Let’s return to the upcoming IFRS 18, Presentation and Disclosure in Financial Statements… Another key aspect of the new standard is its treatment of management-defined performance measures (MPMs), subtotals of income and expense that aren’t specifically required to be presented or disclosed under IFRS, but that an entity uses in public communications outside financial statements,…

Here are some extracts from a speech recently delivered by Paul Munter, Chief Accountant of the SEC, at the AICPA and CIMA conference. Unfortunately, Munter’s specific examples of how accountants might promote the public interest don’t quite live up to that build-up: he notes that it’s critical “that preparers view financial reporting as a communication…

One of the great things about being part of Canadian accounting is that you feel, individually and collectively, that you’re contributing exactly what’s expected of you, no more and no less. Thanks, that’s all I wanted to say today. Oh wait, there’s a bulletin coming in: On becoming a CPA: All right, so once in…

Once again, courtesy of my brave (if not foolhardy) mole at the IFRS Foundation, I present a previously-unseen selection of recent correspondence to and from the offices of IASB Chair Andreas Barckow and ISSB Chair Emmanuel Faber. This is sensitive stuff, so please destroy after reading! Dear Andreas, I’m curious about how well the two…

The IFRS.org web store recently extended an unbeatable holiday shopping offer, as I evidence here: As you see, the seasonal offer expired on December 3, and I deeply apologize here for not bringing it to your attention on a more timely basis. You may be thinking, well, it wouldn’t have done much for me anyway…

As we addressed here, the IASB has issued Provisions – Targeted Improvements, an exposure draft of proposed amendments to IAS 37. You’ll recall that a provision is “a liability of uncertain timing or amount” and under IAS 37 in its current form is recognized when an entity has a present obligation (legal or constructive) as…

As we addressed here, the IASB has issued Climate-related and Other Uncertainties in the Financial Statements, an exposure draft of proposed illustrative examples. We previously looked at the following example included in the exposure draft: In this case, under the IASB’s analysis of IAS 1, “the entity determines that additional disclosures to enable users of…

I haven’t said much here about IFRS 18, Presentation and Disclosure in Financial Statements… There’s no particular reason for that, other than perhaps generally trying to write about something that other firms and accounting commentators aren’t writing about, at least not in quite the same way. And also, as it’s only effective for annual reporting…

The IASB has issued Provisions – Targeted Improvements, an exposure draft of proposed amendments to IAS 37. You’ll recall that a provision is “a liability of uncertain timing or amount” and under IAS 37 in its current form is recognized when an entity has a present obligation (legal or constructive) as a result of a…

Here’s one of the stranger recent entries from the annals of internal control breakdown, as reported by the New York Times: The article provides the following commentary: Indeed, I’m sure not the only one who initially assumed on seeing the headline that the story would be about the creation of fictitious invoices as a vehicle…