COVID-19 – a moment of relief

Canadian regulators recently responded to current events by issuing the following notice: In light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020. The blanket relief will provide a 45-day extension…

COVID-19 – enough with the interesting times!

I remembered a speech of IASB Chair Hans Hoogervorst’s from a few years ago, containing the following passage: You have probably heard of the familiar curse: ‘may you live in interesting times’. Although this proverb is usually attributed to ancient China, it is actually nowhere to be found in Chinese literature. The closest Chinese proverb…

Coronavirus – bitter ironies, anxious disclosures

Many commentators have noted how the collective response to the ongoing coronavirus outbreak, for all its imperfections, demonstrates a sense of purpose and ruthlessness entirely missing from the “fight” against climate change… You might choose to see some cause for hopefulness in there – that is, we’ve shown we can do it once, so maybe…

Coronavirus – how confident do you feel?

My article of a few weeks ago about the coronavirus already seems to have been overtaken by events… For example, I noted the significant decline in the stock price of various entities, and said: My intention here isn’t at all to discount the individual cases of loss and anxiety caused by the virus, but rather…

Warren Buffett on accounting: capriciousness or corruption?

Warren Buffett Torches Corporate America, Spells Doom for Stock Market announces the headline of a recent CCN.com commentary The article says: “Buffett’s 2019 letter is soaked through with his conviction that much of corporate America’s numbers are fake. He begins with the same admonition in his 2018 letter against the new Generally Accepted Accounting Principles…

General presentation and disclosures – salting the sugar high

As we discussed here, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. One of the proposals’ most headline-grabbing aspects is the new concept of “management performance measures,” defined as: subtotals of income and expenses that: (a) are used in public…