We’re withdrawing our forecast, and we forecast you’ll like knowing why!

Let’s look at another entry from the Ontario Securities Commission’s refilings and errors list: Fire & Flower Holdings Corp….wishes to provide additional information in respect of the events and circumstances that led to the withdrawal of certain forward-looking information contained in the Company’s prior disclosure. Prior to the Company’s filing of its management discussion and…

Sustainability-related financial information – make it dynamic!

As all readers are doubtless aware, the International Sustainability Standards Board has issued its first two exposure drafts, General Sustainability-related Disclosures and Climate-related Disclosures, both open for comment until July 29, 2022. At my usual pace of posting, I could likely devote this blog entirely for the next few years to the two exposure drafts…

Reporting the effects of war, or: Evil as usual…

Like the pandemic before it, the Russian invasion of Ukraine triggers the expected number of guidance pieces on accounting and reporting implications… These include possible impairment of various long-lived assets and financial instruments, impacts on lease and other contracts, expanded disclosure about risks and uncertainties and significant estimates and judgments, and so on. Among these…

Recent developments in sustainability reporting, or: bring on the psychic returns!

Here’s some recent news: The IFRS Foundation and Global Reporting Initiative (GRI) have announced today a collaboration agreement under which their respective standard-setting boards, the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will seek to coordinate their work programmes and standard-setting activities. The IFRS Foundation, which announced at COP26 the establishment of the ISSB…

Sale and leaseback agreements – let in the variable payments!

The IASB issued for comment last year an exposure draft of proposed amendments to IFRS 16,  Lease Liability in a Sale and Leaseback, with comments requested by March 29, 2021. Here’s how the accompanying news release summed it up:  The International Accounting Standards Board has today proposed to amend IFRS 16 Leases by specifying how a company…

Non-current liabilities with covenants – you’re going too far!

As we covered here, the IASB has issued for comment Non-current Liabilities with Covenants, an exposure draft of proposed amendments to IAS 1, with comments to be received by March 21, 2022. The proposals would amend the current guidance on determining whether an entity has a right to defer settlement of a liability for at…

Identifying variable consideration, or: in the penalty box!

Here’s an issue discussed a while ago by IFRIC: The Committee received a request about an airline’s obligation to compensate customers for delayed or cancelled flights. In the fact pattern described in the request: a)   legislation gives a flight passenger (customer) the right to be compensated by the flight provider (entity) for delays and cancellations…

More on the social pillar, or: will we keep on doing the right thing?

The Financial Times recently published an article titled – ‘Investors are shocked’: how Russia’s attack on Ukraine roiled markets Here are some extracts: The eruption of the biggest military conflict in Europe since the second world war caught many investors by surprise. Moscow’s stock market was hit by one of the biggest collapses in financial history this…