However, in November 2023, after its consideration, the IASB has decided not to proceed with the development of specific reporting requirements for business combinations under common control. Entities having this type of transaction would need to continue to assess and select the most appropriate accounting policy to...
Supplier finance arrangements provide companies with solutions for managing working capital. As the use of these solutions expands, it has become increasingly important that investors have transparency over the effect on a company’s liabilities, cash flows and exposure to liquidity risk.
In brief, this applies to all entities with significant non-financial assets that are required to be tested for impairment under IAS 36. Set out below is a refresher on some basic concepts on impairment of non-financial assets, and reminders on those aspects of the value in use (VIU) methodology where common mistakes...
We would like to bring to your attention some amendments of International Accounting Standard (IAS) 16 - ‘Property, Plant and Equipment’ (PP&E). The amendment to IAS 16 could have a significant impact on entities that construct material items of PP&E. Industries that are expected to be significantly impacted are mining...
How to recognise, measure and disclose activities associated with the issuances of, and the investment in, cryptocurrencies
With the approval from the Ministry of Finance on the Vietnam Financial Reporting Standards roadmap in Decision 345/QD/BTC, it is now essential for eligible entities to begin preparations towards International Financial Reporting Standards (IFRS) compliance, and to be open to opportunities for business transformation....
Without a doubt, we are operating in unusual times. COVID-19 will have far-reaching, perhaps even unforeseeable, impacts on business outcomes. A key to building trust during these uncertain times is with transparent and reliable information provided through financial reporting. In this NewsBrief, we will explore seven...
To align with management requirements poised by the disruption economy, including integration and globalisation. the Ministry of Finance has officially approved the final IFRS roadmap adoption in Vietnam with two programs.
Coronavirus may affect not only yourself, your family, your community, but also your ... financial report for December 2019 year end. If you have business in China or with Chinese-based entities, this is a must read.
On 23 March 2019, the MoF released the draft IFRS roadmap for public comments before submitting to the Prime Minister for approval. The draft IFRS roadmap divides the IFRS implementation into three stages.
2019년 3월 23일 재무부는 베트남 총리의 승인 절차를 진행하기 전에 IFRS 도입 로드맵 초안을 공식 발표했습니다. 해당 IFRS 도입 로드맵 초안에 따르면 IFRS 시행안은 세 가지 단계로 구성되어 있습니다.
IFRS 15 introduces a new 5-step model with a focus on when ‘transfer of control’ occurs (rather than when ‘risk and rewards’ are passed to customers). The impact extends beyond accounting (e.g. contracts, executive compensation agreements, tax, debt covenants, investor relations, operational processes and systems,...
International Accounting Standard no. 23 (IAS 23), ‘Capitalisation of borrowing costs’, is one of the shortest standards in IFRS. However, practical implementation of this seemingly simple standard often raises questions for which the standard does not give clear answers. One of practical implementation questions is...
In January 2016 the International Accounting Standards Board (IASB) issued IFRS 16, ‘Leases’, and thereby started a new era of lease accounting – at least for lessees!
In a recent article published on Vietnam Investment Review, PwC Vietnam’s Partner of Assurance Services Tran Hong Kien highlighted the major changes introduced in the International Financial Reporting Standard 15 (IFRS 15) Revenue from Contracts with Customers, and its potential impacts to businesses that prepare IFRS...
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