Accounting and corporate reporting
Standards and interpretations
IASB has issued annual improvements to IFRS - 2015-2017 cycle - PwC In brief
These amendments include minor changes to:
Standards and interpretations
IASB has issued annual improvements to IFRS - 2015-2017 cycle - PwC In brief
These amendments include minor changes to:
- IFRS 3, 'Business combinations', - a company remeasures its previously held interest in a joint operation when it obtains control of the business.
- IFRS 11,'Joint arrangements', - a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business.
- IAS 12,' Income taxes' - a company accounts for all income tax consequences of dividend payments in the same way.
- IAS 23,' Borrowing costs' - a company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale. The amendments are effective from 1 January 2019, with early application permitted, subject to EU endorsement.
For further details see In brief UK2017-17.
PwC guidance
US tax reform - PwC In brief
The US Senate and House of Representatives have approved significant changes to US tax law, now known as the House and Senate conference committee agreement on tax reform legislation (HR 1). The signing into law will impact deferred and current income tax accounting, as well as disclosures, for financial statements at 31 December 2017 for entities with US tax presence. See PwC's In brief: US tax reform for further details.
US tax reform - PwC In brief
The US Senate and House of Representatives have approved significant changes to US tax law, now known as the House and Senate conference committee agreement on tax reform legislation (HR 1). The signing into law will impact deferred and current income tax accounting, as well as disclosures, for financial statements at 31 December 2017 for entities with US tax presence. See PwC's In brief: US tax reform for further details.
Please note: This version of In brief INT2017-15 supersedes the original version published on 15 December 2017.
IFRS Manual of Accounting 2018
The IFRS Manual of accounting has been updated for accounting years ending December 2018 including a new chapter on Leasing under IFRS 16 and two new appendices - appendix 1 Business combinations under common control and capital re-organisations, appendix 2 Preparation of combined and carve out financial statements.
The IFRS Manual of accounting has been updated for accounting years ending December 2018 including a new chapter on Leasing under IFRS 16 and two new appendices - appendix 1 Business combinations under common control and capital re-organisations, appendix 2 Preparation of combined and carve out financial statements.
Year end reporting resources
Inform offers various ways to find information on year end reporting. Try using the 'Bookshelf' as a quick way to access key content.
Inform offers various ways to find information on year end reporting. Try using the 'Bookshelf' as a quick way to access key content.
- Manual of accounting – IFRS. Hard copies of the Manual of accounting - IFRS supplement 2018 are available to order now (PwC staff, please refer to the internal guidelines). The eBook and electronic version of the IFRS Manual on Inform contain additional updates, including new illustrative text, for chapters not reproduced in the printed supplement.
- Year end accounting reminders – IFRS: quarterly updates summarising the reporting requirements (including topical issues, standards and interpretations that are mandatory for the first time and standards and interpretations issued not yet effective) for a specific quarter end.
- Illustrative IFRS consolidated financial statements for 2017 year ends – Illustrative set of consolidated financial statements for an existing preparer of IFRS. Includes illustrative disclosures of standards available for early adoption.
- In depth: A guide to new IFRSs for 2017: A high-level outline of the key requirements of new IFRS standards and interpretations effective in 2017.
- IFRS disclosure checklist 2017: Outlines the disclosures required for December 2017 year ends.
- IFRS versioned standards.
IFRS 15 for banks - PwC In depth
This publication explains certain issues specific to entities in the banking industry as they transition to the new standard. This publication only addresses the potential issues arising from the new standard for entities that report under IFRS. Differences in IFRS and US GAAP, together with differences in the scope of other relevant guidance in the US, mean that different accounting outcomes are possible.
This publication explains certain issues specific to entities in the banking industry as they transition to the new standard. This publication only addresses the potential issues arising from the new standard for entities that report under IFRS. Differences in IFRS and US GAAP, together with differences in the scope of other relevant guidance in the US, mean that different accounting outcomes are possible.
IFRS IC decision on interest and penalties related to income taxes - PwC In brief
The IFRS Interpretations Committee (IC) issued an agenda decision in September 2017 on interest and penalties related to income taxes. This updated In brief captures additional guidance to be considered
The IFRS Interpretations Committee (IC) issued an agenda decision in September 2017 on interest and penalties related to income taxes. This updated In brief captures additional guidance to be considered
Tools, practice aids and publicationsPwC's IFRS 15 the basics – Step 3 – determine the transaction price – PwC video
Do you know how to determine the transaction price in a revenue contract with a customer? This short video series will quickly help you get to grips with the key steps in IFRS 15. After our first three videos, the fourth video covers 'step 3', determine the transaction price in the so-called '5 step model' in IFRS 15. Having watched this video you will understand how to determine the transaction price.
Do you know how to determine the transaction price in a revenue contract with a customer? This short video series will quickly help you get to grips with the key steps in IFRS 15. After our first three videos, the fourth video covers 'step 3', determine the transaction price in the so-called '5 step model' in IFRS 15. Having watched this video you will understand how to determine the transaction price.
PwC IFRS Talks - Episode 16: 2017 IFRS year end reminders
PwC has released the 16th episode of the new podcast series. In this series PwC professionals will help you to keep up to date and share their perspectives on an increasingly complex financial reporting environment. The 16th episode is 20 minutes of the latest IFRS News from leading IFRS Partners. This episode focuses on 2017 year end IFRS reminders: latest standard setting, good disclosure, impairment testing and more. Subscribe to our iTunes channel to receive more podcasts in the series. 20 minutes, twice a month will keep you up to date with IFRS.
PwC has released the 16th episode of the new podcast series. In this series PwC professionals will help you to keep up to date and share their perspectives on an increasingly complex financial reporting environment. The 16th episode is 20 minutes of the latest IFRS News from leading IFRS Partners. This episode focuses on 2017 year end IFRS reminders: latest standard setting, good disclosure, impairment testing and more. Subscribe to our iTunes channel to receive more podcasts in the series. 20 minutes, twice a month will keep you up to date with IFRS.
IFRS disclosure checklist 2017
The global version of the IFRS disclosure checklist 2017 has been created to outline the disclosures required for December 2017 year ends.
The global version of the IFRS disclosure checklist 2017 has been created to outline the disclosures required for December 2017 year ends.
Other news
IASB Update - December 2017
This update includes a summary of the the topics under discussion:
IASB Update - December 2017
This update includes a summary of the the topics under discussion:
- Primary financial statements
- Disclosure initiative—principles of disclosure
- Goodwill and impairment
- Rate-regulated activities
- Dynamic risk management
- Implementation issues in IFRS Standards Business combinations under common control
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3 quick reference cards on using Inform functionality:
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- How to use Topic home pages - quick guide
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Our 2017 Annual Report, 'Leading in changing times: making a difference', is available now. See how our strategy has come to life this year at www.pwcannualreport.co.uk
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