Desde Inform News UK.PWC

Accounting and corporate reporting
Standards and interpretations
EU endorses IFRS 9,'Financial instruments'
The EU has published a Commission Regulation endorsing IFRS 9 'Financial instruments'. The EU effective date is the same as the IASB's effective date (annual periods beginning on or after 1 January 2018 with earlier application permitted).
For further details on the standard see the IFRS 9 topic home page.

PwC guidance
IFRS 13 European real estate survey – a 2016 update: PwC In depth
IFRS 13 ‘Fair value measurement’, introduced in 2013, has significantly expanded the disclosure requirements to provide users of financial statements with detailed quantitative and qualitative information about assumptions made and processes used when measuring assets or liabilities at fair value.

In 2014, we issued a publication 'IFRS 13 European real estate survey'. In that publication we looked at how a sample of European real estate companies had responded to IFRS 13 disclosure requirements in relation to investment properties, specifically, the quantitative information disclosed about significant unobservable inputs used in fair value measurement and the sensitivity of the fair value measurement to significant changes in those unobservable inputs.

This In depth updates the survey for 2016 and looks into how company disclosures have evolved in the last two years.

The sample of European real estate companies used within this publication consists of 42 companies listed within the United Kingdom, France, Germany, The Netherlands, Sweden, Belgium and Italy.

IFRS 9 implementation disclosures in 2016 financial reports: De-mystifying IFRS 9 Impairment - PwC video
We have just released our seventh video in our new series: De-mystifying IFRS 9 Impairment - 7. Disclosures in 2016 financial reports.

In this video, our Financial Instruments specialists, Sandra Thompson and Hannah King, encourage banks to tell their IFRS 9 implementation story in their 2016 financial reports, including whether the impact of applying IFRS 9 in 208 should be quantified.

The first six videos in the series are also available in this playlist.

Foreign currency transactions and advance consideration - PwC In brief
In November 2016, the IFRS Interpretations Committee (IC) issued an Interpretation on how to determine the date of the transaction when applying the standard on foreign currency transactions, IAS 21. The Interpretation applies where an entity either pays or receives consideration in advance for foreign currency-denominated contracts. For further details see the press release  and In brief INT2016-17.

Amendment to IAS 40 Investment Property - PwC In brief
The IASB has issued an amendment to IAS 40, Investment Property, clarifying when assets are transferred to, or from, investment properties. For further details see the press release and In brief INT2016-18.

Annual Improvements to IFRS Standards 2014 – 2016 Cycle - PwC In brief
The International Accounting Standards Board issued Annual Improvements to IFRS Standards 2014 – 2016 Cycle on 8 December 2016. These are minor amendments affecting IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 12 Disclosure of Interests in Other Entities, and IAS 28 Investments in Associates and Joint Ventures. For further details see the press release and In brief INT2016-19.

Tools, practice aids and publications
December 2016 – year - end accounting reminders – IFRS
December 2016 year-end accounting reminders – IFRS includes a publication that outlines the IFRS reporting requirements as at 31 December 2016. It includes the standards that apply at this date; and the standards are published but effective at later dates and hence required to be disclosed plus a summary of the latest topical issues. This publication can be shared with clients.

The update also includes a slide pack that can be tailored for presentation to audit committees.