IFRS - Issues and solutions for the pharmaceuticals and life sciences industry - 2017 edition

Issues and solutions for the pharmaceuticals and life sciences industry 

This report addresses particular accounting issues the pharmaceuticals and life sciences sector faces when using the International Financial Reporting Standards (IFRS).The aim is to highlight the industry-specific factors which need to be considered, and to provide an opinion on the most pertinent accounting solutions for common commercial transactions under IFRS. It includes solutions for IFRS 15, ‘Revenue’, and IFRS 9, ‘Financial Instruments’, which are issued but only effective for periods beginning on or after 1 January 2018. Each solution is based on a specified set of circumstances. They cover general situations and provide a framework for determining the appropriate accounting answer but individual fact patterns may give rise to a different answer. Examples cover various practices in the following areas:

  • Research and development 
  • Intellectual property 
  • Manufacturing and supply chain 
  • Sales and marketing 
  • Revenue recognition 
  • Business combinations.
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