Author groups
About "Global accounting consulting services"
The PwC global accounting consulting services practice is the coordinating function specializing in accounting consulting services related to the consistent application of International Financial Reporting Standards (IFRS) for territories around the world.
More about this authorArticle archive
PwC comment letter (IASB)
PwC comments on IASB's request for information, Rate Regulation6/13/13 | Global accounting consulting services
The PwC global network of firms supports the board’s efforts to gather information on the topic of rate regulation and provides suggestions for the board to consider for the discussion paper phase of the project.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Clarification of Acceptable Methods of Depreciation and Amortization4/15/13 | Global accounting consulting services
PwC agrees with the principle of the proposed amendments although we are not convinced that the amendments are necessary.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Novation of Derivatives and Continuation of Hedge Accounting4/2/13 | Global accounting consulting services
PwC supports the board’s efforts in clarifying whether an entity is required to discontinue hedge accounting when an over-the-counter (OTC) derivative is novated to a central counterparty (CCP) as required by law or regulation. We also appreciate the board’s responsiveness in addressing this urgent issue in a pragmatic way, as requiring entities to treat such novations as a discontinuance of hedge accounting would not provide useful information to investors.
PwC comment letter (IASB)
PwC Comments on Exposure draft: Classification and Measurement: Limited Amendments to IFRS 93/28/13 | Global accounting consulting services
PwC agrees with the board’s objectives to amend IFRS 9 and commend the board on their progress in achieving those objectives. The letter includes key comments that we would like to raise with the board.
PwC comment letter (IASB)
PwC Comments on Tentative agenda decision: IAS 10 Events after the reporting period—Reissuing previously issued financial statements3/19/13 | Global accounting consulting services
Following consultation with members of the PwC network of firms, this response summarizes the views of member firms who commented on the tentative agenda decision, published in the January 2013 edition of IFRIC Update.
PwC comment letter (IASB)
PwC Comments on IASB Request for Information: IFRS for SMEs1/3/13 | Global accounting consulting services
PwC global network of firms submitted comments on the IASB's request for information on IFRS for SMEs. The comments provided have been grouped into six broad categories to simplify our response and to avoid repetition. The Firm comments specifically on the scope of the SME standard, convergence with IFRSs, income taxes, options, convergence with the EU directives and the use of additional IASB guidance for SMEs.
- IFRS pocket guide
10/23/12 | Global accounting consulting services
PwC's IFRS Pocket guide 2012 provides a summary of the recognition and measurement requirements in International Financial Reporting Standards.
PwC comment letter (IASB)
PwC Comments on Draft Interpretation DI/2012/1: Levies charged by public authorities on entities that operate in a specific market9/12/12 | Global accounting consulting services
The PwC network global network of firms believes that the application of the conclusions in the draft interpretation will result in accounting that does not reflect the economic substance of many levies.
PwC comment letter (IASB)
PwC Comments to the IASB on Tentative Agenda Decision: IAS 19 , Employee benefits - Accounting for contribution-based promises7/30/12 | Global accounting consulting services
PwC global network of firms supports the Interpretations Committee's decision that the accounting for employee benefit plans with a promised return on contributions or notional contributions explored in the Draft IFRIC should be further considered.
- World Watch: Issue 1, 2012
7/12/12 | Global accounting consulting services
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. World Watch contains PwC's opinion articles, case studies and worldwide news on governance, reporting and assurance issues affecting business today.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Transition Guidance - Proposed amendments to IFRS 104/12/12 | Global accounting consulting services
PwC global network of firms agrees with the relief provided in the exposure draft with regards to the transition guidance in IFRS 10. However, the firm believes that the effect of the BoardÆs proposed relief is complicated to implement in practice. ...
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Investment Entities1/12/12 | Global accounting consulting services
PwC global network of firms welcomes the IASB's approach to provide differentiated fair value reporting for qualifying investment entities. The Firm, however, is concerned that there are significant differences between the IASB and FASB's respective proposals. The Firm believes that the Boards' differing approaches to the treatment of a controlling financial interest in an investment entity by a non-investment entity parent should be eliminated.
PwC comment letter (IASB)
PwC Comments on Request for views: Agenda Consultation 201112/13/11 | Global accounting consulting services
PwC global network of firms provides detailed responses to the questions included in the Agenda Consultation. The Firm also notes some of the broader issues that it believes the Trustees and the IASB should consider when establishing the agenda of the IASB.
PwC comment letter (IASB)
PwC Comments on Draft IFRS for SMEs Interpretation of "Undue Cost or Effort" and "Impracticable" (General, Issue 2)11/29/11 | Global accounting consulting services
PwC global network of firms strongly believes that the Implementation Group should not issue a Q&A that addresses the interpretation of "undue cost or effort" and/or "impracticable." The Firm believes that the SMEIG should not address through Q&As issues that might be relevant to full IFRS. The Firm notes that the SMEIG might use the "basis for conclusions" in the Q&As to limit the scope of the non-mandatory guidance, but there remains a danger that the Q&As might be considered in the interpretation of full IFRS, particularly in areas in which there is no guidance in full IFRS.
- IFRS pocket guide 2011
10/27/11 | Global accounting consulting services
This PwC publication provides a summary of the recognition and measurement requirements of IFRS issued up to August 2011. This quick-reference guide is intended for a variety of audiences, including finance directors, financial controllers and other members of the finance team, as well as broader management, actuaries, lawyers, merchant bankers and analysts.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Improvements to International Financial Reporting Standards10/26/11 | Global accounting consulting services
PwC global network of firms agrees in in principle with the proposed improvements. PwC global network provides its responses to the specific questions in the proposal, including suggestions to clarify the proposed wording of several of the proposed improvements.
PwC comment letter (IASB)
PwC Comments on Tentative agenda decision: IAS 12 Income taxes - Corporate wrapper10/26/11 | Global accounting consulting services
PwC Global Network of Firms does not support the tentative agenda decision as drafted. The Firm supports the Committee's conclusion that this item should not be taken onto the agenda because it raises fundamental questions about the principles in IAS 12 that should be addressed by the IASB.
PwC comment letter (IASB)
PwC Comments on Tentative agenda decision: IAS 12 Income taxes - rebuttable presumption to determine the manner of recovery10/26/11 | Global accounting consulting services
PwC global network of firms does not support the tentative agenda decision as drafted. The firm supports the committee's conclusion that this item should not be taken onto the agenda. The firm also supports the committee's conclusion that the presumption in paragraph 51C of IAS 12,'Income taxes can be rebutted in other circumstances, which is based on the guidance in IAS 12. However, the final two sentences of the tentative agenda decision contain an interpretation of IAS 12 that is not supported by the guidance in the standard.
PwC comment letter (IFAC)
PwC Comments on IAASB Consultation Paper: Enhancing the Value of Auditor Reporting: Exploring Options for Change10/26/11 | Global accounting consulting services
PwC global network of firms believes that the time is right to significantly enhance auditor reporting. Valuable enhancements can be made now that move us some way to achieving the goal of more informative and valuable auditor reporting. As solutions are developed, it is critical that there be active, continuous and open dialogue amongst auditing standard setters, regulators, users and other stakeholders. PwC global network urges the IAASB to work in collaboration with the PCAOB in relation to their respective consultation papers to develop solutions that work globally.
PwC comment letter (IASB)
PwC Comments on Exposure draft: Mandatory Effective Date of IFRS 910/26/11 | Global accounting consulting services
PwC global network of firms welcomes the decision of the Board to delay the mandatory effective date of IFRS 9. However, PwC global network questions whether the proposed date of January 1, 2015, will be enough of a delay. The firm believes that the Board should allow for a period of at least 18 months from the date of the finalizing IFRS 9 and the insurance project to the first comparative period covered by the new standard. Given that it does not appear that these projects will be completed before the second half of 2012, PwC global network recommends that the Board considers whether the proposed date is realistic in view of the most likely time line for the projects.
PwC comment letter (IFAC)
PwC Comments on Proposed ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information9/15/11 | Global accounting consulting services
PwC global network of firms believes that the proposed standard provides a strong basis for the performance of all assurance engagements and will facilitate consistent high quality engagements, capable of being supplemented by clearly tailored topic-specific ISAEs as required, in response to the needs of users. PwC global network also believes that the revisions to the requirements and application material to better articulate the defining characteristics of a limited assurance engagement, together with the principles and differences between attestation and direct engagements, are useful.
PwC comment letter (IASB)
PwC Comments on the IFRS Foundation Trustees' Strategy Review8/4/11 | Global accounting consulting services
PwC Global Network of Firms (1) provides some overall observations on what the Firm considers to be important issues connected with the IFRS Foundation Trustees' Strategy Review and (2) shares its views on the specific principles and recommendations proposed by the Trustees with respect to the organization's (1) mission, (2) governance, (3) due process, and (4) funding.
PwC comment letter (IASB)
PwC Comments on Draft Q&As: IFRS for SMEs Section 1 - Issues 3 and 46/21/11 | Global accounting consulting services
PwC network of firms believes that the SMEIG should not address through Q&As issues that might be relevant to full IFRS. There is a danger that the Q&As, although not mandatory and specific to the IFRS for SMEs (the standard), might be applied in the interpretation of full IFRS. PwC does not believe this to be appropriate, and believes Q&As issued by the SMEIG should be restricted to issues that affect the IFRS for SMEs only.
PwC comment letter (IASB)
PwC Comments on IAS 19 Defined Contribution Plans with Vesting Conditions6/21/11 | Global accounting consulting services
PwC network of firms expressed concern that the draft agenda decision does not take into account the wide range of conditions that can arise in employee benefit plans and as a result presents a conclusion that is too definitive and might lead to inappropriate accounting.
PwC comment letter (IFAC)
PwC Comments on IAASB Consultation Paper: Proposed IAASB Strategy and Work Program for 2012-20144/18/11 | Global accounting consulting services
In developing the IAASB strategy and work program for 2012-2014, PwC reflected on a number of factors that the Firm believes need to be considered beyond the relative priorities of possible projects alone. A number of developments and events will have a direct bearing on the expectations of stakeholders of the IAASB's activities and the respective priorities of both ongoing and future projects. PwC believes the IAASB will need to be suitably flexible as the outcome of some of these factors is not yet determined and, once known, may impact decisions on which, and how many, projects should be undertaken.
PwC comment letter (IFAC)
PwC Comments on Proposed ISRS 4410, Compilation Engagements (Revised)4/18/11 | Global accounting consulting services
PwC believes that the revision of extant ISRS 4410, and adoption of the clarity drafting guidelines, will serve to enhance understanding, of both users and practitioners, of the nature and scope of compilation engagements and of the distinguishing features of such engagements, as compared to other assurance type engagements. PwC supports the objective and overall work effort described in the proposed standard. The Firm also agrees with the principles on which the requirements, that describe the practitioner's work effort, are based.
PwC comment letter (FASB)
PwC Comments on IASB/FASB Supplementary Document: Accounting for Financial Instruments: Impairment4/4/11 | Global accounting consulting services
Consistent with the Firm's comment letters on the original IASB exposure draft and the FASB proposed ASU, PwC supports an expected loss approach to accounting for the impairment of financial assets carried at amortized cost. PwC believes the impairment model should: (i) measure credit losses consistent with current market expectations regarding collectability, and (ii) recognize the expected losses over the life of the instrument in a manner consistent with its pricing. The Firm believes this better reflects the economics of lending transactions than recognizing lifetime expected losses immediately. While preferring the conceptual merits of such a model, PwC acknowledges the operational and pragmatic concerns that exist and are...
PwC comment letter (IFAC)
PwC Comments on Proposed IAPS 1000, Special Considerations in Auditing Complex Financial Instruments3/29/11 | Global accounting consulting services
PwC supports the proposed IAPS and its practical guidance given the prevalence of fair value accounting and the global economic environment, which continues to present challenges in the valuation of complex financial instruments and disclosures about risk and uncertainties. PwC supports the detailed audit considerations guidance in the proposed IAPS and believes that it will provide a useful source of guidance for those auditors with less experience in auditing complex financial instruments. PwC believes that there are some areas in the draft which interpret requirements and guidance in the ISAs in a manner that the firm is not convinced is appropriate, and could result in unnecessary work effort in some circumstances or may be...
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Hedge Accounting3/15/11 | Global accounting consulting services
PwC believes that overall the proposals in the exposure draft make significant progress towards aligning the accounting more closely with risk management, establishing a more principles-based approach and addressing many of the inconsistencies and weaknesses in IAS 39. PwC is particularly supportive of eliminating the current bright line for effectiveness testing, allowing effectiveness to be assessed on a qualitative basis, expanding the ability to hedge component risks to non-financial items, and allowing hedge accounting to be applied to groups of items that include offsetting positions. PwC believes, however, that there are some areas where changes to the proposed standard should be considered to better address the project's objective.
PwC comment letter (IASB)
PwC Comments on IFRS Foundation Trustees' Review of Strategy3/3/11 | Global accounting consulting services
PwC global network notes the potential for overlap between the Trustees' strategy review and the Monitoring Board's review of governance, while applauding recent announcements around enhanced coordination of the two reviews. Overall, the PwC network continues to support the existing three-tier structure (Trustees, Monitoring Board, and the IASB), but suggests greater clarity in the roles and responsibilities of the Monitoring Board and the Trustees. The PwC network also emphasizes that the organizationÆs structure needs to be scalable to meet the growing need for interpretation and application guidance with the continued adoption of IFRS throughout the world and the high volume of new standards expected in the next year.
PwC comment letter (FASB)
PwC Comments on Request for Views/Discussion Paper: Effective Dates and Transition Methods1/31/11 | Global accounting consulting services
PwC believes a single effective date approach should be adopted with an unrestricted early adoption option of any or all of the standards available to all companies. This is especially important for first-time adopters of IFRS. Based on the firm's discussions with clients that are most affected and assuming final standards on the priority projects are issued by June 2011, PwC believes the effective date should be no earlier than periods beginning 1 January 2015. This date would allow companies sufficient lead time to implement the new standards correctly the first time, reduce costs, improve operations and minimize risk.
PwC comment letter (IASB)
PwC Comments on Tentative agenda decision: IAS 37 Provisions, Contingent Liabilities and Contingent Assets - Inclusion of own credit risk in the discount rate1/11/11 | Global accounting consulting services
PwC does not agree with the decision to defer consideration of this issue until the IASB's project to replace the provisions standard (IAS 37), or with the reasons given for that decision. PwC is aware of some differences of view on this issue, and believes there may be limited diversity in practice today, but the Firm is concerned that the agenda decision might result in further diversity that does not exist today.
PwC comment letter (IASB)
PwC Comments on Consultation Document: The annual improvements process: Proposals to amend the Due Process Handbook for the IASB12/2/10 | Global accounting consulting services
PwC supports the proposal to amend the Due Process Handbook to include criteria for assessing whether an issue should be dealt with through the annual improvements project. PwC agrees that it is helpful to have criteria for distinguishing between potential improvements and more significant projects. In the letter, PwC provides some comments drafting suggestions.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Leases12/2/10 | Global accounting consulting services
PwC expressed support for the boards' objective to report relevant and representationally faithful information to users of financial statements about the amounts, timing and uncertainty of cash flows arising from leases. The firm acknowledges that the proposals address the primary concern - that is, the recognition of assets and liabilities arising out of lease contracts - however, application of the proposals might reduce the income statement usefulness to many users. The firm believes that the proposals will result in significant cost and complexity for some preparers. The firm does not believe that the current proposals fully meet the objective in a number of key areas including the measurement of more complex leases, specifically...
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Severe Hyperinflation: Proposed Amendment to IFRS 112/2/10 | Global accounting consulting services
PwC believes that an amendment to address severe hyperinflation should be made to IAS 29 rather than IFRS 1 because the entities that requested the board consider this issue are unable to prepare financial statements in accordance with IFRSs, as they cannot apply the measurement requirements of IAS 29. PwC is concerned that an amendment to IFRS 1 could be applied more widely than the board intends.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Insurance Contracts12/1/10 | Global accounting consulting services
PwC believes the IASB should continue to work with the FASB in evaluating and making changes responsive to comments received, resolving current differences between the Boards, and developing a global insurance standard. PwC expresses concerns about certain aspects of both the IASB and FASB proposals. One key concern is how the proposals would interact with other standards that are relevant to insurers' financial statements. PwC believes the IASB and FASB need to resolve their remaining differences on this project, address the concerns regarding the proposed models raised in PwC's letter to the IASB, and finalize one converged financial instruments standard, in order for a proposed insurance contracts accounting standard to be...
PwC comment letter (IFAC)
PwC Comments on Proposed ISAE, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus11/16/10 | Global accounting consulting services
PwC is concerned that the emphasis in the proposed standard on the "process to compile" may result in users underestimating the applicability and usefulness of the standard, and the level of assurance that the work effort actually supports. The firm suggests that certain proposals within the exposure draft, along with the title of the standard, be amended to refer to the "proper compilation" of the pro forma information.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Deferred Tax: Recovery of Underlying Assets (Proposed amendments to IAS 12)11/15/10 | Global accounting consulting services
PwC does not support the specific proposals in the exposure draft. PwC has suggested an alternative approach that addresses concerns with the current model in a way that reflects the economic consequences of recovering an asset measured at fair value but also minimizes the risk of unintended consequences.
PwC comment letter (IASB)
PwC Comments on Tentative Agenda Decisions re: IAS 36 Impairment of Assets11/8/10 | Global accounting consulting services
Regarding IAS 36 calculation of value in use, PwC agrees with the decision of the IFRS IC not to take this item onto its agenda. PwC, however, encourages the IFRS IC to clarify the reasons for its conclusion so that the published rejection notice does not have unintended consequences. Regarding IAS 36 accounting for impairment testing of goodwill when non controlling interests (NCI) are recognized, PwC disagrees with the decision of the IFRS IC not to recommend this item for inclusion in Annual Improvements. PwC believes that the issue can and should be dealt with as part of the Annual Improvement projects to allow for resolution in a more timely manner than waiting for the outcome of an IFRS 3 post-implementation review. The firm...
PwC comment letter (FASB)
PwC Comments on Exposure Draft: Revenue from Contracts with Customers10/25/10 | Global accounting consulting services
PwC agrees with the theoretical merit of many of the concepts included in the proposed standard. PwC believes, however, that there are a number of situations where the concepts may be difficult to apply, do not appear cost beneficial, or both. PwC also agrees with the boards that full retrospective application of the proposed standard might benefit users, but a more pragmatic approach to transition might likely be needed in many situations. The firm encourages the boards to allow for early adoption of the proposed standard.
PwC comment letter (IASB)
PwC Comments on Exposure Draft: Removal of fixed dates for first-time adopters (proposed amendments to IFRS 1)10/19/10 | Global accounting consulting services
PwC agrees with the proposed amendments in the exposure draft and believes that the removal of the references to fixed dates in the standard is consistent with the principles of IFRS 1.