Hans got more mail!

Regular readers may recall that a year ago, courtesy of my mole at the IASB, and without regard for my personal safety, I broke through a never-before-penetrated wall of secrecy and published a treasure trove of correspondence to and from the office of Chair Hans Hoogervorst. Here now, obtained at equal risk, is a further…

Review of impairment disclosures: not bad, but we still want more!

The UK’s Financial Reporting Council has published a report on its “Thematic Review: Impairment of Non-Financial Assets.” The specific focus was on disclosures relating to such impairments. The overview was that the FRC “found numerous instances of good practice across each aspect of disclosure – events and circumstances triggering an impairment loss, description of cash…

The value of audit, or: meteor!!

Here’s a recent story from the UK Independent news site: One month after the final departure of Thomas Cook flights, the auditors who signed off the travel firm’s accounts have admitted that £1.1bn “goodwill” was overstated. PwC, which audited Thomas Cook’s accounts from 2007 to 2016, and EY, which took over the role until the…

XBRL – are we missing something (part 2)?

Of the over 400 posts on this blog, only one was devoted to XBRL… …but it was a relatively popular one, ranking in the top ten per cent by page views. As the post was entitled XBRL: are we missing something?, this level of interest might be taken to indicate that yeah, perhaps we are. In that post,…

Accountants and their politics, or: get off my lawn!

“Majority of Canadian accountants to vote Conservative” announced a Canadian Accountant article, just before our recent federal election. The article informed us: Six out of 10 Canadian accountants intend to vote for Andrew Scheer and the Conservative Party of Canada in the federal election on Monday. A poll conducted by Canadian Accountant reveals 20 per…