The CFA Institute has issued two related papers on non-GAAP measures, Investor Uses, Expectations and Concerns on Non-GAAP Financial Measures (NGFMs) and Bridging the Gap- Ensuring Effective Non-GAAP and Performance Reporting. Here in part is how the first paper sums up its findings: “Our survey results establish that company-reported NGFMs are useful for investors who apply them…
I recently happened across Digital currency – A case for standard setting activity. A perspective by the Australian Accounting Standards Board (AASB) Here’s the executive summary: In our opinion there is a lack of clear guidance in IFRSs and, as a consequence, digital currencies could be accounted for under IAS 2 Inventory or IAS 38…
As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already covered the main aspects of lessee accounting in a series of articles. But let’s go back and examine the question of when you even have to worry about the standard.…
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…
John Hughes IFRS Blog 