This edition has been updated in 2023 to reflect changes in IFRS and interpretations as at that date. Each solution is based on a specified set of circumstances. Companies evaluating their own facts and circumstances may well find they differ from those in these solutions. Creativity in licensing, manufacturing and research and development arrangements, for example, lead to variations in underlying substance and corporate structures. This requires an individual case-by-case assessment of the accounting implications that can be complex.

We hope you continue to find this publication useful in understanding the accounting for common transactions that you encounter in your business. By stimulating debate of these topics through this publication, we hope we will encourage consistent practices by the pharmaceuticals and life sciences industries in financial reporting under IFRS. This consistency will be critical to the continued usefulness and transparency of pharmaceuticals and life sciences companies’ financial reporting.

Peter Kartscher
Global Health Industries Assurance Leader

This publication would not have been possible without the input and cooperation of many people, both in the pharmaceuticals and life sciences industries and PwC specialists. Special thanks go to Ruth Preedy, Andrea Allocco, Gary Berchowitz, Marie-Claude Kling, Paul Shepherd, Lucy Durocher, Janet Milligan, Rajani Chandar Mylavarapu and Michael Woodthorpe for their contribution in driving the 2023 update forward.