Armand Capisciolto, Chair of Canada’s Accounting Standards Board, recently returned to the topic of politics in standard-setting… Here are some extracts: In recent years, I have heard some say, that accountants will save the world, while others have complained that standards setters are politically motivated to influence behaviour.  I believe both views miss the mark. …

In 880 previous posts on this blog, I’ve never once mentioned IAS 29 Financial Reporting in Hyperinflationary Economies… Let’s remedy that today! IAS 29 is built on the premise that “In a hyperinflationary economy, reporting of operating results and financial position in the local currency without restatement is not useful. Money loses purchasing power at…

We looked here at the following announcement by the retailer WH Smith PLC: In preparation for the Group’s year end results for the financial year ending 31 August 2025, a current financial review has identified an overstatement of around £30m of expected Headline trading profit in North America. This overstatement is largely due to the…

As we discussed here, IFRIC recently discussed a fact pattern involving an entity that enters into a loan with its subsidiary… In the fact pattern, the entity and its subsidiary have different functional currencies; the intragroup loan is denominated in the functional currency of either the entity or its subsidiary; and isn’t part of the entity’s…

Let’s return to the upcoming IFRS 18, Presentation and Disclosure in Financial Statements… As we covered here, a key aspect of the new standard is its treatment of management-defined performance measures (MPMs), subtotals of income and expense that aren’t specifically required to be presented or disclosed under IFRS, but that an entity uses in public…

The Securities and Exchange Commission recently issued a concept release on foreign private issuer eligibility. Qualifying foreign companies listing in the US (termed “foreign private issuers”) receive various exemptions from the rules applying to domestic US companies, including the ability to file their statements in compliance with IFRS rather than with US GAAP. The concept…

Here’s yet another low point in Elon Musk-dom, as reported by CNN: Tesla shareholders approved a pay package on Thursday that could make CEO Elon Musk, already the world’s richest person, the world’s first trillionaire. Tesla announced that more than 75% of shares voted in favor of the pay package during the company’s annual shareholder…

As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 38 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA a while ago published some extracts from its confidential database of enforcement…

IFRIC recently considered the following fact pattern: a battery owner and an electricity retailer are registered participants in a gross pool electricity market. The battery owner and the electricity retailer enter into a battery offtake arrangement. Under the terms and conditions of the offtake arrangement, the battery owner retains custody of the battery but is…

We recently looked at Trump’s proposal to move US companies away from quarterly and toward semi-annual financial reporting… …noting along the way that Canadian regulators would no doubt move in the same direction, and that one almost hoped for them to get there first, if even just for the sake of not always seeming to…