IFRS publications

IFRS readiness series

IFRS and US GAAP: Similarities & differences Much more than a simple comparison, this revision provides insight as to the actual impact of key differences between IFRS and US GAAP as well as context of how conversion to IFRS has ramifications far beyond the accounting department.		Mapping the change: IFRS implementation guide This guide is intended to jumpstart strategic thinking about an IFRS conversion, providing an outline for a suggested IFRS conversion approach, highlighting objectives, timelines, key considerations, and insights.		Preparing your first IFRS financial statement: Adopting IFRS This paper outlines how US companies should address the process of selecting their new IFRS accounting policies and applying the guidance in IFRS 1 as they begin to prepare for their first IFRS financial statements.

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Other featured publications

IFRS is on the horizon—are your systems ready? Getting your Oracle® E-Business Suite environment ready to meet IFRS reporting requirements This paper addresses the impact of IFRS on Oracle E-Business Suite, drilling down into available approaches and options.

IFRS for SMEs: How does this affect US companies? The recent release of IFRS for Small and Medium-sized Entities (SMEs) will affect companies with multinational subsidiaries. Do you know what the potential impact will be on your company?

10Minutes on the emerging influence of IFRS Impending adoption of IFRS brings changes that will have numerous implications for US businesses. Revenue recognition, leases, consolidations, and pensions are among the areas where companies may need to rethink certain business operations, strategies, and agreements as a result of convergence.

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IFRS for SMEs: A less taxing standard?
This article highlights key provisions of the income tax accounting guidance contained in the IFRS standard for small and medium-sized entities. The article provides comparison to existing IFRS, the IASB's proposed exposure draft on income taxes and US GAAP, as well as our observations of the potential impact of these provisions within IFRS for SMEs.

Currency gains and losses and IFRS: Tax implications of IFRS on foreign currency gains and losses resulting from long-term intercompany loans
Intercompany loans may have the risk of fluctuating currency valuation. However, currency risk on debt not intended for repayment may receive what some perceive as "beneficial" treatment under some local GAAP financial accounting standards, where currency fluctuation is recorded directly in the balance sheet with no impact to profit.

IFRS for SMEs: Pocket guide 2009
This handy pocket guide provides a high-level overview of the basic requirements and key areas covered by IFRS for SMEs.

The uncertain future of LIFO
This article explores the future of the last-in, first-out inventory method of accounting (LIFO), which is not permitted under IFRS, and of which Congress and the Obama Administration are considering a repeal.

Point of View: Rethinking the path to global accounting standards
The current economic crisis has led many to question whether transitioning to IFRS is still the right move for U.S. business. Amidst that backdrop, this Point of View publication discusses why adoption of a single set of high-quality global accounting standards remains in the best, long-term interest of investors, issuers, and regulators.

Transfer pricing and IFRS: Implications of IFRS on cost sharing arrangements
This article addresses the potential impacts that adopting IFRS accounting policies, particularly those related to revenue and expense recognition, may have on an organization's existing and future cost sharing arrangements.

Complying with IFRS: Getting your systems ready to meet financial consolidation and reporting requirements
Technology is a key enabler in the transition to IFRS, and the financial consolidation and reporting process in particular. Companies can look at the technology impacts of an IFRS transition in three layers: 1) Financial consolidation and reporting, 2) General ledger, and 3) Subledgers or subsystems. In this white paper—he first in a series of three—we focus on financial consolidation and reporting.

Pension/OPEB Accounting: Major changes coming to IFRS that could affect U.S. GAAP
This PwC DataLine provides an overview of the key tentative decisions of the IASB's recent deliberations regarding the recognition and presentation of pension and other post-employment obligations. It considers how these tentative decisions could impact U.S. GAAP and outlines the IASB's proposed timing on issuing an exposure draft and final standard.

A tax perspective on implementation, IFRS-Tax action plan (March 2009)
Technology is a key enabler in the transition to IFRS, and the financial consolidation and reporting process in particular. Companies can look at the technology impacts of an IFRS transition in three layers: 1) Financial consolidation and reporting, 2) General ledger, and 3) Subledgers or subsystems. In this white paper—he first in a series of three—we focus on financial consolidation and reporting.

Implications of a conversion on US research and development tax
Kendall Fox, a partner, John Scacco, a director, both with PricewaterhouseCoopers’ R&D tax credit practice and Luke Cherveny, a director, with PricewaterhouseCoopers’ IFRS national tax practice examine what, if any impact there is on the application of existing R&D tax laws.

Implications of property plant equipment from a US tax perspective
For capital-intensive businesses, including companies in the manufacturing and utility industries, PP&E may account for over 25% of their balance sheet's total assets. From componentization to measurement and asset impairment differences, the conversion from US GAAP to IFRS has the ability to impact the financial reporting of many organizations. In addition, these differences may also have implications on a company's tax accounting, compliance, planning, processes, and systems.

Income tax accounting under IFRS article series
The IASB has proposed significantly changing the current IFRS standard on accounting for income taxes. This series that explores how the proposed changes might impact companies. Each article focuses on a particular aspect of the IASB’s proposal.

IFRS, US GAAP, and US tax accounting methods
This publication attempts to identify circumstances where tax accounting method changes may be required or desired and where Schedule M computations may change during an IFRS conversion.

How internal audit can leverage IFRS
Is internal audit up to the challenge? The adoption of IFRS provides internal audit with an opportunity to get involved in their company's accounting conversion now and stay involved throughout the process.

Accounting for employee benefits under IFRS
This whitepaper outlines how the conversion to IFRS affects employee benefit plans.

Navigating the multi-GAAP reporting maze
This paper explains why it's critical to begin planning early for an IFRS conversion so you can understand how changing your financial reporting language will require changes in your processes, systems and organization.

10Minutes on transitioning to IFRS (September 2008)
This paper delivers a high-level overview of IFRS to the C-Suite. In it, we emphasize why it's important for senior executives and directors to start weighing and preparing for the implications of transition, even if their business isn't among those qualifying for voluntary adoption in 2009. With sufficient lead time, companies will be in a better position to reap the benefits of IFRS.

IFRS: The right move toward convergence: What IFRS will mean to US tax executives
This paper can assist you in understanding the related tax considerations and discussing IFRS with other functional leaders within your company.

Tax implications of an IFRS conversion on debt arrangements
This article provides a basic understanding of the potential impact a conversion to IFRS may have on a company's debt planning strategies.

Converting to International Financial Reporting Standards: Planning considerations for US tax executives
This publication will help your company answer the following questions: 1) Why is it important to begin planning now for the conversion to IFRS? 2) What are the most significant planning considerations for the global tax function? and 3) How and when should an organization start planning for the IFRS conversion process?

Implications of IFRS Conversion on US tax accounting methods
This publication details key considerations, as well as potential opportunities and drawbacks, related to the accounting changes that will result from a conversion to IFRS.

Stock option awards under IFRS: An analysis of the potential impact
PwC has developed this publication to assist you in understanding the impact of IFRS on existing and new share-based payment plans. The consequences of a move to IFRS will be important as the move may affect cash taxes and will certainly significantly impact financial reporting, systems and processes.