PwC Publications: IFRS: Issues and solutions for the pharmaceutical industry

Publicly quoted companies around the world are working on transition into reporting under IFRS. There are numerous challenges. The ‘stable platform’ is still moving, for example, and various grey areas of definition and interpretation remain. Moreover, the move to IFRS not only affects the way in which companies report their results, it could also affect the way in which they operate and how the capital markets perceive them.

Many publications have discussed the broader implications of IFRS but, to date, none has addressed the particular issues the pharmaceutical sector faces. Our aim here is to highlight the industry-specific factors which need to be considered, and to provide an opinion on the most pertinent accounting solutions for commercial situations under the new standards. To complete the picture, we have included two additional sections: the first looks at Business Combinations and the second considers the practical aspects of embedding IFRS in an organisation.