The Corporate Reporting Dialogue – talk faster!

Here’s the full text of a news release recently issued by the IFRS Foundation: The world’s leading financial and non-financial corporate reporting frameworks have the same common foundations, based on the key objectives of transparency and accountability, according to a position paper published by the framework providers today. The position paper sets out the seven…

Ecstatic truths of IFRS!

And now for something completely different… Here’s a portion of filmmaker Werner Herzog’s 1999 “Minnesota Declaration” on truth and fact in documentary cinema: 1. By dint of declaration the so-called Cinema Verité is devoid of verité. It reaches a merely superficial truth, the truth of accountants. 2. One well-known representative of Cinema Verité declared publicly…

More issues in digital currencies, or: who’s the poor sap who agreed to get paid in bitcoins?

More issues arising from digital currencies (on the assumption that anyone still has sufficient belief in them to be paying attention…) We’ve discussed matters relating to digital currencies a couple of times in the past (see here for instance). Here’s the fact pattern for another one, as recently discussed by CPA Canada’s IFRS Discussion Group:…

Borrowed headache!

The tangled intersection of IAS 23 and IFRS 15… Here’s the background to an issue recently discussed by CPA Canada’s IFRS Discussion Group: Entity A constructs and sells an apartment unit to a customer. The customer pays the full consideration up front. Entity A concludes that revenue from apartment sales is recognized at a point…

Disclosures about acquisitions – empowering investors?

The Securities and Exchange Commission recently voted to propose rule amendments to improve the information that investors receive regarding the acquisition and disposition of businesses.   As the SEC Chair put it in a press release: “The proposed rules are, first and foremost, intended to ensure that investors receive the financial information necessary to understand…