The IASB has issued for comment its latest proposed annual improvements to the standards, with comments to be received by April 12, 2017. There are just three items: Borrowing costs IAS 23 Borrowing Costs states: “To the extent that an entity borrows funds generally and uses them for the purpose of obtaining a qualifying asset,…
An issue in interpreting IFRS 6 raises broader policy questions Here’s an issue recently discussed by CPA Canada’s IFRS Discussion Group: Under IFRS 6 Exploration for and Evaluation of Mineral Resources, demonstrating technical feasibility and commercial viability is important because the standard does not apply to expenditures incurred “after the technical feasibility and commercial viability…
Notes on “A U.S. Imperative: High-Quality, Globally Accepted Accounting Standards,” a recent public statement by outgoing SEC Chair Mary Jo White Regardless of what the title may seem to promise, it’s as bland a “statement” as you’ll ever come across, lacing even the hint of a distinctive thought, insight, or turn of phrase (by comparison, one might…
The Task Force on Climate-related Financial Disclosures, which we discussed here, has now issued its report of recommendations. It builds these recommendations around “four thematic areas that represent core elements of how organizations operate.” Here they are: Disclose the organization’s governance around climate-related risks and opportunities. Disclose the actual and potential impacts of climate-related risks…
Well, here’s one I’ve been saving for the holiday season… Someone suggested I write an article on IFRIC’s interpretation from a few years ago on accounting for stripping costs, and although I never bothered to read it, I’m so confident of its contents that I feel able to write a synopsis regardless. I mean, I…
Even though you’d think I would have learned better by now, I continue to scroll through Twitter on a regular basis, looking for IFRS-related tweets of interest. It very seldom yields much, although on a couple of occasions I suddenly found myself staring at hardcore pornography – I guess the attached tinyURL just happened to…
The Ontario Securities Commission earlier this year launched the Office of the Whistleblower, the first paid whistleblower program by a securities regulator in Canada. The program offers compensation of up to $5 million to individuals who come forward with tips that lead to enforcement action. It accepts tips on “possible violations of Ontario securities law, including…
International Accounting Standards Board issues minor changes to IFRS Standards announces a recent IASB news release. Some may see in this another candidate for the line-up of underwhelming IASB news releases I satirized here. But I guess they felt they had to let us know, minor or not. The line-up includes this year’s batch of…
Accounting meets religion in challenge for Islamic banks, announces Reuters in a recent headline: Here’s some of what it has to say: “Reconciling accounting standards and religious principles is challenging Islamic banks and regulators as they adapt to new international book-keeping rules due to come into force in 2018. …The problem for most Islamic financial…
The OSC has issued OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin. The document revisits the topics of going concern and non-GAAP measures, which we’ve covered on this blog several times in the past. On the latter, the document makes the observation that “the presentation and discussion of an extensive number of…
John Hughes IFRS Blog 