The IASB has published “a Discussion Paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been.” This was issued on March 19, 2020, at the height of COVID-19 anxiety, and as such you might see it either as a heartening assertion of perseverance,…
There’s been much commentary on how COVID-19 impacts on the application of IFRS 9, Financial Instruments There are various aspects to this, but for today let’s just focus on the application of the impairment model. The general approach, you recall, is to recognize expected credit losses on loans and other financial assets, updating the amount…
Canadian regulators recently responded to current events by issuing the following notice: In light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020. The blanket relief will provide a 45-day extension…
I remembered a speech of IASB Chair Hans Hoogervorst’s from a few years ago, containing the following passage: You have probably heard of the familiar curse: ‘may you live in interesting times’. Although this proverb is usually attributed to ancient China, it is actually nowhere to be found in Chinese literature. The closest Chinese proverb…
Many commentators have noted how the collective response to the ongoing coronavirus outbreak, for all its imperfections, demonstrates a sense of purpose and ruthlessness entirely missing from the “fight” against climate change… You might choose to see some cause for hopefulness in there – that is, we’ve shown we can do it once, so maybe…
As we’ve discussed a few times previously, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. Here’s one of the new sections: An entity shall present in the primary financial statements or disclose in the notes the nature and amount of each…
My article of a few weeks ago about the coronavirus already seems to have been overtaken by events… For example, I noted the significant decline in the stock price of various entities, and said: My intention here isn’t at all to discount the individual cases of loss and anxiety caused by the virus, but rather…
Warren Buffett Torches Corporate America, Spells Doom for Stock Market announces the headline of a recent CCN.com commentary The article says: “Buffett’s 2019 letter is soaked through with his conviction that much of corporate America’s numbers are fake. He begins with the same admonition in his 2018 letter against the new Generally Accepted Accounting Principles…
As we discussed here, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. One of the proposals’ most headline-grabbing aspects is the new concept of “management performance measures,” defined as: subtotals of income and expenses that: (a) are used in public…
I don’t dive into the technicalities of deferred tax too often in this space, because, you know, it’s nice to keep at least a handful of readers… But let’s make an exception today, courtesy of this fact pattern recently considered by IFRIC: an entity acquires an intangible asset with a finite useful life (a licence)…
John Hughes IFRS Blog 