An example of issues arising in applying IFRS 5 to assets held for sale Here’s something I recently read about: Construction, services and property group Kier has been forced to restate its debt by more than £40 million after uncovering an accounting error, reports have revealed. In a recent trading update, the group said it…

This is the 400th posting on this blog… ..so I thought I might take a brief pause for review. From my perspective, the number of posts is actually significantly higher, because before this one, I maintained a similar blog on the website of a Canadian accounting firm. When that firm merged with another, those posts…

The IASB has issued an exposure draft of Annual Improvements to IFRS® Standards 2018–2020, with comments requested by August 20, 2019. There are only four items (see, IFRS is already virtually perfect as it is!) Here they are: Financial instruments IFRS 9 regards an exchange of debt instruments with substantially different terms between an existing…

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…