The IASB has published Reference to the Conceptual Framework, an exposure draft of proposed amendments to IFRS 3, with comments to be received by September 27, 2019. This one’s not easy to explain with any kind of relative plain language concision, but I’ll give it a shot. IFRS 3 says that to qualify to be…
Once again, to welcome the arrival of summer, I’m pleased to present a selection of recent real-life tweets that made mention of IFRS in one way or another (the last batch was here), presented here in original unexpurgated form, with misspellings and oddities and not so infrequent obscenities intact. I think you’ll agree that some…
The tangled intersection of IAS 23 and IFRS 15… Here’s the background to an issue recently discussed by CPA Canada’s IFRS Discussion Group: Entity A constructs and sells an apartment unit to a customer. The customer pays the full consideration up front. Entity A concludes that revenue from apartment sales is recognized at a point…
The Securities and Exchange Commission recently voted to propose rule amendments to improve the information that investors receive regarding the acquisition and disposition of businesses. As the SEC Chair put it in a press release: “The proposed rules are, first and foremost, intended to ensure that investors receive the financial information necessary to understand…
The IASB has published for comment Interest Rate Benchmark Reform, an exposure draft of proposed amendments to IFRS 9 and IAS 39, with comments requested by June 17, 2019. The main reference point for this effort was Reforming Major Interest Rate Benchmarks, a report carried out by the Financial Stability Board in 2014. As the…
An example of issues arising in applying IFRS 5 to assets held for sale Here’s something I recently read about: Construction, services and property group Kier has been forced to restate its debt by more than £40 million after uncovering an accounting error, reports have revealed. In a recent trading update, the group said it…
This is the 400th posting on this blog… ..so I thought I might take a brief pause for review. From my perspective, the number of posts is actually significantly higher, because before this one, I maintained a similar blog on the website of a Canadian accounting firm. When that firm merged with another, those posts…
The IASB has issued an exposure draft of Annual Improvements to IFRS® Standards 2018–2020, with comments requested by August 20, 2019. There are only four items (see, IFRS is already virtually perfect as it is!) Here they are: Financial instruments IFRS 9 regards an exchange of debt instruments with substantially different terms between an existing…
A new Australian-based Universal Commons Project “seeks to use the power of the market to preserve and improve our precious social and natural assets, which we call Social and Natural Capital, by internalising them into commercial decision making.” Here’s how it sums itself up: The problem the Universal Commons is aiming to solve is that…
The Trustees of the IFRS Foundation are inviting stakeholder comment on proposed amendments to its Due Process Handbook, the procedural requirements followed by the International Accounting Standards Board and the IFRS Interpretations Committee. I’ve never been too interested in the internal workings of the IFRS Foundation – I’m only really bothered with what comes out…
John Hughes IFRS Blog 