Accounting and Capital Markets Round-Up

May 2024

Hi,

Here are your articles on accounting updates for the month.

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The International Accounting Standards Board (IASB) proposes accounting changes for renewable electricity contracts

The IASB has published an exposure draft (“ED”) proposing narrow-scope amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments to help entities better reflect, in their financial statements, the effect of entering into contracts for renewable electricity. Specifically, the ED addresses how the IFRS 9 own use exemption requirements would apply and whether these contracts are permitted to be used as hedging instruments. Read PwC In brief for an overview of the proposals.

We encourage you to share your comments on the questions asked in this ED. Comments should be submitted to the IASB by 7 August 2024 or shared with the Malaysian Accounting Standards Board by 5 July 2024.

Illustrative condensed interim financial statements 2024

This publication (free registration required to view) illustrates a set of condensed interim financial statements prepared in accordance with IAS 34 / MFRS 134 Interim Financial Reporting for a fictitious listed company for the six-month period to 30 June 2024.

There are a few amendments to existing MFRS effective on or after 1 January 2024 that companies are required to adopt. These amendments, if relevant, are required to be applied in the interim financial statements as well. Read our Snapshot to find out what these amendments are and their potential impacts.

For purposes of these illustrative disclosures, we have assumed that only the amendments to IAS 1 / MFRS 101 on classification of liabilities as current or non-current and non-current liabilities with covenants impact the fictitious listed company for its condensed consolidated interim financial statements. The new disclosures related to supplier finance arrangements are not required to be provided in the 2024 interim report.

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