OSC taking action to reduce regulatory burden for Ontario market participants announces a recent news release Here’s an extract : “We are launching a wide-ranging consultation, with the support of our government, to identify new actions we can take to save time and money for Ontario businesses by eliminating rules and requirements that are outdated…
CPA Canada’s Pivot magazine recently asked whether auditors can “close the great expectation gap for good.” The article takes the form of a moderated discussion between five experts. As the lead-in puts it: “The expectation gap is a huge and thorny issue in the audit profession—so much so that even the definition is up for…
Kinaxis Inc. provides a recent example of a company simultaneously applying both IFRS 15 and (voluntarily in advance of the effective date) IFRS 16. The company “is a leading provider of cloud-based subscription software that enables its customers to improve and accelerate analysis and decision-making across their supply chain operations.” Here’s how it presented the…
At a recent meeting, the IASB’s Capital Markets Advisory Committee discussed a few issues relating to goodwill and impairment. In the accompanying agenda paper, staff indicated that they’re considering recommending some additions to the existing disclosure requirements in IFRS 3, focused on assisting users to better understand “the strategic rationale for and the key objectives…
PWC maintains a section on its website devoted to SEC comment letter trends. Of course, the issues raised in these letters relate primarily to US GAAP rather than to IFRS, but given the commonality between the two, they might often be relevant either in anticipating questions that might be posed by regulators elsewhere or, even…
The IASB has issued a project report and feedback statement on its post-implementation Review of IFRS 13 Fair Value Measurement. This is how it summarizes the overall findings: The Board concluded that IFRS 13 is working as intended. In particular: the information required by IFRS 13 is useful to users of financial statements. some areas…
Issues arising in applying the IFRS 16.5 concession that an issuer not apply its requirements to leases for which “the underlying asset is of low value…” We previously discussed this here, providing some of the IASB’s underlying thinking: “…many lessees expressed concerns about the costs of applying the requirements of IFRS 16 to leases that are…
