International Financial Reporting Standards (IFRS)
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.
Fill in the following form if you want to recieve the monthly IFRS news in your email box
The issue of the month examines the discussion paper "Reducing Complexity in Reporting Financial Instruments" issued by the IASB in March 2008. This is the first step towards a new standard for reporting financial instruments that is principle-based and less complex than current requirements under IAS 39.
This April issue also covers the following topics:
- the proposals included in IFRIC D-24 "Customer contributions";
- an interview of Stephen Cooper, who talks to IFRS News about his experience of IASB Board member as well as that of Managing Director and Head of Valuation and Accounting Research at UBS Investment Bank;
- the changing landscape of global standard-setting, the IASB gearing up to be the global standard setter;
- an update on Korea's move to IFRS;
- reflections made by Philippe Danjou, IASB Board member, on the difficulties of applying the revised IFRS 3 "Business Combinations" as well as on the improvements the revised standard brings to international accounting regulatory governance, to competition between companies and to transaction management.
Download: IFRS News April 2008
| March 2008 | The issue of the month looks at the changes brought by the amendment to IAS 32 dealing with puttable instruments. The amendment changes the classification of certain qualifying instruments from financial liabilities to equity instruments. Certain types of entities, e.g. co-operatives, will be mostly impacted. Download: IFRS News March 2008 - Supplement |
||
| February 2008 | The issue of the month reports on the discussions held at the Global Public Policy Symposium organised last month and attended by the standard setting and regulatory communities. The central topic which was debated among panellists was "the benefits of principles-based accounting standards". Download: IFRS News February 2008 - Supplement |
||
| January 2008 | The issue of the month discusses the long-awaited revisions to IFRS 3 "Business Combinations" and IAS 27 "Consolidated and Separate Financial Statements". The standards require greater use of fair value in the income statement and cement the "economic entity" view of the reporting entity. This article looks at the key issues facing preparers and deal-makers and lists the key differences between the new standards and the previous ones. Download: IFRS News January 2008 |
||
| December 2007 | The issue of the month discusses the announcement made by the Securities and Exchange Commission last month that it is to allow IFRS financial statements from foreign private issuers in the US to be accepted without reconciliation to US GAAP. Discussions are also held on the issue of giving US domestic issuers the same option that foreign issuers have to use either IFRS or US GAAP. Download: IFRS News December 2007 - Supplement |
||
| November 2007 | 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. Download: IFRS News November 2007 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 |
||
Contacts:
- Belgium
Yves Vandenplas
Partner, Head of IFRS conversion
Tel: +32-2-710 4029
Patrice Schumesch
Global Accounting Consulting Services Partner
Tel: +32-2-710 4028
Related services:
- IFRS Conversion services
