When is something an asset versus a contingent asset? Here’s an item from a recent IFRIC update: The Committee received a request about how to account for deposits relating to taxes that are outside the scope of IAS 12 Income Taxes (ie deposits relating to taxes other than income tax). In the fact pattern described in the…
A European example of misapplied standards… 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 21st edition: The issuer is an IT company which pursued in court another company, Entity X, for…
Are certain kinds of disclosures actively prohibited under IFRS? Here’s a disclosure to think about: The amount that the company hopes to recover is, I think, a contingent asset – a “possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain…
