To celebrate the arrival of summer, it’s time now for another round-up (the last one was here) of recent tweets that made mention of IFRS in some form, presented here in their original form, with all typos and oddities and occasional obscenities attached. Since I last did this, the Twitter character limit rose from 140 to…
A European example of issues arising in interpreting the definition of an investment entity 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, a savings bank… held 48.3%…
Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Reitmans (Canada) Limited: As we’ve discussed before, for purposes of the first issue, the stand-alone selling price is the price at which an entity would sell a promised good or service separately to a…
Let’s take a look at another aspect of the IASB’s recently issued revised conceptual framework for financial reporting. Here are some brief extracts from the document: Information about the nature and amounts of a reporting entity’s economic resources and claims can help users to identify the reporting entity’s financial strengths and weaknesses. That information can…
A couple of years ago, I briefly addressed the subject of “natural capital,” defined (in one place anyway) as “the stock of renewable and non-renewable natural resources (e.g., plants, animals, air, water, soils, minerals) that combine to yield a flow of benefits to people…” At that time I referred to the “Natural Capital Protocol,” a…
Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Teck Resources Limited: This is a good illustration of one of the standard’s basic conceptual building blocks: let’s briefly summarize. An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring…
Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. The discussion paper noted the following problem: The Board has received…feedback that some users of financial statements analyze the information in the statements listed in paragraph 3.3(a) (i.e. the balance sheet, income statement, statement of changes in…
A European example of a disagreement in applying IFRS 12 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 holds more than 20% of the voting rights in…
Let’s take a look at another aspect of the IASB’s recently issued revised conceptual framework for financial reporting. The revised document contains the following much-debated paragraphs: Neutrality is supported by the exercise of prudence. Prudence is the exercise of caution when making judgements under conditions of uncertainty. The exercise of prudence means that assets and…
I’ve found it difficult to identify much objective research or commentary on the overall effectiveness of Canadian Accounting Standards for Private Enterprises (ASPE). This is hardly a surprise, as it’s almost as hard to get a read on the real value of IFRS, which of course has much greater overall visibility in the market and…
John Hughes IFRS Blog 