The IASB has issued an exposure draft of Improvements to IFRS 8 Operating Segments, with comments to be received by July 31, 2017. The proposed amendments follow up on various bits and pieces that came out of the Board’s post-implementation review of the standard a few years ago. Here’s how the exposure draft sums them up:…
A recent National Post article provides a rare example of a technical accounting issue catching the mainstream media spotlight. Written by Sunny Freeman, it’s titled “’Biological assets’: Accounting rules are adding haze to marijuana company financials.” Here are some extracts: “If the accounting regime that governs Canada’s burgeoning marijuana industry seems a little hazy to…
Some of Canada’s provincial regulators recently released CSA Multilateral Staff Notice 51-349 Report on the Review of Investment Entities and Guide for Disclosure Improvements, which “summarizes key findings from an Ontario Securities Commission (OSC) staff review of the continuous disclosure of reporting issuers that meet the definition of an investment entity under IFRS 10 Consolidated Financial Statements.” The…
We’ve looked several times already (here and here) at the concept of an active market as defined in IFRS 13, in particular through a couple of instances where European regulators took issue with an issuer’s contention that a particular shareholding wasn’t traded in such a market. CPA Canada’s IFRS Discussion Group recently considered the same…
Among the easier lessons to extract from the Trump presidency (not that any of them were needed, certainly not at such a wretched cost) is the inadequacy of social media, and of Twitter in particular, as a medium for conveying any message more complex than “I like cake”… I’ve written here several times about my…
Dr. Al Rosen is clearly one of the most high-profile accountants in Canada, and has been for years. No one has talked and written so consistently about the inherent limitations of financial statements, or tried so hard to shake users out of their potential complacency. Anyone who keeps track of Rosen’s articles and other public…
A European example of a significant judgment made under IFRS 10 As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA recently…
The UK’s Big Innovation Centre recently released a Policy Report resulting from its “The Purposeful Company” project. The background to the report is as follows: “The Task Force is a consortium of FTSE companies, investment houses, business schools, business consultancy firms and policy makers. It has been examining how the governance and capital markets environment…
As we’ve discussed in many previous articles, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2018. The new standard is built around a five-step framework, the second step being to identify the performance obligations in the contract. A performance obligation is: A promise…
The US FASB has issued an exposure draft of changes to the disclosure requirements for inventory, with comments due by March 13, 2017. Here’s how they summarize the proposals, which would be applied prospectively: “The amendments in this proposed Update would modify the disclosure requirements for inventory. The following additional disclosures would be required …for…
John Hughes IFRS Blog 