Like many of you I’m sure, no emails are more important to me than those that arrive from eIFRS. I’ve been known to miss vital events (deaths in the family, that kind of thing) because of not checking my email, but whenever I see eIFRS is the sender I click on it immediately, no matter…
How the standards do and don’t address an emerging area of practice It’s often interesting when the standards have to be applied to a fact situation that didn’t exist, and wouldn’t reasonably have been foreseen, at the time they were developed. The Canadian IFRS Discussion Group recently addressed such a case – the accounting implications…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. In the last three articles, we covered some areas where respondents to the exposure draft might possibly have concerns. Those concerns though…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. Although the document’s primary purpose is to reduce unnecessary disclosures, it also sets out various instances where focusing on materiality might lead…
As we discussed here, the IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. Here’s one aspect I didn’t touch on last time: “Sometimes a deliberate decision is made by management not to apply a requirement…
The IASB has issued for comment an exposure draft of a proposed practice statement Application of Materiality to Financial Statements, with comments to be received by February 26, 2016. Here’s how the accompanying news release summed this up: “The draft guidance, in the form of a draft Practice Statement, has been developed in response to…
When Canada was first learning about IFRS, the IAS 16 revaluation model probably received disproportionate attention, largely just because it was easy to talk about (to a point anyway). As it turned out, very few Canadian companies actually chose this option – almost all of them stuck with the familiar cost model. A couple did take the…
Some of the issues arising in deferring gains, rather than recognizing them immediately Here’s an extract from some financial statements of a few years ago: Here’s the note that discusses the deferred gain: I should emphasize at the outset that I’m just using this interesting disclosure as a springboard to muse on the general issue, rather…
An example of the limitations of valuation techniques The Canadian IFRS Discussion Group recently considered the following fact pattern, versions of which come up fairly often in practice: “On December 23, 2014, Entity A recognizes a financial liability at $1,000, which is equivalent to the consideration received; Entity A used a valuation technique to measure the…
IFRIC has issued a draft interpretation, Foreign Currency Transactions and Advance Consideration, with comments to be received by January 19, 2016 Here’s the background: “Paragraphs 21–22 of IAS 21 The Effects of Changes in Foreign Exchange Rates require that a foreign currency transaction must be recorded, on initial recognition in the entity’s functional currency, by…
John Hughes IFRS Blog 