Principles of disclosure – take your paper and, uh…

Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. I commented last time that it’s very much a document for a linear, paper-based world, barely acknowledging the impact of technology. This is how the IASB staff summed it up in a staff paper: Many respondents were…

Principles of disclosure – stop me before I over-explain!

We looked briefly last April at the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. Although accounting policy disclosures aren’t usually among the most decision-critical aspects of any particular set of financial statements, they often contribute very disproportionately to their overall volume. My anecdotal impression is that many larger…

IFRS – a clear gift to the world!

How IFRS provides benefits to emerging jurisdictions From time to time (or perhaps more often than that) I cite various doubts or reservations about the utility of IFRS financial statements. Let’s forget about that today and focus on areas where the benefits of IFRS-compliant reporting seem to be a bit clearer. This is from an…

Hey, financial statements – this thing between us just isn’t working out!

How helpful are financial statements in the new economy? A recent blog post took off from the following premise: With only 20% of companies’ market value found in the tangible assets in the financial statements, it is no wonder companies around the world are increasingly using the International <IR> Framework to support integrated thinking and help…

IFRS 15 in action – part 2!

Let’s look at another recent disclosure about the impact of IFRS 15. Here’s an extract from what SNC-Lavalin Group Inc. had to say: Let’s pick out a few of the items there: Variable consideration We’ve noted before that an entity doesn’t include any amount of variable consideration in the transaction price unless “it is highly…