Most of the world’s capital markets now require IFRS, or some form thereof, for financial statements of public-interest entities. The remaining major capital markets without an IFRS mandate are (i) the US, with no current plans to change; (ii) Japan, where voluntary adoption is allowed, and while there is a Japanese government agenda item to expand use of IFRS in Japan, currently no mandatory transition date has been established; (iii) India, which announced in January 2015 its final roadmap requiring the use over the next several years of Indian accounting standards that are significantly converged with IFRS; and (iv) China, which intends to fully converge at some undefined future date.
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) IFRS 16 Leases: a glance at the new standard, (2) Narrow-scope amendments to IAS 12, Recognition of deferred tax assets on unrealised losses, (3) Current IC rejections, (4) Various topics, (5) P*Q crashes, (6) Insurance contracts, (7) Revenue from contracts with customers, (8) Measurement of interests in associates and joint ventures, and (9) IC rejections - IAS 12.
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. PwC provides the latest developments and helpful publications on IFRS adoption & convergence in the US.
In this recorded webcast, we discuss highlights of the new IFRS 16 guidance, including the new significant judgements involved, nuances that might lead to unexpected financial results, and new lessee accounting requirements. We also discuss the impact on industries and companies and why management should be attuned to the cross functional impacts of this change.
The leases standard under IFRS is here! Changes are in store, particularly for lessees.
This issue of IFRS news looks at (1) revenue: TRG discusses optional purchases, licenses and other topics, (2) news from the TRG for Impairment, (3) FASB exposure draft on definition of a business, (4) update on IFRS in the US, (5) year-end reminders, (6) insurance contracts, (7) classification and measurement of share-based payments, (8) Santa and the leasing standard, (9) the accounting horoscope 2016, and (10) IFRIC rejections: IAS 10.
This PwC publication includes a map and summarizes by country which countries have adopted IFRS.
PwC believes that the agenda decision goes beyond clarifying or explaining the requirements of IFRS 5.
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.
PwC agrees with the Committee’s conclusion that this item should not be taken onto its agenda.
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.