The IASB has issued for comment a discussion paper Business Combinations under Common Control, with comments requested by September 1, 2021. Here’s some of how the accompanying news release summed that up: IFRS 3 Business Combinations set outs reporting requirements for mergers and acquisitions—referred to as business combinations in IFRS Standards. However, that Standard does not specify…
Early last year, the IASB published “a Discussion Paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been.” To recap, the discussion paper “concluded that there is no alternative that can target goodwill better and at reasonable cost.” Among other things, the Board…
Let’s return to the Consultation Paper recently issued by the Trustees of the IFRS Foundation “to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards.” One of the main options outlined in the paper was for the Foundation…
I realize of course that after a work day revolving heavily around the three volumes of the red book, the last thing you might want to do at night is unwind with even more IFRS-related reading material. But if you dig deeply enough into the library, there’s something there for every taste. See for yourself!…
Well, let’s continue the holiday season with a new batch of real-life tweets (the last one was here) which made mention of IFRS in one way or another, presented here in their original form with all possible typos and obscenities and general oddities intact. We’ll begin here: The worst part of my 2019 was implementing…
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…
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…
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…
Let’s return to the IASB’s exposure draft General Presentation and Disclosures. The comment period closed on September 30, 2020, after being extended because of covid-19; there were 215 comment letters. We recently looked at some of the reaction relating to the following proposed definition and related note disclosure requirements: Unusual income and expenses are income…
Let’s return to the IASB’s exposure draft General Presentation and Disclosures. The comment period closed on September 30, 2020, after being extended because of covid-19; there were 215 comment letters. We’ve already looked at the reaction to a couple of the proposals. Here’s another one: Unusual income and expenses are income and expenses with limited…
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,…
Let’s return to the IASB’s exposure draft General Presentation and Disclosures. The comment period closed on September 30, 2020, after being extended because of covid-19; there were 215 comment letters. We looked recently at some of the reaction to the proposals on “management performance measures.” Another key proposal was that an entity should present a…
I started writing about IFRS around 2008… …in the run-up to Canada’s conversion to IFRS in 2011, and the landscape was heavily dominated by the then-active debate about whether the US should make the same leap. There was some vehemently colourful anti-IFRS commentary floating around in those days. Asked in 2010 to comment on the…
Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: An entity may acquire an asset or a group of assets that do not comprise a business by issuing multiple financial instruments. Careful analysis is required to determine whether these instruments are in scope of IFRS 2 Share-based Payments. This standard can…
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…
