IFRS 15 in action – part 5: some retail issues

Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Reitmans (Canada) Limited: As we’ve discussed before, for purposes of the first issue, the stand-alone selling price is the price at which an entity would sell a promised good or service separately to a…

The IASB’s conceptual framework – a bright day for assessing stewardship!

Let’s take a look at another aspect of the IASB’s recently issued revised conceptual framework for financial reporting.  Here are some brief extracts from the document: Information about the nature and amounts of a reporting entity’s economic resources and claims can help users to identify the reporting entity’s financial strengths and weaknesses. That information can…

Natural capital – what gets measured gets trashed?

A couple of years ago, I briefly addressed the subject of “natural capital,” defined (in one place anyway) as “the stock of renewable and non-renewable natural resources (e.g., plants, animals, air, water, soils, minerals) that combine to yield a flow of benefits to people…” At that time I referred to the “Natural Capital Protocol,” a…

IFRS 15 in action – part 4!

Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Teck Resources Limited: This is a good illustration of one of the standard’s basic conceptual building blocks: let’s briefly summarize. An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring…

Principles of disclosure – of primary concern

Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. The discussion paper noted the following problem: The Board has received…feedback that some users of financial statements analyze the information in the statements listed in paragraph 3.3(a) (i.e. the balance sheet, income statement, statement of changes in…