I don’t dive into the technicalities of deferred tax too often in this space, because, you know, it’s nice to keep at least a handful of readers… But let’s make an exception today, courtesy of this fact pattern recently considered by IFRIC: an entity acquires an intangible asset with a finite useful life (a licence)…
As I write this post, the so-called “coronavirus” provides a rather depressing illustration of the fragility of many things, not least the hopes for rational long-term investing. While every day provides additional speculation on the financial impact, here are a few snippets from the past couple of weeks. (Thomson Reuters) (Finance Minister Bill) Morneau told…
As we discussed last time, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. Here’s one of the proposed new sections: Unusual income and expenses are income and expenses with limited predictive value. Income and expenses have limited predictive value when…
The IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. It’ll take a number of articles to cover all the main points. To start off with, let’s take the following proposal: The Exposure Draft proposes that an entity present the following new…
The IASB has issued Classification of Liabilities as Current or Non-Current, amendments to IAS 1. The amendments are to be applied retrospectively for annual reporting periods beginning on or after January 1, 2022 – earlier application is permitted. The extended application date responds to the possibility that changes in classification as a result of the…
I wrote a while ago about accounting issues relating to football (or, if you prefer, soccer), prompted by a PWC publication Accounting for typical transactions in the football industry: Issues and solutions under IFRS. I noted at the time that “I was certainly surprised that a sufficient readership exists for such a seemingly narrowly-targeted publication”…
The IFRS Foundation is continuing to develop its revised practice statement on management commentary, with an exposure draft expected later in the year. A recent meeting of the project’s consultative group focused on the meaning of the phrase “management’s view.” The current draft of the practice statement refers to the concept in the following passages:…
A European example of issues arising in identifying cash equivalents As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 42 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published…
Eumedion is a Dutch entity that promotes the interests of institutional investors in the field of corporate governance and sustainability. It recently issued for comment a green paper: Towards a global standard setter for non-financial reporting. Here are some extracts: The attention of investors and other stakeholders for non-financial reporting has increased dramatically over the…
A recent article in Economia cited Senator Elizabeth Warren’s denunciation of stock buybacks, as a practice that “create(s) a sugar high for the corporations. It boosts prices in the short run, but the real way to boost the value of a corporation is to invest in the future, and they are not doing that.” It’s…
Big four auditors face investor calls for tougher climate scrutiny announces a recent story on Reuters. Written by Matthew Green and Simon Jessop, it starts out like this: European investors managing assets worth more than 1 trillion pounds ($1.28 trillion) are pressing top auditors to take urgent action on climate-related risks, warning that failure to…
The IASB has issued Guide to Selecting and Applying Accounting Policies – IAS 8. The stated objective, just as the title suggests, is to explain how to apply the IAS 8 requirements for selecting and applying accounting policies for transactions, other events and conditions, using material and examples that have been discussed by the IASB…
