A recent article by Richard Murphy on the Accounting Web site “explains why a new IFRS for tax is necessary, and why accountants have a duty to society to help companies explain their tax payments.” The article is primarily focused on the lack of country by country reporting for tax matters. It cites various existing…
My favourite recent news release from the IFRS Foundation was certainly the announcement that the Foundation has decided to review its cleaning contract… In strangely but endearingly personal terms, it said: “This letter is to invite you to put forward a proposal for the work outlined below.” It set out a list of twelve bulleted…
Here’s the full text of a news release recently issued by the IFRS Foundation: The world’s leading financial and non-financial corporate reporting frameworks have the same common foundations, based on the key objectives of transparency and accountability, according to a position paper published by the framework providers today. The position paper sets out the seven…
And now for something completely different… Here’s a portion of filmmaker Werner Herzog’s 1999 “Minnesota Declaration” on truth and fact in documentary cinema: 1. By dint of declaration the so-called Cinema Verité is devoid of verité. It reaches a merely superficial truth, the truth of accountants. 2. One well-known representative of Cinema Verité declared publicly…
More issues arising from digital currencies (on the assumption that anyone still has sufficient belief in them to be paying attention…) We’ve discussed matters relating to digital currencies a couple of times in the past (see here for instance). Here’s the fact pattern for another one, as recently discussed by CPA Canada’s IFRS Discussion Group:…
The IASB has published Reference to the Conceptual Framework, an exposure draft of proposed amendments to IFRS 3, with comments to be received by September 27, 2019. This one’s not easy to explain with any kind of relative plain language concision, but I’ll give it a shot. IFRS 3 says that to qualify to be…
Once again, to welcome the arrival of summer, I’m pleased to present a selection of recent real-life tweets that made mention of IFRS in one way or another (the last batch was here), presented here in original unexpurgated form, with misspellings and oddities and not so infrequent obscenities intact. I think you’ll agree that some…
The tangled intersection of IAS 23 and IFRS 15… Here’s the background to an issue recently discussed by CPA Canada’s IFRS Discussion Group: Entity A constructs and sells an apartment unit to a customer. The customer pays the full consideration up front. Entity A concludes that revenue from apartment sales is recognized at a point…
The Securities and Exchange Commission recently voted to propose rule amendments to improve the information that investors receive regarding the acquisition and disposition of businesses. As the SEC Chair put it in a press release: “The proposed rules are, first and foremost, intended to ensure that investors receive the financial information necessary to understand…
The IASB has published for comment Interest Rate Benchmark Reform, an exposure draft of proposed amendments to IFRS 9 and IAS 39, with comments requested by June 17, 2019. The main reference point for this effort was Reforming Major Interest Rate Benchmarks, a report carried out by the Financial Stability Board in 2014. As the…
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