New leases standard – getting close

The IASB has issued Leases: Practical Implications of the new Leases Standard, a project update. Written plainly and set out clearly, it’s likely to be a useful document for those who know something big is coming, but haven’t to this point immersed themselves in understanding exactly what that is. It’s not really mandatory reading from…

IFRS – controlling the invisible hand?

Notes on a recent speech in Edinburgh by IASB Chair Hans Hoogervorst He starts as follows: “Edinburgh was the home town of Adam Smith, often referred to as the father of modern economics. Adam Smith is best known for The Wealth of Nations and its concept of the ‘invisible hand’. In his view, rational self-interest…

High risk!

The Canadian Securities Administrators have issued CSA Staff Notice 51-342 Staff Review of Issuers Entering Into Medical Marijuana Business Opportunities, summarizing the CSA’s findings and disclosure expectations for reporting issuers contemplating involvement in Canada’s medical marijuana industry. Here’s the summary from the news release: “The CSA’s review aimed to determine if reporting issuers were meeting…

Cash-generating units: the whole conversation

by John Hughes Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 15th edition: “The issuer is in the retail industry and has a significant network of branches of merchants and retailers.…

Accounting for revenue – what regulators might look for

Two aspects of IFRS 15 where the SEC has already expressed particular interest By now we’ve spent no less than sixteen (!) previous articles discussing aspects of the new revenue recognition standard, IFRS 15, effective for financial years beginning on or after January 1, 2017. In general, it’s not really plausible to highlight some aspects of the…