Australia and Korea recently issued a report on differences in the interpretation of common accounting terms in Korea and Australia. Here’s how the news release summed it up: “In a joint project, the Australian Accounting Standards Board (AASB) and the Korean Accounting Standards Board (KASB) looked at whether words such as ‘likely’, ‘probable’ and ‘certain’…
KPMG has recently issued Room for Improvement, the second edition of its survey of business reporting. The study presents ‘the main findings from a global analysis of the content of 270 larger listed companies’ reports, in an effort to highlight weaknesses and identify good practices in the presentation of corporate information.” These are its main…
The Institute of Chartered Accountants of England and Wales have issued the latest in a series of “Audit Insights” documents, this one focused on “Improving annual reports of listed companies.” Some of the content covers matters addressed on this blog several times in the past, for example in commenting on materiality and disclosure overload, and…
“Revenue Standard causes concern about compensation arrangements” says the headline of a recent article in the Journal of Accountancy. Here’s an extract: “Compensation arrangements are emerging as a big concern for companies as they implement the new revenue recognition standard. Many companies have compensation plans for sales personnel, executives, or others that are tied to…
A recent article in The New York Times argued that disclosure of conflict of interest “often has the opposite of its intended effect, not only increasing bias in advisers but also making advisees more likely to follow biased advice. The article isn’t any way about disclosure in the context of IFRS, and any extrapolation of…
The topic of climate change disclosures recently received some attention in Canada, by virtue of a speech by Bank of England governor Mark Carney. As reported in the Globe and Mail: “In a discussion with Canadian Environment Minister Catherine McKenna before a large audience at a Toronto Region Board of Trade event, Mr. Carney pointed…
John Hughes IFRS Blog 