The IASB has issued a project summary on its research into discount rates Here’s how it summed things up: Some IFRS Standards require or allow companies to use different discount rates for estimating future cash flows. In some cases, the differences are clearly justified because they reflect different risk factors or circumstances. In other cases, the reasons…
As I post this article, Brexit is less than three weeks away, although by the time you read this (even if you’re reading it fairly promptly) that may no longer be true, overtaken by a postponement, or by Britain choosing instead to sink into the sea… From my point of view, the only discernible virtue…
One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…
CPA Canada has recently been engaged in an initiative it terms “FORESIGHT” Here’s some of the accompanying narrative: Are You Ready to Imagine a Possible Future? CPA Canada introduces FORESIGHT, an initiative that brings CPAs and the broader business community together to discuss the industry’s most relevant issues, like obsolescence by automation, predicting future skillsets…
Returning to a key element of IFRS 15… We looked in the past at the following principle: An entity transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time, if it meets one of the following criteria: (a) the customer simultaneously receives and consumes the…
The IASB has issued Onerous Contracts— Cost of Fulfilling a Contract, an exposure draft of proposed amendments to IAS 37, with comments to be received by April 15, 2019. I recall that when Canada was making the conversion to IFRS, the “onerous contract” requirements of IAS 37 received a disproportionate amount of attention in summaries…
OSC taking action to reduce regulatory burden for Ontario market participants announces a recent news release Here’s an extract : “We are launching a wide-ranging consultation, with the support of our government, to identify new actions we can take to save time and money for Ontario businesses by eliminating rules and requirements that are outdated…
CPA Canada’s Pivot magazine recently asked whether auditors can “close the great expectation gap for good.” The article takes the form of a moderated discussion between five experts. As the lead-in puts it: “The expectation gap is a huge and thorny issue in the audit profession—so much so that even the definition is up for…
Kinaxis Inc. provides a recent example of a company simultaneously applying both IFRS 15 and (voluntarily in advance of the effective date) IFRS 16. The company “is a leading provider of cloud-based subscription software that enables its customers to improve and accelerate analysis and decision-making across their supply chain operations.” Here’s how it presented the…
At a recent meeting, the IASB’s Capital Markets Advisory Committee discussed a few issues relating to goodwill and impairment. In the accompanying agenda paper, staff indicated that they’re considering recommending some additions to the existing disclosure requirements in IFRS 3, focused on assisting users to better understand “the strategic rationale for and the key objectives…
PWC maintains a section on its website devoted to SEC comment letter trends. Of course, the issues raised in these letters relate primarily to US GAAP rather than to IFRS, but given the commonality between the two, they might often be relevant either in anticipating questions that might be posed by regulators elsewhere or, even…
The IASB has issued a project report and feedback statement on its post-implementation Review of IFRS 13 Fair Value Measurement. This is how it summarizes the overall findings: The Board concluded that IFRS 13 is working as intended. In particular: the information required by IFRS 13 is useful to users of financial statements. some areas…
