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.
On 28 June 2016, Switzerland published the federal corporate tax reform III package (CTR III) that would abolish the existing cantonal privileged tax regimes and would allow cantons to introduce new internationally accepted tax measures (e.g., patent box, notional interest deduction).
This issue of IFRS news looks at the upcoming insurance standard, financial instrument impairment, leases denominated in a foreign currency, and more.
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.
This issue of IFRS news looks at income taxes, variable payments for the separate acquisition of PPE and intangible assets, current IC rejections, and more.
The IFRS15 accounting standard on revenue recognition brings profound implications for communications companies and operations.
This issue of IFRS news looks at alternative performance measures, definition of a business, interim reporting reminders, and more.
This issue of IFRS news looks at highlights from our recent global investor survey, the new revenue standard and the insurance industry, hedge accounting questions and answers, and more.
This issue of IFRS news looks at (1) final changes to IFRS 15 – an overview, (2) regulator focus - what can we learn from the ESMA report?, (3) IFRS 8 Segment Reporting - key things to look out for, (4) leases lab - how to implement the new guidance?, (5) insurance and IFRS 9, (6) conceptual framework, (7) disclosure Initiative, and (8) IC rejections - IAS 18.
IASB issued its amendments to the new revenue standard, which differ in some respects from those proposed by the FASB.
This issue of IFRS news looks at (1) the suitability of cash flows and the discount rate used in impairment testing, (2) issues the IFRS Interpretations Committee rejected at its March meeting, (3) the impact of IFRS 16, Leases, on the pharmaceutical industry, (4) topics discussed at the IASB’s March 2016 meeting, and (5) the practical implications of IFRS Interpretations Committee rejections related to IAS 17, Leases.