Issues arising in applying the IFRS 16.5 concession that an issuer not apply its requirements to leases for which “the underlying asset is of low value…” We previously discussed this here, providing some of the IASB’s underlying thinking: “…many lessees expressed concerns about the costs of applying the requirements of IFRS 16 to leases that are…
CPA Canada has issued Observations on the Implementation of the New Revenue Standard by Canadian Public Companies. The publication was based on the review of financial statements of 60 Canadian public companies for the first quarter of 2018; 45 listed on the TSX and 15 on the Venture Exchange. Here are the key observations: While…
Earlier this year, I built an article around the following extract from a Hans Hoogervorst speech: Given the voluntary nature of IFRS adoption, we like to believe that the adherence to our Standards is a reflection of the quality and inclusiveness of our work. More importantly, most of our stakeholders resist the temptation of modifying…
We can all agree that the only thing that matters in implementing any aspect of IFRS is to proceed with a broad, sweeping vision, focusing entirely on the big picture and ignoring all the small stuff. That’s really all I wanted to say today, so I’ll wrap it up there. Oh wait, I’m being informed…
It’s time now for another round-up (the last one was here) of recent tweets that made mention of IFRS in one way or another, presented here in their original form, preserving all typos and oddities and occasional obscenities. It’s rather poignant to observe how many of these seem to cite IFRS as a source of anxiety…
I don’t know if it’s entirely a compliment to the rest of this blog that one of the most all-time popular posts (at the time of writing, it’s 11th out of more than 360, with over 1,000 views) is the one I wrote some years ago on Accounting for Girlfriends… I feel a little guilty…
Courtesy of my mole at the IASB, I’m honoured to be publishing for the first time a WikiLeaks-worthy treasure trove of correspondence to and from the office of Chair Hans Hoogervorst. Read along now and dive as no mere civilian ever has before into the deep and complex waters of standard-setting. Dear Mr. Hoogervorst Every…
Rattling around in the murky corners of IFRS 16… Here’s another issue discussed in the past by Canada’s IFRS Discussion Group: In many cases, a lessee will enter into a lease agreement to rent space from a lessor. The lease agreement specifies that the lessee has an obligation at the end of the lease term,…
One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…
A European example of issues arising in applying IFRS 5 As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 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…
PWC has issued Accounting for typical transactions in the football industry: Issues and solutions under IFRS. I was certainly surprised that a sufficient readership exists for such a seemingly narrowly-targeted publication. The foreword suggests it’s aimed primarily at those toiling within the industry itself: “We hope you find this publication useful in understanding the accounting…
As we’ve discussed on many past occasions, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We looked here at some matters relating to determining the lease term. This is: the non-cancellable period of a lease, together with both: (a) periods covered by an option…
