As we addressed here, the IASB has issued Provisions – Targeted Improvements, an exposure draft of proposed amendments to IAS 37. You’ll recall that a provision is “a liability of uncertain timing or amount” and under IAS 37 in its current form is recognized when an entity has a present obligation (legal or constructive) as…
It’s telling that two of Canada’s major newspapers published very similar opinion pieces within a couple of days of each other.… This is from the piece headlined Canada must stand firm on DEI as U.S. corporations retreat, written by Wes Hall and Walied Soliman, published in the Globe and Mail: In 2024, some of the…
Welcome to a New Era of Sustainability Reporting in Canada, heralded a recent news release. Here’s what that’s about: The Canadian Sustainability Standards Board (CSSB) is proud to announce the release of CSDS 1, General Requirements for Disclosure of Sustainability-related Financial Information, and CSDS 2, Climate-related Disclosures, Canada’s inaugural sustainability disclosure standards. These standards represent a significant milestone in promoting…
Let’s return to the upcoming IFRS 18, Presentation and Disclosure in Financial Statements… Another key aspect of the new standard is its treatment of management-defined performance measures (MPMs), subtotals of income and expense that aren’t specifically required to be presented or disclosed under IFRS, but that an entity uses in public communications outside financial statements,…
Here are some extracts from a speech recently delivered by Paul Munter, Chief Accountant of the SEC, at the AICPA and CIMA conference. Unfortunately, across the globe, we have observed high-profile cases of unethical behavior by accountants that were not limited to just one firm, one issuer, or one jurisdiction. The recurrence of ethical lapses…
One of the great things about being part of Canadian accounting is that you feel, individually and collectively, that you’re contributing exactly what’s expected of you, no more and no less. Thanks, that’s all I wanted to say today. Oh wait, there’s a bulletin coming in: On becoming a CPA: As a Canadian CPA, you’re…
Once again, courtesy of my brave (if not foolhardy) mole at the IFRS Foundation, I present a previously-unseen selection of recent correspondence to and from the offices of IASB Chair Andreas Barckow and ISSB Chair Emmanuel Faber. This is sensitive stuff, so please destroy after reading! Dear Andreas, I’m curious about how well the two…
The IFRS.org web store recently extended an unbeatable holiday shopping offer, as I evidence here: As you see, the seasonal offer expired on December 3, and I deeply apologize here for not bringing it to your attention on a more timely basis. You may be thinking, well, it wouldn’t have done much for me anyway…
As we addressed here, the IASB has issued Provisions – Targeted Improvements, an exposure draft of proposed amendments to IAS 37. You’ll recall that a provision is “a liability of uncertain timing or amount” and under IAS 37 in its current form is recognized when an entity has a present obligation (legal or constructive) as…
As we addressed here, the IASB has issued Climate-related and Other Uncertainties in the Financial Statements, an exposure draft of proposed illustrative examples. We previously looked at the following example included in the exposure draft: The entity is a manufacturer that operates in a capital-intensive industry and is exposed to climate-related transition risks. To manage…
