IFRS - Your home for IFRS tools and alerts

Publications and Events

New Standards


The new revenue standard applies to every industry and every business from 1 January 2018. Its wide ranging implications go well beyond the accounting function given revenue affects many crucial business and control processes

Find out more


A new leasing standard was issued on 13 January 2016. The new standard introduces fundamental changes to the accounting for leases and will have significant business implications in virtually every industry

Find out more


What’s the difference between ‘likely’ and ‘probable’?

What’s the difference between ‘likely’ and ‘probable’?

The Korea Accounting Standards Board and the Australian Accounting Standards Board have conducted research into the different terms of ‘likelihood’ in International Financial Reporting Standards (IFRS). We looked into their research and considered whether it is extremely unlikely, unlikely, possible, expected, likely, probable, reasonably certain, highly probable or virtually certain that the different terms of likelihood are creating issues for financial reporters.

PwC's 365 App

Connect with PwC financial reporting thought leaders and their insights on the business issues that matter most

More information on PwC's 365 App

Contact us

John Dovaston
Tel: +61 (3) 8603 3820

IFRS Communications


Follow us