When is something an asset versus a contingent asset? Here’s an item from a recent IFRIC update: The Committee received a request about how to account for deposits relating to taxes that are outside the scope of IAS 12 Income Taxes (ie deposits relating to taxes other than income tax). In the fact pattern described in the…
Here’s a cherished memory from earlier this year: Democratic congressional leaders emerged from a meeting at the White House on Tuesday and announced that President Trump had agreed to pursue a $2 trillion infrastructure plan to upgrade the nation’s highways, railroads, bridges and broadband. Senator Chuck Schumer, the minority leader, said that there had been…
As a late summer treat and important public service, it’s time now for another round-up (the last one was here) of recent tweets that made mention of IFRS in one way or another, presented here in their original form, with all typos and oddities and occasional obscenities intact. First of all, I thought by now…
As we covered last time, America’s Business Roundtable has issued a Statement on the Purpose of a Corporation In the words of the Roundtable’s own press release, the revised statement sets out “modernized principles (which) reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.” Put another way,…
America’s Business Roundtable has issued the following Statement on the Purpose of a Corporation: Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable…
A recent commentary in the Globe and Mail, by Philippe Le Houérou and Paul Lamontagne, kicks off as follows: Across the world, the appetite for impact investing is growing. The prospect of investing in funds that deliver solid financial returns while doing good can be appealing, especially for young investors who are showing an increasing…
When the IFRIC decides not to initiative a new project in response to a submitted question, it issues a tentative agenda decision for comment, setting out its reasons. If nothing new comes out of the comments, it usually confirms its decision and publishes a new agenda decision, often including various explanatory material. The IFRS Foundation’s…
As we discussed last time, the IASB has issued for comment Disclosure of Accounting Policies, an exposure draft of proposed amendments to IAS 1 and IFRS Practice Statement 2, with comments to be received by November 29, 2019. IAS 1 currently requires that an entity disclose its “significant” accounting policies. The exposure draft proposes changing this…
The IASB has issued for comment Disclosure of Accounting Policies, an exposure draft of proposed amendments to IAS 1 and IFRS Practice Statement 2, with comments to be received by November 29, 2019. IAS 1 currently requires that an entity disclose its “significant” accounting policies, a requirement that often leads in practice to pages of…
(Well, sometimes there’s no point trying to think of a catchy title…) The IASB has issued for comment Deferred Tax related to Assets and Liabilities arising from a Single Transaction, an exposure draft of proposed amendments to IAS 12, with comments to be received by November 14, 2019 The exposure draft expresses itself primarily with…
I seldom need to dive into the intricacies of IFRS 2, and find that when I do, many of the concepts have invariably grown fuzzy. since the last time. I previously summed it up this way: IFRS 2 is built more clearly than old Canadian GAAP was on the assumption that since no one gets…
A recent article by Richard Murphy on the Accounting Web site “explains why a new IFRS for tax is necessary, and why accountants have a duty to society to help companies explain their tax payments.” The article is primarily focused on the lack of country by country reporting for tax matters. It cites various existing…
