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Accounting Change

Rather than seeing accounting and regulatory changes as a burden, we can help you understand and implement them effectively to strengthen your organisation.

Adoping new standards and regulation often has a broader impact on the organisation than just a change in accounting and reporting requirements.

Our approach is about making connections and integration. We bring together our technical accounting, IT, process and industry expertise, with Risk Assurance, to offer tailor-made solutions and project-enabling tools that will enable you to facilitate implementation and integrate new accounting standard requirements across the whole organisation. 

IFRS accounting change


IFRS 15 shifts revenue recognition to a control model, with a focus on identifying performance obligations. Transaction price is recognised as performance obligations are met, reshaping the timing and presentation of revenue.

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All companies will be affected by IFRS 16; all companies have leases. The distinction for operating leases disappears for lessees; a lessee will record a gross lease asset and lease liability. This change will reshape balance sheets and accelerate the recognition of leases expenses in many industries.

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IFRS 9 will result in profound change to financial instrument accounting; financial asset impairment will be calculated on an expected loss basis, some easing of hedge accounting rules, and fewer categories for financial assets. Banks and other financial institutions are most affected.

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IFRS 17 will result in significant changes to the way that financial information is presented by all insurers reporting under IFRS. The aim of the standard is to provide improved transparency and comparability to current accounting standards. It is complex and adoption will require significant planning. IFRS 17 applies to all insurance and reinsurance contracts.

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Contact us

Richard Veysey

Richard Veysey

Partner, Accounting Change, PwC United Kingdom

Tel: +44 (0)7718 976 960

Rupert Duff

Rupert Duff

Director, PwC United Kingdom

Tel: +44 (0)7850 516 780

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