Notes on a recent speech by SEC Commissioner Kara M. Stein: Here’s a lengthy extract: “… As both practitioners and scholars of securities law, you know that accounting is the foundation for much of what we do. Everything from our financial reporting regime to oversight of financial firms’ liquidity and capital depends upon reliable, consistent,…
Are changes in the fair value of investment property an element of operating results? 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 11th edition: “The issuer, a real estate company, presents…
The IASB has issued Leases: Practical Implications of the new Leases Standard, a project update. Written plainly and set out clearly, it’s likely to be a useful document for those who know something big is coming, but haven’t to this point immersed themselves in understanding exactly what that is. It’s not really mandatory reading from…
Notes on a recent speech in Edinburgh by IASB Chair Hans Hoogervorst He starts as follows: “Edinburgh was the home town of Adam Smith, often referred to as the father of modern economics. Adam Smith is best known for The Wealth of Nations and its concept of the ‘invisible hand’. In his view, rational self-interest…
The Canadian Securities Administrators have issued CSA Staff Notice 51-342 Staff Review of Issuers Entering Into Medical Marijuana Business Opportunities, summarizing the CSA’s findings and disclosure expectations for reporting issuers contemplating involvement in Canada’s medical marijuana industry. Here’s the summary from the news release: “The CSA’s review aimed to determine if reporting issuers were meeting…
by John Hughes 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 15th edition: “The issuer is in the retail industry and has a significant network of branches of merchants and retailers.…
Two aspects of IFRS 15 where the SEC has already expressed particular interest By now we’ve spent no less than sixteen (!) previous articles discussing aspects of the new revenue recognition standard, IFRS 15, effective for financial years beginning on or after January 1, 2017. In general, it’s not really plausible to highlight some aspects of the…
How IFRS 15 might affect the accounting for a specialized area of practice As we summarized here, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017 (NB this was subsequently amended to January 1, 2018). The standard is much longer than…
The IASB has issued Classification of Liabilities, an exposure draft of proposed amendments to IAS 1, with comments to be received by June 10, 2015. The proposals are intended to clarify “that classification of liabilities as either current or non-current is based on the rights that are in existence at the end of the reporting…
Thoughts on recent remarks by IASB Chair Hans Hoogervorst In the famous film The Third Man, Orson Welles’ character Harry Lime delivers the following meditation: “You know what the fellow said – in Italy, for thirty years under the Borgias, they had warfare, terror, murder and bloodshed, but they produced Michelangelo, Leonardo da Vinci and…
John Hughes IFRS Blog 