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19 December 2014

Santa’s other present – the new revenue standard

Dave Walters gives us the gift of laughter over the holiday season with his take on the accounting challenges faced by Father Christmas. On Christmas Eve, Santa’s Chief Financial Reporting Elf rushes into his office. “Santa, I need to talk to you about revenue.” “Really, is it important?” “According to...

18 December 2014

‘Big’ banks and impairment – how do you compare to your peers?

Guest blogger: Jessica Taurae, follow her on LinkedIn. Have the ‘big’ banks fully grasped the potential impact of IFRS 9? A recent benchmarking survey suggests that maybe not. Our view is that some of the Tier 1 banks may not fully understand what will be required to implement these new...

02 December 2014

IASB defines ‘profit or loss’ but what are the consequences for OCI?

Guest blogger: Richard Davis, follow him on LinkedIn The blogger’s views are his own; please share your thoughts, comments and reactions. Comments are moderated before being posted. The IASB has decided to define profit or loss as part of its Conceptual Framework project. Has the IASB finally bowed to stakeholders...

03 November 2014

The IFRS Interpretations Committee – Is it doing enough?

It’s named the ‘Interpretations’ Committee (IC) but the IFRS IC doesn’t seems to do much interpreting these days. The publication of IFRIC 21 ‘Levies’ comes a neat ten years after the publication of IFRIC 1 ‘Changes in existing decommissioning, restoration and similar liabilities’; that’s a rate of approximately two published...

21 October 2014

Rate regulation – solving problems you didn’t know you had?

Guest blogger: Andrea Allocco, follow her on LinkedIn The blogger’s views are his own; please share your thoughts, comments and reactions. Comments are moderated before being posted. When you hear ‘rate regulation’ your first thought is probably public utilities; water, gas, electric. This maybe because you are an avid follower...

10 October 2014

Deferred tax; where imaginary numbers meet accounting

Guest blogger: Dave Walters, follow him on Twitter @Dave Walters68 The blogger’s views are his own; please share your thoughts, comments and reactions. Comments are moderated before being posted. One of the more complicated areas of maths relates to imaginary numbers. Heron of Alexandria is credited with "inventing" imaginary numbers...

26 September 2014

What is this blog for?

By Mary Dolson Follow @MaMaDolson This blog is about standard setting, implementation, regulation and enforcement of IFRS. It’s not about the ‘facts’, read IFRS News or sign up to the IFRS electronic alerts for just the news. This blog is about what’s going on the IASB and the IFRS IC,...

17 September 2014

IFRS 9 - not just for banks

This week's guest blogger is Jessica Taurae, Global Accounting Consulting Services partner, who specialises in financial instruments. IFRS 9 is finally here… and the two ‘camps’ are more clear than ever – those not in the financial services sector and those in the financial services industry. Can you guess which...

01 September 2014

What might Warren Buffet contribute to the IFRS 3R post-implementation review?

This week’s guest blogger is Dave Walters, a partner in PwC UK’s Accounting Consulting Services. I've never met Warren Buffett but I admire the man and our views on accounting seem to be aligned. He’s one of the world's richest men and a fabulous source of quotations. The Chairman's letter...

18 August 2014

Take a closer look at some recent draft NIFRICs; it might be time to comment

By Tony de Bell This week, my guest blogger is Mary Dolson, a Global Accounting Consulting Services partner. She takes a look at some of the IFRS Interpretations Committee's recent agenda rejections. As ever, do let me know your thoughts on the subject. The inaugural chairman of the IASB, now...