PwC' 'Practical guides to IFRS' series updates you on the guidance in recently released discussion papers, exposure drafts and final standards from the IASB. The 'Practical guides to IFRS' expand on the summary guidance in the 'Straight away' communications released in response to particular IASB projects. 'Straight aways' are issued shortly after an IFRS 'trigger event'; the 'practical guides' follow 1-2 months later and provide more detail of the business implications.
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:
The amendments to IFRS 9, Financial instruments', bring into effect a substantial overhaul of hedge accounting that will allow entities to better reflect their risk management activities in the financial statements.
The International Accounting Standards Board has published 'Recoverable amount disclosures for non-financial assets' (amendments to IAS 36). These narrow-scope amendments to IAS 36, 'Impairment of assets', address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal.
After considering a request submitted to them regarding the discount rate for IAS 19 the IFRS Interpretation Committee has concluded that further work on this was best left to the IASB discount rate project.