Issues in assessing the necessity for going concern uncertainty disclosure Consider this simple hypothetical situation. At December 31, the end of its annual reporting period, an entity’s circumstances are sufficiently challenging that significant doubt exists about its ability to continue as a going concern. During the following January, the entity closes a major financing transaction,…
We’ve already considered the IASB’s amendments to IAS 1 resulting from its Disclosure Initiative, effective for annual periods beginning on or after January 1, 2016, with earlier application permitted…. In recent weeks, the IFRS Foundation has issued its own audited financial statements for the year ended December 31, 2014, and although (and in part because)…
A European example of assessing impairment (or not) in a related party situation 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 11th edition: “The issuer’s accounting policies in its 2009 financial…
Issues relating to the costs of raising equity 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 15th edition: “The issuer is a pharmaceutical company which was listed for the first time…
by John Hughes 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 15th edition: “Prior to the adoption of IFRS 11, the issuer presented in its income statement the line: ‘share in…
The Canadian Securities Administrators have finalized their rule amendments to streamline and tailor disclosures by venture issuers, set to come into effect on June 30, 2015 The main effect of the changes, as summarized in the CSA’s news release, will be to bring in the following: allow all venture issuers to meet interim management’s discussion…
Another area where IFRS 15 might cause differences from existing accounting practices Some interesting revenue-related issues come up through bill and hold arrangements – ones in which (to cite the IFRS 15 definition) “an entity bills a customer for a product but the entity retains physical possession of the product until it is transferred to…
by John Hughes 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 15th edition: “The issuer operates in the commercial and agricultural industry and owns a large plot of land, which had…
Notes on a recent speech by SEC Commissioner Kara M. Stein: Here’s a lengthy extract: “… As both practitioners and scholars of securities law, you know that accounting is the foundation for much of what we do. Everything from our financial reporting regime to oversight of financial firms’ liquidity and capital depends upon reliable, consistent,…
Are changes in the fair value of investment property an element of operating results? 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 11th edition: “The issuer, a real estate company, presents…
