When the IFRIC decides not to initiative a new project in response to a submitted question, it issues a tentative agenda decision for comment, setting out its reasons. If nothing new comes out of the comments, it usually confirms its decision and publishes a new agenda decision, often including various explanatory material. The IFRS Foundation’s…
As we discussed last time, the IASB has issued for comment Disclosure of Accounting Policies, an exposure draft of proposed amendments to IAS 1 and IFRS Practice Statement 2, with comments to be received by November 29, 2019. IAS 1 currently requires that an entity disclose its “significant” accounting policies. The exposure draft proposes changing this…
The IASB has issued for comment Disclosure of Accounting Policies, an exposure draft of proposed amendments to IAS 1 and IFRS Practice Statement 2, with comments to be received by November 29, 2019. IAS 1 currently requires that an entity disclose its “significant” accounting policies, a requirement that often leads in practice to pages of…
(Well, sometimes there’s no point trying to think of a catchy title…) The IASB has issued for comment Deferred Tax related to Assets and Liabilities arising from a Single Transaction, an exposure draft of proposed amendments to IAS 12, with comments to be received by November 14, 2019 The exposure draft expresses itself primarily with…
I seldom need to dive into the intricacies of IFRS 2, and find that when I do, many of the concepts have invariably grown fuzzy. since the last time. I previously summed it up this way: IFRS 2 is built more clearly than old Canadian GAAP was on the assumption that since no one gets…
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…
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…
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…
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 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:…
The IASB has published Reference to the Conceptual Framework, an exposure draft of proposed amendments to IFRS 3, with comments to be received by September 27, 2019. This one’s not easy to explain with any kind of relative plain language concision, but I’ll give it a shot. IFRS 3 says that to qualify to be…
Once again, to welcome the arrival of summer, I’m pleased to present a selection of recent real-life tweets that made mention of IFRS in one way or another (the last batch was here), presented here in original unexpurgated form, with misspellings and oddities and not so infrequent obscenities intact. I think you’ll agree that some…
