Preface

Publication date: 13 Dec 2019

The Manual of Accounting – IFRS is a practical guide to International Financial Reporting Standards. Our guidance, like the IFRS standards themselves, continues to evolve and change. Each chapter opens with an explanation of the requirements of the standards in clear language. Illustrative examples at the end of each chapter 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.

Key updates include:

  • Amendments to IAS 19, ‘Employee benefits’ - Plan amendments , curtailment or settlement.
  • Annual improvements 2015 - 2017 (including borrowing costs eligible for capitalisation under IAS 23, income tax consequences under IAS 12 of payments on financial instruments classified as equity and clarifying measurement of previously held interest in obtaining control over a joint operation under IFRS 11).
  • Amendments to IFRS 9, ‘Financial instruments’ - Prepayment features with negative compensation.
  • Amendments to IAS 28, ‘Investments in associates’ - Long term interests in associates and joint ventures.
  • Revised conceptual framework issued in March 2018.
  • New chapter on insurance contracts under IFRS 17.
  • Chapter on leasing under IFRS 16, updated with additional illustrative text reflecting our practical experience with implementation since the standard took effect on 1 January 2019.

This Manual contains guidance based on the experience of the PwC network of IFRS specialists, Global Accounting Consulting Services. The Manual is a guides to applying IFRS that translate often complex standards into practical guidance. The application of IFRS to any particular transaction for any company is a matter of judgement based on the relevant facts and professional analysis. We express thanks to the authors, reviewers and editors for their work on the IFRS Manual of Accounting. We trust that those charged with the preparation of financial statements, auditors, analysts and other users of financial statements will find this Manual useful.

 
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