The IASB has issued Definition of Material, amendments to IAS 1 and IAS 8, effective from January 1, 2020 and to be applied prospectively, with early application permitted. The current definition in IAS 1 is as follows: “Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that…
As we discussed last time, the IASB has issued Definition of a Business, amendments to IFRS 3, effective for transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 We ended the last post by addressing the “optional concentration test”…
The IASB has issued Definition of a Business, amendments to IFRS 3, effective for transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 Prior to the amendments, IFRS 3 defines a business as “an integrated set of activities and…
Here’s the abstract of an article available online, written by Shaul Hayoun of the University of Edinburgh: Purpose The purpose of this paper is to contribute to the discussion on the non-essence of accounting by focusing on financial accounting’s distinct technology: financial statements. Complementing the genealogical perspective on accounting’s changing socio-historical settings, it proposes a…
A recent article on the Economia website considers the subject of “generational accounting.” Written by Paul Wallace, it introduces the topic as follows: Countries including the US, Spain and Britain have become increasingly defined by age rather than class. Polarization tends to come to the fore politically during elections, but the economic and social roots…
Here’s an issue that doesn’t come up too often, as reported on the Canadian Broadcasting Corporation’s website: A claim by New Brunswick’s Liquor Corporation that its profits last year “remained steady” was true only because of seven extra days it included in its financial year, an issue that needs to be explained in detail, accounting…
Problems arising in assessing the application of one of the key scope exemptions applying to financial instruments Here’s another of the issues discussed in the past by Canada’s IFRS Discussion Group: The scope of IFRS 9 Financial Instruments and of IAS 32 Financial Instruments: Presentation include guidance on when certain contracts to buy or sell…
