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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...

28 November 2016

Disclosing pension risk: Remain silent and be thought a fool or speak and remove all doubt?

This week’s guest bloggers are Brian Peters, Partner, and Paul Allen, Senior Manager, who lead PwC's pension accounting business in the UK. Connect with them on LinkedIn here: Brian Peters; Paul Allen It should come as no surprise that defined benefit pension risk affects the value that an external investor...

14 November 2016

What's next for the IASB?

This weeks guest blogger is Ian Mackintosh, the recently retired Vice Chairman of the IASB. In this blog he reflects on his time at the IASB and makes predictions for the next five years. I started at the IFRS Foundation in March 2011 and joined the board in June of...

19 October 2016

The Emperor Augustus – the Accountants Accountant

This week’s blogger is Dave Walters, Partner in UK Accounting Consulting Services. Contact him on LinkedIn here The photograph above was posted by a bored accounting student who was struggling to read the underlying academic paper. The title “The Role of Accounting in Public Expenditure and Monetary Policy in the...