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…
In my last entry, I said that if Trump wins, it will only be because of an abject mass surrender to blindly ugly short-termism, a rejection of science and governance and of rationality itself, aided by a malfunctioning democracy and widespread mendacity. Well, at the time of this post, the outcome is still unclear, but…
This is the 503rd post on this blog… …and if Trump wins on Tuesday, it might be the last. Because there’s no point maintaining a blog on IFRS, if IFRS is dead. Oh, of course the death of IFRS, just like that of so many things, won’t be immediately apparent; probably not for decades. But…
The UK’s Financial Reporting Council recently issued a report on its “thematic review” of disclosures in the first year of application of IFRS 16 Leases. Here’s how the news release summed it up: The FRC found that most companies provided a good explanation of the impact of adopting IFRS 16, which applies for the first…
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.” I’ve several times expressed my view that this initiative is more about preserving…
The UK’s Financial Reporting Council recently issued a report on its “follow-up thematic review” of IFRS 15 Revenue from Contracts with Customers. Here’s how the news release summed it up: This is the third review on the application of IFRS 15 and focusses on those areas that have previously provided the greatest cause for concern. Although…
The Trustees of the IFRS Foundation have published a Consultation Paper “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.” Here’s how the news release summed it up: Amid heightened focus on environmental, social and governance (ESG) matters,…
It’s time now for another collection of recent tweets that made mention of IFRS in some form, presented here in their original form with all mysteries of spelling and taste and meaning intact. Let’s start with one from Africa, providing a moment of genuine cultural interest: This is how one regional accountant wanted to use…
We looked here and here last year at America’s Business Roundtable’s Statement on the Purpose of a Corporation. The document specifically rejected the previous bedrock principle that corporations exist principally to serve their shareholders, committing to such matters as investing in employees, supporting communities, and delivering value for all stakeholders. With With 200 “who’s who”-level…
Thanks to my mask-wearing, socially isolated but still diligent mole at the IFRS Foundation, I’m pleased to present another selection of recent correspondence to and from the office of IASB Chair Hans Hoogervorst, this time on the burning topic of covid-19. Please read and marvel. Dear Mr. Hoogervorst. I currently live in an environment where…
Five “leading sustainability and integrated reporting organizations” have issued Statement of Intent to Work Together Towards Comprehensive Corporate Reporting, a summary of alignment discussions. The five are CDP, the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council and the Sustainability Accounting Standards Board. Here’s an extract from the introduction Corporate…
