The IASB is calling for feedback on the IFRS Standards for group accounting—IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Here’s how the news release summed that up: The Request for Information has been published as part of the Post-implementation Review (PIR) of these Standards. PIRs are carried out to assess…

Well, here’s something exciting! The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today announced the appointment of Prof Dr Andreas Barckow to serve as Chair of the IASB, effective July 2021. He will succeed Hans Hoogervorst, who completes his second five-year term in June…

Let’s return to the IASB’s exposure draft General Presentation and Disclosures. The comment period closed on September 30, 2020, after being extended because of covid-19; there were 215 comment letters. We recently looked at some of the reaction relating to the following proposed definition and related note disclosure requirements: Unusual income and expenses are income…

Let’s return to the IASB’s exposure draft General Presentation and Disclosures. The comment period closed on September 30, 2020, after being extended because of covid-19; there were 215 comment letters. We’ve already looked at the reaction to a couple of the proposals. Here’s another one: Unusual income and expenses are income and expenses with limited…

Here are three contrasting recent disclosures: On May 1, 2020, the Company received a loan of $40,000 pursuant to the Canada Emergency Business Account  (“CEBA”). The CEBA  provides  zero-interest,  partially  forgivable  loans  of up  to  $40,000  to small businesses that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent,…

Let’s return to the IASB’s exposure draft General Presentation and Disclosures. The comment period closed on September 30, 2020, after being extended because of covid-19; there were 215 comment letters. We looked recently at some of the reaction to the proposals on “management performance measures.” Another key proposal was that an entity should present a…

I started writing about IFRS around 2008… …in the run-up to Canada’s conversion to IFRS in 2011, and the landscape was heavily dominated by the then-active debate about whether the US should make the same leap. There was some vehemently colourful anti-IFRS commentary floating around in those days. Asked in 2010 to comment on the…

Here’s the background to another issue recently discussed by Canada’s IFRS Discussion Group: An entity may acquire an asset or a group of assets that do not comprise a business by issuing multiple financial instruments. Careful analysis is required to determine whether these instruments are in scope of IFRS 2 Share-based Payments. This standard can…

It’s been a while since we mentioned the IASB’s exposure draft General Presentation and Disclosures, so let’s dip into it today. The comment period closed on September 30, 2020, after being extended because of covid-19. One of the headline-grabbing proposals was a new definition of “management performance measures,” defined as follows: subtotals of income and…

In my last entry, I said that if Trump wins, it will only be because of an abject mass surrender to blindly ugly short-termism, a rejection of science and governance and of rationality itself, aided by a malfunctioning democracy and widespread mendacity. Well, at the time of this post, the outcome is still unclear, but…