A new Australian-based Universal Commons Project “seeks to use the power of the market to preserve and improve our precious social and natural assets, which we call Social and Natural Capital, by internalising them into commercial decision making.” Here’s how it sums itself up: The problem the Universal Commons is aiming to solve is that…
The Trustees of the IFRS Foundation are inviting stakeholder comment on proposed amendments to its Due Process Handbook, the procedural requirements followed by the International Accounting Standards Board and the IFRS Interpretations Committee. I’ve never been too interested in the internal workings of the IFRS Foundation – I’m only really bothered with what comes out…
I thought it might be interesting to remind the world of Toward a Measurement Framework for Financial Reporting by Profit-Oriented Entities, a paper by Alex Milburn, issued in 2012 by the Canadian Institute of Chartered Accountants (now CPA Canada) As background, we know of course that IFRS employs different measurement bases for different assets and…
I’ve written in the past about a June 2018 Hans Hoogervorst speech, IFRS standards as enlightened self-interest This was the key passage: Given the voluntary nature of IFRS adoption, we like to believe that the adherence to our Standards is a reflection of the quality and inclusiveness of our work. More importantly, most of our…
IFRIC has issued for comment a draft agenda decision on costs to fulfill a contract under IFRS 15, with comments requested by May 15 I’ll post the entire text here: The Committee received a request about the recognition of costs incurred to fulfill a contract as an entity satisfies a performance obligation in the contract…
Notes on Hans Hoogervorst’s recent speech “on what sustainability reporting can and cannot achieve.” I have to admit I could hardly get past the speech’s astonishing opening icebreaker: First, I want to thank Professor Alan Jagolinzer of the Cambridge Judge Business School for organising this event. Alan has been an Academic Practice Fellow at the…
Various observations on limitations of the cash flow statement A former IASB board member, Steven Cooper, is among those behind the recently established blog The Footnotes Analyst. A recent entry focused on the significance of investing and financing transactions not involving the movement of cash, and therefore excluded from the cash flow statement: the new…
How much does it matter when items are wrongly classified and labeled within the income statement? Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 20th edition: The issuer is a savings…
Issues arising in identifying the incremental borrowing rate under IFRS 16. As we discussed here, this is what the standard has to say about initially measuring the lease liability: “At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date.…
One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…
John Hughes IFRS Blog 