Are certain kinds of disclosures actively prohibited under IFRS? Here’s a disclosure to think about: The amount that the company hopes to recover is, I think, a contingent asset – a “possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain…
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 in various posts the main aspects of the accounting model for lessees, and last time we looked at some of the mechanics of making the transition to the new…
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 attaching to the first step in the new standard’s lease accounting model, to identify at inception of a contract whether that contract is a lease,…
As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Here’s the summary of the approach to lessee accounting: “IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term…
As part of its multi-faceted disclosure initiative, the IASB has finalized its amendments to Statement of Cash Flows, effective for annual periods beginning on or after January 1, 2017. The amendment adds the following requirement: “An entity shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities,…
Some European observations on compliance with IFRS 13 We’ve already covered some of the material in the ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014, issued a while ago by the European Securities and Markets Authority. Here’s another extract: “Considering the date of the first application of IFRS 13 Fair Value Measurement,…
The Canadian Securities Administrators have recently issued a revised version of CSA Staff Notice 52-306 Non-GAAP Financial Measures. The biggest surprise to readers might be that the revision actually results in a shorter document – it’s only about two thirds as long as its predecessor. The previous version was titled “Non-GAAP Financial Measures and Additional…
The IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Here’s an extract from the news release: (IFRS 16) replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major revision of the way in which…
Observations on a speech given by IASB Chair Hans Hoogervorst in Washington on December 10, titled IFRS: 2015 and beyond. Here’s an extract: “One of the challenges for the coming years will be to ensure that IFRS further strengthens its relevance in an ever-changing world. The world of financial statements needs to be the anchor…
The Alberta Securities Commission has recently issued its 25th Annual Corporate Finance Disclosure Report The report contains observations on MD&A, prospectuses and other matters, but I’ll just focus here on what it has to say about financial statements. It highlights four IFRS-related areas in particular, and digs into some of these in somewhat greater detail…
John Hughes IFRS Blog 