IFRS Talks - PwC's Global IFRS podcast

Join Andrea Pryde, Mercedes Baño  and Sergio Cravero for a discussion on the issues addressed by the IASB’s Exposure Draft on Lack of Exchangeability (Amendments to IAS 21).

Karsten Ganssauge updates us on the latest from the March and April IASB Interpretations Committee meeting where the Committee considered new topics relating to IFRS 16 and IAS 32, and finalised tentative agenda decisions relating to IAS 19 and IFRS 9. 

In recent years we’ve seen an increased use of supplier financing arrangements, sometimes called reverse factoring arrangements. Supplier financing arrangements can allow entities to manage working capital more efficiently, typically in conjunction with a programme with a bank or financial institution. Hear Marie Kling explain the top five accounting considerations for supplier financing arrangements. 

At the end of January the IASB published an exposure draft of a new accounting standard that would require companies subject to rate regulation to give investors additional information about the effects of rate regulation on their  financial performance.  The proposed Standard may have a significant impact for entities within its scope that do not currently have regulatory balances.  Scott and Heather explain all in 20mins.

Special Purpose Acquisition Companies (SPACs) have been in the news a lot recently. Gary Berchowitz explains what a SPAC is and the accounting challenges relating to them. 

Cryptoassets are transferable digital assets that prevent copying or duplication. One of the most common types are cryptocurrencies, which are mainly used as a means of exchange. Ryan explores the accounting and growth of the sector, all in 20mins. 

Karsten Ganssauge tells us what happened at the February IFRIC Meeting where they discussed three topics: Sale and leaseback of an asset in a single-asset entity, the preparation of financial statements when an entity is no longer a going concern, and the costs necessary to sell inventories.

Given all that has happened in 2020 and the continuing uncertainty in 2021 arising from the global pandemic, we expect that investors are going to be looking at how companies and auditors are comfortable that a going concern basis of accounting is appropriate and the disclosures around it.  Katie Woods and Jamie Shannon discuss disclosures and judgements relating to material uncertainty about an entity’s ability to continue as a going concern. 

In October 2020, the IASB decided to begin the post implementation review of the IFRS 9 classification and measurement requirements. The IASB plans to conduct outreach for the first phase of the PIR in the first half of this year targeting a request for information in the third quarter of 2021.  Marie Kling explains what this means for the year ahead.

Hilary Eastman looks at what investors want to know about 2020, covering the impact of COVID-19, climate-related financial risks and the importance of transparency in financial statements.