A recent article in CPA Canada’s Pivot magazine, written by Gord Beal, posits that “a new capitalism requires a new accounting.” Here’s an extract: Investors and business leaders are joining others who are challenging an unsustainable status quo. Although the degree and speed to which capitalism will evolve remains to be seen, dramatic shifts in…

The IASB has issued amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective for annual reporting periods beginning on or after January 1, 2023 The amendments express themselves primarily with reference to accounting for leases under IFRS 16, but they also apply to decommissioning obligations, and perhaps in other…

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 covered here, 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…

IASB consults on a new framework for management commentary reflecting changes in corporate reporting landscape, announces a recent news release Here’s how it sums it up: Management commentary—in some countries referred to as management discussion and analysis—is a report that complements a company’s financial statements. The proposed framework represents a major overhaul of IFRS Practice Statement…

Well, we’re almost at the end of the Hans Hoogervorst era… As you’re probably aware, if you’re interested in the subject matter of this blog, he will be replaced in July by Prof Dr Andreas Barckow, formerly President of the Accounting Standards Committee of Germany. I previously provided exclusive access to a sampling of the…

Canadian regulators seek comment on proposal to streamline continuous disclosure requirements, announces a recent news release Here’s the summary: The Canadian Securities Administrators (CSA) is proposing changes to the continuous disclosure requirements for non-investment fund reporting issuers that will streamline and clarify their annual and interim filings.   “We have identified areas where we can…

Canadian securities regulators publish final rule for non-GAAP and other financial measures, announces a recent news release Here’s some of what it says: The Canadian Securities Administrators (CSA) today published disclosure requirements for issuers that disclose non-GAAP (generally accepted accounting principles) and other financial measures on a voluntary basis. The rule improves the quality of…

Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: Entity A enters into a contract for a ground lease of land and begins construction of a manufacturing facility where it will operate its manufacturing plant. The contract is determined to be a lease under IFRS 16. The lease commenced on September…

The European Securities and Markets Authority (ESMA) has issued its report on Enforcement and regulatory activities of European enforcers in 2020. The report provides “an overview of the activities of ESMA and of accounting enforcers in the European Economic Area…when examining compliance of financial and non-financial information provided by issuers in 2020 (and) presents the…