Here’s an issue discussed a while ago by Canada’s IFRS Discussion Group: “Entity A acquires 80 per cent of the issued shares of Entity B. Consideration is in the form of cash. Entity B has just one asset, the rights to a mineral property in the exploration and evaluation stage. As a result of the…
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,…
Here’s an issue discussed a while ago in Viewpoints: Applying IFRS in the Mining Industry – Accounting for Decommissioning Liabilities Assumed in a Business Combination, a document issued by the Mining Industry Task Force on IFRSs of CPA Canada and the Prospectors & Developers Association of Canada: “Mining entities often acquire projects directly or through the acquisition…
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,…
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,…
John Hughes IFRS Blog 