Investment entities – the disappointing dozen

Some of Canada’s provincial regulators recently released CSA Multilateral Staff Notice 51-349 Report on the Review of Investment Entities and Guide for Disclosure Improvements, which “summarizes key findings from an Ontario Securities Commission (OSC) staff review of the continuous disclosure of reporting issuers that meet the definition of an investment entity under IFRS 10 Consolidated Financial Statements.” The…

Control it? We don’t even own half of it!

A European example of a significant judgment made under IFRS 10 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…

Contributing assets to associates or joint ventures – eliminating structuring opportunities (or most of them…)

The IASB has issued Sale or Contribution of Asset between an Investor and its Associate or Joint Venture, amendments to IFRS 10 and IAS 28, driven by questions about the appropriate accounting by an investor for a business it contributes to an equity-accounted investee. The guidance in IFRS 10 suggests that when it loses control of…