IFRS Talks - PwC's Global IFRS podcast December 2024: IFRIC Update
Dec 2, 2024
Karsten Ganssauge, a PwC partner and member of the IFRS Interpretations Committee, sheds light on recent developments in international financial reporting standards. He delves into the complexities of defining hyperinflationary economies and the criteria for evaluating intangible assets related to climate commitments. The discussion also highlights ongoing projects focused on improving the application of IFRS 9 and the treatment of R&D expenditures in the context of carbon credits, emphasizing the need for consistent standards across industries.
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Cash Flow Statement Importance
- Treat the cash flow statement with the same rigor as other financial statements.
- Users value cash flow statements; ensure clarity and address known issues.
IFRS 9 Amortized Cost Measurement
- IFRS 9’s amortized cost measurement model has application issues.
- The IASB seeks targeted improvements, not a fundamental review.
IASB's Uncertainty Project Scope
- The IASB project addresses broader uncertainties, not just climate-related ones.
- Illustrative examples aim to improve application of existing IFRS guidance.