The IASB recently issued Annual Improvements to IFRS Standards 2018-2020. There are only four items (proving once again that it was almost perfect already). Here they are. Financial instruments IFRS 9 regards an exchange of debt instruments with substantially different terms between an existing borrower and a lender as an extinguishment of the original financial liability…
Here’s the background to another issue recently discussed by CPA Canada’s IFRS Discussion Group: Paragraph 12 of IAS 41 Agriculture states that “[a] biological asset shall be measured on initial recognition and at the end of each reporting period at its fair value less costs to sell [FVLCS], except for the case described in paragraph…
I wrote last April about valuing marijuana crops under IFRS, and I probably felt at the time that once would be enough, but the issue continues to have a visibility greatly out of proportion to its relative significance… A couple of weeks ago, two high-profile articles appeared in the Canadian press within a day or…
A recent National Post article provides a rare example of a technical accounting issue catching the mainstream media spotlight. Written by Sunny Freeman, it’s titled “’Biological assets’: Accounting rules are adding haze to marijuana company financials.” Here are some extracts: “If the accounting regime that governs Canada’s burgeoning marijuana industry seems a little hazy to…
Some observations on the IASB’s recent amendments to the existing requirements for biological assets, including a new concept of “bearer plants” The IASB has issued Agriculture: Bearer Plants, amendments to IAS 16 and IAS 41, effective for annual periods beginning on or after January 1, 2016. Prior to the amendments, IAS 41 sets out a…
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