Manual of accounting - PwC

[Pages:93]Manual of accounting

Interim financial reporting 2017

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PwC's IFRS, corporate reporting and governance publications and tools 2016/2017

IFRS technical publications

Manual of accounting ? IFRS 2017 (Vol. 1 & 2) Global guide to IFRS providing comprehensive practical help on how to prepare financial statements in accordance with IFRS. The 2017 edition has a new structure making it easier to read, with standing text at the front of each chapter (a summary of GAAP), followed by illustrative text at the back (examples, questions and answers and detailed guidance).

Manual of accounting ? Interim financial reporting 2017

Guidance on preparing interim financial reports under IAS 34, including illustrative financial statements.

ifrs

In depth New IFRSs for 2017

March 2017

In depth ? New IFRSs for 2017

Summarises the new amendments and IFRIC issued by the IASB since 2016, plus those standards and amendments issued previously that are effective from 1 January 2017.

IFRS disclosure checklist

2016

Illustratives IFRS consolidated financial statements for 2017 year ends Illustrative consolidated financial statements for an existing preparer of IFRS. Includes illustrative disclosures of standards available for early adoption.

IFRS disclosure checklist 2016 Outlines the disclosures required for 31 December 2016 year ends.

IFRS pocket guide 2016 Summary of the IFRS recognition and measurement requirements. Including currencies, assets, liabilities, equity, income, expenses, business combinations and interim financial statements.

IFRS and US GAAP: similarities and differences 2016 edition Comparison of the similarities and differences between the reporting methods and the subsequent impact on entities. Download from >Publications>Accounting guides

Illustrative consolidated financial statements ? IFRS 9 for banks - Illustrative disclosures, 2017 ? Investment property, 2016 ? Investment funds, 2016 ? Private equity, 2016 ? Private equity fund holding an investment entity

subsidiary, 2016 Realistic sets of financial statements for existing IFRS preparers illustrating the required disclosure and presentation.

Impairment guidance Guidance includes: ? Questions and answers on impairment of non-financial

assets in the current crisis. ? Top 10 tips for impairment testing.

`In depth' series Publications providing analysis and practical examples of implementing key elements of IFRS. To be notified of new guidance, subscribe to twice-monthly `IFRS updates' by emailing ifrs.updates@uk.

Only available in electronic format. To download visit the `Publications library' at ifrs (unless indicated otherwise). Also available as an ebook ? visit manual

All of these publications are available electronically on inform.. See inside back cover for details. Hard copies can be ordered from (unless indicated otherwise) or via your local PwC office.

PwC's IFRS, corporate reporting and governance publications and tools 2016/2017

Inform ? Accounting and auditing research at your fingertips Global online resource for finance professionals. Use Inform to access the latest news, PwC guidance, comprehensive research materials and full text of the standards. The search function and intuitive layout enable users to access all they need for reporting under IFRS and local GAAP. Apply for a free trial at inform..

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? PwC Manuals of accounting ? Standards ? Topic home pages ? Illustrative financial statements ? Auditing pronouncements ? Corporate governance guidance

Features and tools:

? iPad and mobile-friendly ? Lots of ways to search ? Create your own virtual documents ? PDF creator ? `Bookshelf' with key content links ? News page and email alerts

Pentana Checker Automated financial reporting disclosure checklist to help ensure financial statements comply with the disclosure requirements of IFRS and local GAAP. For information contact inform.support.uk@uk..

IFRS for SMEs publications

IFRS for SMEs ? Pocket guide Summary of the recognition and measurement requirements in the `IFRS for small and mediumsized entities' published by the International Accounting Standards Board in July 2009.

IFRS for SMEs ? Illustrative consolidated financial statements Realistic set of financial statements prepared under IFRS for small and medium-sized entities, illustrating the required disclosure and presentation based on the requirements of the IFRS for SMEs published in July 2009.

Keeping up to date

Stay informed about key IFRS developments via free email alerts. To subscribe, email ifrs.updates@uk.

? IFRS updates Twice-monthly email summarising new items added to ifrs, including breaking news from the IASB on new standards, exposure drafts and interpretations; PwC IFRS publications and quarterly updates; IFRS blog posts; PwC webcasts; and more.

? IFRS news Monthly newsletter focusing on the business implications of the IASB's proposals and new standards.

Corporate reporting surveys and issues

Visit corporatereporting to view and download our Publications, surveys and best practice guidance on: ? Integrated reporting; ? Governance reporting; ? Remuneration, people and tax reporting; ? Management and board reporting; and ? Investor view.

All of these publications are available electronically on inform.. See above for details. Hard copies can be ordered from (unless indicated otherwise) or via your local PwC office.

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Manual of accounting ? Interim financial reporting 2017

Global Accounting Consulting Services PricewaterhouseCoopers LLP Published by

This book has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this book without obtaining specific professional advice. Accordingly, to the extent permitted by law, PricewaterhouseCoopers LLP (and its members, employees and agents) and publisher accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining from acting, in reliance on the information contained in this document or for any decision based on it, or for any consequential, special or similar damages even if advised of the possibility of such damages.

All rights reserved. No part of this publication may be reproduced in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission of PricewaterhouseCoopers LLP except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, Saffron House, 6?10 Kirby Street, London EC1 N 8TS. Applications for the copyright owner's written permission to reproduce any part of this publication should be addressed to the publisher.

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Foreword

Richard Sexton Vice chairman, global assurance PricewaterhouseCoopers LLP Our purpose, across the PwC global network of firms, is to build trust in society and solve important problems. The Manual of accounting ? IFRS series is our collected insights on the application of International Financial Reporting Standards, the financial reporting language of the global capital markets. The global marketplace is a reality. IFRS is now required or permitted in 147 countries around the world. The capital markets of almost all of G20 nations `speak' IFRS, with Saudi Arabia and India the latest to adopt the standards. The common language created by IFRS financial statements enables cross border investment and capital flows by reducing barriers and lowering the cost of capital. Consistency and comparability across companies and across borders is a continuing challenge in a principles based set of standards. We support consistent application through our work with companies, with the standard setter, with regulators and with other stakeholders. Major new standards on financial instruments, revenue and leasing are driving changes in accounting of a significance not seen since the first major wave of IFRS adoption in 2005. IFRS requires professional accountants and preparers to make judgements when applying the standards. Sound judgement derives from experience. The Manual of accounting ? Interim financial reporting brings together the IFRS experience of the PwC network. We share our practical knowledge with those charged with preparing, auditing, enforcing and perhaps most importantly using IFRS financial statements.

May 2017

PwC Manual of accounting ? Interim financial reporting 2017 i

Preface

This volume in our `Manual of accounting' series contains our comprehensive guidance on preparing interim financial reports under IAS 34, `Interim financial reporting'. It reflects IFRSs that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2017. The first section outlines the requirements of IAS 34; the second section is an illustrative set of condensed interim financial statements, including additional guidance on how to present this information. Our guidance, like the IFRS standards themselves, continues to evolve and change. The first section gives an explanation of the requirements of the standard followed by illustrative examples that demonstrate the practical application of the principles of the standards. Links to relevant examples are included in the explanatory text and the text itself is anchored to the authoritative literature.

ii PwC Manual of accounting ? Interim financial reporting 2017

Contents

Page International standards and interpretations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .v Abbreviations and terms used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .vii Interim reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1001 Illustrative condensed interim financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2001

PwC Manual of accounting ? Interim financial reporting 2017 iii

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