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.

In our October episode, Laura Kennedy is joined by Olaf Pusch to talk about the new accounting standard - IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The new standard will lower the costs of financial reporting by reducing disclosure requirements for eligible subsidiary financial statements.

In this month’s episode, Laura Kennedy is joined by Karsten Ganssauge for an overview of the September 2024 IFRS Interpretations Committee meeting.

In this month's episode Laura is joined by Eleanor Larner and Katie DeKeizer to hear about PwC's Global CSRD Survey 2024, key sustainability reporting implementation challenges and new application guidance.

Karsten Ganssauge, an expert in IFRS Interpretations, joins Laura Kennedy to discuss the highlights from the June 2024 IFRS Interpretations Committee meeting. They dive into the complexities of reportable segments and cash flow statements under IAS 7. The conversation covers the challenges of disaggregating material items and the ongoing debates about classification in cash flows from derivatives. Additionally, they explore significant ISB projects related to intangible assets and business combinations, emphasizing the need for clearer disclosure standards.

Nick Barlow from the IASB's technical team joins to discuss the game-changing IFRS 18, set to replace IAS 1 in 2027. He highlights the need for clearer financial performance reporting, introducing new subtotals in profit statements to enhance stakeholder understanding. Barlow delves into the updated disclosure requirements for management performance measures, emphasizing their relevance for companies and auditors. The conversation also covers the challenges of implementation and the necessity for early preparation, ensuring a smooth transition to the new standards.

Craig Smith from the IASB technical staff joins to discuss improving reporting about acquisitions. Topics include complexities of Goodwill accounting, criteria for identifying strategic business combinations, balancing preparer concerns with investor needs, and exploring proposals in exposure draft.

Exploring climate-related commitments, IFRS 3, and IFRS 9 post-implementation review. Discussion on provisions for greenhouse gas emissions, net zero transformation commitments, and contingent payments in acquired businesses. Review of accounting scenarios and challenges in implementing IFRS 9 rules

2024 is set to be an exciting year for IFRS with the introduction of new standards IFRS 18 and IFRS 19. The podcast discusses the changes in financial reporting standards, the complexities of hedge accounting for virtual power purchase agreements, and anticipated amendments for 2024 IFRS standards. Special guests share insights on business combinations, disclosures, and goodwill tests, as well as discussions on equity method applications and provisions.

Exploring investor perspectives on technology, sustainability, and crises management in creating long-term value. Insights on the importance of transparent financial reporting amidst volatile environments. Key takeaways emphasize technology, sustainability reporting, and transparent information for companies.