IFRS insight & guidance

Our IFRS content collection includes blogs, publications, podcasts, videos and monthly IFRS news. We share our insight on what’s happening in the world of IFRS reporting, what preparers and users need to know now and the impact of new standards. Our content draws on our wide network of IFRS specialists to provide practical guidance on interpreting, applying and understanding the global financial reporting language of IFRS.

IFRS 17 marks a new epoch for insurance contract accounting

In May 2017, the IASB issued IFRS 17, ‘Insurance Contracts’, and thereby started a new epoch of accounting for insurers. Whereas the current standard, IFRS 4, allows insurers to use their local GAAP, IFRS 17 defines clear and consistent rules that will significantly increase the comparability of financial statements. For insurers, the transition to IFRS 17 will have an impact on financial statements and on key performance indicators.

Go in depth with PwC insight into the new classification and measurement requirements of IFRS 9

A number of significant judgements are required by the new standard. There are fewer categories for classification and measurement under IFRS 9 but application isn’t necessarily any simpler. Classification under IFRS 9 for investments in debt instruments is driven by a bank’s business model and the contractual cash flow characteristics of the related instruments.

Moving from incurred to expected credit losses for impairment of financial assets is a game changer

The expected credit loss model applies to all entities and relies on a relative assessment of credit risk. For financial institutions it may mean changes to credit management systems as well as accounting policies. Certain practical expedients and simplifications are available. Some are optional, some are only available in limited circumstances. We share insights on the new requirements.

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