The UK’s Financial Reporting Council has published a report on its “IFRS 15 Thematic Review: Review of Disclosures in the First Year of Application.” The overall finding was that “most of the companies sampled provided sufficient information to enable users to understand the impact of adopting IFRS 15. Generally, companies included helpful company-specific explanations and…
Here’s an issue recently considered by IFRIC: The Committee received a request about training costs incurred to fulfil a contract with a customer. In the fact pattern described in the request: an entity enters into a contract with a customer that is within the scope of IFRS 15. The contract is for the supply of…
Here’s an extract from the lead-in to a recent speech by IASB Chair Hans Hoogervorst: Against the backdrop of increased geopolitical friction, where the recent G7 meeting couldn’t even agree on a common statement, our standard-setting community provides an excellent example of what can be achieved when people from all parts of the world work…
Applying some of the concepts of IFRS 9 in related party situations You’ll recall that under the model in IFRS 9, a financial asset is measured at amortized cost only when it’s held within a business model with the objective of holding financial assets in order to collect contractual cash flows, and the asset’s contractual…
Here’s the background to another issue recently discussed by CPA Canada’s IFRS Discussion Group: IFRIC 17 Distributions of Non-cash Assets to Owners addresses a situation when an entity distributes assets other than cash as dividends to its owners acting in their capacity as owners. In this situation, an entity measures the dividend payable at the…
Here’s another issue recently discussed by CPA Canada’s IFRS Discussion Group In Canada, the government generally owns all minerals and rights over those minerals beneath the ground, while individuals and entities own freehold ownership interests over the surface of the land. In mining and oil and gas industries, an entity may acquire from the government…
When is something an asset versus a contingent asset? Here’s an item from a recent IFRIC update: The Committee received a request about how to account for deposits relating to taxes that are outside the scope of IAS 12 Income Taxes (ie deposits relating to taxes other than income tax). In the fact pattern described in the…
Here’s a cherished memory from earlier this year: Democratic congressional leaders emerged from a meeting at the White House on Tuesday and announced that President Trump had agreed to pursue a $2 trillion infrastructure plan to upgrade the nation’s highways, railroads, bridges and broadband. Senator Chuck Schumer, the minority leader, said that there had been…
As a late summer treat and important public service, it’s time now for another round-up (the last one was here) of recent tweets that made mention of IFRS in one way or another, presented here in their original form, with all typos and oddities and occasional obscenities intact. First of all, I thought by now…
As we covered last time, America’s Business Roundtable has issued a Statement on the Purpose of a Corporation In the words of the Roundtable’s own press release, the revised statement sets out “modernized principles (which) reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.” Put another way,…
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