The IFRS Discussion Group recently considered the relevance to Canadian preparers of the Transition Resource Group (TRG) for Revenue Recognition… The TRG was initially established as a joint initiative between the IASB and the Financial Accounting Standards Board (FASB). The relevance question arises in particular because the IASB announced in early 2016 that it doesn’t plan…
“IASB outlines steps to improve disclosures in financial statements,” announces a recent news release. Here’s how the release sums up those steps: “The International Accounting Standards Board (the Board) has today published a Discussion Paper that suggests principles to make disclosures in financial statements more effective. The Discussion Paper Disclosure Initiative—Principles of Disclosure seeks public feedback on…
Two European examples of problems in presenting and disclosing revenue 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 is a biotech company that undertakes research and development…
The IASB has issued an exposure draft of Improvements to IFRS 8 Operating Segments, with comments to be received by July 31, 2017. The proposed amendments follow up on various bits and pieces that came out of the Board’s post-implementation review of the standard a few years ago. Here’s how the exposure draft sums them up:…
A recent National Post article provides a rare example of a technical accounting issue catching the mainstream media spotlight. Written by Sunny Freeman, it’s titled “’Biological assets’: Accounting rules are adding haze to marijuana company financials.” Here are some extracts: “If the accounting regime that governs Canada’s burgeoning marijuana industry seems a little hazy to…
Some of Canada’s provincial regulators recently released CSA Multilateral Staff Notice 51-349 Report on the Review of Investment Entities and Guide for Disclosure Improvements, which “summarizes key findings from an Ontario Securities Commission (OSC) staff review of the continuous disclosure of reporting issuers that meet the definition of an investment entity under IFRS 10 Consolidated Financial Statements.” The…
We’ve looked several times already (here and here) at the concept of an active market as defined in IFRS 13, in particular through a couple of instances where European regulators took issue with an issuer’s contention that a particular shareholding wasn’t traded in such a market. CPA Canada’s IFRS Discussion Group recently considered the same…
Among the easier lessons to extract from the Trump presidency (not that any of them were needed, certainly not at such a wretched cost) is the inadequacy of social media, and of Twitter in particular, as a medium for conveying any message more complex than “I like cake”… I’ve written here several times about my…
Dr. Al Rosen is clearly one of the most high-profile accountants in Canada, and has been for years. No one has talked and written so consistently about the inherent limitations of financial statements, or tried so hard to shake users out of their potential complacency. Anyone who keeps track of Rosen’s articles and other public…
A European example of a significant judgment made under IFRS 10 As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently…
John Hughes IFRS Blog 