IFRS and Brexit – appetite for destruction?

“The UK government and other stakeholders should explicitly recognize the economic importance of financial reporting in considering the policy implications of Brexit”, says a recent report issued by the Institute of Chartered Accountants in England and Wales. You might suppress a dark laugh at this, in that it’s not clear the UK government has explicitly…

Penn West – an indictment of IFRS?

The US SEC has filed charges against the Canadian entity Penn West Petroleum Ltd. (now renamed Obsidian Energy Ltd.) and three former senior accounting and finance personnel alleging violations of the antifraud, recordkeeping, internal controls, and reporting provisions of the federal securities laws arising from a multi-year accounting fraud. Penn West prepared the financial statements…

Reducing the regulatory burden – gimme your core, then gimme more!

We recently touched on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, seeking “comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.” I noted before that the very choice of the term “reducing regulatory burden” suggests a predisposition to find burdensome things that can…

Form it like a pro!

The strange, self-contained world of pro forma financial statements… We recently discussed the CSA’s current consultation paper on reducing the “regulatory burden” on reporting issuers. Among much else, the paper floats the possibility of removing the requirement to prepare pro forma statements as part of a business acquisition report filed under Canadian securities regulations. Well, in…

Reduce the regulatory burden, while there are still humans to notice!

The Canadian Securities Administrators recently published CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, seeking “comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.” Nothing in the paper would affect the application of IFRS in Canada, but it certainly might change aspects of…

OSC news – clutter-free!

The OSC has issued OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin. The document revisits the topics of going concern and non-GAAP measures, which we’ve covered on this blog several times in the past. On the latter, the document makes the observation that “the presentation and discussion of an extensive number of…