Insights

Sharp thinking on hard accounting problems

Practical analysis on IFRS, deal accounting, and revenue recognition in life sciences, written by someone who helped shape the standard and has worked inside the deal reality.

FeaturedMarch 2025

The €200M licensing deal that destroyed a €2B biotech

How a single licensing arrangement unravelled a biotech's valuation, and the accounting red flags that were visible from the start. A case study in what happens when accounting judgement is treated as an afterthought.

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The red flags were visible from the start, if you knew what to look for.
8 min read · Deal accounting
Risk & complianceFebruary 2025

The hidden liabilities that sink licensing deals

Why the biggest risks in pharma licensing arrangements are not in the headline numbers, and what finance leaders miss until it is too late.

Revenue recognitionJanuary 2025

Variable consideration in milestone-based pharma deals

A practical guide to estimating and constraining variable consideration when clinical milestones drive payment.

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Standard-settingDecember 2024

What the IASB got right, and what it left unresolved, in IFRS 15

An insider's view of the debates that shaped the revenue recognition standard, and where judgement was intentionally left open.

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Deal accountingNovember 2024

Co-development agreements: when is it a collaboration and when is it a contract?

The distinction between a collaborative arrangement and a revenue contract has significant consequences for recognition and disclosure.

Financial leadershipOctober 2024

Why your CFO needs an IFRS specialist before the term sheet

The accounting conversation that should happen in the deal room, not the audit room, if valuation is to be protected.

Revenue recognitionSeptember 2024

Licence of IP vs. service: the most consequential judgement in pharma accounting

Whether a licence transfers at a point in time or over time is often the single most impactful judgement in a deal.

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