The IASB has issued the exposure draft Lack of Exchangeability, with comments to be received by September 1, 2021 IAS 21 generally requires using a spot exchange rate when an entity reports foreign currency transactions or a foreign operation’s results and financial position in its financial statements. The standard specifies the exchange rate to use…

I happened upon an article on the Integrated Reporting website, on producing Philip Morris International Inc.’s first integrated report Co-authored by the company’s chief sustainability officer, it starts off like this: On June 30, 2020 Philip Morris International, Inc. (PMI) published its first integrated report titled  “Delivering a Smoke-Free Future: Progress toward a world without cigarettes.” The…

As we discussed here, the IASB has issued the exposure draft Disclosure Requirements in IFRS Standards—A Pilot Approach: Proposed Amendments to IFRS 13 and IAS 19, with comments requested by October 21, 2021. In a nutshell, the draft guidance would require entities to comply “with overall disclosure objectives that describe the overall information needs of…

Here’s a tentative agenda decision recently issued for comment by the IFRIC: The Committee received a request about the application of IAS 32 in relation to the reclassification of warrants. Specifically, the request described a warrant that provides the holder with the right to buy a fixed number of equity instruments of the issuer of…

The IASB has issued the exposure draft Disclosure Requirements in IFRS Standards—A Pilot Approach: Proposed Amendments to IFRS 13 and IAS 19, with comments requested by October 21, 2021. Here’s a portion of how the accompanying news release sums it up: These proposals would enable companies to enhance their judgement and reduce ‘boilerplate’ information, giving…

Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: An entity (Seller-lessee) sells a building to another entity (Buyer-lessor) for cash of CU2,000,000. Immediately before the transaction, the building is carried at a cost of CU1,000,000. At the same time, Seller-lessee enters into a contract with Buyer-lessor for the right to…

The IASB has issued Definition of Accounting Estimates – Amendments to IAS 8. IAS 8 currently defines a change in accounting estimate as “an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of,…

Let’s return to the IASB’s discussion paper Business Combinations under Common Control, on which comments are requested by September 1, 2021. As we discussed previously, the main proposal is that fair-value information should be provided when a business combination under common control affects shareholders outside the group. In all other cases, the Board is suggesting…

“One of the world’s largest accounting firms, PricewaterhouseCoopers (PwC), has accepted its first ever bitcoin payment,” announced a recent story on cryptocurrencynews.com  It went on: PwC accepted bitcoin as payment for its advisory services, as it is currently working with multiple startups that deal in bitcoin and the cryptocurrency industry. PwC has also started to…

Let’s return to the following fact pattern recently discussed by CPA Canada’s IFRS Discussion Group: Entity X recognizes a (right of use) asset for a building that it currently occupies as office space. The entity has occupied the building for seven years and has three years remaining on its original 10-year lease. Historically, this ROU…