As we covered previously, the IASB issued an exposure draft of a proposed practice statement on Management Commentary, with comments requested by November 23, 2021. It might be dispiriting to those working on the project that a large volume of the comments (based on my highly incomplete sample of them at least) amount to saying,…

A European example of insufficient disclosure in interim financial statements Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA); this is from their 24th edition: The issuer is a biotech company. The issuer’s half-yearly condensed income statement only consisted of the…

We looked a while ago at CPA Canada’s Complexity and the professional accountant: Practical guidance for ethical decision-making, As we covered before, the broad guiding notion is as follows: Professional accountants have an ethical responsibility to act in the public interest. In a complex world where values drive decisions and diverse stakeholder groups have a…

The IFRIC has issued for comment a tentative agenda decision, Demand Deposits with Restrictions on Use The fact pattern concerns an entity that holds a demand deposit whose terms and conditions don’t prevent the entity from accessing the amounts held in it, and that has a contractual obligation with a third party to keep a…

It’s time now for another series of tweets that made mention of IFRS in one unconventional way or another, presented here in their original form, with all vulgarities and oddities intact (the last edition was here). Over the years, I’ve collected a surprising number of alternative uses for our beloved “IFRS” acronym, not including the…

Canadian securities regulators seek comment on climate-related disclosure requirements, announces a recent news release. Here are some extracts: The Canadian Securities Administrators (CSA) today published for comment proposed climate-related disclosure requirements. The proposed requirements address the need for more consistent and comparable information to help inform investment decisions. They also demonstrate the CSA’s commitment in favour…

IFRIC recently issued for comment a tentative agenda decision, Cash Received via Electronic Transfer as Settlement for a Financial Asset, with comments requested by November 25, 2021. Here’s the description of the issue: The Committee received a request about the recognition of cash received via an electronic transfer system as settlement for a financial asset.…

Canada should be the home of the new global sustainability standards board, announces a recent opinion piece in Canada’s Globe and Mail newspaper. Here are some extracts: (The) international interest (in hosting the new board) reinforces the prestige and value associated with the new global body. It also provides an opportunity to demonstrate how Canada’s…

We recently looked at some reasons why the accounting for intangible assets might be revisited in the foreseeable future, These included a reference by the new Chair Andreas Barckow in an interview to the “the rise of self-generated intellectual property and its non-addressal in the accounts” as one of the key challenges to remaining relevant…

Based on my highly incomplete review of the 118 comment letters received in response to the IASB’s recent agenda consultation, going concern is likely to emerge as one of the highest priority projects. I wouldn’t have seen that coming, but there you go. Here’s how the Canadian Securities Administrators summarized the issue: When preparing financial…