The IASB recently tentatively decided “to remove, as part of its next volume of Annual Improvements to IFRS Accounting Standards, the temporary nature of the exemption in IFRS 6 from the application of paragraphs 11–12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.” This provides an opportunity to revisit, perhaps for the last time,…

The IASB recently announced that it has “decided to explore targeted actions to improve the reporting of climate-related and other uncertainties in the financial statements.” It summarized: A staff paper set out some of the issues underlying this initiative: The staff paper notes that the greater attention to climate-related disclosures outside the financial statements may,…

Let’s play another round of “Great Cliches of IFRS” – Well, that’s probably enough already. The familiar “language of business” phrase is often attributed to Warren Buffet; a recent LinkedIn post by Accent Financial Services cited him in this regard and then expanded: “In business, there are three main “languages” – #accounting, #finance, and #economics. In order to…

The last post covered the recent exposure draft of “Annual Improvements to IFRS Accounting Standards – Volume 11” Shortly after drafting that, it occurred to me that I hadn’t directly experienced the ChatGPT that everyone’s talking about, although I’d heard a few things about its ability to knock out a usable first draft on virtually…

The IASB recently issued its exposure draft of “Annual Improvements to IFRS Accounting Standards – Volume 11”, with comments requested by December 11, 2023. So look, suppose someone says to you, I just improved my home; and you say, sounds great, what did you do; and he says, I fixed a leaky faucet….well, you might…

Continuing on our recent theme of happy takes on accounting… …this time from a perhaps unexpected source, the Chair of Canada’s Accounting Standards Board, Armand Capisciolto. He’s instigated a series of “Inside Standard Setting” articles, comprising “A little “inside baseball” on accounting standard setting” – a serious purpose, executed with a light touch. The first…

Let’s take another look at some items from the Ontario Securities Commission’s refilings and errors list. This is a chronological record covering the last three years, of companies that refiled or restated some aspect of their continuous disclosure record as a result of an OSC review – the list has the dual purpose, I believe,…

Well, it’s been a few years since the last installment, so let’s continue the periodic series I call “Great Cliches of IFRS.” Today’s example – well, you’ll see: And I could go on indefinitely. You may already be thinking that even if it is a cliché, it’s one that’s worth repeating for the sake of…

Here’s the background to an issue recently considered by Canada’s IFRS Discussion Group: This provides a nice opportunity to throw a few stones at IFRS 2, which I haven’t done for a few years. You’ll recall that the standard is based on the assumption that since no one gets something for nothing, an entity issuing…

Over Half of M&A Dealmakers have Canceled Deals on ESG Due Diligence Findings, states an ESG Today report on a recent KPMG survey. Here’s some of what it had to say: This is somewhat significant, but leaves many questions for its significance to be entirely “loud and clear.” At its simplest, the due diligence process…