Let’s return to IFRIC’s recent tentative agenda decision on climate-related commitments. As we addressed here, the agenda decision states that an entity’s commitment to reduce or offset its greenhouse gas emissions could in some circumstances create a constructive obligation that meets the criteria under IAS 37 for recognizing a provision. Some commenters saw this as…

As we addressed here, the IASB has issued the Exposure Draft Financial Instruments with Characteristics of Equity—Proposed amendments to IAS 32, IFRS 7 and IAS 1, with a comment deadline of March 29, 2024. We previously looked at the aspects of the exposure draft relating to the “fixed-for-fixed” criterion. Here’s another one. IAS 32 currently contains…

As we covered here, the IASB recently called for stakeholder feedback to inform its review of the accounting standard for revenue from contracts with customers, IFRS 15. This is part of the regular post-implementation review process “to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are…

Implicitly underlying much of the conversation about ISSB, and about the “green transition” in general, is the assumption that capitalism and sustainability can be aligned, that if we have good enough information and are sufficiently focused and skillful, we can solve our existential challenges while still ensuring satisfactory (perhaps even enhanced) returns on existing capital…

As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 38 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently published some extracts from its confidential database of enforcement decisions on…

As we covered here, the IASB recently called for stakeholder feedback to inform its review of the accounting standard for revenue from contracts with customers, IFRS 15. This is part of the regular post-implementation review process “to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are…

The IASB has issued the Exposure Draft Financial Instruments with Characteristics of Equity—Proposed amendments to IAS 32, IFRS 7 and IAS 1, with a comment deadline of March 29, 2024. The backdrop as set out in the basis for conclusions is that “financial innovation, market forces and changes to financial sector regulations have resulted in a…

The IFRS Interpretations Committee recently considered the following fact pattern: The Committee considered whether in this situation the entity’s commitment to reduce or offset its greenhouse gas emissions creates a constructive obligation (that is whether the entity through past practice or policies or statements of intent has indicated to other parties that it will accept…

The Accounting Miscellany blog by Peter Clark (whom I thank upfront for inspiring the following big finish to the year) contained the following fascinating item: A commenter called the rumour “one of many ill-informed myths which ignores the realities of the world and, in particular, standard setting.” The realities of my own world, I know,…

It’s time now for another collection of real-life IFRS-related tweets (or whatever they’re called now), presented here in their original form, with all typos, oddities and possible obscenities intact. I’ve been doing this for years, but it’s not as much fun as it used to be, given the sense of the extravagantly malign Elon Musk…