Review of impairment disclosures: not bad, but we still want more!

The UK’s Financial Reporting Council has published a report on its “Thematic Review: Impairment of Non-Financial Assets.” The specific focus was on disclosures relating to such impairments. The overview was that the FRC “found numerous instances of good practice across each aspect of disclosure – events and circumstances triggering an impairment loss, description of cash…

Classifying cash flows – it’s an additional investment, but not an investing cash flow!

A European example of misclassified cash flows As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 42 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published some extracts from…

The value of audit, or: meteor!!

Here’s a recent story from the UK Independent news site: One month after the final departure of Thomas Cook flights, the auditors who signed off the travel firm’s accounts have admitted that £1.1bn “goodwill” was overstated. PwC, which audited Thomas Cook’s accounts from 2007 to 2016, and EY, which took over the role until the…

XBRL – are we missing something (part 2)?

Of the over 400 posts on this blog, only one was devoted to XBRL… …but it was a relatively popular one, ranking in the top ten per cent by page views. As the post was entitled XBRL: are we missing something?, this level of interest might be taken to indicate that yeah, perhaps we are. In that post,…

Accountants and their politics, or: get off my lawn!

“Majority of Canadian accountants to vote Conservative” announced a Canadian Accountant article, just before our recent federal election. The article informed us: Six out of 10 Canadian accountants intend to vote for Andrew Scheer and the Conservative Party of Canada in the federal election on Monday. A poll conducted by Canadian Accountant reveals 20 per…

No impairment here; or, it’s shipshape!

A European example of issues arising in applying IAS 36 As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 42 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published…