Publications

PwC's 'Auditor view' series is part of our commitment to develop relationships with the investment community in order to help improve reporting. Not only have we been sharing investors' views on aspects of reporting with companies; we are also communicating auditors' views back to the investors and analysts through the 'Auditor view' series. In these, we discuss some of the areas that require increased focus from auditors at this year end in various industries.

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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 2011 year ends, including an appendix (appendix VIII) for first-time adopters.
• Banking
• Insurance
• Investment funds
• Investment property
• Private equity
• Illustrative interim condensed financial information 2011, 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 (pdf 1.24mb). This has been updated to outline the disclosures required by all standards and interpretations for December 2011 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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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

This catalogue lists - by subject and by standard - the articles published in IFRS news from January 2010 to January 2012.

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 in this webcast, plus our suggestions for alternative approaches and next steps.

Update on key projects; Cannon Street Press ; IFRS 1 amendment ; IFRS quiz:Share-based payments; Contacts

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.

What are the key auditor concerns for M&A disclosures this year end? PwC's Dave Walters looks at some of the potential challenges that investors may encounter.

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.

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

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...

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.

This edition provides information about the role of the auditor, audit opinion, and misconceptions about areas that lie outside the auditor's remit.

The audit of business services entities presents a number of challenges. But what in particular are auditors likely to focus on at this year end? PwC audit partner Bowker Andrews looks at the principal areas of focus for auditors in this sector.

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.

The IASB seeks feedback will help the IASB prioritise standard-setting projects and balance its agenda over the next three years.

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.

Work schedule changes move the targeted publication of a final standard for leases and insurance contracts to the first half of 2012.

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.

Management should confirm that reporting systems are able to capture the information needed to implement the revised presentation of OCI items, and update the systems where necessary.

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 staff paper highlights that the framework may be more responsive to the needs of US constituents than other potential methods of incorporation. But its success significantly depends on a comprehensive and well-executed transition plan.

Auditing a global insurance company always presents challenges. What are auditors likely to focus on at this year end in particular? David Law, PwC's Global Insurance Leader, explains.

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.

The boards have published a report that updates their progress on the convergence agenda.

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.

The Boards announced that they are extending the target date for completion of their joint priority projects to the end of 2011.

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 audit of a global pharmaceutical entity always presents challenges. But what will auditors be focusing on at this year end? We asked Simon Friend, PwC's Global Pharmaceutical and Life Science Leader, for his view.

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.

The IASB and FASB have issued proposals to address differences in the balance sheet offsetting requirements between IFRS and US GAAP. The exposure draft will result in a converged standard for offsetting financial assets and financial liabilities on the balance sheet.

The audit of a global bank always presents a lot of challenges. But what in particular are auditors likely to focus on at this year end? We asked John Hitchins, PwC's Global Chief Accountant, for his view.

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.

The IFRS 1 amendment creates an exemption when an entity that has been subject to severe hyperinflation resumes presenting or presents for the first time, financial statements in accordance with IFRSs.

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.

The amendment to IFRS 7 addresses concerns raised during the financial crisis by the G20 that financial statements did not allow users to understand the ongoing risks the entity faced due to derecognised receivables and other financial assets.

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.

The transition provisions of the DI may have significant impacts when adopted; it will apply to all stripping campaigns in progress and require existing stripping cost balances to be reclassified and associated with specific ore quantities.

The proposals are the output of the IASB and FASB’s joint efforts to develop a single converged insurance standard.

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.

'Executive guide to IFRS’ is a compendium of PwC's topic summaries, which include key information on each of the major accounting topic areas.

The boards issued a staff draft of an exposure draft that will propose changes to the presentation of financial statements under IFRS and US GAAP. The boards believe that the revised format will allow users of the financial statements to better understand a company’s performance by requiring entities to subdivide their financial position, comprehensive income and cash flows into core operations and other activities.

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 amendment to IAS 1 will eliminate the option in the existing version of the standard to present a separate income statement. The proposals have been developed jointly with the FASB, which has issued a similar proposed amendment to US GAAP.

The paper sets out proposals to address some of the current accounting challenges of the mining and oil & gas industries for upstream activities.

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.

The IASB's revised proposals to amend the measurement of non-financial liabilities under IAS 37 would affect the measurement of most provisions and will be relevant to almost every entity.

Inflation in Venezuela has been high for a number of years, and cumulative inflation for the last three years now exceeds 100%. As a result, IAS 29, ‘Reporting in hyperinflationary economies’, should be applied by entities in Venezuela in financial statements for the year ending 31 December 2009.

The amendment removes an unintended consequence of IFRIC 14 related to voluntary pension prepayments when there is a minimum funding requirement. The amendment will have a limited impact as it applies only to companies that are required to make minimum funding contributions to a defined benefit pension plan.

A thought provoking comparison which reviews the compatibility of US GAAP positions with those of IFRS around five issues. For each issue we highlight the context, give a summary of the US GAAP approach and compare it with that of IFRS.

This PwC interactive electronic publication addresses specific areas where telecom operators may encounter difficulty in the application of IFRS and provides guidance on the best practice. The publication contains telecom specific solutions and is also supported by over 800 general industry solutions, which illustrate how the standards should be applied in practice.