More of my IFRS adventures on Twitter, or: rap it like Eminem!

It’s time now for another series of tweets that made mention of IFRS in one unconventional way or another, presented here in their original form, with all vulgarities and oddities intact (the last edition was here). Over the years, I’ve collected a surprising number of alternative uses for our beloved “IFRS” acronym, not including the…

Proposed Canadian climate-related disclosure requirements, or: keep the markets working!

Canadian securities regulators seek comment on climate-related disclosure requirements, announces a recent news release. Here are some extracts: The Canadian Securities Administrators (CSA) today published for comment proposed climate-related disclosure requirements. The proposed requirements address the need for more consistent and comparable information to help inform investment decisions. They also demonstrate the CSA’s commitment in favour…

Cash received via electronic transfer, or: still figuring out some basics!

IFRIC recently issued for comment a tentative agenda decision, Cash Received via Electronic Transfer as Settlement for a Financial Asset, with comments requested by November 25, 2021. Here’s the description of the issue: The Committee received a request about the recognition of cash received via an electronic transfer system as settlement for a financial asset.…

Canada and the sustainability standards board…and all our tomorrows…

Canada should be the home of the new global sustainability standards board, announces a recent opinion piece in Canada’s Globe and Mail newspaper. Here are some extracts: (The) international interest (in hosting the new board) reinforces the prestige and value associated with the new global body. It also provides an opportunity to demonstrate how Canada’s…

Accounting for intangible assets – the revolution gets closer?

We recently looked at some reasons why the accounting for intangible assets might be revisited in the foreseeable future, These included a reference by the new Chair Andreas Barckow in an interview to the “the rise of self-generated intellectual property and its non-addressal in the accounts” as one of the key challenges to remaining relevant…

The IASB’s agenda consultation – growing concern on going concern

Based on my highly incomplete review of the 118 comment letters received in response to the IASB’s recent agenda consultation, going concern is likely to emerge as one of the highest priority projects. I wouldn’t have seen that coming, but there you go. Here’s how the Canadian Securities Administrators summarized the issue: When preparing financial…

Accounting firms and the public interest – strangers in the night?

A recent New York Times article examines How Accounting Giants Craft Favorable Tax Rules from Inside Government Here are some extracts: The largest U.S. accounting firms have perfected a remarkably effective behind-the-scenes system to promote their interests in Washington. Their tax lawyers take senior jobs at the Treasury Department, where they write policies that are…

Disaggregating revenue – we won’t settle for less!

A European example of issues arising in disaggregating revenue for disclosure purposes 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 producer of primary minerals and secondary mineral sand products (‘secondary…

Investing in advocacy, or: raise our voices!

I was intrigued by a recent article on Why Sustainable Investment Means Investing in Advocacy, by Alan Schwartz and Reuben Finighan The article points out that sustainable investment movements “however promising, assume there’s no need for a trade-off between returns and social and environmental impact. They are grounded in the idea that investors and corporations…