In depth New IFRSs for 2020 - pwc.com/ifrs April 2020

 
In depth New IFRSs for 2020 - pwc.com/ifrs April 2020
pwc.com/ifrs

In depth
New IFRSs for 2020

April 2020
In depth New IFRSs for 2020 - pwc.com/ifrs April 2020
Contents
           Introduction        2

           Amended standards   3

           New standards       8

Contents • PwC | In depth
In depth New IFRSs for 2020 - pwc.com/ifrs April 2020
Introduction
Since March 2019, the IASB has issued the following:

•     Amendments to IFRS 9, IAS 39, ‘Financial instruments’ and IFRS 7, ‘Financial instruments disclosure’,
      Interest rate benchmark reform

•     Amendments to IAS 1,‘Presentation of financial statements’, Classification of liabilities. This guide
      summarises these amendments plus those standards, amendments and IFRICs issued previously that
      are effective from 1 January 2020.

It is designed to be used by preparers, users and auditors of IFRS financial statements. It includes a quick
reference table of each standard/amendment/interpretation categorised by the effective date, whether early
adoption is permitted and the EU endorsement status as of 1 February 2020. The publication gives an
overview of the impact of the changes, which may be significant for some entities, helping companies
understand if they will be affected and to begin their considerations. It will help entities plan more effectively
by flagging up where new processes and systems or more guidance may be needed.

    Standard/amendment/        Effective date      Adoption             EU status                Page
    interpretation                                 status               (as of 1-Feb-20)

    1 January 2020

    Amendments to              Annual periods      Early adoption       Not adopted at time             3
    IFRS 3, ‘Business          1 Jan 2020          is permitted         of publication
    combinations’, –
    Definition of a business

    Amendments to IAS 1,       Annual periods      Early adoption       Endorsed                        4
    ‘Presentation of           1 Jan 2020          is permitted
    financial statements’,
    and IAS 8, ‘Accounting
    policies, changes in
    accounting estimates
    and errors’ – Definition
    of material

    Amendments to IFRS 9,      Annual periods      Early adoption       Endorsed                        4
    IAS 39 and IFRS 17: –      1 Jan 2020          permitted
    Interest rate benchmark
    reform

    Amendments to the          Annual periods      Early adoption       Endorsed                        7
    Conceptual framework       1 Jan 2020          is permitted

    1 January 2021

    IFRS 17, ‘Insurance        Annual periods      Early adoption is    Not adopted at time             8
    contracts’                 on or after         permitted once       of publication
                               1 Jan 2021          IFRS 15 and
                                                   IFRS 9 are
                                                   applied.

    1 January 2022

    Amendments to IAS 1,       Annual periods      Early adoption is    Not adopted at time             6
    ‘Presentation of           on or after         permitted            of publication
    financial statements’,     1 Jan 2022
    on classification
    of liabilities

2 • PwC | In depth
In depth New IFRSs for 2020 - pwc.com/ifrs April 2020
Amended standards
Amendments to IFRS 3, ‘Business combinations’ – Definition of a business
 Effective date                                            EU adoption status

 •   Annual periods beginning on or after                  •   Not adopted at time of publication
     1 January 2020

 •   Early adoption is permitted

Issue
To be considered a business, an acquisition would have to include an input and a substantive process that
together significantly contribute to the ability to create outputs. The new guidance provides a framework to
evaluate when an input and a substantive process are present (including for early stage companies that
have not generated outputs). To be a business without outputs, there will now need to be an
organised workforce.

The definition of the term 'outputs' is narrowed to focus on goods and services provided to customers,
generating investment income and other income, and it excludes returns in the form of lower costs and other
economic benefits. It is also no longer necessary to assess whether market participants are capable of
replacing missing elements or integrating the acquired activities and assets.

An entity can apply a 'concentration test' that, if met, eliminates the need for further assessment. Under this
optional test, where substantially all of the fair value of gross assets acquired is concentrated in a single
asset (or a group of similar assets), the assets acquired would not represent a business.

Impact
The changes to the definition of a business will likely result in more acquisitions being accounted for as asset
acquisitions across all industries, particularly real estate, pharmaceutical, and oil and gas. Application of the
changes would also affect the accounting for disposal transactions.

Differences in accounting between business combinations and asset acquisitions include, among other
things, the recognition of goodwill, recognition and measurement of contingent consideration, accounting for
transaction costs, and deferred tax accounting.

Effective date
An entity shall apply these amendments to business combinations for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after 1 January 2020 and to asset
acquisitions that occur on or after the beginning of that period. Earlier application of these amendments is
permitted subject to EU endorsement. If an entity applies these amendments for an earlier period, it shall
disclose that fact.

3 • PwC | In depth
In depth New IFRSs for 2020 - pwc.com/ifrs April 2020
Amendments to IAS 1, Presentation of financial statements’, and IAS 8,
‘Accounting policies, changes in accounting estimates and errors’ –
Definition of material
 Effective date                                             EU adoption status

 •   Annual periods beginning on or after                   •   Endorsed
     1 January 2020

 •   Early adoption is permitted

Issue
The amendments to lAS 1, 'Presentation of financial statements', and lAS 8, 'Accounting policies, changes in
accounting estimates and errors', and consequential amendments to other IFRSs:
i) use a consistent definition of materiality throughout IFRSs and the Conceptual Framework for Financial
Reporting; ii) clarify the explanation of the definition of material; and iii) incorporate some of the guidance in
lAS 1 about immaterial information.

The amended definition is:
'Information is material if omitting, misstating or obscuring it could reasonably be expected to influence
decisions that the primary users of general purpose financial statements make on the basis of those financial
statements, which provide financial information about a specific reporting entity.'

The amendment clarifies that the reference to obscuring information addresses situations in which the effect
is similar to omitting or misstating that information. It also states that an entity assesses materiality in the
context of the financial statements as a whole.

The amendment also clarifies the meaning of 'primary users of general purpose financial statements' to
whom those financial statements are directed, by defining them as 'existing and potential investors, lenders
and other creditors' that must rely on general purpose financial statements for much of the financial
information they need.

Impact
The amendments clarify the definition of material and make IFRSs more consistent, but are not expected to
have a significant impact on the preparation of financial statements.

Effective date
An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January
2020. Earlier application is permitted subject to EU endorsement. If an entity applies those amendments for
an earlier period, it shall disclose that fact.

Amendments to IFRS 9, ‘Financial instruments’, IAS 39, ‘Financial
instruments’, and IFRS 7,’Financial instruments: disclosures’ – Interest rate
benchmark reform
 Effective date                                             EU adoption status

 •   Annual periods beginning on or after                   •   Endorsed
     1 January 2020

 •   Early adoption is permitted

Issue
Following the financial crisis, the replacement of benchmark interest rates such as LIBOR and other inter-
bank offered rates (‘IBORs’) has become a priority for global regulators. Many uncertainties remain but the
roadmap to replacement is becoming clearer. Given the pervasive nature of IBOR-based contracts among

4 • PwC | In depth
both financial institutions and corporates, there are significant potential impacts of these changes on financial
reporting under IFRS.

The IASB has a two-phase project to consider what, if any, reliefs to give from the effects of IBOR reform.
Phase 1, which considers reliefs to hedge accounting in the period before the reform, has led to
these amendments.

Phase 2 of the IASB’s project will address issues that arise once the existing interest rate is replaced with an
alternative interest rate. In February 2020, the Board finished its deliberations on Phase 2 and an Exposure
Draft is expected in April 2020.

Impact
As discussed in more detail below, the Phase 1 amendments provide temporary relief from applying specific
hedge accounting requirements to hedging relationships directly affected by IBOR reform. The reliefs have
the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge
ineffectiveness should continue to be recorded in the income statement under both IAS 39 and IFRS 9.
Furthermore, the amendments set out triggers for when the reliefs will end, which include the uncertainty
arising from interest rate benchmark reform no longer being present.

‘Highly probable’ requirement
Cash flow hedge accounting under both IFRS 9 and IAS 39 requires the future hedged cash flows to be
‘highly probable’. Where these cash flows depend on an IBOR (for example, future interest payments on a
forecast issuance of a LIBOR-based debt hedged with an interest rate derivative), a question arises as to
whether they can be considered ‘highly probable’ beyond the date at which the relevant IBOR might cease
being published.

The relief provided by the amendments requires an entity to assume that the interest rate on which the
hedged cash flows are based does not change as a result of the reform. Hence, where the hedged cash
flows may change as a result of IBOR reform (for example, where the future interest payments on a hedged
forecast debt issuance might be SONIA + X% rather than GBP LIBOR + Y%), this will not cause the ‘highly
probable’ test to be failed.

Prospective assessments (economic relationship and ‘highly effective’ hedge)
Both IAS 39 and IFRS 9 require a forward-looking prospective assessment in order to apply hedge
accounting. IAS 39 requires the hedge to be expected to be highly effective, whereas IFRS 9 requires there
to be an economic relationship between the hedged item and the hedging instrument.

Cash flows under IBOR and IBOR replacement rates are currently expected to be broadly equivalent, which
minimises any ineffectiveness. However, as the date of the reform gets closer, this might no longer be the
case. This could give rise to hedge ineffectiveness in the prospective assessment, in particular where the
replacement of the benchmark rate is expected to occur at different times in the hedged item and the
hedging instrument.

Under the amendments, an entity assumes that the interest rate benchmark on which the cash flows of the
hedged item, hedging instrument or hedged risk are based is not altered by IBOR reform.

IAS 39 retrospective effectiveness test exception
The uncertainties described above in the context of prospective assessments could also affect IAS 39’s
retrospective effectiveness requirement. In particular, IBOR reform might cause a hedge to fall outside the
required 80–125% range. IAS 39 has therefore been amended to provide an exception to the retrospective
effectiveness test such that a hedge is not discontinued during the period of IBOR-related uncertainty solely
because the retrospective effectiveness falls outside this required 80–125% range. However, the other
requirements for hedge accounting, including the prospective assessment, would still need to be met.

Risk components
In some hedges, the hedged item or hedged risk is a non-contractually specified IBOR risk component. An
example is a fair value hedge of fixed-rate debt where the designated hedged risk is changes in the fair

5 • PwC | In depth
value of the debt attributable to changes in an IBOR. In order for hedge accounting to be applied, both
IFRS 9 and IAS 39 require the designated risk component to be separately identifiable and reliably
measurable. Under the amendments, the risk component only needs to be separately identifiable at initial
hedge designation and not on an ongoing basis. In the context of a macro hedge, where an entity frequently
resets a hedging relationship, the relief applies from when a hedged item was initially designated within that
hedging relationship.

Disclosures
The amendment requires disclosure of the nominal amount of hedging instruments to which the reliefs are
applied, any significant assumptions or judgements made in applying the reliefs, and qualitative disclosures
about how the entity is impacted by IBOR reform and is managing the transition process.

Effective date
These amendments should be applied for annual periods beginning on or after 1 January 2020. Earlier
application is permitted.

Amendments to IAS 1, ‘Presentation of financial statements’ –
Classification of liabilities as current or non-current
    Effective date                                                EU adoption status

    •    Annual periods beginning on or after                     •   Not adopted at time of publication
         1 January 2022

    •    Early adoption is permitted

Issue
On 23 January 2020, the IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are
classified as either current or non-current, depending on the rights that exist at the end of the reporting
period. The amendment requires the following:

•       Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least
        12 months at the end of the reporting period. The amendment no longer refers to unconditional rights,
        since loans are rarely unconditional (for example, because the loan might contain covenants).

•       The assessment determines whether a right exists, but it does not consider whether the entity will
        exercise the right. So, management’s expectations do not affect classification.

•       The right to defer only exists if the entity complies with any relevant conditions at the reporting date. A
        liability is classified as current if a condition is breached at or before the reporting date and a waiver is
        obtained after the reporting date. A loan is classified as non-current if a covenant is breached after the
        reporting date.

•       ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an
        entity’s own equity instruments. There is an exception for convertible instruments that might be converted
        into equity, but only for those instruments where the conversion option is classified as an equity
        instrument as a separate component of a compound financial instrument.
Impact
The amendment changes the guidance for the classification of liabilities as current or non-current. It could
affect the classification of liabilities, particularly for entities that previously considered management’s
intentions to determine classification and for some liabilities that can be converted into equity. All entities
should reconsider their existing classification in the light of the amendment and determine whether any
changes are required.

Effective date
These amendments should be applied for annual periods beginning on or after 1 January 2022,
retrospectively in accordance to IAS 8. Earlier application is permitted. If an entity applies those amendments
for an earlier period, it should disclose that fact.

6 • PwC | In depth
Amendments to the conceptual framework
    Effective date                                             EU adoption status

    Annual periods beginning on or after                       Endorsed
    1 January 2020
    Early adoption is permitted

Issue
The IASB has revised its Conceptual Framework. This will not result in any immediate change to IFRS, but
the Board and Interpretations Committee will use the revised Framework in setting future standards. It is
therefore helpful for stakeholders to understand the concepts in the Framework and the potential ways in
which they might impact future guidance.

Impact
Level in the IFRS hierarchy
The Framework is not an IFRS standard and does not override any standard, so nothing will change in the
short term. The revised Framework will be used in future standard-setting decisions, but no changes will be
made to current IFRS. Preparers might also use the Framework to assist them in developing accounting
policies where an issue is not addressed by an IFRS.

Key changes
Key changes include:

•     Increasing the prominence of stewardship in the objective of financial reporting, which is to provide
      information that is useful in making resource allocation decisions.

•     Reinstating prudence, defined as the exercise of caution when making judgements under conditions of
      uncertainty, as a component of neutrality.

•     Defining a reporting entity, which might be a legal entity or a portion of a legal entity.

•     Revising the definition of an asset as a present economic resource controlled by the entity as a result of
      past events.

•     Revising the definition of a liability as a present obligation of the entity to transfer an economic resource
      as a result of past events.

•     Removing the probability threshold for recognition, and adding guidance on derecognition.

•     Adding guidance on the information provided by different measurement bases, and explaining factors to
      consider when selecting a measurement basis.

•     Stating that profit or loss is the primary performance indicator and that, in principle, income and expenses
      in other comprehensive income should be recycled where the relevance or faithful representation of the
      financial statements would be enhanced.

The Board did not make any changes that address challenges in classifying instruments with characteristics
of both liability and equity. That will be addressed through the lASB's standard-setting
project on that topic. Other amendments to the Framework might be needed at the conclusion of that project.

7 • PwC | In depth
New standards
Insurance contracts – IFRS 17
 Effective date                                              EU adoption status

 Annual periods beginning on or after                        Not adopted at time of publication
 1 January 2021.
 Early adoption is permitted

Issue
On 18 May 2017, the IASB finished its long-standing project to develop an accounting standard on insurance
contracts and published IFRS 17, 'Insurance contracts'. IFRS 17 replaces IFRS 4, which currently permits a
wide variety of practices. IFRS 17 will fundamentally change the accounting by all entities that issue
insurance contracts and investment contracts with discretionary participation features.

Impact
Scope
IFRS 17 applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with
discretionary participating features if an entity also issues insurance contracts. For fixed-fee service contracts
whose primary purpose is the provision of services, entities have an accounting policy choice to account for
them in accordance with either IFRS 17 or IFRS 15.Similar to the position under IFRS 4, financial guarantee
contracts are allowed to be within the scope of IFRS 17 if the entity previously asserted explicitly that it
regarded them as insurance contracts. Insurance contracts (other than reinsurance) where the entity is a
policyholder are not within the scope of IFRS 17.

Embedded derivatives and distinct investment and service components should be 'unbundled' and
accounted for separately in accordance with the related IFRSs. Voluntary unbundling of other components
is prohibited.

The measurement model
IFRS 17 requires a current measurement model, where estimates are remeasured in each reporting period.
The measurement is based on the building blocks of discounted, probability-weighted cash flows, a risk
adjustment and a contractual service margin ('CSM') representing the unearned profit of the contract. A
simplified premium allocation approach is permitted for the liability for the remaining coverage if it provides a
measurement that is not materially different from the general model or if the coverage period is one year or
less. However, claims incurred will need to be measured based on the building blocks of discounted, risk-
adjusted, probability weighted cash flows.

For presentation and measurement, entities are required at initial recognition to disaggregate a portfolio (that
is, contracts that are subject to similar risks and managed together as a single pool) into three groups of
contracts: onerous; no significant risk of becoming onerous; and remaining contracts. Contracts that are
issued more than one year apart should not be in the same group.

Changes in cash flows related to future services should be recognised against the CSM. The CSM cannot be
negative, so changes in future cash flows that are greater than the remaining CSM are recognised in profit or
loss. Interest is accreted on the CSM at rates locked in at initial recognition of a contract. To reflect the
service provided, the CSM is released to profit or loss in each period on the basis of passage of time.

Under IFRS 17, entities have an accounting policy choice to recognise the impact of changes in discount
rates and other assumptions that relate to financial risks either in profit or loss or in other comprehensive
income (‘OCI’). The OCI option for insurance liabilities reduces some volatility in profit or loss for insurers
where financial assets are measured at amortised cost or fair value through OCI under IFRS 9.

8 • PwC | In depth
The variable-fee approach is required for insurance contracts that specify a link between payments to the
policyholder and the returns on underlying items, such as some ‘participating’, ‘with profits’ and ‘unit linked’
contracts. The interest on the CSM for such contracts is accreted implicitly through adjusting the CSM for the
change in the variable fee. The variable fee represents the entity’s share of the fair value of the underlying
items less amounts payable to policyholders that do not vary based on the underlying items. The CSM is
also adjusted for the time value of money and the effect of changes in financial risks not arising from
underlying items such as options and guarantees.

Requirements in IFRS 17 align the presentation of revenue with other industries. Revenue is allocated to
periods in proportion to the value of expected coverage and other services that the insurer provides in the
period, and claims are presented when incurred. Investment components (that is, amounts repaid to
policyholders even if the insured event does not occur) are excluded from revenue and claims.

Insurers are required to disclose information about amounts, judgements and risks arising from insurance
contracts. The disclosure requirements are more detailed than currently required under IFRS 4.

On transition to IFRS 17, an entity applies IFRS 17 retrospectively to groups of insurance contracts, unless it
is impracticable. In this case, the entity is permitted to choose between a modified retrospective approach
and the fair value approach. In applying a modified retrospective approach, the entity achieves the closest
outcome to retrospective application using reasonable and supportable information and choosing from a list
of available simplifications. Alternatively, the CSM at transition can be based on fair value at transition. In
practice, using different approaches to transition could result in significantly different outcomes that will drive
profit recognised in future periods for contracts in force on transition.

Insights
IFRS 17 will impact businesses well beyond the finance, actuarial and systems development areas (for
example, product design and distribution, development of revised incentive and wider remuneration policies
and reconfigured budgeting and forecasting methodologies feeding into business planning). There could also
be an impact on the cash tax position and dividends, both on transition and going forward. Gap analysis and
impact assessments to develop an implementation roadmap will enable entities to begin the detailed
implementation project. A fundamental shift might be required in the way in which data is collected, stored
and analysed, changing the emphasis from a prospective to a retrospective basis of analysis and introducing
a more granular level of measurement and additional disclosures. Before the effective date, insurers will
need to carefully consider their ‘IFRS 17 story’ for investors and analysts, as well as the key metrics that they
will apply in the new world. e.g. after the existing sentence Before the effective date, insurers will need to
carefully consider their ‘IFRS 17 story’ for investors and analysts, as well as the key metrics that they will
apply in the new world.

For first time adopters of IFRS, IFRS 1 mirrors the transition guidance set out in Appendix C of IFRS 17.

Effective date
IFRS 17 applies to annual periods beginning on or after 1 January 2021, with earlier application permitted if
IFRS 15 and IFRS 9 are also applied. The standard should be applied retrospectively unless impracticable.

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                                                                                                                                                          pwc.com/ifrs.       three comprises:
                                                                                                                                                                         This volume volumes comprise the ‘Manual of accounting
                                                                                                                                                    – IFRS 2020’, our comprehensive guide which brings together           the IFRS experience

• IFRS for theVisit                        for details. Titles include:
                                                                                                                                                                                  New chapter on insurance contracts under IFRS 17

                 UK*pwc.co.uk/manual
                                                                                                                                                                               •
                                                                                                                                                    of PwC’s global network.

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               • IFRS for the UK & global IFRS
                                                                                                                                               •   UK GAAP*                  subscription to Inform, PwC’s online financial reporting resource.
                                                                                                                                                    •        Chapter on leasing under IFRS 16 updated with additional illustrative text

• IFRS supplement                                                                                                                              •        Illustrative
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                                                                                                                                                                                     •   financial
                                                                                                                                                                                         UK GAAP* reporting resource.
                                                                                                                                               Visit pwc.co.uk/manual for details.

               • Illustrative financial statements (IFRS, IFRS for the UK* and UK GAAP*)
                                                                                                                                                                              •    Illustrative financial statements (IFRS, IFRS for the UK* and UK
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                                                                                                                                                                                                            •       Narrative reporting* (UK)

                          financial reporting*
                                                                                                                                                                                                            Visit pwc.co.uk/manual for details.
                                                                                                                                                                                                            *Latest updates available electronically only.
                                                                                                                                                                 Also available in PwC’s Manual of accounting series:
                                                                                                                                                                 •        IFRS for the UK & global IFRS

               • Narrative
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                                (global and  UK)                                                                                           ®
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                                                                                                                                                                          Illustrative financial statements (IFRS, IFRS for the UK* and UK
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• Narrative reporting* (UK)
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                                                                                                                                                                 •        Narrative reporting* (UK)
                                                                                                                                                                                                                                                                                                                                                                           22/11/2019 10:52 PM
                                                                                                                                                                                         SA-0619-083 Manual of Accounting IFRS supplement 2020.indd 1-3
                                                                                                                                                                 Visit pwc.co.uk/manual for details.
                                                                                                                                                                 *Latest updates available electronically only.

Hard copies can be ordered from ifrspublicationsonline.com or via your local PwC office.
                                                                                                                           SA-0619-083 Manual of Accounting IFRS supplement 2020.indd 1-3

                          Other f inancial reporting resources                                                                                               ®
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         For a full listing of our publications, visit pwc.com/frpublications. Hard copies can be ordered from                          SA-0619-083 Manual of Accounting IFRS supplement 2020.indd 1-3

Also availableifrspublicationsonline.com     or via your local PwC office. Also available electronically on inform.pwc.com:
                electronically on inform.pwc.com:

pwc.com/ifrs
                                  ‘IFRS overview’
                          IFRS overview  2019* series*
                                               IFRS pocket guide
                                               2017
                                                                                   Accounting topic home pages
                                                                     ‘In depth’ series*
                                                                               pwc.com/ifrs

                                                                                                                 Illustrative
IFRS overview
                                   Summaries of the recognition
                                                        In depth
                                                                 and               The definitive source on each of  the major accounting
                                                                                                                 consolidated            topic
                                                                                                                                  financial
2019
                          Summaries of the recognition               Provides analysis and
                          inform.pwc.com
                                                                               New IFRSs for 2019

                                   measurement requirements for both the           areas, including an overview, latest developments and links
                                                                               March 2019

March 2019

                          and measurement                            practical examples of                       statements for various
                                   IFRS and IFRS for SMEs frameworks.              to resources.
                          requirements for both the                                                 implementing key elements        *
                                                                                                                                               industry sectors
                          IFRS and IFRS for SMEs                                                    of IFRS. Includes ‘New IFRSs
                                    ‘In depth’ series*
                          frameworks.
                                               pwc.com/ifrs

                                                                                                    for 2020’.     IFRS Talks - podcast series
                          Publications providing analysis and         20 minutes, twice a month will keep you up to date with IFRS.
                                               In depth
                                               New IFRSs for 2017

                          practical examples of implementing key      Also available on iTunes. Visit pwc.com/ifrstalks
                             March 2017

         Accounting topic home pages             IFRS Talks – podcast series             Fortnightly IFRS email updates
                          elements of IFRS.
         The definitive source on each of the            20 minutes, twice a month will keep          Our monthly e-newsletter of hot topics
         major accounting topic areas, including
                                                                                    IFRS news
                                                         you up to date with IFRS. Also available     under IFRS. To subscribe,
                                Illustrative consolidated
         an overview, latest developments and
                                               www.pwc.com

                                                             financial
                                                         on iTunes.
                                               IFRS 9 for banks
                                                                                    Our monthly e-newsletter  of hot topics under IFRS.
                                                                                                      email uk_inform@pwc.com
                                statements   for various industry  sectors*         To subscribe, email pwc.ifrsnews@uk.pwc.com
                                               Illustrative disclosures

         links to resources.   February 2017
                                                         Visit pwc.com/ifrstalks

                          *Latest updates available electronically only
*Latest updates available electronically only
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