Desde Inform News (uk pwc)

Accounting and corporate reporting
Standards and interpretations
IFRS 4, IFRS 9 - IASB issues amendments to IFRS 4, 'Insurance contracts' regarding the implementation of IFRS 9, 'Financial instruments' - PwC In brief
The amendments introduce two approaches: an overlay approach and a deferral approach. The amended standard will:

• give all companies that issue insurance contracts the option to recognise in other comprehensive income, rather than profit or loss, the volatility that could arise when IFRS 9 is applied before the new insurance contracts standard is issued; and
• give companies whose activities are predominantly connected with insurance an optional temporary exemption from applying IFRS 9 until 2021. The entities that defer the application of IFRS 9 will continue to apply the existing financial instruments standard—IAS 39.

For further details see the press release and In brief INT2016-16.

PwC views
IVS 101, 102, 103, 200, 300, 400, 410 and 500 - PwC responds to IVSC on some exposure drafts on valuation standards - PwC comment letter
In this comment letter, we explain that the exposure drafts are not currently specific enough to solve the practice issues for certain public interest valuations such as financial reporting for listed companies.

Other news
IFRIC Update - September 2016
The Interpretations Committee met in London on 6 and 7 September 2016, and the update includes:

• Items on the current agenda (IAS 12, IAS19, IFRS 9 and IAS 16)
• Interpretations Committee’s tentative agenda decision (IAS 12)
• Interpretations Committee’s agenda decision (IFRIC 12)
• Other matters