A new IFRS for tax – a duty to society?

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…

The pressures of IFRS, or: cleaned out!

My favourite recent news release from the IFRS Foundation was certainly the announcement that the Foundation has decided to review its cleaning contract… In strangely but endearingly personal terms, it said: “This letter is to invite you to put forward a proposal for the work outlined below.” It set out a list of twelve bulleted…

The Corporate Reporting Dialogue – talk faster!

Here’s the full text of a news release recently issued by the IFRS Foundation: The world’s leading financial and non-financial corporate reporting frameworks have the same common foundations, based on the key objectives of transparency and accountability, according to a position paper published by the framework providers today. The position paper sets out the seven…

Ecstatic truths of IFRS!

And now for something completely different… Here’s a portion of filmmaker Werner Herzog’s 1999 “Minnesota Declaration” on truth and fact in documentary cinema: 1. By dint of declaration the so-called Cinema Verité is devoid of verité. It reaches a merely superficial truth, the truth of accountants. 2. One well-known representative of Cinema Verité declared publicly…

More issues in digital currencies, or: who’s the poor sap who agreed to get paid in bitcoins?

More issues arising from digital currencies (on the assumption that anyone still has sufficient belief in them to be paying attention…) We’ve discussed matters relating to digital currencies a couple of times in the past (see here for instance). Here’s the fact pattern for another one, as recently discussed by CPA Canada’s IFRS Discussion Group:…