Courtesy of my mole at the IASB, I’m honoured to be publishing for the first time a WikiLeaks-worthy treasure trove of correspondence to and from the office of Chair Hans Hoogervorst. Read along now and dive as no mere civilian ever has before into the deep and complex waters of standard-setting. Dear Mr. Hoogervorst Every…
Rattling around in the murky corners of IFRS 16… Here’s another issue discussed in the past by Canada’s IFRS Discussion Group: In many cases, a lessee will enter into a lease agreement to rent space from a lessor. The lease agreement specifies that the lessee has an obligation at the end of the lease term,…
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…
A European example of issues arising in applying IFRS 5 As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published…
PWC has issued Accounting for typical transactions in the football industry: Issues and solutions under IFRS. I was certainly surprised that a sufficient readership exists for such a seemingly narrowly-targeted publication. The foreword suggests it’s aimed primarily at those toiling within the industry itself: “We hope you find this publication useful in understanding the accounting…
As we’ve discussed on many past occasions, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We looked here at some matters relating to determining the lease term. This is: the non-cancellable period of a lease, together with both: (a) periods covered by an option…
The IASB has issued Definition of Material, amendments to IAS 1 and IAS 8, effective from January 1, 2020 and to be applied prospectively, with early application permitted. The current definition in IAS 1 is as follows: “Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that…
As we discussed last time, the IASB has issued Definition of a Business, amendments to IFRS 3, effective for transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 We ended the last post by addressing the “optional concentration test”…
The IASB has issued Definition of a Business, amendments to IFRS 3, effective for transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 Prior to the amendments, IFRS 3 defines a business as “an integrated set of activities and…
Here’s the abstract of an article available online, written by Shaul Hayoun of the University of Edinburgh: Purpose The purpose of this paper is to contribute to the discussion on the non-essence of accounting by focusing on financial accounting’s distinct technology: financial statements. Complementing the genealogical perspective on accounting’s changing socio-historical settings, it proposes a…
John Hughes IFRS Blog 