IFRS Reporting

IASB revises the Conceptual Framework: PwC In brief

The IASB has revised its Conceptual Framework. This will not result in any immediate change to IFRS, but the Board and Interpretations Committee will use the revised Framework in setting future standards. It is therefore helpful for stakeholders to understand the concepts in the Framework and the potential ways in which they might impact future guidance.

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Retail and consumer (‘R&C’) industry supplement for IFRS 16 ‘Leases’

The retail and consumer industry is heavily impacted by IFRS 16 with a median increase in debt of almost 100%. This In depth supplement highlights the most significant challenges for the retail and consumer industry including renewal options, variable payments and key money.

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IFRS 9 What’s new in financial instruments accounting for asset management: PwC In depth

This publication focuses on the new guidance in IFRS 9 and the questions that might arise when applying it to financial instruments held by investment funds, private equity funds and real estate funds, as well as to investments in an investment fund held by an investor.

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IFRS 9 impairment: Revolving credit facilities and expected credit losses: PwC In depth

Many banks grant revolving credit facilities to their customers, such as credit cards and overdrafts. IFRS 9 contains some specific impairment requirements for these unique facilities that give rise to some complex issues, both conceptually and in practice. Industry thinking is expected to continue to evolve on but this publication brings together our latest thinking on this topic.

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IFRS 16, 'Leases' for the shipping industry - PwC In depth supplement

The shipping industry is likely to be one of the most affected by the new standard, given that bareboat, time-charter contracts and other arrangements that are widely used in the industry will typically fall under the definition of a lease. This In Depth supplement explains how the arrangements common in the Shipping industry will be accounted for under IFRS 16.

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Amendments to IFRS 9: Prepayment features with negative compensation and modifications of financial liabilities

The IASB has issued a narrow-scope amendment to IFRS 9 to enable companies to measure at amortised cost some prepayable financial assets with negative compensation. The assets affected, that include some loans and debt securities, would otherwise have been measured at fair value through profit or loss (FVTPL).

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IFRS 9 disclosures by banks in 2018 interim reporting and transition documents

Many banks are about to plunge into the world of IFRS 9 reporting with application in interim financial statements in 2018. Some banks also plan to issue a separate transition document on key impacts of IFRS 9 at and beyond adoption. These interim reports and transition documents will be the focus of attention from investors, regulators and other key stakeholders. There’s no prescription for how to present this information so we’ve developed this publication help banks navigate that transition.

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Hedge accounting – should I stay or should I go now?

Companies can choose whether to adopt IFRS 9 hedge accounting with the rest of IFRS 9 or continue under IAS 39. If you go there will be trouble but if you stay there might be double! This blog explains what difference it would make for a corporate and the relative merits of staying or going.

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A comprehensive guide to revenue recognition under IFRS 15 (updated in August 2017)

Revenue is important to preparers and users of financial statements. IFRS 15 shifts the focus of revenue recognition to a control model and has a single set of principles for revenue from both goods and services transactions. Our revenue specialists share their insights to help companies identify the changes that are necessary and prepare for implementation.

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IASB confirms accounting treatment for debt modifications under IFRS 9

The Board has confirmed the accounting treatment under IFRS 9 for modifications of financial liabilities carried at amortised cost. A gain or loss should be recognised in profit or loss for modifications of such financial liabilities that do not result in derecognition.

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IFRS / HKFRS News - Jul 2017

Updates on IFRIC 23 regarding putting some certainty into uncertain tax positions, IFRS 15 series article talks about accounting for licences, the demystifying IFRS 9 for Corporates series focus on financial liabilities, factoring and business models, lease lab introduces changes in disclosure requirements, Cannon Street Press and practical implications of IFRIC rejections related to IAS 37

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IFRS / HKFRS News - Jun 2017

Updates on IFRS 17 which was finally issued after 20 years. The IFRS 15 series article talks about warranties while Lease lab introduces IFRS 16’s impact on lessor accounting. Also includes update from Cannon Street on IFRIC interpretation ratification, amendments to IAS 28, and goodwill and impairment research project. NIFRICS by numbers for this month talks about practical implications of IFRIC rejections related to IAS 36 ‘Impairment of assets’.

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IFRS / HKFRS News - May 2017

Updates on solving the mystery of carve-outs financial statements, accounting for variable consideration under IFRS 15, proposed tweak to IFRS 8, demystifying IFRS 9 for corporates regarding intra-group loan, lease lab introduces lease term, Cannon Street press and practical implications of IFRIC rejections related to IAS 34 'Interim financial reporting'

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IFRS / HKFRS News - Apr 2017

Demystifying IFRS 9 for corporates and accounting as principal or as agent under IFRS 15, updates from Cannon Street on primary financial statement, conceptual framework for financial reporting and FICE. NIFRICS by numbers talks about practical implications of IFRIC rejections related to IAS 32 ‘financial instruments

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IFRS / HKFRS News - Mar 2017

Navigating the maze of IFRS 15 transition, the twilight zone — definition of a business and bundled sales under IFRS 15, demystifying IFRS 9 series article explains ECL models, Cannon Street on IFRS 9 modification, insurance and FICE, leases lab introduces transition and practical implications of IFRIC rejections related to IAS 29 'Financial reporting in hyper-inflationary economies'

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IFRS 9, Financial Instruments - Understanding the basics

IFRS 9 responds to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle. Our guide, IFRS 9, Financial Instruments: Understanding the basics, walks you through the new accounting rules.

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IFRS 9, Financial instruments: Understanding the basics

IFRS 9 responds to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle. Our guide, IFRS 9, Financial Instruments: Understanding the basics, walks you through the new accounting rules.

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IFRS / HKFRS News

Pension disclosure, year end disclosure on IFRS 9, what is a contract under IFRS 15, Cannon Street update on insurance, disclosure initiative, conceptual framework and FICE, leases lab introduces discount rate, IFRS 9 article explains significant increase in credit risk and practical implications of IFRIC rejections related to IAS 27 'Consolidated and separate financial statements'

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IFRS / HKFRS News

Ten reminders for interim reporting, alternative performance measures - under scrutiny by regulators, definition of a business, implication of IFRS 2 "Share-based Payment" amendments, IFRS 9 "Financial Instruments" Q&As, Cannon Street Press, leases lab for impact on systems and processes, and practical implications of IFRIC rejections related to IAS 21 "The effects of changes in foreign exchange rates"

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