IFRS news is a monthly newsletter focussing on the business implications of IASB proposals and new standards. It provides information on and interpretations of IASB activity, highlighting problems encountered and solutions found by PwC IFRS teams. In order to help you keep up-to-date with IFRS developments.
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Latest issue | Archive |
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| Latest issues: November 2007 |
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The issue of the month discusses the key features and implications of the amendments to IAS 1, Presentation of Financial Statements published by IASB in September. The changes align some aspects of IAS 1 with SFAS 130, Reporting Comprehensive Income. Transactions with owners are now analysed separately from those relating to the performance of the entity..
This October issue also:
- discusses the accounting implications of the recent illiquidity in some financial markets, as a result of the rising defaults in the US sub-prime markets;
- highlights the key proposed changes to the IFRSs as a result of the IASB's Annual Improvements Project;
- explains some of the key IFRS issues in the area of revenue recognition.
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IFRS News Novembre 2007 |
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| October 2007 |
The issue of the month discusses the recently issued exposure draft of proposed amendments to IAS 39 "Financial Instruments: Recognition and Measurement". The amendments are intended to clarify what (risks and portions of risks) can be designated as a hedged item in a hedge accounting relationship. Download: IFRS News October 2007
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| September 2007 |
The issue of the month discusses two interpretations recently released by the IFRIC. IFRIC 13 explains the accounting treatment of customer loyalty programmes and IFRIC 14 looks at the asset ceiling test under IAS 19 and considers the interaction with any statutory, contractual or constructive obligation to make contributions to the plan (called minimum funding requirements).
This September issue also talks about draft interpretations D21 on real estate sales and D22 on hedges of a net investment in a foreign operation.
Finally, Guido Fladt, PwC new IFRIC member, talks to IFRS News about his views on, and expectations for, the committee.
Download (pdf) IFRS News September 2007 - Supplement 1 |
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| July/August 2007 |
The issue of the month talks about the proposed revisions to IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements as part of the IFRS/US GAAP convergence programme. The nature of the changes to IFRS 3 and IAS 27 as well as the comparison to US GAAP are commented upon. The IASB is expected to publish its amendments early September.
This July/August issue also addresses the accounting for self-generated carbon emission reduction certificates (CERs) by 'green' entities in fast-growing economies.
New appointments at IFRIC as well as the IASB project timetable are also presented.
Download (pdf) IFRS News July / Augustus2007 - Supplement 1 - Supplement 2 |
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| June 2007 |
The issue of the month talks about the proposed revisions to IAS 12 Income Taxes. IAS 12 is a well established standard but deferred tax remains a difficult and complex area for many companies. Will the changes make deferred tax accounting more straightforward ? Not sure... The impact of the most significant changes is explained below.
Download (pdf) IFRS News June 2007 - Supplement 1 - Supplement 2 |
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| May 2007 |
The issue of the month talks about the SEC announcement that it will issue a proposal to remove the reconciliation requirements between IFRS and US GAAP for IFRS financial statements to be filed by foreign private issuers (FPIs) by 2009. The removal of this requirement is only likely to apply to those reporting under full IFRS. The SEC also plans to issue a "Concept Release" that will seek views on allowing US issuers to prepare their financial statements under IFRS, thus treating US domestic registrants and FPIs similarly.
Download (pdf) IFRS News May 2007 |
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| April 2007 |
The issue of the month talks about the IASB published amendments to IAS 23, Borrowing Costs. IAS 23 Revised requires capitalisation of borrowing costs, as under US GAAP. This article explains the key features of the revised standard, its implications for financial reporting and the actions management should take.
Download (pdf) IFRS News April 2007 - IFRS News April 2007 Supplement |
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| March 2007 |
The issue of the month talks about the proposed amendments to IAS 24, Related Party Disclosures, that principally aim to give some relief from the detailed disclosure of transactions between state-controlled entities. Small changes in the definitions have also been made (e.g. associates of controlling parties will be considered related parties)
Download (pdf) IFRS News March 2007 - IFRS News March 2007 Supplement |
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| February 2007 |
The issue of the month discusses the proposed amendments to IFRS 1, Firts-Time Adoption of IFRS, which provide relief from certain IAS 27 requirements in the separate financial statements of a parent
Download (pdf) IFRS News February 2007 |
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| January 2007 |
The issue of the month talks about IFRS 8, Operating Segments. IFRS 8 replaces IAS 14, Segment Reporting and aligns its requirements with SFAS 131. It applies to the annual financial statements for periods beginning on or after 1 January 2009, earlier application being encouraged. This article explains the key features of IFRS 8, its implications for financial reporting and the actions management should take.
Download (pdf) IFRS News January 2007 |
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| December 2006 |
The issue of the month talks about IFRS 8, Operating Segments. This standard was just published last month as part of the short-term convergence project with US GAAP. IFRS 8 replaces IAS 14, Segment Reporting. It applies to the annual financial statements for periods beginning on or after 1 January 2009, earlier application being encouraged. Under IFRS 8, the information to be reported is what management uses internally for evaluating segment performance and deciding how to allocate resources to operating segments. The business implications of the new standard will be discussed in the January edition of IFRS News.
Download (pdf) IFRS News December 2006 |
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| November 2006 |
The issue of the month addresses frequently asked questions on IFRIC 4 Determining whether an arrangement contains a lease. Application of this interpretation is mandatory to annual periods beginning on or after 1 January 2006. An arrangement contains a lease if it depends on the use of a specific asset and conveys a right to control the use of that asset. The implications may be broader than expected and the transition guidance should be looked at carefully.
Download (pdf) IFRS News November 2006 |
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| October 2006 |
The issue of the month addresses frequently asked questions on IFRS 7 Financial Instruments: Disclosures. This standard replaces the IAS 30 requirements (disclosure requirements for banks and similar financial institutions) and the IAS 32 disclosure requirements. It is effective for accounting periods starting on or after 1 January 2007. Earlier application is encouraged. IFRS 7 requires companies to give more disclosures about their financial assets and liabilities, and their associated risks. Companies are encouraged to consider the issues prior to the standard's effective date of 1 January 2007
Download (pdf) IFRS News January 2007 & Supplement |
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| August/September 2006 |
The issue of the month provides an update on one of the IASB's most controversial projects: business combinations phase 2. It includes a long interview of Alan Teixera, the IASB senior project manager on BC2. Key principles are discussed such as the use of the economic entity model, of the full goodwill method and the treatment of transaction costs.
Download (pdf) IFRS News August/September 2006 & Business combinations complement |
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| July 2006 |
The issue of the month looks at the principal requirements of the IASB's new exposure draft on financial instruments at fair value.
Download (pdf) IFRS News July 2006 |
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| June 2006 |
The issue of the month discusses the amendment to IAS 23 - as part of the short-term convergence project with US GAAP - requiring borrowing costs to be capitalised as part of the asset's cost.
Download (pdf) IFRS News June 2006 |
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| May 2006 |
The issue of the month provides an update on IFRIC's position in respect of the classification of financial instruments as debt or equity instruments. This article only considers instruments that are settled in cash and does not cover instruments that may or will be settled in the issuer's own equity.
Download (pdf) IFRS News May 2006 |
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| April 2006 |
The issue of the month discusses the IASB key proposals on the exposure draft released last month amending IAS 1 Presentation of Financial Statements, as part of a broader review of performance reporting.
Download (pdf) IFRS News April 2006 |
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| March 2006 |
The topic of the month examines the financial reporting implications of outsourcing contracts. This topic can be complex: the outsourcing arrangement will generally be treated as a service arrangement but, depending on the substance of the arrangement, it can also be a lease, a construction contract, or even a business combination.
Download (pdf) IFRS News March 2006 |
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| February 2006 |
The topic: The issue of the month discusses IASB proposals on the management commentary that accompanies financial statements. Providing key contextual and non-financial information and metrics by which management actually make key decisions, set strategy and assess performance would largely enhance the quality of corporate reporting and meet investors' expectations.
Download (pdf) IFRS News February 2006 |
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| January 2006 |
The topic: The topic of the month explains the recent changes to IAS 21 "Effects of Changes in Foreign Exchange Rates" affecting the accounting for those inter-company loans that are considered as quasi-equity loans.
Download (pdf) IFRS News January 2006 |
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| December 2005 |
The topic: As the first year-end for European-listed companies adopting IFRS is fast approaching, the topic of the month provides an update of the status of the EU endorsement of various IFRSs as well as a background to the EU endorsement mechanism
Download (pdf) IFRS News December 2005 |
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| November 2005 |
The topic of the month discusses the scope of IAS 27 Consolidated and Separate Financial Statements and specifically the concept of de facto control.
Download (pdf) IFRS News November 2005 |
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| October 2005 |
The topic of the month discusses the proposed changes to accounting for sale and lease back transactions. IFRIC D12 discusses situations where there is in substance no sale (when certain options are associated with the legal sale) and therefore no sale and lease back transaction.
Download (pdf) IFRS News October 2005 |
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| September 2005 |
The topic of the month discusses IFRIC D15 "Reassessment of Embedded Derivatives", issued earlier this year to provide guidance on the timing of the assessment for embedded derivatives.
The topic of the month discusses IFRIC D15 "Reassessment of Embedded Derivatives", issued earlier this year to provide guidance on the timing of the assessment for embedded derivatives.
Download (pdf) IFRS News September 2005 |
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| July - August 2005 |
The topic of the month discusses the withdrawal of IFRIC 3 Emission Rights by the IASB, following the request from the IFRIC to consider alternative solutions to emission rights accounting. For reminder, this interpretation was rejected by Europe. The main concern was the mismatch related to the different measurement bases for the emission rights asset and the liability arising from the emission of pollutants.
Download (pdf) IFRS News July-August 2005 |
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| June 2005 |
The topic of the month discusses some of the recent amendments to IAS 19 Employee Benefits.
Download (pdf) IFRS News June 2005 |
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| May 2005 |
The topic of the month discusses the new amendment to IAS 39 that provides clarity on what type of intra-company foreign currency hedges will qualify for hedge accounting.
Download (pdf) IFRS News May 2005 |
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