The IASB has published for public consultation proposals to improve the Conceptual Framework for Financial Reporting, with comments to be received by October 26, 2015. Here’s how the news release summarized this step: The Conceptual Framework underpins International Financial Reporting Standards (IFRS) and helps the IASB to develop Standards that bring transparency, accountability and efficiency…
A European example of a non-compliant approach to measuring fair value 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 is a real estate company specialized in industrial…
The record of an issue recently discussed by the Canadian IFRS Discussion Group starts off with the following observations: “The role of management ability and/or intent in accounting for assets and liabilities under IFRSs is somewhat inconsistent. In some cases, an entity’s plans and expectations may factor into the nature and/or type of asset or liability recorded in the…
To no one’s surprise, the IASB has issued a proposal to defer the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers, by one year to January 1, 2018. Here’s how the news release summarizes this action: “The revenue Standard was issued jointly with the US Financial Accounting Standards Board (FASB),…
Here’s a situation recently considered by the Canadian IFRS Discussion Group: “Entity ABC Corp. plans to spin off a line of business that is not a legal sub-group and needs to prepare financial statements for this line of business. ABC Corp’s date of transition to IFRSs is January 1, 2010 and the line of business…
Issues in assessing the necessity for going concern uncertainty disclosure Consider this simple hypothetical situation. At December 31, the end of its annual reporting period, an entity’s circumstances are sufficiently challenging that significant doubt exists about its ability to continue as a going concern. During the following January, the entity closes a major financing transaction,…
We’ve already considered the IASB’s amendments to IAS 1 resulting from its Disclosure Initiative, effective for annual periods beginning on or after January 1, 2016, with earlier application permitted…. In recent weeks, the IFRS Foundation has issued its own audited financial statements for the year ended December 31, 2014, and although (and in part because)…
A European example of assessing impairment (or not) in a related party situation 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’s accounting policies in its 2009 financial…
Issues relating to the costs of raising equity 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 a pharmaceutical company which was listed for the first time…
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: “Prior to the adoption of IFRS 11, the issuer presented in its income statement the line: ‘share in…
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