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  • World Watch , converged Indian accounting standards top five changes
    new standards focus on the substance and risk and reward of underlying transactions and are predicted to result in accounting that more closely reflects the business rational and true economics of the transaction From April 2016 Indian companies worth 500 crore INR will have to use Ind AS in their financial reporting In April 2017 companies worth 250 crore INR will follow These companies will no longer be allowed to use Indian GAAP nor will they be able to use IFRS to prepare their accounts The volume and breadth of differences between Indian GAAP and Ind AS is enormous and the impact will vary by industry and for each company Businesses therefore will have to prepare for extensive data requirements demanded by this type of reporting and will have to set aside considerable time for the effort of transition The new standards mark a push towards the increased use of fair value driven accounting and will require adoption of appropriate accounting policies to limit volatility The famous five There are five areas that are likely to require more attention than others Revenue recognition this is already one of the most important financial statement measures for preparers and users Where Indian GAAP was less clear Ind AS will provide comprehensive principles for recognising revenue making the value of contracts with customers much clearer Financial instruments experts in India dismiss the contention that only financial institutions will feel the impact of this standard saying instead that it will be very wide ranging India will be the first of adopt this IFRS converged standard other countries using IFRS will do so in 2018 so there is high visibility for Indian companies here The use of fair value in recording of financial instruments is set to increase Consolidation there are significant changes expected here

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/indian-accounting-standards.html (2016-02-10)
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  • World Watch , Feedback to standard setters important
    important because this provides the standard setter with insights based on practical experience Getting the most diverse feedback as possible means that standard setters are more likely to propose high quality standards that are easy to apply in a cost effective manner because the standard setter has been able to evaluate the accounting from different perspectives WW Generally who would you say is participating at the moment BP When boards develop a proposed standard that is expected to have a major impact there s generally a really healthy level of participation So for example the recent revenue recognition standard the key stakeholders were involved in that for both the IASB and FASB But I think it s fair to say that for the smaller projects which make up quite a bit of the boards agenda there is less involvement which isn t ideal It s important that both users and preparers get involved because they have unique perspectives WW What do those feeding back need to look out for BP I would say that the first thing is not to judge a standard by its title The title of a proposed standard is not always indicative of its full scope or potential impact For example the recent standard that eliminated the concept of a development stage enterprise from US GAAP was titled Development Stage Entities on the FASB s agenda Based on that title some stakeholders may have thought the standard only impacted development stage entities and maybe missed out on the following deliberations But the standard actually changed the consolidation guidance for companies that have a variable interest in a development stage entity That s a roundabout way of saying pay attention because your insights might be valuable WW Beyond writing a comment letter what can companies do to

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/standard-setting.html (2016-02-10)
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  • A 'tax morality' controversy in the making? : PwC
    Diversity and inclusion Analyst relations Alumni Member firms worldwide Live events and discussions Strategy Research insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Local revenues global profits a tax morality controversy in the making Local revenues global profits a tax morality controversy in the making Download Companies tax policies have hit the front pages as a moral issue and ongoing digitisation and globalisation are putting entertainment and media companies in the front line In the long run the only effective solution to tax uncertainty and controversy will be international alignment of tax regimes and until that happens companies will have to manage the reputational risks Priorities for entertainment and media companies include considering the tax implications of strategies from the earliest planning stage examining tax and business perspectives together and conducting studies to quantify their total contribution in local markets View Outlook subscription options and pricing Buy the Outlook Global entertainment and media outlook 2015 2019 60 second overview What is the Outlook Global data insights Segment data insights Book publishing Business to business Filmed entertainment Internet access Internet advertising Magazine publishing Music Newspaper publishing Out of home advertising Radio TV advertising TV subscriptions and licence fees Video games Key industry themes Hot topics

    Original URL path: http://www.pwc.com/gx/en/industries/entertainment-media/outlook/hot-topics/tax-morality.html (2016-02-10)
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  • World Watch , IASB mission statement EFRAG political: PwC
    search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites IASB Chairman reveals new mission statement 23 Apr 2015 Hans Hoogervorst tells Canadian audience it s time to talk about the why of IFRS The IASB has defined and published its mission statement The statement just a few paragraphs long has been refined over a few months and has involved the IASB staff and input from many other stakeholders Crucially the newly articulated mission statement does not change the IASB s objective defined by their constitution Instead the statement seeks to articulate what Chairman Hans Hoogervorst described as the why of IFRS rather than the how According to Mr Hoogervorst the first paragraph really says it all That paragraph says that the IASB s mission is to develop IFRS that bring transparency accountability and efficiency to financial markets around the world Until April 2015 the IASB only had objectives articulated in their constitution regarding the development of a single set of standards based on clear principles Mr Hoogervorst did not elaborate on why the IASB had decided to come up with a mission statement though towards the end of his section on the mission statement he did hint at the need to look beyond the pursuit of accounting ideologies or national interests This was a particularly interesting statement coming as it did the day after EFRAG the EU accounting body signalled that it wanted to take a more political approach to its work with the IASB The transparency pillar of the statement the

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/iasb-mission-statement-efrag-political.html (2016-02-10)
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  • World Watch , FASB IASB convergence under pressure: PwC
    effective date The FASB is expected to report on a potential extension to the 2017 effective date in Q2 2015 The IASB has not provided a specific timeline The European Financial Reporting Advisory Group EFRAG board recently confirmed that it intends to endorse the new revenue standard with no change to the effective date Licence of intellectual property The FASB and IASB discussed four implementation matters related to licences Nature of the promise Stakeholders have asked how to determine when an entity s activities significantly affect the intellectual property IP In particular which attribute of the IP that is form functionality value or all should be assessed to determine whether revenue is recognised over time Two potential approaches were discussed The first Articulation A clarifies that an entity should consider activities that significantly affect the utility of the IP This would capture some but not all activities that affect the value of the IP The second Articulation B focuses on the type of IP either symbolic IP recognised over time for example brand names or functional IP for example software recognised at a point in time Both boards acknowledged a change to the standard is needed but the IASB supported Articulation A and the FASB Articulation B Articulation B seems to create a brighter line but could result in an outcome that is inconsistent with the existing principle and there will be some instances where the outcomes of the two articulations will differ Sales and usage based royalties Stakeholders have asked how to apply the royalty exception which prohibits revenue recognition until the related sales or usage occurs Both boards agreed to make two clarifications an entity is not required to split a royalty into a portion subject to the exception and a portion that is not and the royalty exception applies only when the predominant item to which the royalty relates is a licence otherwise the general variable consideration guidance applies to the entire arrangement Other areas The IASB decided that no standard setting is needed on the basis that stakeholders could consistently apply the guidance in both of these areas highlight that in some cases an entity would need to consider the nature of a licence even if it is not distinct from other goods or services in the contract and clarify that contractual restrictions of time geography or use are attributes of the licence and do not affect the number of promised goods or services Performance obligations The IASB and FASB discussed three matters related to performance obligations Promised goods or services Some have questioned whether more promised goods or services will be identified as separate units of account under the new standard compared with current practice In particular the Basis for Conclusions states that an entity is not exempt from accounting for perfunctory or inconsequential obligations This has received attention from US GAAP preparers Current US GAAP permits recognition of all revenue if the remaining obligations are inconsequential or perfunctory The IASB decided not to undertake

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/fasb-iasb-convergence-under-pressure.html (2016-02-10)
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  • World Watch , Investors clarity conciseness policy disclosures: PwC
    investment community research series The survey is based on interviews of 85 investment professionals from around the world about their views on what they find useful and where companies might improve The focus was on accounting policies the format of financial statements and the linkage between financial results and management commentary So what came out of this Here is what I think are some good takeaways that management might want to action when planning the next annual report Action 1 Combine policies with the notes Combining your policies with related notes will make them more accessible and offer a clearer picture of performance But whatever you do make your accounting policies easy to find Some of the boldest innovations we have seen from companies are certainly popular but there is also a significant contingent of investment professionals who told us they prefer a more traditional approach For example while some investment professionals would like to see accounting policies presented alongside the relevant notes others prefer a more traditional all in Note 1 approach The location isn t important to me it s about being able to see the important information easily This is a really big opportunity to make financial statements easier to understand Combining the policy with the relevant note means I am much more likely to pay attention to it Whichever approach you take making it easy for users of your accounts to find what they are looking for is critical Action 2 Be clear about changes Be clear about what has changed in your accounting policies key judgements taken and choices you have made A clear challenge is balancing the level of detail required in an accounting policy note the majority 58 of investment professionals surveyed prefer a moderate amount of information They want to see disclosures

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/investors-clarity-conciseness-policy-disclosures.html (2016-02-10)
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  • World Watch , New lease proposal ready for ballot balance sheet: PwC
    all leases should be accounted for as finance leases The IASB is going to require just that when a final standard is issued later this year The drafting stage could take several months but new accounting for leases now seems inevitable The accounting requirements for lessors remain largely unchanged under the new standard Not so for lessees How will the new standard affect reported results for lessees Lessees are required to recognise a right of use asset and a liability obligation to pay for that right i e financing on balance sheet for all leases However short term leases with a term of 12 months or less and leases of small assets for example laptops or other small assets are not required to gross up their balance sheet The IASB has not defined small but is expected to give an indication on the basis that this includes an item whose value when new is less than approximately US 5 000 A lessee will measure the liability at the present value of future lease payments and then recognise interest expense on an effective interest method similar to other financial liabilities The asset is initially measured at the same amount as the lease liability and then depreciated similar to other assets such as PPE The most notable effect other than a bigger balance sheet will be higher interest expense in earlier years of a lease This in combination with the usual straight line depreciation of lease assets results in a total lease expense that is higher than straight line operating lease expense in the first half of the lease term What is a lease The definition of a lease becomes critical in the IASB s new model as it is the difference between on or off balance sheet accounting and the knock

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/new-lease-proposal-balance-sheet.html (2016-02-10)
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  • World Watch , PwC Broadridge data show retail shareholder opportunity engagement: PwC
    massive opportunity to engage the retail vote 13 Apr 2015 PwC s Proxy Pulse data reveals only 28 per cent of retail shareholders on average vote their shares Analysis by PwC and Broadridge Financial Solutions shows that institutional shareholders are owning more shares in companies compared to last year and also voting their shares more Retail shares worth 22 5 billion USD on the other hand are going unvoted This says the research paper is a perfect opportunity for companies to engage their retail vote The research also revealed a number of interesting patterns in other areas Large companies with a market capitalisation of 10bn USD plus are more likely to receive support for those directors up for election where smaller companies are less likely to support them At large companies 90 of directors received 90 or more of shareholder support The figure was 67 at micro cap companies 300mn USD or less And if directors were less likely to be approved so too were the pay plans In fact say on pay support declined overall compared to last year by three percent Six large cap companies failed to gain the 70 support needed for a plan to pass representing 17 of companies of that size In total 35 of 471 companies failed to gain majority support Almost half of those companies who failed to garner sufficient support for their pay plans last year also failed this year And of those 35 that failed to gain majority support for their pay plans 30 had director elections and almost half of these failed to attain at least 70 support The high percentage of retail shares that go unvoted point to a huge opportunity for companies to engage a large slice of their total ownership and gain support for their plans The

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/broadridge-data-show-retail-shareholder-opportunity-engagement.html (2016-02-10)
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