“Corporate reporting standard improving, though quality not as high as it should be,” says the headline of a recent news release from the UK’s Financial Reporting Council. This summarizes the findings of the FRC’s Annual Review of Corporate Reporting. Although the report covers a range of topics, we’ll focus here on some of the items…
Let’s return to our recent reflections on how an entity might manifest “character” in its financial reporting. The Canadian National Instrument 51-102F1 says in the second paragraph of its introductory section that the issuer’s objective when preparing an MD&A includes “openly reporting bad news as well as good news.” Of course, in corporate reporting as…
Back in June, the IASB issued an exposure draft of proposed amendments to IAS 16 Property, Plant and Equipment— Proceeds before Intended Use The comment period has closed already, but I’m only getting round now to writing about it (there’s always so much to cover!) It focuses on one of the examples provided in IAS…
Even by his standards, Al Rosen’s latest piece for Canadian Accountant, “How to detect two common IFRS investor traps,” is a major mishmash of mud-throwing, suspicion and paranoia, painting the IFRS reporting landscape as a defect- and crime-strewn wasteland, but providing little coherent advice on how to stay alive within it. He builds the article…
A European example of challenges in applying the concepts of IAS 38 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 19th edition: The issuer, a producer of transport equipment, acquired Entity…
“The UK government and other stakeholders should explicitly recognize the economic importance of financial reporting in considering the policy implications of Brexit”, says a recent report issued by the Institute of Chartered Accountants in England and Wales. You might suppress a dark laugh at this, in that it’s not clear the UK government has explicitly…
CPA Canada’s IFRS Discussion Group recently turned its attention to cap and trade programs, setting out the issue as follows: Many governments around the world have, or are in the process of developing, programs to encourage corporations and individuals to reduce emissions of pollutants. The Government of Ontario introduced a Cap and Trade program as…
As we discussed previously, the IASB has issued an exposure draft Definition of Material, with comments to be received by January 15, 2018, and (in final form) Practice Statement 2 Making Materiality Judgments. Last time we looked at some extracts from the practice statement. Let’s continue with that now. In the exposure draft of the…
As we discussed previously, the IASB has issued an exposure draft Definition of Material, with comments to be received by January 15, 2018, and (in final form) Practice Statement 2 Making Materiality Judgments. We’ve already looked at the proposals in the exposure draft. Moving on, the practice statement is non-mandatory guidance developed by the IASB –…
Does Canadian accounting suffer from groupthink? asks a recent Canadian Accountant article by Al Rosen The regular reader of this blog may immediately be expecting a further recitation of the ways in which I don’t agree with Rosen (as most recently executed here). But actually, on this occasion I’m going to downplay the aspects of…
John Hughes IFRS Blog 