The OSC has issued OSC Staff Notice 51-723 Report on Staff’s Review of Related Party Transaction Disclosure and Guidance on Best Practices. Here’s the high-level summary from the news release: “A Related Party Transaction (RPT) is a normal feature of business, and occurs between an issuer and a related party of the issuer at the…
Here’s an issue recently considered by the Canadian IFRS Discussion Group: “Current Canadian tax legislation permits entities in mining or oil and gas exploration, and entities in certain emerging technologies, to issue securities to investors whereby the deductions for tax purposes related to expenditures made previously, or in the future, may be claimed by the…
The OSC has issued OSC Staff Notice 51-724 Report on Staff’s Review of REIT Distributions Disclosure. Here’s the summary from the news release: Real estate investment trusts (REITs) provide investors with cash flow in the form of distributions. However, REITs are subject to a number of factors that may negatively affect their cash available for…
An example of how the new IFRS 15 may require re-examining existing practices in a common area 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 new…
Here’s an extract from a recent speech delivered at the 2014 AICPA National Conference on Current SEC and PCAOB Developments by T. Kirk Crews, Professional Accounting Fellow in the Office of the Chief Accountant: “From time to time, the staff reviews restatement data to understand current trends and potential practice issues. One observation that we…
Is it possible to imagine a principles-based accounting system where all the principles set out for different items perfectly align with each other…? …maybe a system where everything is measured at fair value, and all the changes go through a single measure of profit or loss? Of course, such a system would bring more measurement…
Another example of how IFRS 15 may require re-examining existing practices in a common area 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 new standard is…
As part of its multi-faceted disclosure initiative, the IASB has issued an exposure draft of proposed amendments to IAS 7 Statement of Cash Flows, with comments to be received by April 17, 2015. The main amendment proposes adding the following paragraph: “An entity shall provide a reconciliation of the amounts in the opening and closing…
The IASB has issued amendments to IAS 1 resulting from its Disclosure Initiative, effective for annual periods beginning on or after January 1, 2016, with earlier application permitted. The narrow-focus amendments “are designed to further encourage companies to apply professional judgment in determining what information to disclose in their financial statements,” for the most part…
For the last few years, I’ve had an account on Twitter, the social media service which restricts posts (or “tweets”) to 140 characters at a time (I scooped up the prime “IFRSCanada” label). I don’t put anything on there except links to the articles on this blog, but periodically I look through everything on Twitter…
John Hughes IFRS Blog 