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…

Readers may not be aware that International Accounting Day (sometimes referred to, if at all, as International Accountant’s Day) takes place on November 10. Why that day? This is from anydayguide.com: The origin of International Accounting Day is unclear, but at least we know why it is celebrated on November 10. On this day in…

This is from a recent speech by IASB Chair Andreas Barckow: Imagine a world without IFRS Accounting Standards. Companies’ reporting would likely be a patchwork around the world. Not very comparable. Perhaps not very transparent. Maybe not useful at all. Each jurisdiction would have their own requirements. Those requirements may overlap or resemble those in…

Among the many commenters on the ISSB’s recent consultation on agenda priorities was the World Nuclear Association. Here’s some of what they had to say: We believe that ISSB should adopt the ‘principle of technological neutrality’, with a focus on developing performance-based criteria that provide an accurate and comparable account of climate-related and sustainability related…

(See Peter Clark’s commentary on the following [evidently even more flawed than usual!] post) This is from the article No Comment: Language Barriers and the IASB’s Comment Letter Process, by Eduardo Flores, Brian Monsen, Emily Shafron and Christopher G. Yust: Even though over 90 percent of the countries that use IFRS do not use English as…

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: The possible actions include development of educational materials, illustrative examples and targeted amendments to IFRS Accounting Standards to improve application of existing requirements. Given the pace of change…

Let’s play another round of “Great Cliches of IFRS” – Often called “the language of business,” finance and accounting information is the foundation for all business decisions. While it might not seem to be important in the early stages of your career, the importance of finance and accounting becomes amplified as you ascend the corporate…

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…