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IFRS News
Issue 15
January 2004

Shedding light on the IASB's activities

1
Issue of the month
IAS 39 -embedded
derivatives
4
What to expect in 2004
Views from standard setters
and PwC
5 Interview
Mary Dolson 6
Improvements Project
14 revised standards
published
7
New Publications
Similarities and
differences - IFRS
8 Contacts

and Lux GAAP

Issue of the month

IAS 39 - embedded derivatives

This second article in a series clarifying the requirements of IAS 39 looks at the definition of an embedded derivative and how to fair value
it. The IASB released a revised version of IAS 39 last month, which is effective for financial years beginning on or after 1 January 2005 unless
it is adopted earlier. Embedded derivatives are found in a significant number of contracts, many of which do not fall under IAS 39. This
article is based on the revised standard. The underlined text below has been defined in the 'jargon buster' (p3).

What is an embedded derivative? or financial instrument that is not marked-to-

market through the income statement. Example
An embedded derivative is a derivative
An embedded derivative can arise from A coal purchase contract may include a
instrument that is embedded in another
deliberate financial engineering and clause that links the price of the coal to a
contract - the host contract. The host
intentional shifting of certain risks between pricing formula based on the prevailing
contract might be a debt or equity
parties. Many embedded derivatives, electricity price or a related index at the
instrument, a lease, an insurance contract or
however, arise inadvertently through market date of delivery. The coal purchase
a sale or purchase contract. IFRS requires all
practices and common contracting contract, which qualifies for the executory
derivatives to be marked-to-market through
arrangements. Even purchase and sale contract exemption, is described as the
the income statement, other than qualifying
contracts that qualify for executory contract host contract, and the pricing formula is
hedging instruments. IFRS requirements on
treatment may contain embedded the embedded derivative. The pricing
embedded derivatives are designed to ensure
derivatives. An embedded derivative causes formula is an embedded derivative
that mark-to-market through the income
modification to a contract's cash flow, based because it changes the price risk from the
statement cannot be avoided by including -
on changes in a specified variable. coal price to the electricity price.
embedding - a derivative in another contract

Is the contract carried No Would it be a Is it closely related

Yes No Split and separately
at fair value through derivative if it was to the host
account
profit or loss? freestanding? contract?

Yes No Yes

Do not split out the embedded derivative

Issue of the month
When must embedded derivatives
be accounted for?
An embedded derivative is split from the
host contract and accounted for separately
if:
! its economics are not 'closely related' to
those of the host contract;
! a separate instrument with the same terms
as the embedded derivative would meet
the definition of a derivative; and
! the entire contract is not carried at fair
value through profit or loss.
See the decision tree on accounting for
embedded derivatives on p1.
What does 'closely related' mean?
IAS 39 does not provide extensive guidance
on what 'closely related' means, but it relies
on an understanding of the concepts and a
number of illustrative examples. Many of the
examples provided in IAS 39 relate to
financial contracts.
An embedded derivative that modifies an
instrument's inherent risk (such as a fixed to
floating interest rate swap) would be
considered closely related. Conversely, an
embedded derivative that changes the nature
of the risks of a contract is not closely
related.
Most equity- or commodity-linked features
embedded in a debt instrument will not be
closely related. This includes puts that force
the issuer to reacquire an instrument based
on changes in commodity price or index,
equity or commodity indexed interest or
principal payments and equity conversion
features. Puts or calls on equity instruments
at specified prices (that is, not market on
date of exercise) are seldom closely related,
neither are calls, puts or prepayment
penalties on debt instruments. Credit
derivatives embedded in a host debt
instrument are seldom closely related to it.
The IAS 39 application guidance provides an
illustration of an embedded derivative in a
sale or purchase contract, where the price of
the asset under the sale or purchase contract
is subject to a cap and a floor. The economic
characteristics and risks of an embedded
derivative are closely related to the
economic characteristics and risks of the
host contract when the host contract is a
debt instrument and the embedded
derivative is an interest rate floor or a cap
out of the money when the instrument is
issued. An entity would not account for the
embedded derivative separately from the
host contract. The same principle applies to
caps and floors in a sale or purchase
contract.
Example
A manufacturer enters into a long-term
contract to purchase a specified quantity
of a commodity from a supplier. In future
periods, the supplier will provide the
commodity at the current market price but
within a specified range. For example, the
purchase price may not exceed 120 per
unit or fall below 100 per unit; the market
price at the inception of the contract is
110 per unit. The commodity-based
contract is not within the scope of IAS 39
because it will be settled by delivery in the
normal course of business.The price limits
specified in the purchase contract can be
viewed as a purchased 'call' on the
commodity with a strike price of 120 per
unit (a cap) and a written 'put' on the
commodity with a strike price of 100 per
unit (a floor). At inception, both the cap
and floor on the purchase price are out of
the money. They are therefore considered
closely related to the host purchase
contract and are not recognised as
embedded derivatives.
The table on p3 provides further examples of
embedded derivatives that are closely related
and those that are not.
Contracts for goods and services in a
foreign currency
Sales and purchase contracts that are
denominated in a foreign currency may
include embedded derivatives if the foreign
currency is not:
! a currency in which the product is
routinely denominated in international
commerce, or
! the reporting currency of either party to
the contract, or
! a currency commonly used in the
economic environment in which the
transaction takes place.
IFRS News
2
Example
A French company sells regularly to
customers in the Asia-Pacific region and
has a price list denominated in US dollars
as well as euros. It agrees a contract with
an Australian customer, with payment
specified in US dollars. It might agree to
do this, for example, if the Australian
company has US dollar revenues or simply
prefers an exposure in US dollars than in
euros.
The forward contract embedded in the
sales agreement is separated from the host
contract and accounted for as a derivative
by the French and the Australian
companies. The product is not routinely
priced in US dollars in international
commerce, the contract is not in the
functional currency of either company, and
the US dollar is not a currency commonly
used for local business transactions in
Australia.
Fair valuing embedded derivatives
Embedded derivatives that are separated
from the host contract are accounted for at
fair value with changes in fair value taken
through the income statement. Published
price quotations in an active market are
normally the best evidence of fair value.
Valuation techniques are used to determine
the fair value of the derivative if there is no
active market that matches the exact terms
of the embedded derivative.
Example
A utility has purchased gas under a
contract indexed to the prices of gasoil.
The gasoil pricing component is an
embedded derivative. The host contract
(the purchase of gas) is an executory
contract and outside the scope of IAS 39.
The embedded derivative is a contract for
the difference between the gas price and
gasoil price. If there is an active and liquid
market with forward price curves for gas
and gasoil, these prices are obtained and
used to value the embedded derivative. If
the contract has delivery dates extending
over several years, there may not be price
quotes for delivery on all relevant dates.
Prices are then constructed based on
consistent and realistic assumptions about
price movements.
Issue of the month

Not 'closely related' 'Closely related'

X Equity conversion or 'put' option in debt instrument
X Fixed-rate debt extension option
X Debt security with interest or principal linked to commodity or
equity prices
X Credit derivatives embedded in a host debt instrument
X Sales or purchases not in
9 Interest-rate swap embedded in a debt instrument
9 Inflation-indexed lease contracts
9 Cap and floor in a sale and purchase contract
9 Prepayment option in a mortgage where the option's exercise
price is approximately equal to the mortgage's amortised cost on
each exercise date

(1) measurement currency of either party, 9 A forward foreign exchange contract that results in payments
(2) currency in which products are routinely denominated in in either party's reporting currency
international commerce, or 9 Dual currency bonds
(3) currency commonly used in the economic environment in
which the transaction takes place. 9 Foreign currency denominated debt

Valuation techniques are available for almost
all embedded derivatives. Assumptions that
are made about future prices should be
tested, documented and applied consistently.
IAS 39 requires the entire contract to be fair
valued if an embedded derivative cannot be
fair valued separately, with changes in fair
value in the income statement.
Considerations for first-time adopters
First-time adopters should take the following
steps in relation to embedded derivatives:
! Scrutinise contracts for embedded
derivatives,
! Determine whether embedded derivatives
need to be accounted for separately,
! Consider what information needs to be
collected to assist with the initial
recognition and subsequent measurement
of embedded derivatives, and
! Review contracting practices where
current practices produce exposure to
unwelcome income statement volatility.

Jargon buster
Confused about what the terms used in IAS 39 really mean? Here's some clarity.

Derivative: a financial instrument with all
three of the following characteristics:
(a) its value changes in response to the
change in a specified interest rate,
security price, commodity price, foreign
exchange rate, index of prices or rates, a
credit rating or credit index or other
variables (sometimes called
'underlying');
(b) it requires no initial net investment or
an initial net investment that is smaller
than required for other types of
contracts that would be expected to
have a similar response to changes in
market factors; and
(c) it is settled at a future date. instrument, or that has a different
counterparty from that instrument, is not an
Embedded derivative: a component of a
embedded derivative but a separate
hybrid (combined) instrument that also
financial instrument.
includes a non-derivative host contract.
Some of the cash flows of the combined Host contract: a contract, whether or not
instrument vary in a way similar to a stand- itself a financial instrument within the
alone derivative. An embedded derivative scope of IAS 39, whose contractual
causes some or all of the cash flows that the provisions contain an embedded derivative.
contract would otherwise require to be Examples of non-financial hosts include
modified based on a specified interest rate, leases, insurance contracts and sale or
purchase agreements.
security price, commodity price, foreign
exchange rate, index of prices or rates or
other variable. A derivative that is attached
to a financial instrument but is contractually
transferable independently of that

IFRS News
3
Looking froward

What to expect in 2004

IFRS News asked some of the national standard setters and PwC partners that have featured in previous editions of the
newsletter what their expectations are for 2004.

Bob Herz - chairman of US standard
setter, the FASB
The FASB has recently put out EDs on
convergence issues, to change US standards
to be in line with IFRS. We hope to finalise
this project in 2004. We and the IASB put
together a working party, which will report
back to the Boards in April with
recommendations on a convergence
programme for the next two years.
Both the IASB and FASB will produce EDs
on purchase accounting methods in 2004,
possibly finalising them in the same year.
The IASB will finalise its standard on share-
based payment at about the time that the
FASB puts out an ED on the subject, with the
target of finalising the standard before the
end of 2004.
We will be continuing our joint project on
revenue recognition. There will probably be
an ED in the second half of this year. It is the
largest of all the subjects, and it will be quite
different from the way companies currently
do revenue recognition.
There will be a full schedule for everyone
this year, but the IASB will have more on its
plate than the FASB. We've been busy in the
US fixing the post-Enron issues, but we have
now finished. US preparers can expect a
more 'normal' pace for a while - nothing
compared to what will be going on in
Europe. Companies should embrace the
change in a positive manner. It will always
be a challenge.
Liesl Knorr, secretary-general of the German
standard setter, the Deutsches
Rechnungslegungs Standards Committee.
We will see the completion of a number of
projects in the 'first few weeks' of the year,
as the IASB finalises the stable platform.
1. IFRS 2, Share-based Payments - will the
French try to stir up trouble? See the letter
by French prime minister Raffarin to the
European Commission;
3. IFRS 5, Insurance Contracts - it is not clear
yet which of the original proposals will
survive.
These are in addition to the Improvements
project and IAS 32 and IAS 39, which were
published in December.
There will be more conceptual debates
when Reporting Comprehensive Income
resurfaces in May. There will also be debates
about fair value accounting and hedging
when Phase 2 of the Insurance project is
considered.
We will also see more interpretations this
year. IFRIC has been in action for almost two
years; so far we have seen D1 and D2. D3,
D4 and D5 are due out this month.
‘ Bob Herz said in a peech last
month that the greatest
challenge for the Convergence
project was the level
of politics involved. I agree’
Convergence efforts will increase, in
addition to the Convergence issues
published by the FASB in December. This is
important, as some Europeans talk a lot
about European standards, but our objective
is to go global. The FASB chairman Bob
Herz said in a speech last month that the
greatest challenge for the Convergence
project was the level of politics involved. I
agree.
We can expect ED 6, Extractive industries,
from the Australian national standard setter.
New EU member states will be taking their
places around the table. Some of them will
be territories in which IAS has been applied
for some time, such as Malta.
We can expect structural debates, such as
the International Accounting Standards
Committee Foundation (IASCF)'s review of
its constitution, and EFRAG's proposals to
'maximise its effectiveness'.
independence, and if we represent users'
needs and preparers' needs.
Jan Buisman, PwC technical partner,
Sweden:
Increased monitoring by the Stockholm stock
exchange may fuel an increase in IFRS
transition projects, which is needed if
Swedish companies are to get the job done
in time.
Simon Wray, partner, PwC's Global
Corporate Reporting Group:
2004 will see the welcome arrival of the
stable platform. It is also the year to get
ahead with training. It will require significant
effort but will be a worthwhile investment.
Rhico Hove, PwC assurance and
advisory services leader, Russia:
The continued move towards IFRS holds
long-term promise for strengthening the
local capital markets and regulatory
environment, and for promoting the nascent
domestic IPO market.
Jan McCahey, PwC technical partner,
Australia:
2004 will be a busy year for Australian
companies. Some have yet to comprehend
fully the scope of the change IFRS will bring.
Pauline Wallace, partner, PwC's
Global Corporate Reporting Group:
We will greet the New Year with a
publication summarising the revised IAS 32
and IAS 39. ED 5 will be a tremendous
challenge for the industry and consequently
for us.

2. IFRS 3, Business Combinations, which will We should also ask ourselves if we have
have implications for IAS 36 and IAS 38; enough private expertise, due process, and

IFRS News
4
Interview
Principles-based writing
IFRS News aims to look beneath the surface of the IASB's exposure drafts and standards in order
to explain the practical implications for business, says GCRG partner and IFRS News publisher
Mary Dolson.
IFRS News is for busy people who are
interested in the outcome at the IASB not the
details of the debate. A wise man once said,
'If you give a man a fish, you feed him for a
day; if you teach him how to fish, you feed
him for a lifetime'. The aim of IFRS News is
to help preparers understand how to apply
the standards.
The monthly newsletter is published by
PwC's Global Corporate Reporting Group -
the global technical team. We participate in
the standard-setting process, but our clients
have to produce the financial statements.
They need to understand how to come up
with the debits and credits.
The readership
The readers are senior staff within
companies that apply IFRS or that are
making the transition to IFRS, such as chief
accountants and heads of financial
reporting. Some issues will be of interest to
CFOs, but the publication is principally
directed at those responsible for financial
reporting in public companies. It is also for
PwC's engagement partners, directors and
senior managers who need to support these
companies in applying IFRS. One of the
problems with the increasing complexity of
accounting standards in general, not just
IFRS, is the risk of deskilling, in particular
among senior staff. If you do not deal with
the issues on a day-to-day basis, you lose
touch. PwC partners who use IFRS News can
have informed discussions with clients; those
responsible for financial reporting within
companies should be able to keep up to
speed with issues.
IASB members are also interested in
digestible and understandable news on the
key issues. I imagine they're interested to see
how at least one large firm views their efforts
and interprets their work. National standard
setters, regulators and members of the
European Commission receive the
publication. It is also of interest to PwC's
national technical teams, many of whom
translate articles and use them in other
media.
IFRS News' approach
We do not recite the conceptual debate or
the text of the proposals or standards. The
reasoning behind the Board's decision to
ban pooling and require the impairment of
goodwill might be theoretically interesting
but of little practical help. IFRS News
explains the practical consequences of the
accounting standards. Companies that have
been acquisitive or are planning a large
acquisition in the future need to understand
the volatility inherent in a model that drives
them to more intangibles and the
impairment only of goodwill. They want to
know the implications of the proposals in
order to deal with them in the most practical
way.
IFRS News is written in plain English. This
means shorter sentences, clear examples,
avoiding jargon and explaining the jargon
where it has to be used. The 'jargon buster'
in the IAS 39 series is a good example [see
p3]. There is nothing mystical about
financial instruments. There are some
horrifyingly complex derivatives and
products, but competent engagement
partners can deal with 80% of financial
instruments accounting questions on their
own.
English is not the native language of many of
our readers. Any nuance we introduce is
written in such a way that it can survive the
translation process. You could call it
principles-based writing.
What issues does IFRS News cover?
We write digestible, practical articles about
the EDs and IFRSs. The trend in standard-
setting means that it is difficult to cover an
issue such as first-time adoption in a single
article. It would be possible to write a
recitation of the text of IFRS 1; however, an
engagement partner and the head of
financial reporting will be more interested to
learn how the six exemptions might be
useful to his company as it adopts IFRS. We
have therefore published a series on first-
time adoption, covering exemptions,
IFRS News
5
financial instruments, business
combinations, fair value as deemed cost and
IAS 39.
We also take a look at industry-specific
issues. ED 5 has been covered in a series of
four supplements. We have showcased
Crunchtime, a publication produced by
PwC's Energy & Utilities group on IFRS as it
relates to power companies. We have made
these issues accessible not just to those who
understand the power industry but to a
wider market so others can see how the
issues may apply to them. For example,
decommissioning obligations, emissions
trading and own-use exemptions on
commodities contracts will apply to many
different industries.
One of the most effective ways of providing
specialist services, including IFRS
conversions, is via an industry-specific
approach. Companies want to engage
auditors and advisers who don't need to
have the basic concepts about the industry
explained to them. PwC's industry groups
recognise the importance of the IFRS
transition serivce offering. They work with
GCRG to develop their position on industry
technical issues under IFRS so they don't
have to reinvent the wheel on every
engagement. In addition, each of the GCRG
partners has responsibility for a specific
industry. We harness our relationships with
the industries and give them exposure in
IFRS News.
The interviews we have published have been
informative, and the interviewees have all
had something interesting to say. But I am
also keen to give preparers the opportunity
to present a different point of view. Standard
setters are interested in IFRS being
conceptually sound and providing reliable
information; preparers want practical
standards, to apply IFRS for a reasonable
cost, and to avoid volatility (especially
debits) in the income statement. It would be
interesting to publish the balanced, practical
views of a preparer of stature.
Interview
We publish country profiles so that one
country knows what is happening in
another, and they can share and leverage
each other's successes. These articles also
build recognition for the PwC experts in
those countries. There is no way that GCRG
could cope with the technical aspects of
2005 alone. It will need everybody pulling
together, and the country profiles recognise
the key role of the territories.
What is the future of IFRS News?
We're not going to close down while the
Board is in its quiet period (between the
publication of the standards that form the
'stable platform' in April and the end of
2004). Many companies will have to chose
their accounting policies over the coming
months. They will be collating information to
assess what the results will be, and the
impact of those policies.
The key thing to remember when applying
or adopting IFRS is that the devil is in the
energy purchase contracts that are classified
IASB Update - In brief
Improvements project -
14 revised standards published
The IASB last month published the final
Improvements Project standards. The revised
standards will impact all IFRS reporters and
companies moving to IFRS, but every
company will be affected differently.
Preparers need to analyse the implications
carefully.
The purpose of the Board's project was to
reduce or eliminate alternative or redundant
accounting treatments as well as conflicts
within the standards that were inherited from
the IASB's predecessor body, the IASC. The
completion of this project is an important
milestone in completing the stable platform
for 2005.
The improved standards will be effective for
periods starting on or after 1 January 2005,
although earlier adoption is encouraged. All
changes of each standard must be
implemented at the same time. Selective
application of different elements within an
individual standard is not permitted.
detail. It is all very well to have one group of for hedge accounting - group effectiveness
as trading, and to use them for speculative testing and documentation?
activity and balancing net purchase and
One accounting policy decision could drive
sales requirements. But the majority of the
another 50 practical questions. IFRS News
book will be designated as own use, and
will continue to explain these implications
these contracts will be entered into and
while preparers are choosing their
continued with the intention of being used
accounting policies.
for the company's own needs. How do you
operationalise that? The IASB will continue to debate and plan
during the quiet period. IFRS is a building
! What goes into the trading book?
site, as chairman of the German standard
! What does 'entered into and held for setter Liesel Knorr told IFRS News in a
trading' mean in practice? recent interview. It's likely to be so for the
next five to seven years.
! Once these items are in the trading book,
what happens if you have one contract in It's hard to make accounting fun to read
the physical book? about, but I hope that when IFRS News
arrives in readers' mailboxes they don't open
! If you have a power failure and have to net
it with dread or that it is not an 'auto-delete'.
settle, does that taint the physical book?
! What do you do with the trading book?
You have to mark it to market, but does
any of it qualify for hedge accounting? If
so, what kind of hedge accounting?
! If it qualifies, does the company want to
go through all the requirements to qualify
The improvements result in some of the SIC ! IAS 21, The Effects of Changes in Foreign
interpretations being withdrawn, as they Exchange Rates;
have been incorporated into the revised
! IAS 24, Related Party Disclosures;
standards.
! IAS 27, Consolidated Financial Statements
The following standards have been
and Accounting for Investments in
addressed:
Subsidiaries;
! IAS 1, Presentation of Financial
! IAS 28, Accounting for Investments in
Statements;
Associates;
! IAS 2, Inventories;
! IAS 31, Financial Reporting of Interests in
! IAS 8, Net Profit or Loss for the Period, Joint Ventures;
Fundamental Errors and Changes in
! IAS 33, Earnings Per Share;
Accounting Policies;
! IAS 40, Investment Property;
! IAS 10, Events After the Balance Sheet
Date; Most of these Standards (except IAS 1, IAS 8
and IAS 27) are available in the form of a
! Withdrawal of IAS 15, Information
Provisional Final Draft.
Reflecting the Effect of Changing Prices;
! IAS 16, Property, Plant and Equipment;
! IAS 17, Leases;
IFRS News
6
New Publications

Similarities and differences -

IFRS and Luxembourg GAAP
This publication by PricewaterhouseCoopers
is for those who wish to gain a broad
understanding of the key similarities and
differences between International Financial
Reporting Standards (IFRS) and Luxembourg
Generally Accepted Accounting Principles
(LUX GAAP). The LUX GAAP material in this
brochure is based on the Commercial
Company Law of 10 August 1915 as individual sections where key divergences
modified. are highlighted and the likely impact of
recent proposals are explained. If you would
The first section provides a summary of
like to receive a copy of the publication,
current IFRS developments. The second
please contact Nadine Schang at +352 49
section provides a summary of the
48 48 6113. You find also the publication in
similarities and differences between the
pdf-format under www.pwc.com/lu.
accounting frameworks and then refers to

IFRS News - revised IAS 32 and IAS 39

Revised IAS 32, Financial Instruments:
Disclosure and Presentation, and revised IAS
39, Financial Instruments: Recognition and
Measurement have been published by the
IASB in December 2003. These represent the
completion of a significant stage in the
IASB's programme to put IFRS in place for
entities adopting for the first time in 2005.
The revisions are far from superficial. The
IASB has rewritten the derecognition rules
and has made a number of changes in other
key areas. These will have a significant
impact on existing IFRS reporters, some of
whom may choose to adopt the revised
standards earlier than 1 January 2005
operative date.
The publication Financial Instruments under
IFRS provides a broad overview of
requirements of revised IAS 32, Financial
Instruments: Disclosure and Presentation,
and revised IAS 39, Financial Instruments:
Recognition and Measurement.
It has separate chapters dealing with: the
scope of the requirements; debt/equity
classification; initial recognition and
classification; derecognition; subsequent
measurement, fair values and impairment;
and hedge accounting.
The main chapters provide an "at a glance"
summary of the key issues of the topic. They
also contain a summary of the respective
transition rules for both existing IFRS
preparers and first-time adopters.
A number of appendices are included at the
back of the publication, one of which
compares the new requirements with those
in the current versions of IAS 32 and IAS 39
and in the June 2002 exposure draft. So,
whether you are an existing IFRS preparer or
a first-adopter, it provides an easy way to
identify the key changes.
If you would like to receive a copy of the
publication, please contact Nadine Schang,
tel. +352 49 48 48 6113 or visit our
website: www.pwc.com/lu

Applying IFRS for Banks

Applying IFRS for Banks was launched last
month. This interactive application
guidance adds 130 solutions to the 800
real-life accounting solutions for
corporates. The solutions illustrate how IAS
and IFRS are applied in practice, both for
entities currently using IFRS and those
moving to IFRS in the future.
The banking solutions and corporate
solutions are available through
ComperioIAS, PwC's electronic research
tool. For more information, contact
Marianne Weydert -
marianne.weydert@lu.pwc.com
Tel: +352 49 48 48 6113

IFRS News
7
 Contacts

IFRS News is a monthly publication of PricewaterhouseCoopers. It focuses on

the business implications of the IASB's proposals and new standards.
Should you need any information, please do not hesitate to contact one of the
following specialists:

Head of IFRS Transition Group - Laurent Marx

Email: laurent.marx@lu.pwc.com. Tel.: (352) 49 4848 2117

IFRS Technical Group - Philippe Duren, Günter Simon

Email: philippe.duren@lu.pwc.com. Tel.: (352) 49 4848 2527
Email: gunter.simon@lu.pwc.com. Tel.: (352) 49 4848 6154

IFRS Learning Solutions - Marianne Weydert

Email: marianne.weydert@lu.pwc.com. Tel.: (352) 49 4848 6113

IFRS IT Solutions - Jean-Philippe Ricard

Email: jean-philippe.ricard@lu.pwc.com. Tel.: (352) 49 4848 4070
Karl-Heinz Jäckel
Email: karl-heinz.jackel@lu.pwc.com. Tel.: (352) 49 4848 4017

Editor - Marketing & Communications Department PricewaterhouseCoopers

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