Publications

Our IFRS publications address the following commonly asked questions: What are the requirements of IFRS? What does changing to IFRS involve? How does IFRS compare to other accounting frameworks? What do IFRS financial statements look like? Where can I get advice on applying and interpreting IFRS?

See our publications below for answers to these and other IFRS implementation questions.

For a printable overview of available publications, please view our publications catalogue

Browse PwC's IFRS publications

PwC IFRS News - August 2016

11 Aug 2016

The August 2016 issue includes: Income taxes - The end of an era, variable payments for the separate acquisition of PPE and intangible assets, decommissioning liabilities and impairment testing, current IC rejections - Various topics, difficulties in translating IFRSs, Cannon Street press: Conceptual framework; Financial Instruments with Characteristics of Equity, Leases lab - Communications industry, IC rejections - IAS 23.

Accounting for government loans to fund research and development: PwC In brief

01 Aug 2016

The IFRS Interpretations Committee (IC) has concluded that contingently repayable cash received from a government to finance a research and development (R&D) project is a financial liability under IFRS 9, 'Financial instruments' (same conclusion under IAS 32, 'Financial instruments; Presentation'). The liability is initially recognised at fair value, any difference between the cash received and the fair value of the liability is a government grant, accounted for under IAS 20, 'Government grants'. This In brief looks at the impact of this issue.

Variable payments for the separate acquisition of PPE and intangible assets - PwC In brief

01 Aug 2016

The IFRS Interpretations Committee (IC) has declined to address accounting for variable payments for the purchase of intangible assets and property, plant and equipment. The current diverse practice is expected to continue. The issue has been the subject of discussions at the IC and at the IASB for several years. The IC finally concluded in March 2016 that the issue was too broad for it to address and published a formal decision not to add this issue to its agenda. This In brief looks at the impact and provides an insight into the issue.

IAS 36; Impact of a decommissioning liability in determining the recoverable amount of a CGU - PwC In brief

20 Jul 2016

Most liabilities are ignored when calculating recoverable amounts in impairment testing. However certain liabilities, such as decommissioning and restoration liabilities cannot be separated from the related assets. This presents challenges when applying both the ‘fair value less costs of disposal’ (FVLCOD) approach and the ‘value in use’ (VIU) approach. The IFRS Interpretations Committee (IC) considered how to apply the current guidance to a VIU calculation. The IC declined to take the issue on to the agenda as the guidance on VIU is clear, therefore neither an Interpretation nor an amendment to IAS 36 was necessary. This In brief looks at the impact and provides an insight into the issue.

PwC IFRS News - July 2016

05 Jul 2016

The July 2016 issue includes: Alternative performance measures: Do’s and don’ts, Definition of a business: What will change?, Interim reporting reminders, IFRS 2 amendments: What will change for share-based payment accounting?, Cannon Street Press: Insurance contracts; Previously held interests; Conceptual Framework; Income taxes, Leases lab: Impact on systems and processes, IC rejections: IAS 21, Appendix: ‘Brexit’ Alert.

Impact of UK referendum result on financial reports - PwC In brief

24 Jun 2016

Now that the UK has voted to leave the EU, there will be a protracted period of negotiation, and many months of uncertainty as the detailed political and legal issues are worked out and the real impact of leaving unfolds. It will be at least two years, and probably longer, until the UK actually leaves the EU. This uncertainty will likely impact all UK businesses and those that do business/ invest in the UK. There has been an immediate impact on the financial markets, both in the UK and overseas, with the pound significantly weakening against other currencies and share prices fluctuating as the market reacts to the decision. For entities that are reporting either full year or interim results at 30 June, there is a need to consider a number of accounting and reporting issues. This In brief provides an overview of some potential issues and the relevant guidance under IFRS.

Illustrative IFRS consolidated financial statements for 2016 year ends

22 Jun 2016

This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under IFRS as issued at 31 May 2016. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2016 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions.

IFRS 9 - The implementation of impairment requirements by banks - GPPC paper and PwC In brief

17 Jun 2016

As announced in a press release from the Global Public Policy Committee (GPPC), the GPPC have published a paper providing practical assistance to banks implementing the new IFRS 9 impairment requirements. The aim of the paper is to promote the implementation of accounting for expected credit losses to a high standard. A short webcast and audio-only podcast version are also available, providing further insight into the objective and contents of this new paper. This In brief explores the paper in further detail.

Manual of accounting – Interim financial reporting 2016

09 Jun 2016

This publication provides comprehensive guidance on preparing interim financial reports under IAS 34 as well as an illustrative set of condensed interim financial statements for the six months to 30 June 2016, including additional guidance in ‘commentary’ boxes on how to present this information. The financial statements comply with IFRSs as issued at 30 September 2015 and that apply to annual reporting periods commencing on or after 1 January 2016.

IFRS News - June 2016

06 Jun 2016

The June 2016 issue includes Investor survey - Impact on corporate reporting, IFRS 15 and the insurance industry - An overview, IFRS 9 Financial Instruments - Questions and answers, Cannon Street Press: Agenda Consultation; Insurance and IFRS 9; IFRS 2 Share-based payments; Conceptual Framework; Disclosure Initiative; Equity method of accounting, Leases lab - How to implement the new guidance?, IC rejections - IAS 19.

IFRS 15 - Revenue recognition for the insurance industry - PwC In depth

11 May 2016

Insurance contracts are outside the scope of IFRS 15, but insurance entities that render other services will be affected. Insurance entities will need to consider changes that might be necessary to information technology systems, processes and internal controls, to capture new data and to address changes in financial reporting. In depth INT2014-02 is a comprehensive analysis of the revenue standard. This supplement discusses some of the more significant changes for insurance entities.

IFRS News - May 2016

05 May 2016

The May 2016 issue includes: Final changes to IFRS 15 - An overview, Regulator focus - What can we learn from the ESMA report?, IFRS 8 Segment Reporting - Key things to look out for, Leases lab - How to implement the new guidance?, Cannon Street Press: Insurance and IFRS 9; Conceptual Framework; Disclosure Initiative, IC rejections - IAS 18, Cryptic word-seek: Solution.

IFRS 15 - Revenue recognition for the Insurance entity industry supplement - PwC In depth

01 May 2016

Our publication In depth INT2014-02 is a comprehensive analysis of IFRS 15, 'Revenue from contracts with customers'. This supplement discusses some of the more significant changes for the Insurance entity industry.

IFRS 16 'Leases' - Implications for the airlines industry - PwC In the Spotlight

22 Apr 2016

Under IFRS 16 substantially all lease contracts will be on the balance sheet of the lessee. Estimates suggest this change will mean that trillions of additional lease obligations will be added to the balance sheets of Airlines world-wide. As most lease obligations are denominated in US-Dollar, many airlines will also be exposed to additional foreign currency volatility into their profit or loss. This In the Spotlight summarises the main aspects of the standard, highlighting some key challenges and questions management should ask as they prepare for transition.

IAS 29 - South Sudan enters hyperinflation - PwC In brief

18 Apr 2016

The economic environment in South Sudan deteriorated rapidly towards the end of 2015. Cumulative inflation for the year to the end of January 2016 exceeded 100% and South Sudan should therefore be considered a hyper inflationary economy in 2016. IAS 29, 'Financial Reporting in Hyperinflationary Economies', should be applied by entities with a South Sudanese pound functional currency to financial statements for the year ending 31 December 2016 and for interim periods within that year. IAS 29 should also be applied to restate the financial statements of subsidiary entities with a South Sudanese pound functional currency before they are included in the consolidation at 31 December 2016.

IFRS IC decision - Immediate impact on cash pooling arrangements- PwC In brief

15 Apr 2016

The IFRS Interpretations Committee (IC) issued an agenda decision in April 2016 on when and whether entities are able to offset balances in accordance with IAS 32. This could have wide ranging implications for both financial institutions and corporate entities. The IC noted that, to the extent to which a group does not expect to settle its subsidiaries’ period-end account balances on a net basis, it would not be appropriate for the group to assert that it had the intention to settle the entire period-end balances on a net basis at the reporting date. Hence such balances cannot be offset under IAS 32.

IFRS 15,'Revenue from contracts with customers', Transportation and logistics industry supplement - PwC In depth

13 Apr 2016

Industry supplement discusses the areas where the revenue standard (IFRS 15) is expected to have most impact on the transportation and logistics industry.

IFRS 15 ‘Revenue from contracts with customers’ amendments - PwC In brief

12 Apr 2016

A brief look at the IASB’s amendments to IFRS 15, issued in April 2016.

IFRS News - April 2016

08 Apr 2016

The April 2016 issue includes key considerations for impairment tests - Cash flows and discount rate, Current IC rejections - Various topics, Leases lab - How to implement new guidance?, Cannon Street Press - Applying IFRS 9 with IFRS 4, Definition of a business, Goodwill and impairment, Agenda consultation, IC rejections: IAS 17, Cryptic word-seek.

New IFRS for 2016: PwC In depth

31 Mar 2016

Summary of new IFRSs and amendments plus standards and amendments effective from 1 January 2016. Covers IFRS 16, IAS 7, IAS 12.

PwC IFRS News - August 2016

11/08/16

The August 2016 issue includes: Income taxes - The end of an era, variable payments for the separate acquisition of PPE and intangible assets, decommissioning liabilities and impairment testing, current IC rejections - Various topics, difficulties in translating IFRSs, Cannon Street press: Conceptual framework; Financial Instruments with Characteristics of Equity, Leases lab - Communications industry, IC rejections - IAS 23.

Accounting for government loans to fund research and development: PwC In brief

01/08/16

The IFRS Interpretations Committee (IC) has concluded that contingently repayable cash received from a government to finance a research and development (R&D) project is a financial liability under IFRS 9, 'Financial instruments' (same conclusion under IAS 32, 'Financial instruments; Presentation'). The liability is initially recognised at fair value, any difference between the cash received and the fair value of the liability is a government grant, accounted for under IAS 20, 'Government grants'. This In brief looks at the impact of this issue.

Variable payments for the separate acquisition of PPE and intangible assets - PwC In brief

01/08/16

The IFRS Interpretations Committee (IC) has declined to address accounting for variable payments for the purchase of intangible assets and property, plant and equipment. The current diverse practice is expected to continue. The issue has been the subject of discussions at the IC and at the IASB for several years. The IC finally concluded in March 2016 that the issue was too broad for it to address and published a formal decision not to add this issue to its agenda. This In brief looks at the impact and provides an insight into the issue.

IAS 36; Impact of a decommissioning liability in determining the recoverable amount of a CGU - PwC In brief

20/07/16

Most liabilities are ignored when calculating recoverable amounts in impairment testing. However certain liabilities, such as decommissioning and restoration liabilities cannot be separated from the related assets. This presents challenges when applying both the ‘fair value less costs of disposal’ (FVLCOD) approach and the ‘value in use’ (VIU) approach. The IFRS Interpretations Committee (IC) considered how to apply the current guidance to a VIU calculation. The IC declined to take the issue on to the agenda as the guidance on VIU is clear, therefore neither an Interpretation nor an amendment to IAS 36 was necessary. This In brief looks at the impact and provides an insight into the issue.

PwC IFRS News - July 2016

05/07/16

The July 2016 issue includes: Alternative performance measures: Do’s and don’ts, Definition of a business: What will change?, Interim reporting reminders, IFRS 2 amendments: What will change for share-based payment accounting?, Cannon Street Press: Insurance contracts; Previously held interests; Conceptual Framework; Income taxes, Leases lab: Impact on systems and processes, IC rejections: IAS 21, Appendix: ‘Brexit’ Alert.

Impact of UK referendum result on financial reports - PwC In brief

24/06/16

Now that the UK has voted to leave the EU, there will be a protracted period of negotiation, and many months of uncertainty as the detailed political and legal issues are worked out and the real impact of leaving unfolds. It will be at least two years, and probably longer, until the UK actually leaves the EU. This uncertainty will likely impact all UK businesses and those that do business/ invest in the UK. There has been an immediate impact on the financial markets, both in the UK and overseas, with the pound significantly weakening against other currencies and share prices fluctuating as the market reacts to the decision. For entities that are reporting either full year or interim results at 30 June, there is a need to consider a number of accounting and reporting issues. This In brief provides an overview of some potential issues and the relevant guidance under IFRS.

Illustrative IFRS consolidated financial statements for 2016 year ends

22/06/16

This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under IFRS as issued at 31 May 2016. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2016 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions.

IFRS 9 - The implementation of impairment requirements by banks - GPPC paper and PwC In brief

17/06/16

As announced in a press release from the Global Public Policy Committee (GPPC), the GPPC have published a paper providing practical assistance to banks implementing the new IFRS 9 impairment requirements. The aim of the paper is to promote the implementation of accounting for expected credit losses to a high standard. A short webcast and audio-only podcast version are also available, providing further insight into the objective and contents of this new paper. This In brief explores the paper in further detail.

Manual of accounting – Interim financial reporting 2016

09/06/16

This publication provides comprehensive guidance on preparing interim financial reports under IAS 34 as well as an illustrative set of condensed interim financial statements for the six months to 30 June 2016, including additional guidance in ‘commentary’ boxes on how to present this information. The financial statements comply with IFRSs as issued at 30 September 2015 and that apply to annual reporting periods commencing on or after 1 January 2016.

IFRS News - June 2016

06/06/16

The June 2016 issue includes Investor survey - Impact on corporate reporting, IFRS 15 and the insurance industry - An overview, IFRS 9 Financial Instruments - Questions and answers, Cannon Street Press: Agenda Consultation; Insurance and IFRS 9; IFRS 2 Share-based payments; Conceptual Framework; Disclosure Initiative; Equity method of accounting, Leases lab - How to implement the new guidance?, IC rejections - IAS 19.

IFRS 15 - Revenue recognition for the insurance industry - PwC In depth

11/05/16

Insurance contracts are outside the scope of IFRS 15, but insurance entities that render other services will be affected. Insurance entities will need to consider changes that might be necessary to information technology systems, processes and internal controls, to capture new data and to address changes in financial reporting. In depth INT2014-02 is a comprehensive analysis of the revenue standard. This supplement discusses some of the more significant changes for insurance entities.

IFRS News - May 2016

05/05/16

The May 2016 issue includes: Final changes to IFRS 15 - An overview, Regulator focus - What can we learn from the ESMA report?, IFRS 8 Segment Reporting - Key things to look out for, Leases lab - How to implement the new guidance?, Cannon Street Press: Insurance and IFRS 9; Conceptual Framework; Disclosure Initiative, IC rejections - IAS 18, Cryptic word-seek: Solution.

IFRS 15 - Revenue recognition for the Insurance entity industry supplement - PwC In depth

01/05/16

Our publication In depth INT2014-02 is a comprehensive analysis of IFRS 15, 'Revenue from contracts with customers'. This supplement discusses some of the more significant changes for the Insurance entity industry.

IFRS 16 'Leases' - Implications for the airlines industry - PwC In the Spotlight

22/04/16

Under IFRS 16 substantially all lease contracts will be on the balance sheet of the lessee. Estimates suggest this change will mean that trillions of additional lease obligations will be added to the balance sheets of Airlines world-wide. As most lease obligations are denominated in US-Dollar, many airlines will also be exposed to additional foreign currency volatility into their profit or loss. This In the Spotlight summarises the main aspects of the standard, highlighting some key challenges and questions management should ask as they prepare for transition.

IAS 29 - South Sudan enters hyperinflation - PwC In brief

18/04/16

The economic environment in South Sudan deteriorated rapidly towards the end of 2015. Cumulative inflation for the year to the end of January 2016 exceeded 100% and South Sudan should therefore be considered a hyper inflationary economy in 2016. IAS 29, 'Financial Reporting in Hyperinflationary Economies', should be applied by entities with a South Sudanese pound functional currency to financial statements for the year ending 31 December 2016 and for interim periods within that year. IAS 29 should also be applied to restate the financial statements of subsidiary entities with a South Sudanese pound functional currency before they are included in the consolidation at 31 December 2016.

IFRS IC decision - Immediate impact on cash pooling arrangements- PwC In brief

15/04/16

The IFRS Interpretations Committee (IC) issued an agenda decision in April 2016 on when and whether entities are able to offset balances in accordance with IAS 32. This could have wide ranging implications for both financial institutions and corporate entities. The IC noted that, to the extent to which a group does not expect to settle its subsidiaries’ period-end account balances on a net basis, it would not be appropriate for the group to assert that it had the intention to settle the entire period-end balances on a net basis at the reporting date. Hence such balances cannot be offset under IAS 32.

IFRS 15,'Revenue from contracts with customers', Transportation and logistics industry supplement - PwC In depth

13/04/16

Industry supplement discusses the areas where the revenue standard (IFRS 15) is expected to have most impact on the transportation and logistics industry.

IFRS 15 ‘Revenue from contracts with customers’ amendments - PwC In brief

12/04/16

A brief look at the IASB’s amendments to IFRS 15, issued in April 2016.

IFRS News - April 2016

08/04/16

The April 2016 issue includes key considerations for impairment tests - Cash flows and discount rate, Current IC rejections - Various topics, Leases lab - How to implement new guidance?, Cannon Street Press - Applying IFRS 9 with IFRS 4, Definition of a business, Goodwill and impairment, Agenda consultation, IC rejections: IAS 17, Cryptic word-seek.

New IFRS for 2016: PwC In depth

31/03/16

Summary of new IFRSs and amendments plus standards and amendments effective from 1 January 2016. Covers IFRS 16, IAS 7, IAS 12.

PwC IFRS News - August 2016

August 11, 2016

The August 2016 issue includes: Income taxes - The end of an era, variable payments for the separate acquisition of PPE and intangible assets, decommissioning liabilities and impairment testing, current IC rejections - Various topics, difficulties in translating IFRSs, Cannon Street press: Conceptual framework; Financial Instruments with Characteristics of Equity, Leases lab - Communications industry, IC rejections - IAS 23.

Accounting for government loans to fund research and development: PwC In brief

August 01, 2016

The IFRS Interpretations Committee (IC) has concluded that contingently repayable cash received from a government to finance a research and development (R&D) project is a financial liability under IFRS 9, 'Financial instruments' (same conclusion under IAS 32, 'Financial instruments; Presentation'). The liability is initially recognised at fair value, any difference between the cash received and the fair value of the liability is a government grant, accounted for under IAS 20, 'Government grants'. This In brief looks at the impact of this issue.

Variable payments for the separate acquisition of PPE and intangible assets - PwC In brief

August 01, 2016

The IFRS Interpretations Committee (IC) has declined to address accounting for variable payments for the purchase of intangible assets and property, plant and equipment. The current diverse practice is expected to continue. The issue has been the subject of discussions at the IC and at the IASB for several years. The IC finally concluded in March 2016 that the issue was too broad for it to address and published a formal decision not to add this issue to its agenda. This In brief looks at the impact and provides an insight into the issue.

IAS 36; Impact of a decommissioning liability in determining the recoverable amount of a CGU - PwC In brief

July 20, 2016

Most liabilities are ignored when calculating recoverable amounts in impairment testing. However certain liabilities, such as decommissioning and restoration liabilities cannot be separated from the related assets. This presents challenges when applying both the ‘fair value less costs of disposal’ (FVLCOD) approach and the ‘value in use’ (VIU) approach. The IFRS Interpretations Committee (IC) considered how to apply the current guidance to a VIU calculation. The IC declined to take the issue on to the agenda as the guidance on VIU is clear, therefore neither an Interpretation nor an amendment to IAS 36 was necessary. This In brief looks at the impact and provides an insight into the issue.

PwC IFRS News - July 2016

July 05, 2016

The July 2016 issue includes: Alternative performance measures: Do’s and don’ts, Definition of a business: What will change?, Interim reporting reminders, IFRS 2 amendments: What will change for share-based payment accounting?, Cannon Street Press: Insurance contracts; Previously held interests; Conceptual Framework; Income taxes, Leases lab: Impact on systems and processes, IC rejections: IAS 21, Appendix: ‘Brexit’ Alert.

Impact of UK referendum result on financial reports - PwC In brief

June 24, 2016

Now that the UK has voted to leave the EU, there will be a protracted period of negotiation, and many months of uncertainty as the detailed political and legal issues are worked out and the real impact of leaving unfolds. It will be at least two years, and probably longer, until the UK actually leaves the EU. This uncertainty will likely impact all UK businesses and those that do business/ invest in the UK. There has been an immediate impact on the financial markets, both in the UK and overseas, with the pound significantly weakening against other currencies and share prices fluctuating as the market reacts to the decision. For entities that are reporting either full year or interim results at 30 June, there is a need to consider a number of accounting and reporting issues. This In brief provides an overview of some potential issues and the relevant guidance under IFRS.

Illustrative IFRS consolidated financial statements for 2016 year ends

June 22, 2016

This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under IFRS as issued at 31 May 2016. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2016 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions.

IFRS 9 - The implementation of impairment requirements by banks - GPPC paper and PwC In brief

June 17, 2016

As announced in a press release from the Global Public Policy Committee (GPPC), the GPPC have published a paper providing practical assistance to banks implementing the new IFRS 9 impairment requirements. The aim of the paper is to promote the implementation of accounting for expected credit losses to a high standard. A short webcast and audio-only podcast version are also available, providing further insight into the objective and contents of this new paper. This In brief explores the paper in further detail.

Manual of accounting – Interim financial reporting 2016

June 09, 2016

This publication provides comprehensive guidance on preparing interim financial reports under IAS 34 as well as an illustrative set of condensed interim financial statements for the six months to 30 June 2016, including additional guidance in ‘commentary’ boxes on how to present this information. The financial statements comply with IFRSs as issued at 30 September 2015 and that apply to annual reporting periods commencing on or after 1 January 2016.

IFRS News - June 2016

June 06, 2016

The June 2016 issue includes Investor survey - Impact on corporate reporting, IFRS 15 and the insurance industry - An overview, IFRS 9 Financial Instruments - Questions and answers, Cannon Street Press: Agenda Consultation; Insurance and IFRS 9; IFRS 2 Share-based payments; Conceptual Framework; Disclosure Initiative; Equity method of accounting, Leases lab - How to implement the new guidance?, IC rejections - IAS 19.

IFRS 15 - Revenue recognition for the insurance industry - PwC In depth

May 11, 2016

Insurance contracts are outside the scope of IFRS 15, but insurance entities that render other services will be affected. Insurance entities will need to consider changes that might be necessary to information technology systems, processes and internal controls, to capture new data and to address changes in financial reporting. In depth INT2014-02 is a comprehensive analysis of the revenue standard. This supplement discusses some of the more significant changes for insurance entities.

IFRS News - May 2016

May 05, 2016

The May 2016 issue includes: Final changes to IFRS 15 - An overview, Regulator focus - What can we learn from the ESMA report?, IFRS 8 Segment Reporting - Key things to look out for, Leases lab - How to implement the new guidance?, Cannon Street Press: Insurance and IFRS 9; Conceptual Framework; Disclosure Initiative, IC rejections - IAS 18, Cryptic word-seek: Solution.

IFRS 15 - Revenue recognition for the Insurance entity industry supplement - PwC In depth

May 01, 2016

Our publication In depth INT2014-02 is a comprehensive analysis of IFRS 15, 'Revenue from contracts with customers'. This supplement discusses some of the more significant changes for the Insurance entity industry.

IFRS 16 'Leases' - Implications for the airlines industry - PwC In the Spotlight

April 22, 2016

Under IFRS 16 substantially all lease contracts will be on the balance sheet of the lessee. Estimates suggest this change will mean that trillions of additional lease obligations will be added to the balance sheets of Airlines world-wide. As most lease obligations are denominated in US-Dollar, many airlines will also be exposed to additional foreign currency volatility into their profit or loss. This In the Spotlight summarises the main aspects of the standard, highlighting some key challenges and questions management should ask as they prepare for transition.

IAS 29 - South Sudan enters hyperinflation - PwC In brief

April 18, 2016

The economic environment in South Sudan deteriorated rapidly towards the end of 2015. Cumulative inflation for the year to the end of January 2016 exceeded 100% and South Sudan should therefore be considered a hyper inflationary economy in 2016. IAS 29, 'Financial Reporting in Hyperinflationary Economies', should be applied by entities with a South Sudanese pound functional currency to financial statements for the year ending 31 December 2016 and for interim periods within that year. IAS 29 should also be applied to restate the financial statements of subsidiary entities with a South Sudanese pound functional currency before they are included in the consolidation at 31 December 2016.

IFRS IC decision - Immediate impact on cash pooling arrangements- PwC In brief

April 15, 2016

The IFRS Interpretations Committee (IC) issued an agenda decision in April 2016 on when and whether entities are able to offset balances in accordance with IAS 32. This could have wide ranging implications for both financial institutions and corporate entities. The IC noted that, to the extent to which a group does not expect to settle its subsidiaries’ period-end account balances on a net basis, it would not be appropriate for the group to assert that it had the intention to settle the entire period-end balances on a net basis at the reporting date. Hence such balances cannot be offset under IAS 32.

IFRS 15,'Revenue from contracts with customers', Transportation and logistics industry supplement - PwC In depth

April 13, 2016

Industry supplement discusses the areas where the revenue standard (IFRS 15) is expected to have most impact on the transportation and logistics industry.

IFRS 15 ‘Revenue from contracts with customers’ amendments - PwC In brief

April 12, 2016

A brief look at the IASB’s amendments to IFRS 15, issued in April 2016.

IFRS News - April 2016

April 08, 2016

The April 2016 issue includes key considerations for impairment tests - Cash flows and discount rate, Current IC rejections - Various topics, Leases lab - How to implement new guidance?, Cannon Street Press - Applying IFRS 9 with IFRS 4, Definition of a business, Goodwill and impairment, Agenda consultation, IC rejections: IAS 17, Cryptic word-seek.

New IFRS for 2016: PwC In depth

March 31, 2016

Summary of new IFRSs and amendments plus standards and amendments effective from 1 January 2016. Covers IFRS 16, IAS 7, IAS 12.