Applying agenda decisions – we’re bidin’ our time!

When the IFRIC decides not to initiative a new project in response to a submitted question, it issues a tentative agenda decision for comment, setting out its reasons. If nothing new comes out of the comments, it usually confirms its decision and publishes a new agenda decision, often including various explanatory material. The IFRS Foundation’s…

Deferred tax – amending the initial recognition exemption

(Well, sometimes there’s no point trying to think of a catchy title…) The IASB has issued for comment Deferred Tax related to Assets and Liabilities arising from a Single Transaction, an exposure draft of proposed amendments to IAS 12, with comments to be received by November 14, 2019 The exposure draft expresses itself primarily with…

A new IFRS for tax – a duty to society?

A recent article by Richard Murphy on the Accounting Web site “explains why a new IFRS for tax is necessary, and why accountants have a duty to society to help companies explain their tax payments.” The article is primarily focused on the lack of country by country reporting for tax matters. It cites various existing…

The pressures of IFRS, or: cleaned out!

My favourite recent news release from the IFRS Foundation was certainly the announcement that the Foundation has decided to review its cleaning contract… In strangely but endearingly personal terms, it said: “This letter is to invite you to put forward a proposal for the work outlined below.” It set out a list of twelve bulleted…