IFRS / HKFRS News

 

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IASB revises the Conceptual Framework: PwC In brief

The IASB has revised its Conceptual Framework. This will not result in any immediate change to IFRS, but the Board and Interpretations Committee will use the revised Framework in setting future standards. It is therefore helpful for stakeholders to understand the concepts in the Framework and the potential ways in which they might impact future guidance.

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Retail and consumer (‘R&C’) industry supplement for IFRS 16 ‘Leases’

The retail and consumer industry is heavily impacted by IFRS 16 with a median increase in debt of almost 100%. This In depth supplement highlights the most significant challenges for the retail and consumer industry including renewal options, variable payments and key money.

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IFRS 9: What’s new in financial instruments accounting for asset management: PwC In depth

This publication focuses on the new guidance in IFRS 9 and the questions that might arise when applying it to financial instruments held by investment funds, private equity funds and real estate funds, as well as to investments in an investment fund held by an investor.

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IFRS 9 impairment: significant increase in credit risk: PwC In depth

The new expected credit loss (‘ECL’) impairment requirements in IFRS 9 Financial Instruments are a significant change from the incurred loss requirements of IAS 39. With this change comes additional complexity, both in interpreting the technical requirements and in applying them. For banks, as well as some other financial institutions, the change may be as significant, if not more so, than the initial adoption of IFRS.

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IFRS 15 the basics – Introduction to the standard

Are you struggling with IFRS 15? PwC revenue specialists have started a new series covering IFRS 15. The short video series intends to quickly help you with the key points in IFRS 15. This first video covers the basic principles including the five step model as an introduction to IFRS 15.

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IFRS 9 impairment: Revolving credit facilities and expected credit losses: PwC In depth

Many banks grant revolving credit facilities to their customers, such as credit cards and overdrafts. IFRS 9 contains some specific impairment requirements for these unique facilities that give rise to some complex issues, both conceptually and in practice. Industry thinking is expected to continue to evolve but this publication brings together our latest perspectives on this topic.

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Amendments to IFRS 9: Prepayment features with negative compensation and modifications of financial liabilities

The IASB has issued a narrow-scope amendment to IFRS 9 to enable companies to measure at amortised cost some prepayable financial assets with negative compensation. The assets affected, that include some loans and debt securities, would otherwise have been measured at fair value through profit or loss (FVTPL).

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IFRS 9 disclosures by banks in 2018 interim reporting and transition documents

Many banks are about to plunge into the world of IFRS 9 reporting with application in interim financial statements in 2018. Some banks also plan to issue a separate transition document on key impacts of IFRS 9 at and beyond adoption. These interim reports and transition documents will be the focus of attention from investors, regulators and other key stakeholders. There’s no prescription for how to present this information so we’ve developed this publication help banks navigate that transition.

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In depth IFRS 15 industry supplement – Aerospace and defence

Do you want to fly? Then fly through the new revenue recognition standard! This supplement includes the potential impact of the standard, differences with previous GAAPs and examples of the five-step recognition model. It covers complex contractual arrangements like defence and commercial aviation equipment and long-term maintenance contracts as well as many more examples.

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In depth IFRS 15 industry supplement – Pharmaceutical and life sciences

The pharmaceutical and life sciences industry includes a number of sub-sectors, the largest being pharmaceuticals, biotechnology, contract research organisations, and medical devices. Revenue recognition issues arise not only from the sale of drugs and medical devices, but increasingly from arrangements between companies in the industry to develop and bring products to market.

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In depth IFRS 15 industry supplement – Consumer product

Think that IFRS 15 won’t impact the consumer markets industry? You might want to take another look. This supplement identifies some potential impacts, differences from previous IFRS and US GAAP with examples in areas including: consignment arrangements, principal versus agent and bill and hold arrangements, among others.

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In depth IFRS 15 industry supplement – Oil and gas

Complexities can arise, however, from certain types of contractual arrangements that are common in the industry, including arrangements between oil and gas producers and processors, and arrangements that include payments in the form of noncash consideration or variable consideration. The complexities in these areas can impact the measurement of revenue or timing of revenue recognition under the new revenue standard

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Hedge accounting – should I stay or should I go now?

Companies can choose whether to adopt IFRS 9 hedge accounting with the rest of IFRS 9 or continue under IAS 39. If you go there will be trouble but if you stay there might be double! This blog explains what difference it would make for a corporate and the relative merits of staying or going.

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In depth IFRS 15 industry supplement – Entertainment and media

This publication explores the effects of the new revenue standard on these subsectors (such as filmed entertainment, television and cable broadcast, data services, advertising, music, video games and publishing), and contrasts it with current practice under US GAAP and IFRS.

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In depth IFRS 15 industry supplement – Transportation and logistics

This publication discusses the areas in which the final revenue standards (ASC 606 and IFRS 15, Revenue from Contracts with Customers) are expected to have the greatest impact for companies in the transportation and logistics industry, broken down by step of the model.

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A comprehensive guide to revenue recognition under IFRS 15 (updated in August 2017)

Revenue is important to preparers and users of financial statements. IFRS 15 shifts the focus of revenue recognition to a control model and has a single set of principles for revenue from both goods and services transactions. Our revenue specialists share their insights to help companies identify the changes that are necessary and prepare for implementation.

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IASB confirms accounting treatment for debt modifications under IFRS 9

The Board has confirmed the accounting treatment under IFRS 9 for modifications of financial liabilities carried at amortised cost. A gain or loss should be recognised in profit or loss for modifications of such financial liabilities that do not result in derecognition.

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IFRS / HKFRS News - Jul 2017

Updates on IFRIC 23 regarding putting some certainty into uncertain tax positions, IFRS 15 series article talks about accounting for licences, the demystifying IFRS 9 for Corporates series focus on financial liabilities, factoring and business models, lease lab introduces changes in disclosure requirements, Cannon Street Press and practical implications of IFRIC rejections related to IAS 37

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In depth IFRS 15 industry supplement – Communications

Offerings in the communications industry have evolved as a result of consolidation, technology changes and innovation. This publication has been updated to reflect the implementation developments over the past two years and to highlight certain challenges specific to companies in the communications industry.

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IFRS / HKFRS News - Jun 2017

Updates on IFRS 17 which was finally issued after 20 years. The IFRS 15 series article talks about warranties while Lease lab introduces IFRS 16’s impact on lessor accounting. Also includes update from Cannon Street on IFRIC interpretation ratification, amendments to IAS 28, and goodwill and impairment research project. NIFRICS by numbers for this month talks about practical implications of IFRIC rejections related to IAS 36 ‘Impairment of assets’.

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IFRS / HKFRS News - Apr 2017

Demystifying IFRS 9 for corporates and accounting as principal or as agent under IFRS 15, updates from Cannon Street on primary financial statement, conceptual framework for financial reporting and FICE. NIFRICS by numbers talks about practical implications of IFRIC rejections related to IAS 32 ‘financial instruments

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In depth IFRS 15 industry supplement – Technology

The technology industry comprises numerous subsectors, including, but not limited to, computers and networking, semiconductors, financial technology, software and internet, the internet of things, health technology, and clean technology. Each subsector has diverse product and service offerings and various revenue recognition issues. This publication reflects the implementation developments over the past few years and highlights certain challenges specific to entities in the technology industry.

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IFRS / HKFRS News - Mar 2017

Navigating the maze of IFRS 15 transition, the twilight zone — definition of a business and bundled sales under IFRS 15, demystifying IFRS 9 series article explains ECL models, Cannon Street on IFRS 9 modification, insurance and FICE, leases lab introduces transition and practical implications of IFRIC rejections related to IAS 29 'Financial reporting in hyper-inflationary economies'

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IFRS / HKFRS News

Five stages of grief — accepting IFRS 17 and accounting for free gifts under IFRS 15, IFRS 9 article explains using forward looking information for expected credit loss, Cannon Street update on symmetric prepayment options under IFRS 9, leases lab introduces substitution rights, practical implications of IFRIC rejections related to IAS 28 'Investments in associates and joint ventures'

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IFRS / HKFRS News - Feb 2017

Five stages of grief — accepting IFRS 17 and accounting for free gifts under IFRS 15, IFRS 9 article explains using forward looking information for expected credit loss, Cannon Street update on symmetric prepayment options under IFRS 9, leases lab introduces substitution rights, practical implications of IFRIC rejections related to IAS 28 'Investments in associates and joint ventures'

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IFRS 9, Financial Instruments - Understanding the basics

IFRS 9 responds to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle. Our guide, IFRS 9, Financial Instruments: Understanding the basics, walks you through the new accounting rules.

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IFRS 9, Financial instruments: Understanding the basics

IFRS 9 responds to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle. Our guide, IFRS 9, Financial Instruments: Understanding the basics, walks you through the new accounting rules.

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IFRS / HKFRS News - Jan 2017

Pension disclosure, year end disclosure on IFRS 9, what is a contract under IFRS 15, Cannon Street update on insurance, disclosure initiative, conceptual framework and FICE, leases lab introduces discount rate, IFRS 9 article explains significant increase in credit risk and practical implications of IFRIC rejections related to IAS 27 'Consolidated and separate financial statements'

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IFRS / HKFRS News

Pension disclosure, year end disclosure on IFRS 9, what is a contract under IFRS 15, Cannon Street update on insurance, disclosure initiative, conceptual framework and FICE, leases lab introduces discount rate, IFRS 9 article explains significant increase in credit risk and practical implications of IFRIC rejections related to IAS 27 'Consolidated and separate financial statements'

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IFRS / HKFRS News

Ten reminders for interim reporting, alternative performance measures - under scrutiny by regulators, definition of a business, implication of IFRS 2 "Share-based Payment" amendments, IFRS 9 "Financial Instruments" Q&As, Cannon Street Press, leases lab for impact on systems and processes, and practical implications of IFRIC rejections related to IAS 21 "The effects of changes in foreign exchange rates"

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Impact of UK referendum result on financial reports

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 In brief provides an overview of some potential issues and the relevant guidance under IFRS.

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

All lease contracts will be landing on the balance sheet of the lessee under IFRS 16. This change is estimated to add trillions of dollars of lease obligations to the balance sheets of airlines word-wide. Most lease obligations are denominated in US-Dollars, with many airlines exposed to additional foreign currency volatility.

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IFRS 16 Leases - Implications for the airline industry - PwC In the Spotlight

All lease contracts will be landing on the balance sheet of the lessee under IFRS 16. This change is estimated to add trillions of dollars of lease obligations to the balance sheets of airlines world-wide. Most lease obligations are denominated in US dollars, with many airlines exposed to additional foreign currency volatility.

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