I was thinking for some time of writing an article about the new plague of earnings measures adjusted for the impact of covid-19… …but I was held back because in Canada I wasn’t able to find any, and still can’t. I may just not be that good at searching for things. Still, it seems there…
The IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. It’ll take a number of articles to cover all the main points. To start off with, let’s take the following proposal: The Exposure Draft proposes that an entity present the following new…
PWC maintains a section on its website devoted to SEC comment letter trends. Of course, the issues raised in these letters relate primarily to US GAAP rather than to IFRS, but given the commonality between the two, they might often be relevant either in anticipating questions that might be posed by regulators elsewhere or, even…
One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…
The Canadian Securities Administrators (CSA) have published for comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure, which establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. We’ve covered this topic here many times before (certainly more than I intended to). In a nutshell, the main Canadian regulatory reference point at present…
A European example of issues arising in presenting operating measures in the income statement 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 22nd edition: The issuer uses the revaluation model in…
“IASB outlines steps to improve disclosures in financial statements,” announces a recent news release. Here’s how the release sums up those steps: “The International Accounting Standards Board (the Board) has today published a Discussion Paper that suggests principles to make disclosures in financial statements more effective. The Discussion Paper Disclosure Initiative—Principles of Disclosure seeks public feedback on…
Among the easier lessons to extract from the Trump presidency (not that any of them were needed, certainly not at such a wretched cost) is the inadequacy of social media, and of Twitter in particular, as a medium for conveying any message more complex than “I like cake”… I’ve written here several times about my…
The CFA Institute has issued two related papers on non-GAAP measures, Investor Uses, Expectations and Concerns on Non-GAAP Financial Measures (NGFMs) and Bridging the Gap- Ensuring Effective Non-GAAP and Performance Reporting. Here in part is how the first paper sums up its findings: “Our survey results establish that company-reported NGFMs are useful for investors who apply them…
The Canadian Securities Administrators have issued Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016. The report highlights a motley selection of apparently recurring deficiencies in IFRS financial statements: Market Risk Sensitivity Analysis “Some issuers present sensitivity analysis that is not reflective of the reasonably possible changes in…
John Hughes IFRS Blog 