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 Here’s how the accompanying news release summed this up: “The draft guidance, in the form of a draft Practice Statement, has been developed in response to…
The IASB has issued Transfers of Investment Property, an exposure draft of proposed amendments to IAS 40, and its exposure draft of proposed Annual Improvements to IFRSs 2014-2016 Cycle, open for comment until March 18, 2016 and February 17, 2016 respectively. IAS 40.57 currently lists some circumstances in which an entity makes transfers to or from investment property,…
A European example of non-disclosure in an often important area 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 11th edition: “The issuer is an offshore services company which operates on a…
CPA Canada has issued Five Steps to Simplifying Financial Statements – Today, written by Alex Fisher and me… …(but if you’ve had enough of me from this blog, just forget those last two words and proceed on the assumption Alex wrote the whole thing!). The publication “sets out a principled five-step approach to simplifying financial…
As we discussed here, the IASB has published for public consultation proposals to improve the Conceptual Framework for Financial Reporting, with comments to be received by October 26, 2015. A couple of the IASB members dissented on various points, some of which I covered in previous posts. Here’s another one: “Mr Finnegan believes the Exposure…
The record of an issue recently discussed by the Canadian IFRS Discussion Group starts off with the following observations: “The role of management ability and/or intent in accounting for assets and liabilities under IFRSs is somewhat inconsistent. In some cases, an entity’s plans and expectations may factor into the nature and/or type of asset or liability recorded in the…
Issues in assessing the necessity for going concern uncertainty disclosure Consider this simple hypothetical situation. At December 31, the end of its annual reporting period, an entity’s circumstances are sufficiently challenging that significant doubt exists about its ability to continue as a going concern. During the following January, the entity closes a major financing transaction,…
We’ve already considered 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…. In recent weeks, the IFRS Foundation has issued its own audited financial statements for the year ended December 31, 2014, and although (and in part because)…
Are changes in the fair value of investment property an element of operating results? 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 11th edition: “The issuer, a real estate company, presents…
The Canadian Securities Administrators have issued CSA Staff Notice 51-342 Staff Review of Issuers Entering Into Medical Marijuana Business Opportunities, summarizing the CSA’s findings and disclosure expectations for reporting issuers contemplating involvement in Canada’s medical marijuana industry. Here’s the summary from the news release: “The CSA’s review aimed to determine if reporting issuers were meeting…
John Hughes IFRS Blog 