The UK’s Financial Reporting Council published a thematic review of IFRS 13 Fair Value Measurement. Here’s the executive summary of key findings: Whilst the transaction price usually reflects fair value, there may be circumstances where this is not the case, for example, in transactions with related parties. Companies should ensure that appropriate adjustments are made…

Who would have expected that within a few days of each other, IASB Chair Andreas Barckow and ISSB Chair Emmanual Faber would both have kicked off speeches by citing notable movies? Interesting too that between them they covered almost the entire history of the cinema. First, here’s Faber: 98 years ago today, on 26 June…

Here’s an item from the June 2023 IFRIC Update: The Committee discussed a request about applying paragraph 2.4 of IFRS 9 to physical delivery contracts to buy energy. The Committee observed that the purchase of renewable energy such as solar and wind via long term energy contracts with physical delivery is widespread and is increasing…

The Accountant Shortage is Showing Up in Financial Statements announces a recent Wall Street Journal article. Here’s some of what the article, written by Mark Maurer, has to say: The widening shortage of accountants has begun showing up in financial statements. U.S.-listed companies such as car-parts provider Advance Auto Parts, electric-air-taxi firm Joby Aviation and German biotech company Evotec in…

The Canadian Securities Administrators recently issued a “statement on proposed climate-related disclosure requirements.” Here it is in its entirety: The Canadian Securities Administrators (CSA) welcomes the publication on June 26, 2023 of the International Sustainability Standards Board (ISSB)’s first two sustainability disclosure standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures (together,…

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 those the IASB intended…

This is the 700th posting on this blog… ..so I thought I might take a brief pause for review. As far as I know, this is the world’s longest-running financial reporting blog (going back to December 2013); even if I’m wrong about that, I’m pretty sure this one scores highest on the intersection of longevity…

As we previously discussed, the International Sustainability Standards Board (ISSB) recently issued Request for Information Consultation on Agenda Priorities, to seek feedback on its priorities for its next two-year work plan. The document is open for comment until September 1, 2023. The ISSB has identified four potential projects in particular: “three sustainability-related research projects—1) biodiversity, ecosystems…

If one went in sequence through the almost 700-post history of this blog, it might seem to speak to the fading prominence of IFRS relative to other forms of financial reporting; at present, the IASB just doesn’t generate as much of immediate interest as does the ISSB. Of course, that’s somewhat by design: many of…

As we covered last time, CPA Ontario and CPA Quebec announced that they intend to conclude their current arrangements with CPA Canada. Since that last post, we have a little (not enough, but a little) more clarity on some of the underlying issues, in particular from a Globe and Mail article, none of which is…