Let’s return to the Consultation Paper recently issued by the Trustees of the IFRS Foundation “to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards.” I’ve several times expressed my view that this initiative is more about preserving…

It’s time now for another collection of recent tweets that made mention of IFRS in some form, presented here in their original form with all mysteries of spelling and taste and meaning intact. Let’s start with one from Africa, providing a moment of genuine cultural interest: This is how one regional accountant wanted to use…

We looked here and here last year at America’s Business Roundtable’s Statement on the Purpose of a Corporation. The document specifically rejected the previous bedrock principle that corporations exist principally to serve their shareholders, committing to such matters as investing in employees, supporting communities, and delivering value for all stakeholders. With With 200 “who’s who”-level…

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…