IFRIC has issued IFRIC 23, Uncertainty over Income Tax Treatments. It took a while – I wrote about the draft version over a year and a half ago. An uncertain tax treatment for purposes of the interpretation is one “for which there is uncertainty over whether the relevant taxation authority will accept the tax treatment…
I wouldn’t ever have watched Ben Affleck’s film The Accountant… …except that I thought it might provide some material for a blog post (given my self-imposed pace of a new 800-word update every five days, I’m always looking for material). After all, as has been observed in the past, accountants are only minimally represented in Hollywood…
Thoughts on a recent speech by IASB Chair Hans Hoogervorst Titled The IASB and Integrated Reporting, it didn’t initially make much impact on me. But then a recent column by Robert Bruce made me think again. Here’s part of what Bruce says: Fifteen years ago it was felt…that the concepts of management commentary were not central…
We recently touched on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, seeking “comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.” I noted before that the very choice of the term “reducing regulatory burden” suggests a predisposition to find burdensome things that can…
A European issue with going concern disclosures in interim statements 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 18th edition: “Significant doubts were cast upon an issuer’s ability to continue operating…
The strange, self-contained world of pro forma financial statements… We recently discussed the CSA’s current consultation paper on reducing the “regulatory burden” on reporting issuers. Among much else, the paper floats the possibility of removing the requirement to prepare pro forma statements as part of a business acquisition report filed under Canadian securities regulations. Well, in…
As we’ve discussed in many previous articles, IFRS 15 Revenue from Contracts with Customers becomes effective on January 1, 2018. By now, companies for whom the new standard will have a material effect should surely have clearly disclosed that fact, and in many cases should have provided some quantified information about the anticipated effect as…
The IASB has issued Prepayment Features with Negative Compensation, an exposure draft of proposed amendments to IFRS 9, Financial Instruments, with comments to be received by May 24, 2017. You’ll recall that under IFRS 9, an entity classifies financial assets for purposes of ongoing measurement on the basis of both its business model for managing…
“FRC Lab report confirms the importance of business model disclosure to investors,” announces a recent news release: Here’s more: “The Financial Reporting Council’s (FRC) Financial Reporting Lab has published a report on Business Model Reporting which provides valuable insight for companies on the importance of business model information to investors, and the type of information they are…
The Canadian Securities Administrators recently published CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, seeking “comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.” Nothing in the paper would affect the application of IFRS in Canada, but it certainly might change aspects of…
John Hughes IFRS Blog 