We’ve talked a few times about the issue of character and transparency in financial reporting… Against that backdrop, I was intrigued by the website of the online clothing retailer Everlane. Here’s how it sums itself up in the “About” section: At Everlane, we want the right choice to be as easy as putting on a…
The SEC recently issued Staff Accounting Bulletin 118, setting out some views of the SEC staff on applying the so-called “Tax Cuts and Jobs” Act, signed into US law on December 22nd and therefore “substantively enacted” before the year end (and in time to mess up the holiday season for expert practitioners in the area).…
Here’s another issue considered in the past by CPA Canada’s IFRS Discussion Group: “An entity may settle a loan due to a shareholder by the issuance of the entity’s equity instruments (for example, common shares). This transaction may give rise to a difference between the carrying amount of the shareholder loan and the fair value…
“To enable us to consult widely,” says the IFRS Foundation on its website, “we work closely with a wide network of advisory committees and bodies, representing the many different stakeholder groups that have an interest in and are affected by financial reporting.” It goes on: “These groups and bodies are important channels for us to gather…
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…
John Hughes IFRS Blog 