Business combination brain freeze!

A European example of complexities in applying IFRS 3 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 19th edition: The issuer owned Business E whose net assets amounted to CU 1.3M…

Form it like a pro!

The strange, self-contained world of pro forma financial statements… We recently discussed the CSA’s current consultation paper on reducing the “regulatory burden” on reporting issuers. Among much else, the paper floats the possibility of removing the requirement to prepare pro forma statements as part of a business acquisition report filed under Canadian securities regulations. Well, in…

The CSA’s continuous disclosure review report – nope, everything’s not fixed yet

The Canadian Securities Administrators have issued Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016. The report highlights a motley selection of apparently recurring deficiencies in IFRS financial statements: Market Risk Sensitivity Analysis “Some issuers present sensitivity analysis that is not reflective of the reasonably possible changes in…