I remembered a speech of IASB Chair Hans Hoogervorst’s from a few years ago, containing the following passage: You have probably heard of the familiar curse: ‘may you live in interesting times’. Although this proverb is usually attributed to ancient China, it is actually nowhere to be found in Chinese literature. The closest Chinese proverb…
Many commentators have noted how the collective response to the ongoing coronavirus outbreak, for all its imperfections, demonstrates a sense of purpose and ruthlessness entirely missing from the “fight” against climate change… You might choose to see some cause for hopefulness in there – that is, we’ve shown we can do it once, so maybe…
As we’ve discussed a few times previously, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. Here’s one of the new sections: An entity shall present in the primary financial statements or disclose in the notes the nature and amount of each…
My article of a few weeks ago about the coronavirus already seems to have been overtaken by events… For example, I noted the significant decline in the stock price of various entities, and said: My intention here isn’t at all to discount the individual cases of loss and anxiety caused by the virus, but rather…
Warren Buffett Torches Corporate America, Spells Doom for Stock Market announces the headline of a recent CCN.com commentary The article says: “Buffett’s 2019 letter is soaked through with his conviction that much of corporate America’s numbers are fake. He begins with the same admonition in his 2018 letter against the new Generally Accepted Accounting Principles…
As we discussed here, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. One of the proposals’ most headline-grabbing aspects is the new concept of “management performance measures,” defined as: subtotals of income and expenses that: (a) are used in public…
I don’t dive into the technicalities of deferred tax too often in this space, because, you know, it’s nice to keep at least a handful of readers… But let’s make an exception today, courtesy of this fact pattern recently considered by IFRIC: an entity acquires an intangible asset with a finite useful life (a licence)…
As I write this post, the so-called “coronavirus” provides a rather depressing illustration of the fragility of many things, not least the hopes for rational long-term investing. While every day provides additional speculation on the financial impact, here are a few snippets from the past couple of weeks. (Thomson Reuters) (Finance Minister Bill) Morneau told…
As we discussed last time, the IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. Here’s one of the proposed new sections: Unusual income and expenses are income and expenses with limited predictive value. Income and expenses have limited predictive value when…
The IASB has issued for comment its long-awaited exposure draft General Presentation and Disclosures, with comments to be received by June 30, 2020. It’ll take a number of articles to cover all the main points. To start off with, let’s take the following proposal: The Exposure Draft proposes that an entity present the following new…
John Hughes IFRS Blog 