A new accounting standard is expected to result in significant change in the way in which companies record revenue, says PwC. PwC’s Leases guide is a comprehensive resource for lessees and lessors to account for leases under the new leases standard (ASC 842). It includes the standards that apply at this date; and the standards are published but effective at later dates and hence required to be disclosed plus a summary of the latest topical issues. This In the loop was updated in December 2020 to include insights related to the impact on human capital disclosures of current events, including COVID-19, and the focus on diversity, equity, and inclusion. David Baur Director and Leader Accounting Consulting Services, PwC Switzerland Dec 16, 2020 In our IFRS 2020 Roundup, we provide you with a summary of the amended standards in 2020… Our popular summary of new and revised financial reporting requirements, updated for financial reporting periods ending on 31 March 2020. Download PDF Version In this publication, we’ve summarized the new accounting standards with mandatory [1] effective dates in the first quarter of 2020 for public entities, as well as new standards that take effect in annual 2019 financial statements for nonpublic entities. Reminder: Year-end accounting and reporting webcast for … This guide was fully updated in October 2020… Financial Accounting Standards Update - Will give insights into the latest accounting standards; Conference Details. The new revenue, leases and financial instruments standards have brought several big changes to 'for-profit' entities in the financial reporting space. Why is a New Lease Accounting Standard Being Released? For nonpublic companies, this update is effective for the 2020 calendar year. Format: With an inability to host physical events in the interim period the 2020 PwC Technical Update Seminar will be delivered virtually. The International Accounting Standards Board (IASB) will issue IFRS 15 Revenue from Contracts with Customers, on Wednesday this week, which will represent a fundamental change in the way in which revenue is recognised for some companies. Date: Friday 6th November, 9:30am -1:30pm. Hence, businesses must keep these new IFRS standards 2020 in mind while filing their reports. Anyway recorded organizations for the most part likewise distribute between time financial statements (for which the accounting is completely new IFRS standards 2020 compliant) for which the introduction is as per IAS 34 Interim Financing Reporting. New human capital disclosure rules: Getting your company ready . Given many directors sit on the boards of not-for-profits, we've highlighted some of the key changes. Many directors, however, may not be aware that these changes extend to not-for-profit entities. Accounting Standards Update 2020-01—Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) We also added considerations on enhancing data quality. The existing Financial Accounting Standards Board (FASB) lease guidance, dating back to 1976, will be replaced by FASB Accounting Standards Update (ASU) 2016-02. The 30 June 2020 IFRS year end accounting reminders includes a publication that outlines the IFRS reporting requirements as at 30 June 2020. 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