Should IFRS shine a light onto dark money? The question comes to mind after reading a recent New York Times article titled: Why Dark Money is Bad Business. Here are some extracts: “It’s only May, but this presidential election is on track to be one of the most expensive ever. So far two-thirds of election…
Here’s an extract from a recent IASB update on the progress of its ongoing disclosure initiative: “At the March 2016 meeting of the Global Preparers Forum (GPF), IASB staff sought feedback on possible approaches to drafting disclosure requirements that will be included in the Principles of Disclosure Discussion Paper. The feedback will be used to…
Here’s one of the less inspiring items from the annals of CPA Canada’s IFRS Discussion Group, which I’ll present here almost in its entirety: “The challenge of disclosure overload is recognized by the IASB and many others in the financial reporting world. There are publications that highlight how a growing volume of disclosures can be…
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…
As part of its multi-faceted disclosure initiative, the IASB has finalized its amendments to Statement of Cash Flows, effective for annual periods beginning on or after January 1, 2017. The amendment adds the following requirement: “An entity shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities,…
Some European observations on compliance with IFRS 13 We’ve already covered some of the material in the ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014, issued a while ago by the European Securities and Markets Authority. Here’s another extract: “Considering the date of the first application of IFRS 13 Fair Value Measurement,…
The Alberta Securities Commission has recently issued its 25th Annual Corporate Finance Disclosure Report The report contains observations on MD&A, prospectuses and other matters, but I’ll just focus here on what it has to say about financial statements. It highlights four IFRS-related areas in particular, and digs into some of these in somewhat greater detail…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. In the last three articles, we covered some areas where respondents to the exposure draft might possibly have concerns. Those concerns though…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. Although the document’s primary purpose is to reduce unnecessary disclosures, it also sets out various instances where focusing on materiality might lead…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. Here’s one aspect I didn’t touch on last time: “Sometimes a deliberate decision is made by management not to apply a requirement…
John Hughes IFRS Blog 