It’s easy sometimes for accountants to imagine (or at least, to pretend they imagine) that the parameters of periodic corporate reporting are largely defined by those of the financial statements, with the MD&A as a tacked-on outgrowth… Most accountants are presumably aware, at least vaguely, of the conversations about integrated reporting and ESG disclosures and…
Here’s another issue considered a while ago by CPA Canada’s IFRS Discussion Group: “A reporting entity’s (the “Parent Entity”) operations consist of the exploration for and evaluation of mineral property interests. The Parent Entity’s mineral property portfolio consists of interests located in two countries – Country A and Country B. The mineral properties are held…
As we addressed here, the IASB published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, open for comment until January 15, 2018. As the comment period has recently closed, we’ll take a look at some of the responses. First, to recap, IAS 8 in its current form defines…
The recent post on reporting about key audit matters caused me to start reflecting on the value of audit more broadly… In that earlier post, I quoted a Swiss Deloitte publication as follows: “A more relevant report may improve the user’s interest in the auditor’s report and their understanding of the audit, adding to the…
I wrote last April about valuing marijuana crops under IFRS, and I probably felt at the time that once would be enough, but the issue continues to have a visibility greatly out of proportion to its relative significance… A couple of weeks ago, two high-profile articles appeared in the Canadian press within a day or…
As we discussed here, the IASB has issued an exposure draft Definition of Material, with comments to be received by January 15, 2018. As the comment period recently closed, we’ll take a quick look on what kind of reaction the proposal received. First, a reminder of the proposed revised definition and supporting language: Information is…
It’s almost a year already since I wrote about digital currency, mainly inspired by the publication Digital currency – A case for standard setting activity. A perspective by the Australian Accounting Standards Board (AASB). I thought I’d return to the topic, simply because it seems to keep coming up. But there’s a practical problem –…
We’ve talked a few times about the issue of character and transparency in financial reporting… Against that backdrop, I was intrigued by the website of the online clothing retailer Everlane. Here’s how it sums itself up in the “About” section: At Everlane, we want the right choice to be as easy as putting on a…
The SEC recently issued Staff Accounting Bulletin 118, setting out some views of the SEC staff on applying the so-called “Tax Cuts and Jobs” Act, signed into US law on December 22nd and therefore “substantively enacted” before the year end (and in time to mess up the holiday season for expert practitioners in the area).…
Here’s another issue considered in the past by CPA Canada’s IFRS Discussion Group: “An entity may settle a loan due to a shareholder by the issuance of the entity’s equity instruments (for example, common shares). This transaction may give rise to a difference between the carrying amount of the shareholder loan and the fair value…
John Hughes IFRS Blog 