The US FASB has issued an exposure draft of changes to the disclosure requirements for inventory, with comments due by March 13, 2017. Here’s how they summarize the proposals, which would be applied prospectively: “The amendments in this proposed Update would modify the disclosure requirements for inventory. The following additional disclosures would be required …for…
International Accounting Standards Board issues minor changes to IFRS Standards announces a recent IASB news release. Some may see in this another candidate for the line-up of underwhelming IASB news releases I satirized here. But I guess they felt they had to let us know, minor or not. The line-up includes this year’s batch of…
The OSC has issued OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin. The document revisits the topics of going concern and non-GAAP measures, which we’ve covered on this blog several times in the past. On the latter, the document makes the observation that “the presentation and discussion of an extensive number of…
Australia and Korea recently issued a report on differences in the interpretation of common accounting terms in Korea and Australia. Here’s how the news release summed it up: “In a joint project, the Australian Accounting Standards Board (AASB) and the Korean Accounting Standards Board (KASB) looked at whether words such as ‘likely’, ‘probable’ and ‘certain’…
KPMG has recently issued Room for Improvement, the second edition of its survey of business reporting. The study presents ‘the main findings from a global analysis of the content of 270 larger listed companies’ reports, in an effort to highlight weaknesses and identify good practices in the presentation of corporate information.” These are its main…
The Institute of Chartered Accountants of England and Wales have issued the latest in a series of “Audit Insights” documents, this one focused on “Improving annual reports of listed companies.” Some of the content covers matters addressed on this blog several times in the past, for example in commenting on materiality and disclosure overload, and…
The topic of climate change disclosures recently received some attention in Canada, by virtue of a speech by Bank of England governor Mark Carney. As reported in the Globe and Mail: “In a discussion with Canadian Environment Minister Catherine McKenna before a large audience at a Toronto Region Board of Trade event, Mr. Carney pointed…
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…
As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already discussed some of the issues arising in identifying at inception of a contract whether that contract is a lease, or contains a lease, in determining the lease term, and in measuring the lease…
In a post last year, we looked at the IASB’s amendments to IAS 1 resulting from its Disclosure Initiative, effective for annual periods beginning on or after January 1, 2016, with earlier application permitted. Subsequently, the IFRS Foundation issued its own audited financial statements for the year ended December 31, 2014, and although (and in…
John Hughes IFRS Blog 