How IFRS 15 affects the accounting treatment for a common aspect of doing business 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 built around a…
by John Hughes As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published its 15th summary of extracts from its…
How IFRS 15 might affect the accounting for customer loyalty and similar programs 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 built around a…
Some observations on one of the core prohibitions of IFRS for first-time adopters One of the first things you learn about the mechanics of retrospectively adopting IFRS for the first time is probably the exception that relates to estimates: “an entity’s estimates in accordance with IFRSs at the date of transition to IFRSs shall be…
How IFRS 15 affects an area where issues commonly arise in 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 built around a five-step…
Another European example of issues relating to internally-generated intangible assets. 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 12th edition: “The issuer is a provider of specialist recruitment services. In its…
How IFRS 15 will increase disclosure requirements related to revenue 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). Not so surprisingly, even although the IASB has acknowledged…
Here’s one of the IFRS Foundation’s wackier recent endeavours, as announced at the end of September: “The IFRS Foundation has today launched an online educational quiz as a free-of-charge resource for students, educators and other interested parties to assess their knowledge of the use of IFRS, the IASB as well as the Standards themselves. The online…
Last month, the International Accounting Standards Board (IASB) issued Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value, an exposure draft of proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36 and the illustrative examples which accompany IFRS 13. Comments should be submitted by January 16, 2015.…
The International Accounting Standards Board (IASB) has released its latest annual improvements to IFRSs, for the 2012-2014 cycle. To read this article, and a wide range of additional IFRS material by other writers, go to Wiley Insight IFRS at bit.ly/1v7nYXD (subscription required, but free trial available)
John Hughes IFRS Blog 