Industry IFRS: Featured publications

PwC has created industry-specific materials that share insight into the business impacts of upcoming accounting changes. The packs consider the practical and commercial implications of accounting changes on the horizon that will have a significant impact on clients across 13 different industries:

The publications featured below are a selection of recent PwC IFRS brochures with an industry-specific focus.

 

Financial reporting in the oil and gas sector

This publication looks at how IFRS is applied in practice by oil and gas companies. It identifies the issues that are unique to the oil and gas companies industry and includes a number of real-life examples to demonstrate how companies are responding to the various accounting challenges along the value chain.

Practical guide to fair value measurement: real estate industry

This supplement to the Practical guide to IFRS - Fair value measurement looks at how the standard might result in the requirement to redefine processes and procedures and, specifically, how it might impact the following areas:

  • Investment property carried at fair value: how investment properties are measured and the requirement for additional disclosures;
  • Investment properties carried at amortised cost: how to determine fair value less costs to sell for IAS 36, ‘Impairment of assets’, and IFRS 5, ‘Non-current assets held for sale and discontinued operations’, and fair value for disclosure under IAS 40, ‘Investment property’;
  • Fair value for property, plant and equipment: how to measure fair value under the revaluation model according to IAS 16, ‘Property, plant and equipment’;
  • Fair value in a business combination: how to estimate fair value in a business combination according to IFRS 3, ‘Business combinations’.

Practical guide to joint arrangements: real estate and construction industry supplement

This supplement to Practical guide to IFRS - Joint arrangements considers the business and industry-specific issues associated with IFRS 11 that management should consider. For example, management will need to evaluate how the standard will affect the way they account for their existing or new joint arrangements; and how their current business activities may need to change beyond the accounting processes, such as key business metrics (for example, debt covenants), controls and processes, information-gathering and information technology requirements.

 Practical guide to joint arrangements: telecoms supplement

This supplement to Practical guide to IFRS - Joint arrangements considers the business and industry-specific issues associated with IFRS 11 that management should consider. For example, management will need to evaluate how the standard will affect the way they account for their existing or new joint arrangements; and how their current business activities may need to change beyond the accounting processes, such as key business metrics (for example, debt covenants), controls and processes, information-gathering and information technology requirements.

Practical guide 17 - What do the revenue exposure draft proposals mean to the oil & gas industry?

Revenue recognition in the Oil & Gas industry may at first glance appear to be a simple process as it is based on the supply of commodities in exchange for consideration. However, there are a number of common complex arrangements that may be affected by the revenue project proposals. Our practical guide takes an initial look at these and identifies some important areas where we are awaiting further clarification from the IASB deliberations

IFRS and the German BilMoG: accounting solutions for the medical technology industry

These guidelines are intended to provide guidance on the most pertinent accounting solutions for medical technology-related companies in accordance with IFRS and German Commercial Code(Handelsgesetzbuch, or HGB) as amended by the German Act to Modernise Accounting Law (Bilanzrechtsmodernisierungsgesetz, or BilMoG).


This publication highlights the industry-specific factors that can significantly affect accounting practices and, consequently, the representation of a company’s economic situation. It aims to provide guidance on the most common and relevant accounting issues for companies in the medical technology industry.

The implications of proposed  lease accounting  for real estate

The global real estate accounting group has produced a webcast providing the latest insight into the implications of lease accounting for real estate.
This webcast provides an update on the future of lease accounting, the impact it is having on the different real estate sectors and the business implications. It also contains our perspectives on the current exposure draft.

Business combinations: How will the new accounting standard affect you?
This publication explains the changes and contains examples to illustrate the issues raised by the new standard IFRS 3 (revised)  that are relevant to pharmaceuticals and life sciences companies.

A practical guide to accounting for property under the cost model
This publication addresses the application of the principles in IAS 16 when applying the 'component approach' (that is, accounting for 'significant parts of an item of property, plant and equipment’) for entities measuring their property, plant and equipment or investment properties at cost. 

Issues and Solutions for the retail and consumer goods industries: International Financial Reporting Standards (IFRS)/US GAAP
This publication offers an extensive set of accounting solutions to help you understand the key issues and concerns behind this ongoing shift to IFRS.

Lease accounting proposals – Thoughts for retailers on building counter-arguments
Our retail clients have shared with us their points of view on the changes to lease accounting proposed by the Boards. This paper details some of their arguments and points of view. Retailers will want to give thought to these issues and questions in light of the coming exposure draft. Some of the issues touched on include:

  • Unit of account.
  • Liability for optional renewals.
  • The anti-abuse challenge.
  • Recognition triggers for contingent rents.
  • Views of the investment community.

The overhaul of IFRS lease accounting - Catalyst for change in corporate real estate
This publication provides a detailed summary of the key provisions of the exposure draft stage of an ambitious IASB and FASB joint proposal that would radically transform lease accounting from the existing model which has existed for over 30 years. These changes would impact almost every company but are especially relevant to those that are significant users of real estate. The proposal suggests a completely new model for lessee accounting under which lessee's rights and obligations under all leases, existing and new, would be capitalised on the balance sheet.

A practical guide to IFRS 7 for investment managers and investment, private equity and real estate funds
This 60-page publication contains questions and answers on the application of IFRS 7 for investment managers and private equity, real estate and investment funds. It also provides a checklist of disclosures required under IFRS 7.

Letting fees - real estate hot topics
This IFRS real estate hot topic looks at how initial direct costs are often incurred by lessors in negotiating and arranging a lease. The paper gives examples of how only incremental costs may be treated as initial direct costs. It also presents the principles of accounting for fees paid to external agents (letting fees) in different scenarios.

A practical guide to accounting for properties under construction
This publication, originally released in August 2009, has been updated in March 2010 to address questions on how to account for properties (investment properties or inventories) rented out before sale. There are also questions and answers on investment properties under construction that come under IAS 40.

A practical guide to IFRS 8 for real estate entities
This publication addresses questions that arise when applying IFRS 8 to real estate entities.

A practical guide to accounting for agricultural assets
This practical guide seeks to answer some of the frequently asked questions from entities that are new to IFRS and are applying IAS 41, 'Agriculture'. These 32 Q&As and two illustrative examples help management understand IAS 41 - a small standard with wide scope and a significant impact on entities within its scope.

'To rent or to own?'
Provides guidance for the transportation and logistics industry on key proposed changes to lease accounting, with practical examples. This publication was written for the Hong Kong/China market but the guidance is globally applicable.

Issues and solutions for the retail and consumer goods industries: Lease accouting for retailers - the biggest ever accounting change?
This publication explains the details and highlights the impacts of the potential changes to the IASB and FASB's lease accounting standards.

A practical guide to IFRS 8 for investment funds
This 14-page Q&A guidance addresses the issues arising for investment funds applying IFRS 8, 'Operating segments'

Navigating the move to IFRS: Global insights for technology companies
This publication aims to help US technology companies think strategically about the financial and non-financial aspects of an IFRS conversion.

Similarities and differences: A comparison of US GAAP and IFRS for investment companies
A guide to the key similarities and differences between IFRS and US GAAP as they are applicable specifically to investment companies.

IFRS/US GAAP: Issues and solutions for the retail and consumer goods industries: IFRS / US GAAP
This publication offers an extensive set of accounting solutions to help you understand the key issues and concerns behind this ongoing shift to IFRS. The report also provides a US GAAP perspective.

PwC publishes a range of other industry-specific IFRS publications. See the list below.