Putting IFRS in motion

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Addressing the evolving needs of your business

International Financial Reporting Standards (IFRS) is the basis for financial reporting to capital markets in an increasing number of countries around the world. More than 100 countries either use or are adopting IFRS. There are a number of new standards now being implemented that will have an impact on Canadian companies. One of the major challenges of any reporting framework is how best to implement it in the context of a specific company or industry. IFRS is a principles based framework and short on industry guidance. PwC can help identify the issues that are unique to the oil and gas companies industry, and give practical examples to demonstrate how companies are responding to the various accounting challenges along the value chain.

Of course, it isn’t just IFRS that’s constantly evolving, but also operational and financing issues faced by oil and gas companies.

The ever-changing landscape means that management needs to conduct research into the accounting implications of new structures or transactions. PwC’s Accounting Advisory Services team offers a wide range of experience and expertise in technical accounting issues. We provide a wide variety of services to both audit and non-audit clients tailored to accommodate each client’s unique circumstances and needs.

To learn more about Accounting Advisory Services and how PwC can help increase value in your organization, please contact any of our experts.

Thought leadership

Financial reporting in the oil and gas industry: International Financial Reporting Standards
We look at some of main developments in the IFRS context with a selection of reporting topics that are of most practical relevance to oil and gas companies’ activities. The new standards on joint arrangements, consolidated financial statements and disclosure of interests in other entities will be of particular interest to companies in the oil and gas sector.

A practical guide to new IFRSs for 2013
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.

Disclosing the Fair Value of Financial Instruments in 2013 Interim Financial Statements
We illustrate the type of fair value disclosures for financial instruments that a hypothetical company might provide in its 2013 interim financial statements. The illustrative disclosure is accompanied by explanatory notes that identify the changes and discuss the new and revised requirements.

Interim Reporting for New or Amended IFRSs Effective in 2013
For Canadian public entities, 2013 will be the first year that entities will be adopting a significant round of changes to IFRSs since adopting IFRS in 2011. This publication addresses some of the challenges in preparing interim financial reports for the first quarter of 2013.

IFRS tools

Comperio – Your path to knowledge
Comperio is an online library of global financial reporting and assurance literature. It contains full text of financial reporting standards for US GAAP and IFRS, plus materials of specific relevance to other territories. Register for a free trial at www.pwccomperio.com.

PwC inform – IFRS online
PwC inform is an online resource for finance professionals globally, covering financial reporting under IFRS. Use PwC inform to access the latest news, PwC guidance, comprehensive research materials and full text of the standards. The search function and intuitive layout enable users to access all they need for reporting under IFRS. It’s iPad friendly and has a PDF creator. Register for a free trial at www.pwcinform.com.