General presentation and disclosures – salting the sugar high

As we discussed here, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. One of the proposals’ most headline-grabbing aspects is the new concept of “management performance measures,” defined as: subtotals of income and expenses that: (a) are used in public…

Multiple tax consequences – but only one headache!

I don’t dive into the technicalities of deferred tax too often in this space, because, you know, it’s nice to keep at least a handful of readers…  But let’s make an exception today, courtesy of this fact pattern recently considered by IFRIC: an entity acquires an intangible asset with a finite useful life (a licence)…

Coronavirus: crisis of confidence

As I write this post, the so-called “coronavirus” provides a rather depressing illustration of the fragility of many things, not least the hopes for rational long-term investing. While every day provides additional speculation on the financial impact, here are a few snippets from the past couple of weeks. (Thomson Reuters) (Finance Minister Bill) Morneau told…

Classification of liabilities, or: the rights stuff

The IASB has issued Classification of Liabilities as Current or Non-Current, amendments to IAS 1. The amendments are to be applied retrospectively for annual reporting periods beginning on or after January 1, 2022 – earlier application is permitted. The extended application date responds to the possibility that changes in classification as a result of the…

Player transfer payments – eye on the ball!

I wrote a while ago about accounting issues relating to football (or, if you prefer, soccer), prompted by a PWC publication Accounting for typical transactions in the football industry: Issues and solutions under IFRS. I noted at the time that “I was certainly surprised that a sufficient readership exists for such a seemingly narrowly-targeted publication”…