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 the accounting model for lessees. Here now is what the standard has to say about presentation: A lessee shall either present in the statement of…
The IASB has issued Clarifications to IFRS 15 Revenue from Contracts with Customers. These clarifications, as the accompanying news release sums it up, “do not change the underlying principles of the Standard but clarify how those principles should be applied. They arise as a result of discussions of the Transition Resource Group (TRG). The TRG…
The IASB has issued Clarifications to IFRS 15 Revenue from Contracts with Customers. These clarifications, as the accompanying news release sums it up, “do not change the underlying principles of the Standard but clarify how those principles should be applied. They arise as a result of discussions of the Transition Resource Group (TRG). The TRG…
As we discussed here, the trustees of the IFRS Foundation have been carrying out a review of its structure and effectiveness. Here now are some extended extracts from the comment letter submitted by the United States’ CFA Institute: “We believe that the IASB should continue to co-operate with other corporate reporting efforts such as Integrated…
How much criticism do the IASB and the IFRS Foundation really deserve? “Industry criticizes quality of IASB, IFRS Foundation’s Work” announces the headline of a recent article on the Investment & Pensions Europe website. The article explains: “Commentators responding to a public consultation on the effectiveness of the International Financial Reporting Standards (IFRS) Foundation have slammed…
A European example of problems with identifying bargain purchases 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 17th edition: “In 2012, the issuer acquired businesses A, B and C. The three…
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 discussed some of the issues arising in identifying at inception of a contract whether that contract is a lease, or contains a lease, in determining the lease term, and in measuring the lease…
Here’s an extract from a recent IASB update on the progress of its ongoing disclosure initiative: “At the March 2016 meeting of the Global Preparers Forum (GPF), IASB staff sought feedback on possible approaches to drafting disclosure requirements that will be included in the Principles of Disclosure Discussion Paper. The feedback will be used to…
Here’s one of the less inspiring items from the annals of CPA Canada’s IFRS Discussion Group, which I’ll present here almost in its entirety: “The challenge of disclosure overload is recognized by the IASB and many others in the financial reporting world. There are publications that highlight how a growing volume of disclosures can be…
As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Last time we discussed some of the issues relating to initially measuring the lease liability. This is what it says about subsequent measurement: After the commencement date, a lessee shall measure the…
John Hughes IFRS Blog 