PwC IFRS updates

Straight away - EU introduce requirements to disclose payments to governments

Fri, 14 Jun 2013 00:00:00 -0400

The European Commission has approved a directive introducing new disclosure requirements for entities in the extractive and logging industries.

IFRS news - June 2013

Wed, 05 Jun 2013 23:00:00 -0400

In this issue: Leasing: IASB publishes exposure draft ; IC – past and future: Wayne Upton, IC Chairman, shares his perspectives ; Cannon Street Press (Feedback statement on disclosures ; New members appointed to IASB and IC; Interpretation on levies ; IAS 36 amendment ; IASB Revenue project); Questions and answers: ‘G’ for government grants.

Illustrative condensed interim financial statements 2013

Wed, 05 Jun 2013 19:00:00 -0400

This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2013 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2013. Preparers should check for IASB pronouncements made after 1 March that may apply to their interim financial statements.

Straight away - IASB issues narrow-scope amendments to IAS 36, 'Impairment of assets'

Thu, 30 May 2013 00:00:00 -0400

The International Accounting Standards Board has published 'Recoverable amount disclosures for non-financial assets' (amendments to IAS 36). These narrow-scope amendments to IAS 36, 'Impairment of assets', address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal.

Interim reporting disclosure checklist 2013

Thu, 30 May 2013 00:00:00 -0400

This interim reporting disclosure checklist outlines the minimum disclosures required by IAS 34, 'Interim financial reporting’. The checklist has been updated to include the disclosure requirements that relate to the standards that are effective from 1 January 2013.

Updated publication: Essential guide to international accounting - IFRS summaries

Wed, 29 May 2013 00:00:00 -0400

The 'Essential guide to international accounting - IFRS summaries' (previous edition named 'Executive guide to IFRS - Topic summaries 2010') is a compendium of PwC’s IFRS topic summaries. The summaries include key information on each of the major accounting topic areas, presented in alphabetical order.

Straight away - IFRS IC issues an interpretation on the accounting for levies

Tue, 21 May 2013 00:00:00 -0400

The IASB has issued IFRIC 21, 'Levies', an interpretation on the accounting for levies imposed by governments. IFRIC 21 is an interpretation of IAS 37, 'Provisions, contingent liabilities and contingent assets'. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (known as an obligating event). The interpretation clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. IFRIC 21 is effective for annual periods beginning on or after 1 January 2014. This straight away looks at the details.

Straight away - IASB/FASB publish revised exposure draft on leases

Thu, 16 May 2013 06:00:00 -0400

On 16 May 2013, after more than two years of deliberations, the IASB and FASB issued a revised exposure draft (ED) of a standard for leases.This ED attempts to address many of the criticisms of the 2010 ED. At a high level, the proposed model appears simpler to apply than the previous proposals. But this might underestimate the impact of having to identify and recognise assets and liabilities in respect of all leases, as well as the need to re-think which accounting model to apply to different types of lease.

IFRS news - May 2013

Thu, 02 May 2013 23:00:00 -0400

In this issue: Integrated reporting - IIRC publishes consultation draft; Levies - IC to issue interpretation on accounting for levies; Insurers face change - an update on the insurance contract project and other key accounting changes; Cannon Street Press; Questions and answers - ‘F’ for fair value.

Straight away - IASB publishes exposure draft on rate regulation

Fri, 26 Apr 2013 06:00:00 -0400

The IASB has published an exposure draft on Regulatory deferral accounts as part of its reactivated Rate-regulated activities research project.

Practical guide - Exposure draft on impairment of financial assets

Thu, 18 Apr 2013 01:00:00 -0400

In March 2013, the IASB issued an exposure draft, ‘Financial instruments: Expected credit losses’. The ED outlines an expected loss model that will replace the current incurred loss model of IAS 39, ‘Financial instruments: Recognition and measurement’. It seeks to address the criticisms of the incurred loss model and, in particular, that it caused impairment losses to be recognised ‘too little and too late’. Under the proposals impairment losses are expected to be larger and to be recognised earlier. The comment deadline is 5 July 2013. A practical guide summarises the key proposals and their implications.

Straight away - IIRC releases consultation draft of International Integrated Reporting Framework

Tue, 16 Apr 2013 06:00:00 -0400

The International Integrated Reporting Council (IIRC) has released a consultation draft of its International Integrated Reporting Framework.

IFRS news - April 2013

Thu, 04 Apr 2013 23:00:00 -0400

In this issue: Impairment of financial instruments: IASB publishes exposure draft, Discount rates and IAS 19: IC debates the meaning of ‘high quality’ and ‘a deep market’, IFRS for SMEs: Post implementation feedback, Cannon Street Press, Questions and answers: ‘E’ for equity accounting

Straight away - IASB issues exposure draft of amendments to IAS 19R

Wed, 27 Mar 2013 07:00:00 -0400

The IASB has issued an exposure draft (ED) intended to clarify the application of IAS 19, ‘Employee Benefits’ (2011), to plans that require employees or third parties to contribute towards the cost of benefits.

Boards finalise redeliberations of revenue from contracts with customers

Sun, 17 Mar 2013 19:00:00 -0400

The IASB and the FASB substantively concluded redeliberations of their joint 2011 exposure draft, ‘Revenue from contracts with customers’, in February 2013. The boards reached decisions on the remaining key issues including disclosures, transition, and effective date at their most recent meetings. Details of these decisions, as well a a comprehensive look at the model the end of the key redeliberations, are included in this practical guide.

A practical guide to new IFRSs for 2013

Fri, 15 Mar 2013 10:00:00 -0400

This publication outlines the new IFRS standards and interpretations that come into effect for 2013 year ends. Ten new and revised standards and one new interpretation are now mandatory for entities outside the EU. Within the EU, most of the new and revised standards are effective from 1 January 2014 although can be adopted early.

Straight away - IASB publishes exposure draft on impairment of financial instruments

Fri, 08 Mar 2013 06:00:00 -0500

The IASB has issued an exposure draft on proposals for the impairment of financial instruments. The proposals build upon previous work to develop a more forward-looking provisioning model, which recognises expected credit losses on a more timely basis. The IASB model is designed to recognise credit losses on a more timely basis. Expected credit losses are recognised on all financial instruments within the scope of the proposals from when they are originated or purchased. This straight away looks at the details.

IFRS news - March 2013

Mon, 04 Mar 2013 23:00:00 -0500

In this issue: The disclosure problem: IASB takes on the challenge; Improving IFRS – A point of view: Ten concrete measures for improving IFRS; Profile: Mary Tokar; IFRS 10 and 11: Are you affected?; Cannon street press; Questions and answers: ‘D’ for disclosures of interests in other entities.

Straight away - IASB publishes exposure draft on novation of derivatives

Fri, 01 Mar 2013 06:00:00 -0500

The IASB has issued an exposure draft (ED) proposing a limited scope amendment to IAS 39, ‘Financial instruments: Recognition and measurement’, and to the forthcoming chapter on hedge accounting in IFRS 9, ‘Financial instruments’. The ED proposes some relief to the hedge accounting requirements when a derivative is novated to a central counterparty (CCP) such as a central clearing organisation under certain circumstances.

Straight away - FASB issues ED on classification and measurement of financial instruments

Sun, 17 Feb 2013 23:00:00 -0500

The FASB has issued an exposure draft (ED) on the classification and measurement of financial assets and liabilities. These comprehensive proposals are in contrast to the limited amendments proposed to IFRS 9, ‘Financial instruments’, published recently by the IASB, which largely focus on debt investments and transition. Whilst one of the primary objectives in amending IFRS 9 is to reduce differences with regard to the FASB proposals, and the two EDs align the accounting for debt investments in many areas, there are still differences. This straight away aims to provide an overview of the main differences between the FASB ED and IFRS 9 as it will be amended by the IASB ED.

Straight away - Boards conclude key revenue redeliberations with decisions on disclosures and transition

Sun, 17 Feb 2013 23:00:00 -0500

The IASB and FASB reached decisions at their February meeting on disclosure requirements, transition and effective date for the revenue recognition standard. These decisions substantively conclude the boards’ redeliberations on this project. This straight away looks at the details.

IFRS blog: Analysing the problem with disclosure

Fri, 08 Feb 2013 06:00:00 -0500

There’s a remarkable consensus in the IFRS world that we have a problem with disclosure. There’s a problem with the problem, though, as was very evident from the IASB Disclosure Forum at the end of January: there is no consensus on what the problem is.

IFRS news - February 2013

Tue, 05 Feb 2013 23:00:00 -0500

In this issue: IASB conceptual framework project: Back to basics; IAS 19R – Are you ready? Top 10 issues for transition and disclosure; Cannon street press: Feedback on hedging review draft; IAS 36 disclosures exposure draft; Revenue recognition project; Novated OTC derivatives designated as a hedging instrument; Questions and answers: ‘C’ for consideration.

Straight away - FASB amends scope of financial instrument offsetting disclosures

Mon, 04 Feb 2013 23:00:00 -0500

In January 2013, the FASB issued Accounting Standards Update No 2013-01, ‘Clarifying the scope of disclosures about offsetting assets and liabilities’ (the ‘ASU’). The ASU limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement.

'Straight away' updates

Fri, 01 Feb 2013 00:00:00 -0500

PwC keeps you up to date with the latest developments from the IASB with our series 'Straight away'. This two-page guidance, issued shortly after the release of a draft or final standard/interpretation, explains the key points and answers the questions:

What is the issue?
Am I affected?
What do I need to do?