While the near-term use of IFRS in the US by domestic public companies will not be required, IFRS remains very relevant to many US businesses. Companies are and will be affected by IFRS at varying times and degrees of magnitude, driven by factors such as size, industry, geography, M&A activity, and global expansion. Despite an unclear SEC adoption timeline, we believe the impact of accounting changes resulting from the FASB's and IASB's joint efforts will be significant and will have broad based implications.
This publication provides a broad understanding of the major differences between IFRS and US GAAP, as well as insight into the level of change on the horizon.
This issue of IFRS news looks at (1) proposed interpretation on foreign currency and advance consideration, (2) new interpretation on uncertainty over income tax treatments, (3) proposed practice statement on the application of materiality to financial statements, (4) leases, (5) update on IFRS 9 Impairment Transition Group, (6) financial instruments with the characteristics of equity, (7) disclosure initiative, (8) insurers and IFRS 9, (9) borrowing costs, (10) joint control, (10) definition of a business, and (11) IFRIC rejections in short — IAS 10.
This issue of IFRS news looks at (1) highlights of September 2015 meeting of the TRG for impairment of financial instruments, (2) proposed deferral of amendments to IFRS 10 and IAS 28 for the sale or contribution of assets between an investor and its associate or joint venture, (2) fair value myths, (4) a summary of the IASB's recent decisions on Insurance contracts, the effective date for the new insurance standard and IFRS 9, and its disclosure initiative, and (7) recent issues IFRIC declined to take on related to IAS 8 on accounting policies, accounting changes, and errors.
PwC's Paul Feetham provides an update on the new revenue standard and the impact of the one year deferral.
This issue of IFRS news looks at (1) impairment through the eyes of regulators, (2) IFRS research is separating the facts from the hype, (3) negative interest rates, not just for banks!, (4) Workplan 2016-2020, and (5) IFRS rejections in short – IAS 7.
This PwC publication provides a broad understanding of the major differences between IFRS and US GAAP, as well as insight into the level of change on the horizon.
PwC Assurance Partners Ryan Leopold and Chris Wood discuss the new financial instruments standard and how it impacts the banking industry.
This issue of IFRS news includes the following topics: (1) proposed amendment to IFRS 15, Revenue recognition, (2) Exposure Draft proposing amendments to IAS 19 and IFRIC 14, Pension accounting, (3) TRG continues to debate implementation issues related to the new revenue standard, (4) Insurance and IFRS 9, (5) IFRS implementation issues, (6) Fair Value Measurement, (7) IFRS 3 post implementation review, (8) Financial Instruments with characteristics of equity, and (9) IFRIC rejections related to IAS 2.
This issue of IFRS news looks at (1) IASB issues exposure draft Conceptual Framework exposure draft, (2) segment disclosures: results of IFRS 8 Post-Implementation Review project, (3) IFRS 9 Disclosures, (4) IFRS 15 clarifications, (5) disclosure initiative, (6) FICE research project, and (7) NIFRICs by numbers: IAS 1.
This issue of IFRS news looks at (1) IASB propose to defer effective date of IFRS 15, (2) IASB research project gains steam, (3) Disclosure initiative, (4) Annual improvements, (5) Fair value of quoted instruments, and (4) Q&As: ‘Z’ is Zoos and IAS 41.
In our letter, we explain our views on net settled awards, measurement of cash settled awards, and transition guidance.