The Ontario Securities Commission recently filed an Application for Enforcement Proceeding against KPMG LLP, for audit failures relating to KPMG’s 2019 and 2020 audits of four funds managed by Bridging Finance Inc. As the news release summarizes things: After completing its audits, KPMG issued independent auditor’s reports directed to fund unitholders stating KPMG’s opinion that…

The IFRS Foundation recently published its 2025 Annual Report, bearing the title “Fit for the Future.” The financial highlights, as summarized in the news release: The Foundation reported total comprehensive income of £1.3 million for the year, increasing reserves to £49.2 million. The results reflect the impact of the cost-reduction programme, continued cost management and…

IFRIC recently issued the following tentative agenda decision (open for comment until May 29, 2026): Fact pattern An entity was involved in setting the purpose and design of an investee when the investee was established. At that time, the entity concluded—applying IFRS 10—that it controlled the investee. At a later date, the governing document of…

We’ve looked recently at several initiatives to reduce disclosure and compliance obligations for smaller public companies. SEC Chair Paul Atkins returned to the topic in a recent speech: One of my highest priorities with respect to the SEC’s disclosure rules is to scale the requirements with the company’s size and maturity. Balancing disclosure obligations with…

I came across a fascinating posting on X (or tweet, as I still call them): Job didn’t deny his losses. He acknowledged them openly: “The Lord gave, and the Lord has taken away.” (Job 1:21) IFRS 5 agrees Take the loss as soon as it’s clear, Don’t pretend everything is fine because the asset still…

Is the SEC regulating for a pre-AI world? asks the CFA Institute’s Sandy Peters. That’s in an excellent recent article on cfo.com. Here are some extracts: In December, the 2025 AICPA Conference on Current SEC and PCAOB Developments opened with a conversation with the Securities and Exchange Commission’s Chair, Paul Atkins. While he did not…

Canada’s audit regulator, the Canadian Public Accountability Board, recently published its first individual firm inspection reports. This is how the news release put it: The reports are now available on CPAB’s website and will be published on an ongoing basis. This initiative enhances transparency and provides stakeholders with greater insight into the results of CPAB’s regulatory oversight…

As we addressed here, Investors for Paris Compliance recently issued the report Accounting for the Canadian Oil & Gas Liabilities Gap. We looked last time at some of the report’s observations on financial statement disclosure. Another of its findings is “a potential massive overall liability gap based on a leaked Alberta Energy Regulator (AER) estimate…

The UK’s Financial Reporting Council recently issued the results of a thematic review on Reporting by the UK’s smaller listed companies. The review consisted of “a desktop review of 20 companies with year-ends between September 2024 and April 2025 operating in a range of market sectors.” These are the main findings noted: Improvements could be…

The IASB has issued Amendments to the Fair Value Option for Investments in Associates and Joint Ventures, an exposure draft of proposed amendments to IAS 28, with comments to be received by April 20, 2026. Paragraphs 18–19 of IAS 28 permit an entity to elect to measure an investment in an associate or a joint…