Published 10 Nov.2020 09:43(KST)
[Asia Economy Reporter Park Jihwan] Samil PwC announced on the 10th that it has published a commentary on IFRS application issues and solutions for the pharmaceutical and bio industry tailored for pharmaceutical and bio companies.
This commentary covers a total of six areas: △ Research and development and intangible assets △ Manufacturing and supply processes △ Financing for R&D △ Business combinations and asset acquisitions △ Revenue - IFRS 15 △ Presentation and disclosure, addressing accounting issues unique to pharmaceutical and bio companies.
It also includes the opinion that pharmaceutical and bio companies should strengthen their IFRS interpretation capabilities and actively utilize external experts to respond to uncertainties in external reporting related to industry-specific accounting issues such as R&D expense accounting and licensing out revenue recognition.
Seoyongbeom, a partner of Samil PwC’s pharmaceutical and bio industry specialist group and a contributor to the commentary, stated, "I hope this commentary will help pharmaceutical and bio companies appropriately respond to accounting issues that may arise during the execution of strategies such as R&D investment, M&A, and licensing out, which are expected to bear fruit from intensive investments."
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