Applying IFRS is an interactive electronic publication developed by PricewaterhouseCoopers. It provides guidance on the application of International Financial Reporting Standards and includes more than 1,000 solutions to illustrate how the standards should be applied in practice.
Use the quick links below to access specific components,
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It is easy to use and structured along the components of financial statements. It allows the user to select the area where guidance is sought.
The chapters and solutions are written in clear English and each give a definition of the component followed by practical application guidance. The solutions are taken from real life to illustrate best practice. It provides links to solutions, other components and PwC publications.
Introduction to Applying IFRS for energy & utilities
Energy & utilities entities face particular financial reporting issues – some of which are unique to these industries; some of which are common with other sectors but are more accentuated in the energy & utilities industry sectors.
Some of these more challenging issues with financial reporting impact include:
Capital-intensive projects with long lead times;
High-risk capital projects from which probable future economic benefits cannot be determined until significant exploratory work has been completed;
Many different forms of risk sharing structures, such as joint ventures, production sharing contracts, undivided interests, co-located assets;
Price-regulation and rate-recoverable costs;
Industry-specific taxes;
Co-operation in operating patterns leading to overlift and underlift; and
Significant environmental obligations, such as decommissioning requirements and emission limiting schemes.
The financial reporting impact of these and other issues are addressed in the following chapters and solutions for the energy & utilities industries. These chapters are supplements to the generally industry version of Applying IFRS. The guidance in those general industry chapters and solutions is applicable to energy & utilities entities, as are the requirements of all IFRS standards.
