Cryptocurrencies and related transactions: accounting considerations under IFRS
How to recognise, measure and disclose activities associated with the issuances of, and the investment in, cryptocurrencies
IFRS 16 – a new era of lease accounting!
12 July, 2018
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! Whereas, under the previous guidance in IAS 17, Leases, a lessee had to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet), the new model requires the lessee to recognise almost all lease contracts on the balance sheet; the only optional exemptions are for certain short-term leases and leases of low-value assets. For lessees that have entered into contracts classified as operating leases under IAS 17, this could have a huge impact on the financial statements.
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Transition to IFRS with PwC: Where to start?
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....
07 key considerations in IFRS-related financial reporting during COVID-19
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...
IFRS 15 - Revenue from Contracts with Customers
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,...
Should borrowing costs be capitalised on qualifying expenditures incurred before borrowing costs are incurred?
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...
IFRS 16 – a new era of lease accounting!
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!
IFRS 15: revenue reporting’s global makeover
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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