Publications

Our corporate governance publications address good practices to meet the capital markets' expectations.

We also publish a number of more detailed corporate governance publications that are particularly suitable for users in the US and companies that may have to satisfy the requirements of the US capital markets.

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PwC has a number of tools to help with the application of the IFRS for SMEs standard, including illustrative financial statements, comparison with ‘full’ IFRS, pocket guide and checklists.

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PwC's 'Manual of accounting' is a comprehensive global guide to IFRS. It features explanations of how to prepare financial statements in accordance with IFRS; practical worked examples and extracts from company reports; model IFRS financial statements, which help to illustrate the explanations; and insights from over 100 members of our Global Accounting Consulting Services authoring team.

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IFRS news highlights the latest developments at the IASB. We provide practical guidance on how new standards/interpretations or changes to existing requirements will affect your company. Typical content includes:

• News: New standards, interpretations, amendments and exposure drafts
• Features: Business implications of applying IFRS
• Questions and answers: Putting the theory into practice
• Industry-specific issues
• Summary updates of IASB projects

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PwC's 'Practical guides to IFRS' series updates you on the guidance in recently released discussion papers, exposure drafts and final standards from the IASB.

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IFRS quarterly updates' outline the IFRS reporting requirements for a particular year-end. They highlight the topical issues to consider (including new issues added since previous versions); the standards that apply at this date; and the standards are published but effective at later dates and so need to be disclosed.

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PwC provides the following sets of illustrative IFRS financial statements:

• Illustrative corporate consolidated financial statements for 2012 year ends, including an appendix (appendix VIII) for first-time adopters.
• Banking.
• Insurance.
• Investment funds.
• Investment property.
• Private equity.
• Illustrative interim condensed financial information 2012, including disclosure checklist an overview of IAS 34, ‘Interim financial reporting’, and an appendix with example disclosures for first-time adopters.
• IFRS for SMEs - Illustrative consolidated financial statements 2010.

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We also publish an IFRS disclosure checklist. This has been updated to outline the disclosures required by all standards and interpretations for December 2012 year ends.

PwC publishes IFRS brochures with an industry-specific focus. We have brought together a selection.

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PwC has a number of publications comparing local GAAP with IFRS. See the list of titles in our 'similarities and differences' series.

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PwC keeps you up to date with the latest developments from the IASB with our series 'Straight away'. This two-page guidance, issued shortly after the release of a draft or final standard/interpretation, explains the key points and answers the questions:

• What is the issue?
• Am I affected?
• What do I need to do?

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There is growing recognition of the importance of transparency and common business languages to communicate business information to investors and other stakeholders. This is particularly important in the current business environment. Our regular newsletter, World Watch, contains opinion articles, case studies and worldwide news on the many initiatives to improve corporate reporting.

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On 16 May 2013, after more than two years of deliberations, the IASB and FASB issued a revised exposure draft (ED) of a standard for leases.This ED attempts to address many of the criticisms of the 2010 ED. At a high level, the proposed model appears simpler to apply than the previous proposals. But this might underestimate the impact of having to identify and recognise assets and liabilities in respect of all leases, as well as the need to re-think which accounting model to apply to different types of lease.

In this issue: Integrated reporting - IIRC publishes consultation draft; Levies - IC to issue interpretation on accounting for levies; Insurers face change - an update on the insurance contract project and other key accounting changes; Cannon Street Press; Questions and answers - ‘F’ for fair value.

The IASB has published an exposure draft on Regulatory deferral accounts as part of its reactivated Rate-regulated activities research project.

The International Integrated Reporting Council (IIRC) has released a consultation draft of its International Integrated Reporting Framework.

In this issue: Impairment of financial instruments: IASB publishes exposure draft, Discount rates and IAS 19: IC debates the meaning of ‘high quality’ and ‘a deep market’, IFRS for SMEs: Post implementation feedback, Cannon Street Press, Questions and answers: ‘E’ for equity accounting

In this issue: The disclosure problem: IASB takes on the challenge; Improving IFRS – A point of view: Ten concrete measures for improving IFRS; Profile: Mary Tokar; IFRS 10 and 11: Are you affected?; Cannon street press; Questions and answers: ‘D’ for disclosures of interests in other entities.

The IASB has issued an exposure draft (ED) proposing a limited scope amendment to IAS 39, ‘Financial instruments: Recognition and measurement’, and to the forthcoming chapter on hedge accounting in IFRS 9, ‘Financial instruments’. The ED proposes some relief to the hedge accounting requirements when a derivative is novated to a central counterparty (CCP) such as a central clearing organisation under certain circumstances.

There’s a remarkable consensus in the IFRS world that we have a problem with disclosure. There’s a problem with the problem, though, as was very evident from the IASB Disclosure Forum at the end of January: there is no consensus on what the problem is.

In this issue: IASB conceptual framework project: Back to basics; IAS 19R – Are you ready? Top 10 issues for transition and disclosure; Cannon street press: Feedback on hedging review draft; IAS 36 disclosures exposure draft; Revenue recognition project; Novated OTC derivatives designated as a hedging instrument; Questions and answers: ‘C’ for consideration.

The IASB and FASB decided at their January meeting to clarify the scope of the revenue standard, and they confirmed the accounting for repurchase agreements and performance fees by asset managers. They also confirmed that the accounting for transfers of non-financial assets that are not an output of an entity's ordinary activities should follow the guidance in the revenue recognition standard.

The IASB is proposing changes to the disclosures required by IAS 36, Impairment of assets, when the recoverable amount is determined based on fair value less costs of disposal. An exposure draft (ED) was published on 18 January 2013.

Investors tell us that assessing return on capital employed is often a crucial part of their analysis of company performance and stewardship. In this ‘Investor view’, we look at some improvements to disclosures that could help investors and benefit companies.

Investors tell us that assessing return on capital employed is often a crucial part of their analysis of company performance and stewardship. In this ‘Investor view’, we look at some improvements to disclosures that could help investors and benefit companies.

The December 2012/January 2013 edition of IFRS news covers the following: Making headway on financial instruments; Boards make progress on revenue; IAS 19 and discount rates; Impairment of non-financial assets; Cannon Street press and Questions and answers.

In July 2011, the IASB launched its first agenda consultation on its future workplan. The consultation culminated in the release of a feedback statement issued by the IASB on 18 December 2012. The feedback statement summarises the responses received in five key themes and outlines three initiatives by the IASB to address the responses.

This straight away looks at the decisions made by the IASB and FASB at their December 2012 meeting on allocating the transaction price to separate performance obligations, applying the proposed model to bundled arrangements, constraining the cumulative amount of revenue recognised on licences and accounting for contract acquisition costs.

In November 2012, the IASB published an exposure draft proposing limited amendments to IFRS 9 ‘Financial Instruments (2010)’. This practical guide summarises the key proposals and their implications as compared to the financial instruments classification and measurement model that exists in IFRS 9 today.

This straight away analyses the IASB exposure draft on accounting for acquisitions of interests in joint operations.

This straight away analyses the IASB exposure draft on accounting for the sale or contribution of assets between an investor and its associate or joint venture.

This PwC publication provides guidance on the IFRSs issued by the International Accounting Standards Board (IASB).

In November 2012, the IASB published an exposure draft proposing limited amendments to IFRS 9 ‘Financial Instruments (2010)’. This practical guide summarises the key proposals and their implications as compared to the financial instruments classification and measurement model that exists in IFRS 9 today.

The IASB has published an exposure draft which ncludes a limited scope amendment to IAS 16 and IAS 38 to clarify that a revenue-based method should not be used to calculate the charge for depreciation or amortisation. It is open for comment until 2 April 2013.

The IASB has issued an exposure draft proposing limited modifications to IFRS 9 (2010) ,'Financial instruments'. These proposals are to address three specific areas: application issues that have arisen in practice since the original issuance of IFRS 9 with regards to the use of amortised cost; interaction with the Insurance project; and to reduce differences between IFRS 9 and the FASB’s classification and measurement proposals (which is now largely aligned for debt instruments). Comment are due by 28 March 2013.

The IASB has published an exposure draft of proposed amendments to IAS 28: Investments in associates and joint ventures. The proposed amendments provide additional guidance to IAS 28 on the application of the equity method. The exposure draft aims to provide guidance on how investors should recognise their share of the changes in the net assets of an investee that are not recognised in profit or loss or other comprehensive income of the investee, and that are not distributions received (‘other net asset changes’). Comments are due by 22 March 2013.

The IASB has published an exposure draft for the 2011-13 cycle of the annual improvements project, with amendments that would affect four standards. The proposed amendments affect IFRS 1, IFRS 3, IFRS 13 and IAS 40. They are expected to apply for annual periods beginning on or after 1 January 2014. The deadline for comments is 18 February 2013.

The IASB and FASB have reached decisions on when revenue from variable consideration should be recognised, presentation of amounts not expected to be collected and licences at their November meeting on revenue recognition. The boards’ decisions are tentative and subject to change. Other key issues still to be redeliberated include allocation of transaction price, contract costs, disclosures and transition.

Many funds and similar entities will be exempted from consolidating controlled investees under amendments to IFRS 10, ‘Consolidated financial statements’. Michael Gaull looks at the implications.

Amendments to IFRS 10, ‘Consolidated financial statements’ mean that many funds and similar entities will be exempt from consolidating most of their subsidiaries. Instead, they will measure them at fair value through profit or loss. The amendments, published on 31 October 2012 give an exception to entities that meet an ‘investment entity’ definition and which display particular characteristics. Changes have also been made IFRS 12 to introduce disclosures that an investment entity needs to make. Straight away 97 has the details.

The staff of the IFRS Foundation (the parent organisation of the IASB and the IFRS IC) has published a response to the report on the SEC’s IFRS ‘work plan’. The Foundation’s staff response is described as a ‘convenience’ for interested parties and as ‘not approved’ by the IASB or the Trustees of the IFRS Foundation. The response analyses the main issues identified by the SEC and sets out the perspectives of the Foundation staff. It seems to draw different conclusions from those reached in the SEC work plan in several areas. It also sets out information that they indicate might not have been fully considered or given appropriate weight by the SEC staff.

The IASB and FASB met in September and October 2012 to continue redeliberating their joint revenue recognition project. They reached tentative decisions on: the constraint for recognising variable consideration; certain issues related to collectibility; time value of money; distributor and reseller arrangements; contract modifications; and measuring progress toward satisfying a performance obligation.This practical guide summarises the boards’ redeliberations and tentative decisions made at the September and October meetings and the implications for certain industries.

The IASB and FASB met on 18 October 2012 to discuss their joint project on revenue recognition. They reached decisions on contract modifications and measures of progress towards satisfying a performance obligation. Other key issues still to be redeliberated include collectibility, the constraint on recognising revenue from variable consideration, licences, allocation of transaction price, disclosures and transition.

IFRS 10 and IFRS 12 were issued in May 2011. Some of the detailed guidance is new and may result in changes in the scope of consolidation for some parent companies. This publication sets out our views on some of the most common issues that arise during the implementation of the new standards.

The 'IFRS disclosure checklist 2012' is designed to facilitate the collection and review of disclosures for each component of the IFRS financial statements. It has been updated to outline the disclosures required for December 2012 year ends.

PwC’s publication ‘Assurance today and tomorrow’ shares the views of investment professionals on the value of audit today and their practical suggestions for management, audit committees and auditors on how assurance might evolve in the future. This 'investor view' looks at some of the key findings.

Revenue redeliberations: some decisions; more to come. The IASB and FASB met on last month to discuss their joint project on revenue recognition. We outline the key decisions in this issue.

This webcast provides PwC's view on reporting performance and the opportunity for accounting standard setters to improve the way information is reported to investors.

This practical guide provides an overview of the elements of IFRS 10 that are, in our view, most relevant to insurance entities and provides related examples.

We're looking for your feedback on our range of PwC global IFRS publications and websites. We'd be grateful if you could complete a survey by following the link below. It should take around five minutes to complete. Your feedback will be used to improve and develop our global IFRS materials.

Analysts and investors in the banking sector have identified a number of areas where they are frustrated with current reporting of regulatory capital and liquidity . This ‘Investor view’ looks at some areas that banks might address.

The IASB has issued a review draft that details the new hedge accounting requirements. The IAS 39 requirements on hedge accounting have frustrated many preparers as they have not been well linked with common risk management practices. The detailed rules have at times made achieving hedge accounting impossible or very costly, even when the hedge has been an economically rational risk management strategy. Users have also found the current distinction between achieving hedge accounting or not as meaningless; they have often struggled to fully understand an entity’s risk management activities based on its application of the hedge accounting rules. The IASB has addressed several of these concerns in this third phase of its replacement of IAS 39 with IFRS 9.

The September edition of IFRS news covers th IASB's 'review draft' on hedge accounting, how to classify a joint arrangement, and a quiz on operating segments.

IFRS has plenty of critics around the world. We know that the standards aren’t perfect, but much of the criticism that we hear is unfair and ill-informed. In this blog, John Hitchins hands over to Peter Holgate, who addresses questions around achieving an effective accounting framework and the criticisms of IFRS.

The financial statements of a fictional entity have been updated to illustrate the disclosure and presentation requirements of the IFRS standards and interpretations for financial years beginning on or after 1 January 2012. The entity is an existing preparer of IFRS financial statements. There are appendices for early adopters of IFRS 9, 'Financial instruments', IFRS 10, 'Consolidated financial statements', IFRS 11, 'Joint arrangements' IFRS 12, 'Disclosure of interests in other entities', IFRS 13 'Fair value measurement', IAS 19 (revised), ‘Employee benefits’ and IAS 1 (amendment), ‘Statement of profit or loss and other comprehensive income’ .

The July/August 2012 edition of IFRS news addresses the following issues: Boards could diverge on impairment proposals; EU endorsement of five standards with later effective dates; Cannon Street Press: Leasing re-deliberations; Revenue updateSEC's 'work plan'; Transition guidance for IFRSs 10, 11 and 12; Accounting for rate-regulated activities; IFRS quiz: cash flow statement; Country profile: Russia

Over the past several months, the FASB and IASB have jointly deliberated a proposed "three bucket" impairment model for financial assets. At a recent meeting the FASB unanimously agreed that given the US constituent feedback, the FASB will not move forward with an exposure draft on the "three bucket" impairment model and will instead explore a revised approach. Straight away 92 looks at the detail.

The FASB and IASB have decided to identify separate performance obligations, performance obligations satisfied over time and onerous performance obligations. They have also discussed the accounting for licences but did not reach any decisions.

The IASB and FASB have ended their re-deliberations of the leasing project, but there is likely to be dissent on a number of areas from some members of both boards at the proposals in the revised exposure draft.

The SEC staff has published its final report (‘the staff report’) on its ‘work plan’ intended to help the SEC evaluate the implications of incorporating IFRS into the US financial reporting system. Straight away 89 provides the background and looks at the implications.

The IASB and FASB started to re-deliberate their respective ‘investment entities’ exposure drafts (EDs) in May and June .

The IASB has issued an amendment to the transition requirements in IFRS 10, ‘Consolidated financial statements’, IFRS 11, ‘Joint Arrangements’, and IFRS 12, ‘Disclosure of interests in other entities’. It clarifies that the date of initial application is the first day of the annual period in which IFRS 10 is adopted − for example, 1 January 2013 for a calendar-year entity that adopts IFRS 10 in 2013. Entities adopting IFRS 10 should assess control at the date of initial application; the treatment of comparative figures depends on this assessment.

Analysts and investors tell us about a number of areas where they are frustrated with current corporate reporting around the uncertainty in the eurozone and suggest some improvements that could be made to annual report disclosures.

The EU is likely to endorse IFRSs 10, 11, 12 and IASs 27 and 28 (‘the standards’) for financial years starting on or after 1 January 2014, one year later than the mandatory adoption date required by the standards.

Accounting for rate-regulated activities continues to gain attention as new territories transition to or consider transition to IFRS. Many regulated entities have continued to question whether assets and liabilities arising from rate regulation should be recognised under IFRS. There are also concerns about potential diversity in practice due to the lack of specific guidance under IFRS.

In this edition, we look at the issues faced by utilities companies. We draw on our considerable experience of helping utilities companies apply IFRS effectively and we include a number of real-life examples to show how companies are responding to the various challenges along the value chain.

The IASB and FASB took a big step forward this week in finalising their revised proposals for leasing. They took significant decisions on how a lessee should recognise lease expenses (two approaches: either the approach proposed in the 2010 exposure draft, with its resultant expense front-loading; or in a straight-line expense recognition pattern, similar to current operating lease accounting). They also revisited some previous decisions concerning lessor accounting.

This practical guide sets out a framework for an asset manager to use when interpreting IFRS 10 to determine whether control exists − in particular, the assessment of principal versus agent. It also includes our analysis of the illustrative examples from IFRS 10, and other factors that we believe may be useful to consider in practice.

The IFRS Interpretations Committee has published a proposed interpretation on the accounting for a put option written by a parent entity on the shares of its subsidiary held by a non-controlling-interest shareholder. The Interpretations Committee has considered how to subsequently measure that financial liability, because diversity exists in practice. It has proposed that all changes in the measurement of that financial liability should be recognised in profit or loss in accordance with IAS 39 and IFRS 9. The comment deadline is 1 October 2012.

The IFRS Interpretations Committee has published proposed guidance on the accounting for levies charged by public authorities on entities that operate in a specific market.

The FASB and IASB received approximately 360 comment letters in response to the updated exposure draft, issued in November 2011. This practical guide summarises the feedback generally and also addresses industry-specific concerns.

The June edition of IFRS news looks at: The latest discussions about the financial instruments project; Cannon Street Press - Progress with the various improvement projects; Cannon Street Press - Draft IFRIC on levies and on put options; New appointments at the IASB and IFRS IC; IFRS quiz: impairment of assets.

Investors often tell us they don’t necessarily want more information in financial statements but more useful information. They cite among their frustrations boilerplate accounting policies and a lack of useful commentary in the notes. This ‘Investor view’ looks at the investors’ concerns and simple ways entities can address them.

It would be great to have consistent application of a global set of accounting standards. But with a principles-based framework, we will still inevitably see some degree of diversity. PwC's global chief accountant, John Hitchins, suggests in his blog that good disclosure around significant uncertainties is the solution

The second exposure draft on revenue recognition; New IFRSs applicable for 2012 year-ends; IFRS quiz: test your knowledge of embedded derivatives and hedge accounting.

The IASB and FASB have made significant progress on several key redeliberation issues; I broadly support the boards' revised position on lease term, variable lease payments and definition of a lease.

This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2012 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2012. It also appendices with example disclosures for first-time adopters and early adopters of IFRS 9, IFRS 11 and IFRS 13, and a disclosure checklist.

This webcast presents PwC's view of the IASB's income tax proposals, plus our suggestions for alternative approaches and next steps.

The comment period for the revenue recognition re-exposure ended last month, so this seems like a good moment to take a look at the progress of the IASB’s priority projects – revenue, leasing, financial instruments (all of these being convergence projects with the FASB) and insurance.

Investors want to be able to forecast a business’ future cash flows. But they tell us that disclosures around foreign currency and hedging can make that task a challenge. In this ‘Investor view’, we look at what improvements to disclosure could benefit companies.

Related-party disclosures; IASB agenda consultation - Call for ‘period of calm’; Viewpoint - PwC’s global chief accountant on IFRS Foundation’s governance; IFRS quiz - Contingent consideration.

PwC global chief accountant John Hitchins looks at the The IFRS Foundation's and the Monitoring Board’s strategy reviews of the Foundation’s governance. He welcomes the commitment to do more to promote consistency of IFRS interpretation across borders, wonders about the politics around appointing IASB members only from countries where IFRS is required for domestic use and expresses disappointment in the lack of a concrete proposal on the future funding of the IASB.

Eurozone and 2011 financial reporting; Interview with IASB chairman Hans Hoogervorst; IFRS quiz - debt versus equity.

Investors from around the world have told us that entities can significantly improve their ability to access capital by making more voluntary disclosures on cash and debt. Investor view 20 outlines key areas that investors would like to see entities disclose and the frustrations they have with current reporting.

This alert sets out the key accounting issues that management should consider when assessing the impact of the current European economic environment on their accounting and reporting, with respect to financial assets and derivatives, non-financial assets, revenue recognition, provisions, employee benefits and financial statement disclosures.

New revenue ED; IAS 32 amendments: Asset/liability offsetting; Cannon Street Press: Leasing update; IFRS 9 new effective date; IFRS 10 transition proposals.

Will we remember 2011 as a year of delays? Will the theme continue into 2012? We started 2011 with high hopes that the year would see the completion of the convergence agenda and that we would end it with a...

This paper addresses some of the key treasury and financial reporting implications for both dealers and end-users. Treasury, risk management and financial reporting departments of entities with centrally-cleared or collateralised derivatives should assess the impact of the change to OIS discounting.

The IASB and FASB have finally released the much awaited new exposure draft on revenue. The boards have been generally responsive to feedback from the first exposure draft. Many of the changes will be welcomed by industry groups, users and...

Analysts and investors in the banking sector have identified a number of areas where they are frustrated with current corporate reporting and some improvements that could be made to disclosures in the annual report. This ‘Investor view’ looks at some areas that banks might address.

The IFRS disclosure checklist is designed to facilitate the collection and review of disclosures for each component of the IFRS financial statements. It has been updated to outline the disclosures required by all IFRS standards and interpretations for December 2011 year ends. It also includes a section highlighting the disclosures required of entities that early-adopt IFRSs effective for annual periods beginning after 1 July 2011.

IASB leasing update; Cannon Street Press: Accounting for government loans; Interpretation on stripping costs; Board members: Who’s who at the IASB; Transition issues: Canada.

These illustrative financial statements aim to help first-time adopters in their transition to IFRS. They were prepared by PwC in Canada for Canadian entities, whose first presentation of IFRS financial statements was for interim periods in 2011.

IASB agenda consultation; Leases project to be re-exposed; Cannon Street Press: ED on IFRS 9 effective date and ED for investment entities; Regulators and impairment; Transition issues: Nigeria

Global chief accountant John Hitchins provides a personal view on developments in the leasing project and 'what next' for the IASB's agenda.

We asked investment professionals, including corporate governance specialists, for their views on how well audit currently serves their needs and how it might evolve in future. This edition highlights some of the key findings.

IAS 19 amendment brings major change; IAS 1 amendment: Presentation of OCI; Revenue project: Proposals to be re-exposed; Cannon Street press: Improvements project IASB/IFRIC appointments and XBRL taxonomy; Viewpoint: Moving to IFRS – progress or not?

The key principle in IFRS 10 is that control exists, and consolidation is required, only if the investor possesses power over the investee, has exposure to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect its returns.

PwC asked both mainstream investment professionals and corporate governance specialists for their views on how well audit currently serves their needs and how it might evolve in the future. This report analyses the underlying findings from the survey.

The SEC is still due to decide later this year whether/when and how to incorporate IFRS into the US financial reporting system

Reconciliations analyses are important for modelling a business and predicting financial performance – but only if the disclosures provided are useful. This edition looks at what reconciliations the investment community wants to see and how disclosures could be improved.

Analysts say that segment reporting, the essential building-block for all valuations analysis, offers the greatest opportunity for management to differentiate itself. So why is this area so often cited as the biggest gap in the information set provided by management today? In this edition we investigate why.

‘Reporting entity’ takes shape; Joint venture accounting: Major changes; Consolidation: Revised definition of control news; Disclosure of interests in other entities: Key standard now out; Fair value measurement and disclosure: IASB and FASB guidance.

The IASB and FASB are still deliberating on some fundamental standards, but they have finally concluded (or agreed to differ) on a number of other topics.

Boards' timetable extended to December; Updates on leasing and revenue projects; IFRS news crossword.

The IASB and the FASB have announced that the major convergence projects (revenue, leasing and financial instruments) will no longer be completed by June 2011.

Specialists from our Accounting Consulting Services explain the objectives, definitions and key impacts of the new standard on fair value measurement.

Recent natural disasters have had a devastating impact on widespread areas. Businesses will need to turn their attention to the financial reporting implications as those in the affected areas get to grips with the ongoing uncertainty. This guide explains some of the IFRS accounting implications of natural disasters.

Update on revenue discussions; Leasing discussions delay standard; 'Revenue' impact on oil and gas sector; Interpretation Committee: What's on the agenda?; Transition issues: Japan

The investment community continually voices concern about the quality of disclosures for acquisitions transactions. This edition examines opportunities to improve the effectiveness of disclosures.

Investors say that additional information in both the cash flow statement and the supporting notes would be useful. This edition looks at key areas where disclosure of cash flow information could be improved.

IASB’s ticking clock; Update on revenue discussions; Cannon Street Press: Leasing discussions, FASB’s hedging consultation and SMEs working group; Transition issues: Brazil.

With only four months left until the new leasing standard is due to be published, the boards still appear to have a huge amount of debate and decision-making left to do.

At the Meet the Experts conference in October 2009, the Corporate Reporting Users' Forum shared with the audience their views on some of their priorities for financial reporting in the current environment.

The IASB and FASB’s ‘supplementary document’ on impairment of financial assets represents a major step towards convergence.

The IASB and FASB have issued proposals that would eliminate the single largest balance sheet difference between the two accounting frameworks today.

Common impairment model for financial assets; Cannon Street Press: FASB to fair value financial assets? Offsetting proposals; Revenue – summary ofresponses; Leasing – summary of responses; Transition issues: Korea.

This edition looks at some of the ways management can improve the cohesiveness of narrative messages delivered alongside the figures in an annual report.

Some of the comments coming out of the US at the end of 2010 implied that convergence of IFRS and US GAAP was still a long way off. But on 25 January, the FASB tentatively decided to allow certain financial instruments to be measured at amortised cost.

IASB issues exposure draft on hedge accounting; Cannon Street Press: Effective dates for new standards, Management commentary, Deferred tax accounting, and IFRS 1 amendments – hyperinflation and fixed dates; Transition issues: India; Christmas poem; Next wave of change: Implications.

Some of the IASB’s projects are not seen to have broad applicability, while others seem to affect nearly everyone. I think it is safe to say that revenue recognition is a project that affects almost everyone.

How clearly do your financial statements communicate the reality of your accounting policies to users? This edition highlights some opportunities for improvement in these disclosures suggested by a number of senior investment professionals.

It has been over a year now since the new IFRS standard for non-publicly accountable entities (‘IFRS for SMEs’) was issued.

At the 2010 ‘Meet the Experts’ conference, PwC invited participants of the Corporate Reporting Users’ Forum to discuss hot topics in financial reporting. This edition highlights what the investment professionals told the audience they are looking for in corporate reports.

Sir David Tweedie delivered an oft-quoted speech in Australia in August 2002, in which he told the attending luminaries that they had never flown on an aircraft that was on the airline’s balance sheet.

In this edition, some analysts and investors share their insights on practical steps that management can take to guide investment professionals through the transition to a new accounting framework.

The IASB has just announced two important appointments in this regard – first, Hans Hoogervorst as new chairman; and second, Ian Mackintosh as vice-chairman.

In this edition, Stephen Cooper, formerly head of accounting and valuation at UBS and now a member of the board at the IASB, talks about the IASB’s continuing efforts to meet investors’ information needs.

We must guard against introducing too much complexity without good reason. In considering any exposure draft, we must assess the operational complexities of implementing the proposals and, if these are significant, consider if there are more practical alternatives.

Investment professionals can access a wealth of information on most of today's leading companies at the click of a button. So is there still a role for the annual report? This edition looks at the views of analysts and investors.

The IFRIC has published today a Draft Interpretation (DI) on stripping costs that may have significant day one impacts for IFRS mining companies. The interpretation sets out guidance on the accounting for waste removal (stripping) costs in the production phase of a mine. The challenge in accounting for stripping costs in the production phase is identifying and allocating the benefits and the costs of stripping activity across different reporting periods. There is some diversity in practice as there is no specific guidance under IFRS.

How are entities presenting their pensions information – is it useful, could it be improved? This edition looks at current pension disclosures and those areas where there is scope for improvement.

PwC surveyed a geographically diverse sample of investors and analysts to gain a better understanding of their perspectives on accounting and reporting for financial instruments. The findings offer insight into the use of financial instrument information in their analytical processes.

Tax information in financial statements is one of the least understood areas of financial reporting. This edition looks at what different tax information the investment community wants.

This edition provides a high-level overview of the principles that investors say should be considered when reporting non-GAAP measures, based on PwC research and ongoing engagement with the investor community.

This edition looks at business funding and considers information that may be presented to assist users in their assessment of an entity’s position.

This edition provides a high-level overview of net debt reconciliation and the benefits it can provide to users of the financial statements in their assessment of an entity’s liquidity and solvency.