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…

Carney is trying to trick all of us with some accounting sleight of hand, opines the title of a recent National Post article. It’s written by Kim Moody. Here are some extracts: During the Liberal Party leadership campaign, (Canadian Prime Minister Mark) Carney said he would separate the federal budget into an “operating budget” and a “capital…

Here’s an overview of a recent enforcement action filed by the Ontario Securities Commission: Purpose Investments Inc. (Purpose) is a registered investment fund manager based in Toronto, Ontario. During the period September 2019 to March 2023 (the Material Time), Purpose made sales communications which falsely stated or suggested that: (a) Purpose considered ESG factors when…

IFRIC recently discussed the classification of a foreign exchange difference from an intragroup monetary liability (or asset).  The fact pattern involves an entity that enters into a loan with its subsidiary; the entity and its subsidiary have different functional currencies. This intragroup loan is denominated in the functional currency of either the entity or its…

One of the many challenging aspects of standard-setting is the fine-tuning of a standard’s scope and application: that is, to what degree and under what circumstances affected entities should be given a break from some of the requirements. This is from the basis for conclusions to IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information :…

As I’ve noted before, one of my bigger regrets is the time I spent on the cause of executive compensation disclosure, pretty much all of which was wasted: As I put it here nine years ago: Enhanced disclosure was intended to provide a control on such arrangements (“sunlight is the best disinfectant”); now it’s generally…