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21 July 2017

The only constant is change

By Henry Daubeney As of 1 July 2017 I have taken over as PwC’s Global Chief Accountant and Head of Reporting. I spent the months leading up to this transition shifting my focus from being an assurance engagement leader to being the leader of a global network of IFRS specialists....

01 June 2017

All standards are not actually broken

By Mary Dolson All standards are not actually broken, Not everything needs a review; Acceptance hard won, discontent is woken Can we just leave some be, take a view? Two different due process events at the IASB have forced me to resort to poetry. Should all post implementation reviews mean...

27 April 2017

What is IFRS 17 and why should insurers sit up, take notice and act now?

By Alex Bertolotti Blog snapshot IFRS 17 can impact insurers as much as, if not more than, Solvency II Profit recognition for both life and general insurers set to change under the new standard Don’t leave it too late to start your impact assessment – now is the time! Register...

03 April 2017

What will 2018 be remembered for?

Russia hosting the word cup? A century since the end of World War I? When IFRS 9, the new financial instruments standard, has to be applied? With 2018 approaching fast, IFRS 9 is rising to the top of the agenda for more companies. Here are my top nine on IFRS...

24 March 2017

Who is an April fool then?

I’m a little bit vulnerable to the odd April fool. My Dad tells the story of our response to his shout of, “Lads, come quick, the porridge has gone green!”. My brother and I ran downstairs in 10 seconds flat (I just beat him) to be greeted by non-verdant porridge...

01 March 2017

Do investors care about IFRS 9?

IFRS 9, in particular the expected credit loss (ECL) model, is the standard setter’s response to the financial crisis. Banks’ lending too much money to people who could not repay was one of the factors that fuelled the global financial crisis. Accounting, in particular the incurred loss model, was criticised...

22 February 2017

Non–GAAP: Can it still be used in the United States?

The U.S. Securities and Exchange Commission (“SEC”) does not prohibit the use of non-GAAP (non-IFRS) measures but it’s not a free for all. The SEC staff issued interpretive guidance known as Compliance Disclosure Interpretations (“CDIs”) in May 2016. The CDIs were issued to address concerns expressed by the Chair of...

30 January 2017

The Five Stages of Grief - Accepting IFRS 17, Insurance Contracts

Psychologist Elisabeth Kübler-Ross discovered that people go through five stages of grief: denial, anger, bargaining, depression, and acceptance. As the new Insurance Standard, IFRS 17, looms what stage are you in? Stage 1 - Denial The majority of people affected by IFRS 17 are still in denial. ‘The IASB have...

15 December 2016

With apologies to the chair and the members of the IASB. And the IFRIC. And St Nicholas. And his reindeer…

Twas the night before Board week, when all through the land No accountants were busy, no one lifting a hand; The ledgers were stowed in the system with care, In hopes that convergence soon would be right there; The accountants were nestled all snug in their beds; While visions of...

07 December 2016

A fairy tale ending for your IFRS 9 story?

IFRS 9 disclosures in 2016 annual reports are unlikely to begin ‘once upon a time…’ or make for light bedtime reading. The effective date of 1 January 2018 is approaching fast and banks need to tell their story. What will applying IFRS 9 in 2018 mean to them? Accounting standards...