Accountants and their politics, or: get off my lawn!

“Majority of Canadian accountants to vote Conservative” announced a Canadian Accountant article, just before our recent federal election. The article informed us: Six out of 10 Canadian accountants intend to vote for Andrew Scheer and the Conservative Party of Canada in the federal election on Monday. A poll conducted by Canadian Accountant reveals 20 per…

No impairment here; or, it’s shipshape!

A European example of issues arising in applying IAS 36 As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 42 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published…

IFRS – signs in the sun, moon and stars

My regular search for IFRS content on Twitter recently directed me to an article on 19 Advantages and Disadvantages of Adopting IFRS. It’s dated May 2019, but by its nature immediately feels like a relic from a bygone age, one in which a US adoption of IFRS seemed like something more than a remote fantasy.…

Share-based payment expense – we’d keep it if we understood it!

Here’s the kind of disclosure we’ve probably all seen numerous times: Adjusted EBITDA is a non-GAAP term and has been reconciled to profit / (loss) for the financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management relies on adjusted EBITDA to better translate historical variability in our principal business activities…

Review of IFRS 15 disclosures – sufficient information?

The UK’s Financial Reporting Council has published a report on its “IFRS 15 Thematic Review: Review of Disclosures in the First Year of Application.” The overall finding was that “most of the companies sampled provided sufficient information to enable users to understand the impact of adopting IFRS 15. Generally, companies included helpful company-specific explanations and…

IFRS against the breakdown

Here’s an extract from the lead-in to a recent speech by IASB Chair Hans Hoogervorst: Against the backdrop of increased geopolitical friction, where the recent G7 meeting couldn’t even agree on a common statement, our standard-setting community provides an excellent example of what can be achieved when people from all parts of the world work…