Adopting IFRS 15 and 16 at once – double trouble!

Kinaxis Inc. provides a recent example of a company simultaneously applying both IFRS 15 and (voluntarily in advance of the effective date) IFRS 16. The company “is a leading provider of cloud-based subscription software that enables its customers to improve and accelerate analysis and decision-making across their supply chain operations.” Here’s how it presented the…

The conversion to IFRS 15 – what was it all for?

CPA Canada has issued Observations on the Implementation of the New Revenue Standard by Canadian Public Companies. The publication was based on the review of financial statements of 60 Canadian public companies for the first quarter of 2018; 45 listed on the TSX and 15 on the Venture Exchange. Here are the key observations: While…

Accounting for the “new world economy” – does it even fit within IFRS?

We’ve already looked in the past at one accounting issue relating to cryptocurrencies, as addressed by CPA Canada’s IFRS Discussion Group. Here’s the background to another one: A blockchain is a distributed digital ledger that is used to record transactions over a network of participating computers. The ledger tracks the creation and transfer of cryptocurrencies…

IFRS in action, part 7 – significant financing component?

Let’s take a look at some other recent examples of changes resulting from the implementation of IFRS 15. This is from Stantec Inc.: When we looked several years ago at how the standard addresses the key step of determining the transaction price, we noted the following: Among other things, the new standard also requires adjusting the…