IFRS: a strategic opportunity
The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world.
Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital.
We have developed the global resources — people and knowledge — to provide the benefit of our broad sector experience, our subject matter knowledge and the latest insights from our worldwide network.
International GAAP® 2008
Written by our financial reporting professionals, this work on IFRS provides a truly international consistency of approach unavailable elsewhere. This new and expanded edition of practical guidance and professional interpretation deals with many aspects of
applying IFRS appropriately and effectively.
IFRS 7: Disclosures — investment funds
This guide to the requirements of IFRS 7 is specific to the
investment funds industry (pdf, 1.2mb). It looks at the implementation issues, with illustrations, and the main differences compared with previous disclosure requirements. It can help with preparing disclosures for all risks from financial instruments.
Business combinations
Changes to IFRS 3 and IAS 27 significantly affect the accounting for
business combinations (pdf, 433kb) and transactions with minority interests. This publication discusses the key changes introduced and what these will mean for your business — in particular, how they may change the way in which acquisitions are structured and negotiated.
Webcast
IFRS: executive briefing of IASB comment paper on insurance contracts
The archived webcasts will be available soon.
Ernst & Young Chairman and CEO welcomes IFRS
Read the op-ed article by Ernst & Young Chairman and CEO Jim Turley, from the
Wall Street Journal, arguing that
US GAAP should be replaced by IFRS (pdf) by a specific date. Such a move would enable US companies to begin preparing now and would provide impetus to confront needed legal and regulatory changes, he says.
Goodwill hunting
Many property investors find their reported profits lowered because of clashes between IFRS standards on deferred tax and business combinations. Read our analysis of the issue and how we suggest entities could approach their accounts to minimize the write down of
goodwill against profit (pdf, 372kb).
2007 Year-end IFRS update
Read this summary of the
changes in IFRS (pdf, 893kb) that need to be applied to 31 December 2007 year-end reports, as well as the impact of each change.
International GAAP® Illustrative Financial Statements
We produce a number of illustrative model accounts, designed to offer a guide to presenting
financial statements under IFRS for a fictional company in 'Euroland'. Read the full year-end statements, incorporating all IFRS at 31 August 2007, and also interim statements, and statements covering the banking and insurance industries.
Our interim statements have been updated to incorporate all IFRS issued at 31 March 2008.
Accounting for customer loyalty programs
Many entities use
customer loyalty programs (pdf, 2.6mb) to build brand loyalty, retain customers and increase sales. The IFRIC recently issued Interpretation 13
Customer Loyalty Programmes which addresses how entities should account for such customer loyalty programs. This publication provides users with guidance about applying the new requirements of IFRIC 13.
Read more about requirements for customer loyalty programs specific to telecommunications companies (pdf, 269kb).
Access country-specific IFRS information
