Here’s the background to an issue recently discussed by CPA Canada’s IFRS Discussion Group: Under IFRS 16 Leases, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Paragraph B9 of IFRS 16 further requires…
Here’s an issue recently discussed by CPA Canada’s IFRS Discussion Group IFRS 15 Revenue from Contracts with Customers requires an entity to estimate variable consideration when determining the transaction price. The estimated variable consideration should only be included in the transaction price to the extent that it is highly probable that there will not be…
It’s been a while since we returned in this space to the issue of digital financial reporting… …so let’s do so now via the recent report The Future of Financial Reporting – What Size Do You Want? by Professor Peter Wells and Chartered Accountants Australia and New Zealand. Here’s the executive summary: With major economies…
There’s no shortage of available commentary on going concern implications of covid-19… …whether from preparer or auditor perspectives. In some cases, the pandemic will have exacerbated pre-existing conditions; in others, a previously sound business model and cash flow situation may have been decimated. Poor Cineplex Inc. provides a prime Canadian example of changing fortunes. Its…
CPA Canada’s IFRS Discussion Group recently discussed some issues arising from covid-19. The fact pattern for one of them is this: As a result of government-imposed closures due to the pandemic, many businesses have sent employees home with pay. These employees are inactive while at home but are expected to return to work whenever operations…
CPA Canada’s IFRS Discussion Group recently discussed the issue of “client money,” introducing the topic as follows: The term “client money” is used to describe a variety of arrangements in which an entity holds funds on behalf of its clients. Such arrangements may include: a bank may hold money on deposit in a customer’s bank…
The Ceres Accelerator for Sustainable Capital Markets issued Addressing Climate as a Systemic Risk: A call to action for U.S. financial regulators The Ceres Accelerator for Sustainable Capital Markets “aims to transform the practices and policies that govern capital markets in order to accelerate action on reducing the worst financial impacts of the global climate…
Maybe it’s just me, but at the current time it feels wrong to let more than a few blog posts go by without writing about covid-19 – I mean, it is the defining issue of our year, perhaps of our generation (we’ll see). But I don’t have anything new to say about it. So I…
Here in Ontario, Canada, we have something new to read, the recently-issued consultation report of the Capital Markets Modernization Taskforce. The taskforce was established in February 2020 to review and make recommendations to modernize Ontario’s capital markets regulation. The report notes that the last such review concluded in 2003, after three years of work, and…
The IASB has issued Classification of Liabilities as Current or Non-current—Deferral of Effective Date, amendments to IAS 1 I recapped the underlying subject matter at the time of the exposure draft – basically it relates to classifying a liability as current under IAS 1.69 based on the right at the end of the reporting period…
John Hughes IFRS Blog 