Two aspects of IFRS 15 where the SEC has already expressed particular interest By now we’ve spent no less than sixteen (!) previous articles discussing aspects of the new revenue recognition standard, IFRS 15, effective for financial years beginning on or after January 1, 2017. In general, it’s not really plausible to highlight some aspects of the…
Thoughts on recent remarks by IASB Chair Hans Hoogervorst In the famous film The Third Man, Orson Welles’ character Harry Lime delivers the following meditation: “You know what the fellow said – in Italy, for thirty years under the Borgias, they had warfare, terror, murder and bloodshed, but they produced Michelangelo, Leonardo da Vinci and…
The OSC has issued OSC Staff Notice 51-724 Report on Staff’s Review of REIT Distributions Disclosure. Here’s the summary from the news release: Real estate investment trusts (REITs) provide investors with cash flow in the form of distributions. However, REITs are subject to a number of factors that may negatively affect their cash available for…
As part of its multi-faceted disclosure initiative, the IASB has issued an exposure draft of proposed amendments to IAS 7 Statement of Cash Flows, with comments to be received by April 17, 2015. The main amendment proposes adding the following paragraph: “An entity shall provide a reconciliation of the amounts in the opening and closing…
The IASB has issued amendments to IAS 1 resulting from its Disclosure Initiative, effective for annual periods beginning on or after January 1, 2016, with earlier application permitted. The narrow-focus amendments “are designed to further encourage companies to apply professional judgment in determining what information to disclose in their financial statements,” for the most part…
The International Accounting Standards Board (IASB) has released its latest annual improvements to IFRSs, for the 2012-2014 cycle. To read this article, and a wide range of additional IFRS material by other writers, go to Wiley Insight IFRS at bit.ly/1v7nYXD (subscription required, but free trial available)
by John Hughes I often look on Twitter for interesting IFRS-related material, but it’s nearly always a barren exercise. How could it be otherwise, you might ask. But I recently came across the following provocative outburst from one user (if you’re not familiar with the format, it reads from the bottom up): Although the train of…
The Canadian Securities Administrators have issued their latest report on the activities of their continuous disclosure review programs, Staff Notice 51-341, covering the fiscal year ended March 31, 2014, and based on 991 reviews of one kind or another. As so often, the CSA report doesn’t choose to open the window too wide: it states…
Might gender make a difference in how one reviews the application of IFRS? It probably seems like an immediately absurd, if not offensive question. It’s a logical extension though of some of the discussion surrounding the amendments recently proposed by the OSC to National Instrument 58-101 Disclosure of Corporate Governance Practices, regarding the representation of women on…
A European example of the importance of information about new standards issued but not yet implemented Here’s another of the issues from some extracts of enforcement decisions recently issued by the European Securities and Markets Authority (ESMA) (for more background see here): “The issuer’s annual financial statements have been prepared in accordance with IFRS as…
John Hughes IFRS Blog 