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…
The wonderful possibilities for advancement in and around the IASB When the burdens of life get me down, I like to fantasize about escaping to a brighter existence, of the kind you might have if you worked for the IASB. Just consider the possibilities of this real-life opportunity: “We are looking for an experienced and knowledgeable hedge…
The wonderful multiple identities of the world’s favourite acronym Of course, acronyms are terrific time-savers, but sometimes, inevitably, they cause a little confusion too. For instance, as someone who worked for a few years in securities regulation, I spent time immersed in the detailed grindings of the CSA, that is the Canadian Securities Administrators, so…
Reports suggest that Twitter is struggling with its strategic direction. Based on my IFRS-related research on there, as I previously summarized here, that’s no surprise: it’s almost invariably a waste of time. I’m not saying you don’t learn anything. For example, I wouldn’t have known that IFRS (or more precisely “IFRs”) is also used as the acronym…
Like many of you I’m sure, no emails are more important to me than those that arrive from eIFRS. I’ve been known to miss vital events (deaths in the family, that kind of thing) because of not checking my email, but whenever I see eIFRS is the sender I click on it immediately, no matter…
How the standards do and don’t address an emerging area of practice It’s often interesting when the standards have to be applied to a fact situation that didn’t exist, and wouldn’t reasonably have been foreseen, at the time they were developed. The Canadian IFRS Discussion Group recently addressed such a case – the accounting implications…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. In the last three articles, we covered some areas where respondents to the exposure draft might possibly have concerns. Those concerns though…
John Hughes IFRS Blog 