The IASB last year issued Climate-related and Other Uncertainties in the Financial Statements, an exposure draft of proposed illustrative examples. The exposure draft proposed “eight examples illustrating how an entity applies the requirements in IFRS Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements (in the expectation) that these…

The retailer WH Smith PLC includes the following accounting policy in its financial statements: The Group receives income from its suppliers in the form of supplier incentives and discounts (collectively “Supplier arrangements”). These incomes are recognized as a deduction from cost of sales on an accruals basis as they are earned for each supplier contract. The…

The Ontario Securities Commission recently published its draft Action Plan for Truth and Reconciliation (APTR) for engagement and comment. The news release put it as follows: Further to the Calls to Action from the Truth and Reconciliation Commission of Canada, the OSC is developing the APTR as part of its vision to ensure that Ontario’s capital markets…

Just in case you thought the age of Trump couldn’t become any more irrationally regressive… The New York Times reported the following on July 29: Lee Zeldin, the administrator of the Environmental Protection Agency, said on Tuesday the Trump administration would revoke the scientific determination that underpins the government’s legal authority to combat climate change.…

As we discussed here, the IASB has issued a revised Practice Statement on management commentary.  The document (of course!) contains a section on materiality: Information required by the objective of management commentary … and the disclosure objectives…shall be provided if it is material. In the context of management commentary, information is material if omitting, misstating…

Here’s a tentative agenda decision (open for comment until October 6th) arising from an issue recently considered by IFRIC: The request asked how an entity determines whether costs that are directly attributable to the origination or issuance of a financial instrument but are incurred before entering into the contractual arrangement are ‘incremental’ and, therefore, meet…

Canada’s IFRS Accounting Standards Discussion Group recently discussed some financial reporting considerations relating to tariffs. The discussion seems to have been almost as long and tortuous as the tariff saga itself, but somewhat more productive. Among much else, the group noted that the imposition of tariffs and related uncertainties at the reporting date may trigger…

The Canadian Securities Administrators recently took a trip down memory lane with CSA Staff Notice 51-366 Regulatory Concerns with Certain Asset or Business Acquisitions It relates to “problematic acquisitions” that “typically have the following attributes:” Significant number of securities issued The reporting issuer distributes a significant number of securities that carry either no resale restrictions…

I came across a recent study by Simon Thies titled: How Does the IASB Rationalize IFRS Standard-Setting Decisions and Construct Legitimacy? An Analysis of the Bases for Conclusions The study cites a previous study on standard setters’ “rhetoric and construction of legitimacy:” …the US Financial Accounting Standards Board’s (FASB’s) rhetorical strategy is mainly based on…

The IASB has issued a revised Practice Statement on management commentary.  It “intends for the revised Practice Statement to serve as a global benchmark for regulators to use in updating or developing their national requirements and guidance,” as well as providing “a comprehensive resource for companies to help meet investors’ information needs.” The former goal…