As we covered here, the IASB recently called for stakeholder feedback to inform its review of the accounting standard for revenue from contracts with customers, IFRS 15. This is part of the regular post-implementation review process “to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are…

The IASB has issued the Exposure Draft Financial Instruments with Characteristics of Equity—Proposed amendments to IAS 32, IFRS 7 and IAS 1, with a comment deadline of March 29, 2024. The backdrop as set out in the basis for conclusions is that “financial innovation, market forces and changes to financial sector regulations have resulted in a…

The IFRS Interpretations Committee recently considered the following fact pattern: The Committee considered whether in this situation the entity’s commitment to reduce or offset its greenhouse gas emissions creates a constructive obligation (that is whether the entity through past practice or policies or statements of intent has indicated to other parties that it will accept…

The Accounting Miscellany blog by Peter Clark (whom I thank upfront for inspiring the following big finish to the year) contained the following fascinating item: A commenter called the rumour “one of many ill-informed myths which ignores the realities of the world and, in particular, standard setting.” The realities of my own world, I know,…

It’s time now for another collection of real-life IFRS-related tweets (or whatever they’re called now), presented here in their original form, with all typos, oddities and possible obscenities intact. I’ve been doing this for years, but it’s not as much fun as it used to be, given the sense of the extravagantly malign Elon Musk…

My last post, covering a recent discussion of carbon credits, prompted my friend Walter Ross to remind me of Kim Stanley Robinson’s “climate fiction” novel The Ministry for the Future, which among much else sets out a concept for a worldwide “carbon coin.” As it’s the holiday season, let’s spend a little time in a…

Canada’s “IFRS Accounting Standards Discussion Group” (recently renamed from the previously long-standing title of “IFRS Discussion Group”) recently discussed the accounting for the development of carbon credits by a renewable energy generator. To look at part of the discussion, consider a company with a solar energy facility that generates electricity to be sold into the…

As we covered here, the IASB recently called for stakeholder feedback to inform its review of the accounting standard for revenue from contracts with customers, IFRS 15. This is part of the regular post-implementation review process “to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are…

Audit regulator says accounting firms still falling short, announced the headline of a recent Globe and Mail article. Here’s some of what it had say: Indeed, CPAB’s report is so discreet on such matters that it stops at referring coyly to “Canada’s four largest audit firms,” not even reminding us of the names. Not that…

As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 38 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 its confidential database of enforcement decisions on…