International Accounting Standards (IAS) 32 and 39, and Energy Transacting
Power & Utilities IFRS Series
Just when it seems like companies are coming to terms with using U.S. Generally Accepted Accounting Principles (GAAP) for derivative activities, there is a new International Financial Reporting Standard (IFRS) accounting standard to consider. Although on the surface, the derivative accounting guidance under IFRS appears similar to the U.S. GAAP rules, some subtle differences are likely to have an impact on your company upon conversion. Energy companies, in particular, are likely to be specifically impacted, given certain differences between industry-specific U.S. GAAP rules and more general principles under the IFRS framework.
This audio, from an earlier Webcast training session, provides an overview of the specific derivative accounting principles under IFRS and how this guidance impacts energy transacting activities. Learn more about key accounting differences and how you can manage those changes through the IFRS conversion process, including identification of technical accounting differences and the related collateral impacts on your financial reporting process.
Andy Hickey, partner, Deloitte & Touche LLP
Brian Murrell, partner, Deloitte & Touche LLP
Jan Umbaugh, partner, Deloitte & Touche LLP
As used in this document, ‘Deloitte’ means Deloitte LLP (and its subsidiaries). Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.