I started writing about IFRS around 2008… …in the run-up to Canada’s conversion to IFRS in 2011, and the landscape was heavily dominated by the then-active debate about whether the US should make the same leap. There was some vehemently colourful anti-IFRS commentary floating around in those days. Asked in 2010 to comment on the…
Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: An entity may acquire an asset or a group of assets that do not comprise a business by issuing multiple financial instruments. Careful analysis is required to determine whether these instruments are in scope of IFRS 2 Share-based Payments. This standard can…
It’s been a while since we mentioned the IASB’s exposure draft General Presentation and Disclosures, so let’s dip into it today. The comment period closed on September 30, 2020, after being extended because of covid-19. One of the headline-grabbing proposals was a new definition of “management performance measures,” defined as follows: subtotals of income and…
In my last entry, I said that if Trump wins, it will only be because of an abject mass surrender to blindly ugly short-termism, a rejection of science and governance and of rationality itself, aided by a malfunctioning democracy and widespread mendacity. Well, at the time of this post, the outcome is still unclear, but…
This is the 503rd post on this blog… …and if Trump wins on Tuesday, it might be the last. Because there’s no point maintaining a blog on IFRS, if IFRS is dead. Oh, of course the death of IFRS, just like that of so many things, won’t be immediately apparent; probably not for decades. But…
The UK’s Financial Reporting Council recently issued a report on its “thematic review” of disclosures in the first year of application of IFRS 16 Leases. Here’s how the news release summed it up: The FRC found that most companies provided a good explanation of the impact of adopting IFRS 16, which applies for the first…
Let’s return to the Consultation Paper recently issued by the Trustees of the IFRS Foundation “to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards.” I’ve several times expressed my view that this initiative is more about preserving…
The UK’s Financial Reporting Council recently issued a report on its “follow-up thematic review” of IFRS 15 Revenue from Contracts with Customers. Here’s how the news release summed it up: This is the third review on the application of IFRS 15 and focusses on those areas that have previously provided the greatest cause for concern. Although…
The Trustees of the IFRS Foundation have published a Consultation Paper “to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards.” Here’s how the news release summed it up: Amid heightened focus on environmental, social and governance (ESG) matters,…
It’s time now for another collection of recent tweets that made mention of IFRS in some form, presented here in their original form with all mysteries of spelling and taste and meaning intact. Let’s start with one from Africa, providing a moment of genuine cultural interest: This is how one regional accountant wanted to use…
John Hughes IFRS Blog 