Here in Ontario, Canada, we have something new to read, the recently-issued consultation report of the Capital Markets Modernization Taskforce. The taskforce was established in February 2020 to review and make recommendations to modernize Ontario’s capital markets regulation. The report notes that the last such review concluded in 2003, after three years of work, and…
Here’s the background to another issue recently discussed by CPA Canada’s IFRS Discussion Group: IFRIC 17 Distributions of Non-cash Assets to Owners addresses a situation when an entity distributes assets other than cash as dividends to its owners acting in their capacity as owners. In this situation, an entity measures the dividend payable at the…
OSC taking action to reduce regulatory burden for Ontario market participants announces a recent news release Here’s an extract : “We are launching a wide-ranging consultation, with the support of our government, to identify new actions we can take to save time and money for Ontario businesses by eliminating rules and requirements that are outdated…
The ever-spreading Trumpian sludge finds its way to the world of financial reporting This came in a tweet (what else?) on August 17th, as follows: In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. “Stop quarterly reporting & go…
“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…
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…
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…
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…
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…
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…
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