Festival of errors!

Let’s look at another extract from the Ontario Securities Commission’s refilings and errors list. You’ll recall that this is a record of companies that refiled or restated some aspect of their continuous disclosure record as a result of an OSC review – the list has the dual purpose, I believe, of providing an extra degree…

Targeting the auditors, or: too short on confidence!

Here’s the main text of a recent news release issued by the Ontario Securities Commission: The news release received what was presumably the intended press coverage, with the Globe and Mail noting that while the release didn’t name any names, “Canadian or U.S. affiliates of three of the Big Four global firms – Deloitte LLP,…

Contractual cash flow characteristics – too much exposure!

The IASB recently discussed some potential amendments to the contractual cash flow characteristics requirements in IFRS 9 Financial Instruments. We’ve already addressed some potential amendments to clarify some of the underlying principles of the solely payments of principal and interest (‘SPPI’) assessment. You’ll recall that IFRS 9 is based on the premise that amortized cost…

Sustainability-related disclosures – fine, but not too often!

As we addressed here, the International Sustainability Standards Board has issued its first two exposure drafts, General Sustainability-related Disclosures (S1) and Climate-related Disclosures (S2), which were both open for comment until July 29, 2022. The general exposure draft proposes that an entity be required to report its sustainability-related financial disclosures at the same time as…

Contractual cash flow characteristics – resist that variability!

The IASB recently discussed some potential amendments to the contractual cash flow characteristics requirements in IFRS 9 Financial Instruments. The purpose of these would be to clarify some of the underlying principles of the “solely payments of principal and interest” (‘SPPI’) assessment. Feedback from the post-implementation review of IFRS 9 had indicated “that the IASB…

21st century challenges in sustainability, or: long to reign over us!

One of CPA Canada’s less adroit recent moments was as follows: The first part of the message is just conventional platitude, but still of a kind that a rational, forward-looking Canadian organization should have been able to avoid. The second part is rather more damagingly revealing. A4S, its website reminds us, “was established by HM…

Sustainability-related disclosures – and now for our next problem…

As we addressed here, the International Sustainability Standards Board has issued its first two exposure drafts, General Sustainability-related Disclosures and Climate-related Disclosures, which were both open for comment until July 29, 2022. Here’s an extract: The basis for conclusions provides various examples of the disclosures that might result from this, for instance: These comments are…

Comment letters to the ISSB – those go into the trash pile!

As we addressed here, the International Sustainability Standards Board has issued its first two exposure drafts, General Sustainability-related Disclosures (S1) and Climate-related Disclosures (S2), which were both open for comment until July 29, 2022. We’ve noted several times the vast number of comment letters – more than 1,400! – received on the two projects. CFA…

We’re friends of science, and you the ISSB, you’re not!

As we addressed here, the International Sustainability Standards Board has issued its first two exposure drafts, General Sustainability-related Disclosures and Climate-related Disclosures, which were both open for comment until July 29, 2022. As you’d expect, the more than 1,400 comment letters received on the two projects take every approach imaginable: some provide detailed point by…