Five “leading sustainability and integrated reporting organizations” have issued Statement of Intent to Work Together Towards Comprehensive Corporate Reporting, a summary of alignment discussions. The five are CDP, the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council and the Sustainability Accounting Standards Board. Here’s an extract from the introduction Corporate…

Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: Entities often issue securities that consist of a standalone equity instrument (e.g. share purchase warrant or a share) and a debt instrument (e.g. a note or debenture) that have been contractually linked as a unit solely for the purpose of offering them…

Here’s the background to an issue recently discussed by CPA Canada’s IFRS Discussion Group: Under IFRS 16 Leases, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Paragraph B9 of IFRS 16 further requires…

Here’s an issue recently discussed by CPA Canada’s IFRS Discussion Group IFRS 15 Revenue from Contracts with Customers requires an entity to estimate variable consideration when determining the transaction price. The estimated variable consideration should only be included in the transaction price to the extent that it is highly probable that there will not be…

It’s been a while since we returned in this space to the issue of digital financial reporting… …so let’s do so now via the recent report The Future of Financial Reporting – What Size Do You Want? by Professor Peter Wells and Chartered Accountants Australia and New Zealand. Here’s the executive summary: With major economies…

CPA Canada’s IFRS Discussion Group recently discussed some issues arising from covid-19. The fact pattern for one of them is this: As a result of government-imposed closures due to the pandemic, many businesses have sent employees home with pay. These employees are inactive while at home but are expected to return to work whenever operations…

CPA Canada’s IFRS Discussion Group recently discussed the issue of “client money,” introducing the topic as follows: The term “client money” is used to describe a variety of arrangements in which an entity holds funds on behalf of its clients. Such arrangements may include: a bank may hold money on deposit in a customer’s bank…