IFRS enhanced, or: coin tides for the times…

I came across a recent Twitter link to the “history of IFRS,” on a website called “Biz Stalker” (it describes itself as the leading information website in India) and I found it so informative and well-considered that I’ll post it here in its entirety: The International Accounting Standards Committee (IASC) was ascertained in June 1973…

Relevant feedback on group accounting, or: if you care about my happiness you’d get rid of it

The IASB is calling for feedback on the IFRS Standards for group accounting—IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Here’s how the news release summed that up: The Request for Information has been published as part of the Post-implementation Review (PIR) of these Standards. PIRs are carried out to assess…

Succession!

Well, here’s something exciting! The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today announced the appointment of Prof Dr Andreas Barckow to serve as Chair of the IASB, effective July 2021. He will succeed Hans Hoogervorst, who completes his second five-year term in June…

A study in diverse practice, or: we got our $40,000, so what do we now?

Here are three contrasting recent disclosures: On May 1, 2020, the Company received a loan of $40,000 pursuant to the Canada Emergency Business Account  (“CEBA”). The CEBA  provides  zero-interest,  partially  forgivable  loans  of up  to  $40,000  to small businesses that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent,…

Management performance measures – much-needed transparency and discipline (once they fix a few things)

It’s been a while since we mentioned the IASB’s exposure draft General Presentation and Disclosures, so let’s dip into it today. The comment period closed on September 30, 2020, after being extended because of covid-19. One of the headline-grabbing proposals was a new definition of “management performance measures,” defined as follows: subtotals of income and…