Andreas got mail!

As a special holiday treat, courtesy of my mole at the IFRS Foundation, let’s enjoy now an important and revealing selection of recent correspondence to and from the office of IASB Chair Andreas Barckow. Dear Dr. Barckow – In an interview, you said: “My wife and I are regular concert-goers, and we both sing in…

Defining cash, or: looks like an orange!

Let’s look at some of the reaction to IFRIC’s tentative agenda decision, Demand Deposits with Restrictions on Use As we addressed here, the fact pattern concerned an entity that holds a demand deposit whose terms and conditions don’t prevent the entity from accessing the amounts held in it, and that has a contractual obligation with…

Supplier finance arrangements – tell us what to disclose!

The IASB has issued for comment Supplier Finance Arrangements, an exposure draft of proposed amendments to IAS 7 and IFRS 7, with comments to be received by March 28, 2022. The exposure draft describes a supplier finance arrangement as “characterized by one or more finance providers offering to pay amounts an entity owes its suppliers…

More covid-19 issues – it’s a major force!

Here’s another issue recently discussed by Canada’s IFRS Discussion Group Company A owns a major infrastructure asset under construction. The contract with the construction company, Company B, contains a force majeure clause that provides some relief in the event that Company B is prevented from performing construction work due to an event out of its…

Toward a sustainable future (just not quite yet…)

So, as is well-known now, Canada didn’t win the race for the global sustainability standards board… The big prize went to Frankfurt, with Montreal getting what was generally taken to be a kind of consolation prize, a secondary office for “key functions supporting the new board and deeper co-operation with regional stakeholders.” Given that the…

Disclosure in interim statements – we just didn’t want you to know!

A European example of insufficient disclosure in interim financial statements Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA); this is from their 24th edition: The issuer is a biotech company. The issuer’s half-yearly condensed income statement only consisted of the…

Defining cash – we thought it would be easier!

The IFRIC has issued for comment a tentative agenda decision, Demand Deposits with Restrictions on Use The fact pattern concerns an entity that holds a demand deposit whose terms and conditions don’t prevent the entity from accessing the amounts held in it, and that has a contractual obligation with a third party to keep a…