Here’s a tentative agenda decision recently issued for comment by IFRIC: The Committee received a request about the accounting applied by an entity that is no longer a going concern (as described in paragraph 25 of IAS 1 Presentation of Financial Statements). The request asked whether such an entity…can prepare financial statements for prior periods on…

Momentum continues toward establishing a sustainability standards board… One of the most recent bulletins came in the wake of a meeting of IFRS Foundation trustees in early March, including the following: The Trustees welcomed the February 2021 public statement by the IOSCO Board, announcing IOSCO’s intention to work with the IFRS Foundation in developing a plan…

You’ll recall that right of use assets recognized under leasing arrangements are subject to the impairment requirements of IAS 36, and tested for impairment when indicators exist… If such indicators exist, an entity determines whether the ROU asset can be tested on a stand-alone basis or whether it should be tested as part of a…

Here’s a tentative agenda decision recently issued for comment by the IFRIC: The Committee received a request about the costs an entity includes as the ‘estimated costs necessary to make the sale’ when determining the net realizable value of inventories. In particular, the request asked whether an entity includes all costs necessary to make the…

The IASB has issued Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 IAS 1 currently requires that “an entity shall disclose its significant accounting policies comprising: (a) the measurement basis (or bases) used in preparing the financial statements; and (b) the other accounting policies used that are relevant to…

The Canadian Securities Administrators have issued CSA Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements, based on reviewing “the continuous disclosure filings of approximately 90 issuers across a broad spectrum of industries and size of operations, focusing on the disclosures of the most recent reporting period ending September 30, 2020.” Here’s…

Early last year, the IASB published “a Discussion Paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been.” We already looked at the reaction to a few aspects of the paper. Another of its key notions is that “Investors have said that companies…

We’ve already looked at the IASB’s Covid-19-related rent concessions, amendments to IFRS 16, effective for annual reporting periods beginning on or after June 1, 2020, with earlier application permitted. This is how the accompanying news release summed it up: The amendment exempts lessees from having to consider individual lease contracts to determine whether rent concessions…

CPA Ontario has issued a thought leadership report CPAs and the New Social Contract – The Rise of the Warrior Accountant. Here’s what that title refers to: In 2020, Financial Times columnist Gillian Tett called attention to the “suddenly not-so-boring” accountants working to harmonize (environmental, social and governance) reporting at the World Economic Forum in…

Early last year, the IASB published “a Discussion Paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been.” We already looked at some of the reaction to the paper’s discussion on potentially reintroducing amortization of goodwill, and on some of its disclosure proposals.…