IFRS Talks - PwC's Global IFRS podcast

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.

Laura Kennedy, accounting expert, discusses the accounting implications of net zero commitments and climate-related matters. They explore topics such as recognizing provisions for past events, the process of publishing analysis on net zero commitments, interconnectivity between financial reporting and sustainability disclosures, and requirements of IFRS 8 operating segments.

Exploring the OECD's global minimum tax rules to combat tax avoidance by multinational enterprises, focusing on practical challenges and accounting implications. Delving into the complex criteria and calculations of the global minimum tax, addressing adjustments in financial statements and relief provided by the ISP. Discussing the impact on accounting practices, such as impairment testing and tax expense allocation within groups. Highlighting the importance of qualitative disclosure information for investors and available resources for staying up-to-date on tax regulations.

In this month's episode, Laura Kennedy is joined by Katie DeKeizer and Jan-Ben Wiese to talk about sustainability reporting.Listen in for key developments so far in 2023, what's to come, and a guide to commonly used acronyms and terms including alphabet soup, double materiality and interoperability.Guidance referred to in this episode: PwC’s global sustainability reporting page.

Join Laura Kennedy and Karsten Ganssauge as they discuss three topics from the June 2023 IFRS Interpretations Committee meeting:Energy contracts and the ‘own-use’ exemption from financial instrument accountingMergers between a parent and its subsidiaryConsolidation when the parent is hyperinflationary but the subsidiary is not

Join Raihazah Shaikh, Mark Randall and Laura Kennedy as they discuss the latest developments under IFRS 9 classification and measurement. Topics include:An overview of what is involved in the post implementation reviewThe proposed amendments to IFRS 9 covering contractual cash flow characteristics and electronic cash payment systems.