2022 Year-end toolkit: IFRS focus areas for uncertain times

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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, to discuss the challenges and judgments needed under IFRS with regard to many of the hot button topics that we’ve been discussing in this series: Russia / Ukraine, inflation, and others key areas driven by today’s current environment.

In this episode, you’ll hear discussion of:

• 1:40 - The impact of inflation and higher interest rates on asset valuations, income statement presentation, and other accounting topics
• 11:33 - How to contemplate climate-related risks under IFRS, and the importance of bridging sustainability commitments and financial impact for investors
• 18:14 - Russia, Ukraine, and accounting for uncertainty more broadly
• 22:35 - Considerations for non-insurers with regard to the new insurance guidance, IFRS 17
• 26:10 - Updates on the OECD’s Pillar 2 global minimum tax proposal and the proposed deferred tax accommodations from the IASB
• 31:32 - The importance of updating processes to adjust to the current environment 
• 32:41 - IASB standard setting expected in 2023

Check out other episodes of our Year-end toolkit series: Managing materiality assessments and Accounting reminders for uncertain times.

Gary Berchowitz is the Non-Financial Instruments Leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings nearly 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary contributes to the firm’s global view on a variety of financial reporting matters.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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