Interest rate benchmark reform, or: a change is gonna come!

The IASB has published for comment Interest Rate Benchmark Reform, an exposure draft of proposed amendments to IFRS 9 and IAS 39, with comments requested by June 17, 2019. The main reference point for this effort was Reforming Major Interest Rate Benchmarks, a report carried out by the Financial Stability Board in 2014. As the…

No room in the disposal group, or: back to the balance sheet!

An example of issues arising in applying IFRS 5 to assets held for sale Here’s something I recently read about: Construction, services and property group Kier has been forced to restate its debt by more than £40 million after uncovering an accounting error, reports have revealed. In a recent trading update, the group said it…

400 posts!

This is the 400th posting on this blog… ..so I thought I might take a brief pause for review. From my perspective, the number of posts is actually significantly higher, because before this one, I maintained a similar blog on the website of a Canadian accounting firm. When that firm merged with another, those posts…

Annual improvements to IFRS – getting better all the time!

The IASB has issued an exposure draft of Annual Improvements to IFRS® Standards 2018–2020, with comments requested by August 20, 2019. There are only four items (see, IFRS is already virtually perfect as it is!) Here they are: Financial instruments IFRS 9 regards an exchange of debt instruments with substantially different terms between an existing…

Proposed amendments to due process: after this, we move at the speed of light!

The Trustees of the IFRS Foundation are inviting stakeholder comment on proposed amendments to its Due Process Handbook, the procedural requirements followed by the International Accounting Standards Board and the IFRS Interpretations Committee. I’ve never been too interested in the internal workings of the IFRS Foundation – I’m only really bothered with what comes out…

Toward a better measurement framework, or: a road not taken

I thought it might be interesting to remind the world of T­oward a M­easurement Framework f­or Financial Reporting b­y Profit-Oriented Entities, a paper by Alex Milburn, issued in 2012 by the Canadian Institute of Chartered Accountants (now CPA Canada) As background, we know of course that IFRS employs different measurement bases for different assets and…