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brPage 1br Copyright IFRS Foundation brPage 2br Copyright IFRS Foundation brPage 3br Copyright IFRS Foundation brPage 4br Copyright IFRS Foundation brPage 5br Copyrig. ey.com/IFRS for Oil & GasOilfield Services What you need to know The application ofIFRS 15will require entities to use a greater degree of judgementto meet its requirements The key issues for oilfi IFRS Interpretations Committee Work In Progress Outstanding issues list This paper has been prepared by the technical staff of the IFRS Foundation for discussion at a public meeting of the IFRS Int IFRS Developments Investment entities the plot thickens What you need to know The following are tentative decisions made by the IASB at the May and June An entity is no longer required to meet Accounting Changes and Error Corrections. Both GAAP and IFRS treat changes in accounting . estimates. prospectively. Changes in accounting . principles. are accounted for retrospectively for both GAAP and IFRS.. GAAP “Capital Lease” Criteria. To be classified as a capital lease GAAP states that the lease must be non-cancelable and meet one of the following:. Transfers ownership. Bargain purchase option. Lease term is . IFRS Developments IASB and FASB decide to make more changes to their new revenue standards What you need to know The IASB and the FASB agreed to amend the transition requirements in their ne www.pwc.ie/banking. 22 October 2014. Agenda. Background to IFRS 9: The project and timetable for implementation. Classification and measurement. Overview of Expected credit losses in IFRS . 9. Implementation . Julia . Makarieva. Jennifer . Waclawik. Becky Fay . Grayson . Schrantz. Alex Perez. Definition of Inventory. US GAAP- considered more. rules based. IFRS- considered more principle based. The. aggregate of those items of tangible personal property that are:. 1. The . IFRS for SMEs. Topic 1.5. Sections 3–8, 10, 30, 32 and 33 Financial Statement Presentation. 2. © 2011 IFRS Foundation. 2. . This PowerPoint presentation was prepared by IFRS Foundation education staff as a convenience for others. It has not been approved by the IASB. . Taxonomy . 2014. . Wladek . Krawiec . IT . Project Manager – IFRS Taxonomy . © 201. 4. IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org. May. 2014. Agenda. The . IFRS Taxonomy. 1. The . IFRS for SMEs. Topic 1.5. Sections 3–8, 10, 30, 32 and 33 Financial Statement Presentation. 2. © 2011 IFRS Foundation. 2. . This PowerPoint presentation was prepared by IFRS Foundation education staff as a convenience for others. It has not been approved by the IASB. . www.pwc.com. IFRS 13 Fair Value Measurement. Objectives. Provide single source of guidance . Clarify definition of fair value. Provide clear framework for measuring fair value . Enhance fair value disclosures. n. a. n. cial. . R. e. p. o. rting. . S. t. a. n. d. a. rds. (. I. F. R. S. ). S. u. b. :. . F. i. n. a. n. c. ial. . R. e. p. o. r. ting. . a. n. d. . A. n. a. l. y. sis. C. o. u. r. s. e. . :. FOR TRAINING WORKSHOP ON . THE IFRS SUSTAINABILITY DISCLOSURE STANDARDS S1 AND S2 . 1. This communications pack has a series of . communications ideas and . images that your communications team is welcome to use when sharing the opportunity to...