It’s time for another batch of real-life tweets devoted to IFRS, which I present here as an important public service in their original form – misspellings, obscenities (and there are some) and other oddities intact. And unlike last time, I’ll leave Trump out of this. Well, the process of scrolling through Twitter for IFRS-related material I might…
The past year provided little respite in the long-established war over non-GAAP measures… You all know how it goes, but here it is again anyway: on the one hand, these measures seem to many to provide a perspective on financial condition or performance that isn’t as clearly obtained from the IFRS-compliant financial statements. On the…
“Chair Hoogervorst of #IASB quotes #Dylan !!” announced an over-excited tweet earlier this year. As the “quoting” consisted merely of observing that “the times, they are a-changin’ and we all need to adapt, the IASB included,” we can fairly conclude that even a single exclamation point would have been an excessive response, let alone two.…
Here ‘s another issue recently discussed by CPA Canada’s IFRS Discussion Group A reporting issuer prepares Q2-2018 and Q3-2018 interim financial statements for the six months and nine months ending June 30 and September 30, 2018, respectively. The reporting issuer adopts IFRS 9 and IFRS 15 on January 1, 2018, and is considering the extent…
I’ve seldom mentioned audit matters on this blog – it’s not the area that primarily concerns or interests me… It’s worth spending a few moments though on pending changes to the current environment. Most imminently, Canadian Auditing Standard (CAS) 700 Forming an opinion and reporting on financial statements brings in an array of changes applying…
The headscratching world of liabilities versus equity Here’s another issue recently discussed by CPA Canada’s IFRS Discussion Group: Paragraph 15 of IAS 32 Financial Instruments: Presentation states: “The issuer of a financial instrument shall classify the instrument, or its component parts, on initial recognition as a financial liability, a financial asset or an equity instrument…
Complexities in accounting for acquisitions of groups of assets Here’s another issue recently discussed by CPA Canada’s IFRS Discussion Group: IFRS 3 Business Combinations provides specific guidance on how to allocate the cost of acquisition when an entity acquires a group of assets that does not constitute a business. Paragraph 2(b) of IFRS 3 indicates…
A European example of challenges in applying the IFRS 13 disclosure requirements Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 19th edition: “The issuer is a Real Estate Investment Trust and…
“Corporate reporting standard improving, though quality not as high as it should be,” says the headline of a recent news release from the UK’s Financial Reporting Council. This summarizes the findings of the FRC’s Annual Review of Corporate Reporting. Although the report covers a range of topics, we’ll focus here on some of the items…
Let’s return to our recent reflections on how an entity might manifest “character” in its financial reporting. The Canadian National Instrument 51-102F1 says in the second paragraph of its introductory section that the issuer’s objective when preparing an MD&A includes “openly reporting bad news as well as good news.” Of course, in corporate reporting as…
John Hughes IFRS Blog 