Well, we’re almost at the end of the Hans Hoogervorst era… As you’re probably aware, if you’re interested in the subject matter of this blog, he will be replaced in July by Prof Dr Andreas Barckow, formerly President of the Accounting Standards Committee of Germany. I previously provided exclusive access to a sampling of the…
Canadian regulators seek comment on proposal to streamline continuous disclosure requirements, announces a recent news release Here’s the summary: The Canadian Securities Administrators (CSA) is proposing changes to the continuous disclosure requirements for non-investment fund reporting issuers that will streamline and clarify their annual and interim filings. “We have identified areas where we can…
Canadian securities regulators publish final rule for non-GAAP and other financial measures, announces a recent news release Here’s some of what it says: The Canadian Securities Administrators (CSA) today published disclosure requirements for issuers that disclose non-GAAP (generally accepted accounting principles) and other financial measures on a voluntary basis. The rule improves the quality of…
Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: Entity A enters into a contract for a ground lease of land and begins construction of a manufacturing facility where it will operate its manufacturing plant. The contract is determined to be a lease under IFRS 16. The lease commenced on September…
The European Securities and Markets Authority (ESMA) has issued its report on Enforcement and regulatory activities of European enforcers in 2020. The report provides “an overview of the activities of ESMA and of accounting enforcers in the European Economic Area…when examining compliance of financial and non-financial information provided by issuers in 2020 (and) presents the…
Flexible reporting standards mean investors know little about when companies used emergency wage subsidies, announces the title of a recent Globe and Mail article by David Milstead This is how it starts off: Canada’s three major telecommunications companies took tens of millions of dollars from Canada’s Emergency Wage Subsidy program. For most of the pandemic,…
The IASB has issued the exposure draft Lack of Exchangeability, with comments to be received by September 1, 2021 IAS 21 generally requires using a spot exchange rate when an entity reports foreign currency transactions or a foreign operation’s results and financial position in its financial statements. The standard specifies the exchange rate to use…
I happened upon an article on the Integrated Reporting website, on producing Philip Morris International Inc.’s first integrated report Co-authored by the company’s chief sustainability officer, it starts off like this: On June 30, 2020 Philip Morris International, Inc. (PMI) published its first integrated report titled “Delivering a Smoke-Free Future: Progress toward a world without cigarettes.” The…
As we discussed here, the IASB has issued the exposure draft Disclosure Requirements in IFRS Standards—A Pilot Approach: Proposed Amendments to IFRS 13 and IAS 19, with comments requested by October 21, 2021. In a nutshell, the draft guidance would require entities to comply “with overall disclosure objectives that describe the overall information needs of…
Here’s a tentative agenda decision recently issued for comment by the IFRIC: The Committee received a request about the application of IAS 32 in relation to the reclassification of warrants. Specifically, the request described a warrant that provides the holder with the right to buy a fixed number of equity instruments of the issuer of…
The IASB has issued the exposure draft Disclosure Requirements in IFRS Standards—A Pilot Approach: Proposed Amendments to IFRS 13 and IAS 19, with comments requested by October 21, 2021. Here’s a portion of how the accompanying news release sums it up: These proposals would enable companies to enhance their judgement and reduce ‘boilerplate’ information, giving…
Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: An entity (Seller-lessee) sells a building to another entity (Buyer-lessor) for cash of CU2,000,000. Immediately before the transaction, the building is carried at a cost of CU1,000,000. At the same time, Seller-lessee enters into a contract with Buyer-lessor for the right to…
The IASB has issued Definition of Accounting Estimates – Amendments to IAS 8. IAS 8 currently defines a change in accounting estimate as “an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of,…
Let’s return to the IASB’s discussion paper Business Combinations under Common Control, on which comments are requested by September 1, 2021. As we discussed previously, the main proposal is that fair-value information should be provided when a business combination under common control affects shareholders outside the group. In all other cases, the Board is suggesting…
“One of the world’s largest accounting firms, PricewaterhouseCoopers (PwC), has accepted its first ever bitcoin payment,” announced a recent story on cryptocurrencynews.com It went on: PwC accepted bitcoin as payment for its advisory services, as it is currently working with multiple startups that deal in bitcoin and the cryptocurrency industry. PwC has also started to…
