Disclosures on Brexit, or: Bye-Bye Britain…

As I post this article, Brexit is less than three weeks away, although by the time you read this (even if you’re reading it fairly promptly) that may no longer be true, overtaken by a postponement, or by Britain choosing instead to sink into the sea… From my point of view, the only discernible virtue…

Exceptionally unreasonable, or: more issues in equity accounting

One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…

CPA Canada FORESIGHT: a possible future?

CPA Canada has recently been engaged in an initiative it terms “FORESIGHT” Here’s some of the accompanying narrative: Are You Ready to Imagine a Possible Future? CPA Canada introduces FORESIGHT, an initiative that brings CPAs and the broader business community together to discuss the industry’s most relevant issues, like obsolescence by automation, predicting future skillsets…

Amendments to IAS 37: one of us is onerous!

The IASB has issued Onerous Contracts— Cost of Fulfilling a Contract, an exposure draft of proposed amendments to IAS 37, with comments to be received by April 15, 2019. I recall that when Canada was making the conversion to IFRS, the “onerous contract” requirements of IAS 37 received a disproportionate amount of attention in summaries…

Closing the gap, or: what did you expect?

CPA Canada’s Pivot magazine recently asked whether auditors can “close the great expectation gap for good.” The article takes the form of a moderated discussion between five experts.  As the lead-in puts it: “The expectation gap is a huge and thorny issue in the audit profession—so much so that even the definition is up for…