The recent post on reporting about key audit matters caused me to start reflecting on the value of audit more broadly… In that earlier post, I quoted a Swiss Deloitte publication as follows: “A more relevant report may improve the user’s interest in the auditor’s report and their understanding of the audit, adding to the…
I wrote last April about valuing marijuana crops under IFRS, and I probably felt at the time that once would be enough, but the issue continues to have a visibility greatly out of proportion to its relative significance… A couple of weeks ago, two high-profile articles appeared in the Canadian press within a day or…
As we discussed here, the IASB has issued an exposure draft Definition of Material, with comments to be received by January 15, 2018. As the comment period recently closed, we’ll take a quick look on what kind of reaction the proposal received. First, a reminder of the proposed revised definition and supporting language: Information is…
It’s almost a year already since I wrote about digital currency, mainly inspired by the publication Digital currency – A case for standard setting activity. A perspective by the Australian Accounting Standards Board (AASB). I thought I’d return to the topic, simply because it seems to keep coming up. But there’s a practical problem –…
We’ve talked a few times about the issue of character and transparency in financial reporting… Against that backdrop, I was intrigued by the website of the online clothing retailer Everlane. Here’s how it sums itself up in the “About” section: At Everlane, we want the right choice to be as easy as putting on a…
The SEC recently issued Staff Accounting Bulletin 118, setting out some views of the SEC staff on applying the so-called “Tax Cuts and Jobs” Act, signed into US law on December 22nd and therefore “substantively enacted” before the year end (and in time to mess up the holiday season for expert practitioners in the area).…
Here’s another issue considered in the past by CPA Canada’s IFRS Discussion Group: “An entity may settle a loan due to a shareholder by the issuance of the entity’s equity instruments (for example, common shares). This transaction may give rise to a difference between the carrying amount of the shareholder loan and the fair value…
“To enable us to consult widely,” says the IFRS Foundation on its website, “we work closely with a wide network of advisory committees and bodies, representing the many different stakeholder groups that have an interest in and are affected by financial reporting.” It goes on: “These groups and bodies are important channels for us to gather…
It’s time for another batch of real-life tweets devoted to IFRS, which I present here as an important public service in their original form – misspellings, obscenities (and there are some) and other oddities intact. And unlike last time, I’ll leave Trump out of this. Well, the process of scrolling through Twitter for IFRS-related material I might…
The past year provided little respite in the long-established war over non-GAAP measures… You all know how it goes, but here it is again anyway: on the one hand, these measures seem to many to provide a perspective on financial condition or performance that isn’t as clearly obtained from the IFRS-compliant financial statements. On the…
John Hughes IFRS Blog 