I came across an interesting article by Gediminas Ziemelis: New IFRS for airlines with provisions for virus impact? The article sets out the heavy impact of the ongoing pandemic on the airline industry, one in which – as has been quite widely commented upon – “some airlines announced dividends to shareholders from last year’s profit…
The IASB recently issued Annual Improvements to IFRS Standards 2018-2020. There are only four items (proving once again that it was almost perfect already). Here they are. Financial instruments IFRS 9 regards an exchange of debt instruments with substantially different terms between an existing borrower and a lender as an extinguishment of the original financial liability…
So this is what I wrote here just after Trump was elected: I confess I see no hint of a “bright side” to this abomination. Have deeply-rooted anxieties ever settled on such a wretchedly unsuitable means of deliverance? It provides harsh evidence that the world is succumbing to irrationality and recklessness, regardless that its complexities and challenges have never…
No, relax – I’m only joking. What actually happened is that the IASB recently issued Property, Plant and Equipment: Proceeds before Intended Use, a limited-scope amendment to IAS 16. It focuses on one of the examples provided in IAS 16.17 of “directly attributable costs” of an item of property, plant and equipment, which are included…
If anyone is having trouble locating guidance and commentary about the impact of covid-19 on financial reporting… …it’s only because they’re not looking hard enough. In Canada, to name a couple, there’s the regulatory covid-19 information hub, and CPA Canada’s website of covid-19 information resources, the latter of which leads to dozens of other links.…
The IASB has issued Covid-19-related rent concessions, amendments to IFRS 16, effective for annual reporting periods beginning on or after June 1, 2020, with earlier application permitted. This is how the accompanying news release summed it up: The amendment exempts lessees from having to consider individual lease contracts to determine whether rent concessions occurring as…
John Hughes IFRS Blog 