our latest issue of Disclose you’re sure to get an adrenaline rush as we investigate a topic with particularly close connections to sport: high-performing organisations.

Also in this edition of the Disclose you can read more about “IFRS: the impact of IFRS 15 on your financial statements prepared under the Swiss Code of Obligations”.

Intensive Course on IFRS 2018

June 2018 | Swissôtel | 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.

Dates and Topics

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

Monday, 4 June 2018
Module 1: Revenue (IFRS 15), Share based payments and others

Tuesday, 5 June 2018
Module 2: Leases (IFRS 16), Taxes, Pension, Foreign exchange rates

Monday, 11 June 2018
Module 3: Consolidation & Business combinations

Tuesday, 12 June 2018
Module 4: IFRS 9 Financial instruments

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.

Presenters and instructors

The course is presented by experienced PwC IFRS specialists.

Register here

Fee

Module 1: CHF 1,300 including VAT
Module 2: CHF 2,500 including VAT
Module 3: CHF 3,600 including VAT
Module 4: CHF 4,500 including VAT

For further information please visit our website Intensive Course on IFRS

Contacts

David Mason
PwC ACS Leader
+41 58 792 9490
david.mason@ch.pwc.com

Gesa Mannigel
PwC Assurance Director
+41 58 792 2454
gesa.mannigel@ch.pwc.com

IFRS News January 2018

Our latest IFRS News contains some information about the US Tax reform, IFRS IC decision, cryptocurrency and more.

US Tax reform – accounting under IFRS

President Trump signed into law on 22 December 2017 extensive changes to the US tax system. These changes are substantively enacted for accounting purposes in 2017 and should be reflected in the financial statements at 31 December 2017.

IFRS News – January 2018

IFRS IC decision on interest and penalties related to income taxes

The IFRS Interpretations Committee (IC) issued an agenda decision in September 2017 on interest and penalties related to income taxes.

IFRS News – January 2018

IFRS Blog: Accounting for Cryptocurrency

Guest blogger Gary Berchowitz, PwC Partner discusses the issues of the month: What is cryptocurrency? So what’s the accounting issue? What is wrong with today’s accounting?

IFRS News – January 2018

Cannon street press

The January 2018 IASB Update has been published and the work plan updated.

IFRS News – January 2018

Read last quarter’s IFRS News issue from October 2017

Read more

Disclose – PwC’s online magazine

Reading our latest issue of Disclose you’re sure to get an adrenaline rush as we investigate a topic with particularly close connections to sport: high-performing organisations.

Read more about “IFRS: the impact of IFRS 15 on your financial statements prepared under the Swiss Code of Obligations” in our latest Disclose 27 issue here.

Stay Smart – Financial Reporting Autumn 2017

It is our pleasure to invite you to Stay Smart – Financial Reporting Autumn 2017. Our seminar on IFRS and other important accounting and reporting issues is the ideal way to continue your professional education!

IASB and regulatory update
• Overview of recent developments and current work plan of the IASB
Implementing the new revenue, leasing and financial
instruments standards
• Implementation issues
• Impact on statutory accounts – are you able to align the accounting treatments? How to deal with transition impacts in statutory accounts
IFRS Pension accounting – current developments in Switzerland
• Risk sharing – an introduction to the debate and the options available
• Accounting for 1e plans

Dates and locations:
22 November 2017, Geneva
23 November 2017, Lugano
27 November 2017, Lucerne
28 November 2017, Zurich
29 November 2017, Basel
30 November 2017, Berne

As usual, you are invited to discuss these topics with experts from PwC’s technical department before, during and after the event. Stay smart! We look forward to welcoming you.

For further information and registration,
please visit:
www.pwc.ch/financialreporting

Contact

Regina Schütz
Assurance Assistant
Tel. +41 58 792 29 62
regina.schuetz@ch.pwc.com

IFRS News October 2017

Our latest IFRS News contains some information about
IFRS 16, IFRS 9 for Corporates, IFRS 15 Mole, Cannon Street Press, IFRIC Rejections — IAS 39 and more.

Behind the Scenes at the Interpretations Committee

Satenik Vanyan, PwC Consultant on secondment at the IASB, gives a behind the scenes tour of the Interpretations committee (IC).

IFRS News – October 2017

IFRS 16 – How To Guide

In this new series of articles we’ll explain how to implement IFRS 16; Sharing practical tips and insights to help identify issues and focus your transition effort. In this article, Richard Brown, explains how to get started.

IFRS News – October 2017

Scene 6, Take 1: Demystifying IFRS 9 for Corporates: Hedge

Sandra Thompson, Global Financial Instruments leader, explains that even though keeping your IAS 39 hedge accounting might sound easier, there’s more to consider.

IFRS News – October 2017

The IFRS 15 Mole

Akemi Miura, revenue specialist, investigates how to determine whether an entity should recognise contract costs as assets under IFRS 15 with the help of the IFRS 15 Mole

IFRS News – October 2017

Cannon Street Press

Changes in accounting policies arising from agenda decisions

IFRS News – October 2017

IFRIC Rejections – IAS 39

Hannah King of Accounting Consulting Services examines the practical implications of IC rejections related to IAS 39.

IFRS News – October 2017

Read the latest issue on IFRS News from August 2017

Read more

In brief – A look at current
financial reporting issues

  • SASB​ ​issues​ ​Exposure​ ​Drafts​ ​for​ ​public
    comment:

    PwC In brief US2017-29
    Read more
  • SEC​ ​announces​ ​compliance-related​ ​relief​ ​for those​ ​affected​ ​by​ ​hurricanes:
    PwC In brief US2017-28
    Read more
  • PCAOB​ ​requests​ ​additional​ ​feedback​ ​on
    proposals​ ​addressing​ ​other​ ​auditors:
    PwC In brief US2017-27
    Read more

 

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