The IASB has issued Definition of Accounting Estimates – Amendments to IAS 8. IAS 8 currently defines a change in accounting estimate as “an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of,…

Let’s return to the IASB’s discussion paper Business Combinations under Common Control, on which comments are requested by September 1, 2021. As we discussed previously, the main proposal is that fair-value information should be provided when a business combination under common control affects shareholders outside the group. In all other cases, the Board is suggesting…

“One of the world’s largest accounting firms, PricewaterhouseCoopers (PwC), has accepted its first ever bitcoin payment,” announced a recent story on cryptocurrencynews.com  It went on: PwC accepted bitcoin as payment for its advisory services, as it is currently working with multiple startups that deal in bitcoin and the cryptocurrency industry. PwC has also started to…

Let’s return to the following fact pattern recently discussed by CPA Canada’s IFRS Discussion Group: Entity X recognizes a (right of use) asset for a building that it currently occupies as office space. The entity has occupied the building for seven years and has three years remaining on its original 10-year lease. Historically, this ROU…

Here’s a tentative agenda decision recently issued for comment by IFRIC: The Committee received a request about the accounting applied by an entity that is no longer a going concern (as described in paragraph 25 of IAS 1 Presentation of Financial Statements). The request asked whether such an entity…can prepare financial statements for prior periods on…

Momentum continues toward establishing a sustainability standards board… One of the most recent bulletins came in the wake of a meeting of IFRS Foundation trustees in early March, including the following: The Trustees welcomed the February 2021 public statement by the IOSCO Board, announcing IOSCO’s intention to work with the IFRS Foundation in developing a plan…

You’ll recall that right of use assets recognized under leasing arrangements are subject to the impairment requirements of IAS 36, and tested for impairment when indicators exist… If such indicators exist, an entity determines whether the ROU asset can be tested on a stand-alone basis or whether it should be tested as part of a…

Here’s a tentative agenda decision recently issued for comment by the IFRIC: The Committee received a request about the costs an entity includes as the ‘estimated costs necessary to make the sale’ when determining the net realizable value of inventories. In particular, the request asked whether an entity includes all costs necessary to make the…

The IASB has issued Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 IAS 1 currently requires that “an entity shall disclose its significant accounting policies comprising: (a) the measurement basis (or bases) used in preparing the financial statements; and (b) the other accounting policies used that are relevant to…

The Canadian Securities Administrators have issued CSA Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements, based on reviewing “the continuous disclosure filings of approximately 90 issuers across a broad spectrum of industries and size of operations, focusing on the disclosures of the most recent reporting period ending September 30, 2020.” Here’s…