The Canadian Securities Administrators (CSA) have published for comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure, which establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. We’ve covered this topic here many times before (certainly more than I intended to). In a nutshell, the main Canadian regulatory reference point at present…
Let’s take a look at the ongoing discussions relating to presenting unusual or frequent items, taking place as part of the primary financial statements project. The staff paper prepared for the September 2018 IASB meeting sums up the issues and some possible ways ahead. The underlying premise, of course, is: Non–persistent items do not enhance…
A European example of lack of clarity in disclosing corrections of accounting errors As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators.…
At its July 2018 meeting, the Accounting Standards Advisory Forum discussed among many other things, the IASB’s plan to carry out a targeted standards-level review of disclosures. The discussion covered both the Board’s process for developing and drafting disclosure objectives and requirements, and which standards the Board should select for review. On the latter point,…
As we summarized here, the IASB has published for public comment a Discussion Paper on how companies issuing financial instruments should classify them in their financial statements. Last time we looked at this, I mentioned we’d return to the area of presentation. The discussion paper is hard to explain in any kind of plain language (I’m not…
Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Stantec Inc.: When we looked several years ago at how the standard addresses the key step of determining the transaction price, we noted the following: Among other things, the new standard also requires adjusting the…
The ever-spreading Trumpian sludge finds its way to the world of financial reporting This came in a tweet (what else?) on August 17th, as follows: In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. “Stop quarterly reporting & go…
Louis Armstrong sang it like this: We have all the time in the world Just for love Nothing more Nothing less Only love Nothing more, nothing less? But surely we have time for at least one thing more – to implement IFRS? Oh wait, here’s some news coming in… September 2004 “Implementation of IAS 39…
The Canadian IFRS Discussion Group recently returned to the issue of cloud computing arrangements, revisiting its previous discussion in the light of new IFRS 16, among other things. The group had already provided the following examples of such arrangements: Software as a service – This arrangement is a software distribution model where applications are hosted…
A European example of issues arising in applying IAS 1.85 Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 20th edition: The issuer facilitates investments by clients who want to gain exposure…
How can investors identify purpose-led companies? asks a recent publication from A Blueprint for Better Business. This is an independent charity which says of itself: “We are not a consultancy or funded by business. We are a catalyst to help businesses be guided and inspired by a purpose that benefits society. Our work is about…
As we summarized here, the IASB has published for public comment a Discussion Paper on how companies issuing financial instruments should classify them in their financial statements. One of the best ways of getting one’s head (somewhat) around the concepts is to focus on instruments for which the proposals would generate a different classification. Here’s one: net-share…
