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…
Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from UGE International Ltd.: I mentioned before that although the standard is called “Revenue from Contracts with Customers,” we may – who knows – identify some cases over time where the bottom-line impact flows as…
We’ve already considered a couple of the issues raised by the EFRAG discussion paper Goodwill impairment test: can it be improved?, which was published last June. Here’s another topic: In accordance with IAS 36, estimating value in use involves estimating the future cash flows to be derived from continuing use of the CGU and from…
The IASB recently issued its revised conceptual framework for financial reporting. It seemed to me that the project might have been ongoing for as long as I’d been more than vaguely aware of IFRS, and for once my memory wasn’t too flawed: the IASB and the FASB initiated a joint project to revise their conceptual…
Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. The discussion paper carved out some space to describe an approach developed by the staff of the New Zealand Accounting Standards Board, with the following main features: (a) the inclusion of disclosure objectives, comprising an overall disclosure objective…
John Hughes IFRS Blog 