One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…
At a recent meeting of the Accounting Standards Advisory Forum, the group discussed the ongoing Management Commentary project. Among the issues set out in the underlying agenda paper was the staff’s proposal “that the revised Practice Statement will describe how management could apply (various) aspects of neutrality that could alter a user’s assessments.” The concept…
Canadian Accountant recently published Overwhelming Evidence of IFRS Failure, an article by our old friend Al Rosen The article is classic Rosen, a sort of accounting-commentary equivalent of an aging rock star touring his greatest hits, wooing even skeptics with the implied promise that we might never get to hear them again (even as we…
Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 22nd edition: Subsidiary A of the issuer issued perpetual notes. The issuer faced liquidity issues. One of the provisions of the financing agreement…
The IASB has issued a project summary on its research into discount rates Here’s how it summed things up: Some IFRS Standards require or allow companies to use different discount rates for estimating future cash flows. In some cases, the differences are clearly justified because they reflect different risk factors or circumstances. In other cases, the reasons…
As I post this article, Brexit is less than three weeks away, although by the time you read this (even if you’re reading it fairly promptly) that may no longer be true, overtaken by a postponement, or by Britain choosing instead to sink into the sea… From my point of view, the only discernible virtue…
One hundred academics and non-academics recently met in Sydney, Australia, for the 2018 IASB Research Forum, to discuss some of the latest research into financial reporting matters. The Forum is organized annually by the IASB in collaboration with an academic journal to create a platform for presentations and discussions of new accounting research of relevance…
CPA Canada has recently been engaged in an initiative it terms “FORESIGHT” Here’s some of the accompanying narrative: Are You Ready to Imagine a Possible Future? CPA Canada introduces FORESIGHT, an initiative that brings CPAs and the broader business community together to discuss the industry’s most relevant issues, like obsolescence by automation, predicting future skillsets…
Returning to a key element of IFRS 15… We looked in the past at the following principle: An entity transfers control eof a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time, if it meets one of the following criteria: (a) the customer simultaneously receives and consumes the…
The IASB has issued Onerous Contracts— Cost of Fulfilling a Contract, an exposure draft of proposed amendments to IAS 37, with comments to be received by April 15, 2019. I recall that when Canada was making the conversion to IFRS, the “onerous contract” requirements of IAS 37 received a disproportionate amount of attention in summaries…
John Hughes IFRS Blog 