IFRS update: Year-end reminders and outlook for 2024 and beyond

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As the end of the year approaches, it is helpful to understand what is top of mind under International Financial Reporting Standards (IFRS) and what lies ahead from the International Accounting Standards Board (IASB).

In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, and Laura Kennedy, a director in the Corporate Reporting Services group, to discuss key reminders for year-end reporting under IFRS as well as some timely updates on new IFRS initiatives on the horizon.

In this episode, you’ll hear:

• 2:37 - An overview of the current status of IFRS Accounting Standards and what’s to come, including:
  • 4:29 - A breakdown of IFRS 17, Insurance Contracts, which became effective in 2023 and applies to non-insurers as well as insurers
  • 5:50 - New amended requirements for currency transactions
  • 8:10 - The global political and economic outlook and its impact on reporting, including assumptions for accounting determinations such as impairments 
• 13:12 - Status of other IFRS Accounting Standards updates and what to expect in 2024:
  • 15:40 - Primary Financial Statements
  • 17:15 - Management Performance Measures
  • 20:16 - Retrospective reporting and restatement reconciliation requirements if a new standard is adopted  
• 23:46 - A discussion of the interconnectedness between sustainability and financial reporting, and coordinated standard setting by both the IASB and International Sustainability Standards Board (ISSB)
• 30:18 - Details on sustainability projects impacting the financial services sector, including accounting for loans and power purchase agreements for renewable energy
• 37:34 - Other IASB priorities and initiatives on the horizon

For more on IFRS 17, check out our publication. Additionally, refer to our global IFRS accounting reminders, refreshed quarterly. Lastly, follow our PwC sister podcast IFRS Talks for more insights on IFRS topics.

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.

Laura Kennedy is a director in PwC’s Global Assurance Quality - Corporate Reporting Services group. She also serves as the host of the global PwC IFRS Talks podcast. Prior to joining PwC, Laura was a technical staff member at the International Accounting Standards Board, focusing on topical issues impacting corporate reporting. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].