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…

Doing the business!

The IASB has issued Definition of a Business and Accounting for Previously Held Interests, an exposure draft of proposed amendments to IFRS 3 and IFRS 11, with comments to be received by October 31,  2016 IFRS 3 defines a business as “an integrated set of activities and assets that is capable of being conducted and…

Decommissioning liabilities in a business combination – unholy mismatch!

Here’s an issue discussed a while ago in Viewpoints: Applying IFRS in the Mining Industry – Accounting for Decommissioning Liabilities Assumed in a Business Combination, a document issued by the Mining Industry Task Force on IFRSs of CPA Canada and the Prospectors & Developers Association of Canada: “Mining entities often acquire projects directly or through the acquisition…

IFRS 3 – more reasons not to be so cheerful!

Some European observations on the quality of compliance with aspects of IFRS 3 As we discussed here, the IASB recently completed its post-implementation review of IFRS 3 Business Combinations. If that’s not enough insight into the state of things with this standard, you can also look to the ESMA Report on Enforcement and Regulatory Activities…

Post-implementation review of IFRS 3 – it’s almost perfect!

The IASB recently completed its Post-implementation Review of IFRS 3 Business Combinations. This is how the news release summed up the exercise: “It shows general support for the accounting requirements in the Standard but identifies some areas where further research will be undertaken, including accounting for goodwill. The IASB conducts Post-implementation Reviews (PIR) of its…