Accounting meets religion in challenge for Islamic banks, announces Reuters in a recent headline: Here’s some of what it has to say: “Reconciling accounting standards and religious principles is challenging Islamic banks and regulators as they adapt to new international book-keeping rules due to come into force in 2018. …The problem for most Islamic financial…
The OSC has issued OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin. The document revisits the topics of going concern and non-GAAP measures, which we’ve covered on this blog several times in the past. On the latter, the document makes the observation that “the presentation and discussion of an extensive number of…
Continuing with some complexities of identifying an entity’s functional currency under IFRS We concluded last time by considering a Canadian mining entity that identities the South African rand as the functional currency of an exploration-stage foreign subsidiary, based solely on its current expenditures. As the discussion of CPA Canada’s IFRS Discussion Group indicates, it may well have to…
A common question relating to identifying an entity’s functional currency under IFRS, on which one can find plenty of diversity in practice. Many Canadian entities, particularly in the resource industries (and let’s assume for this purpose with Canadian dollar functional currencies), have exploration-stage foreign subsidiaries. At the current time, those subsidiaries are incurring the bulk…
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 first step being to identify the contract(s) with the customer. Often of course, this step will be…
In how many ways should we regret the ascent of Trump? I confess I see no hint of a “bright side” to this abomination. Have deeply-rooted anxieties ever settled on such a wretchedly unsuitable means of deliverance? It provides harsh evidence that the world is succumbing to irrationality and recklessness, regardless that its complexities and challenges have never required…
The IASB recently published the conclusions from its recent Agenda Consultation and its five-year work plan. Here’s how the news release summed it up: Listening to feedback from stakeholders, the Board has confirmed that a central theme for its activities until 2021 will be Better Communication in financial statements. The Board aims to improve the communication effectiveness of…
Let’s return now to the topic of Integrated Reporting, as we no doubt should from time to time. Scrolling through the recent material on the <IR> website, I came across a September 2016 speech by Jonathan Labrey, Chief Strategy Officer, IIRC. Here are some extracts: “It is not possible to put a price on trust…
In this space I’ve sometimes commented on initiatives and issues which don’t directly have anything to do with IFRS, the headline topic of this blog, and I suppose the link back to that (because I always feel obliged to make some sort of link) is always pretty much the same: shouldn’t this topic have more…
As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve covered the main aspects of lessee accounting in a series of articles. It’ll only take this one post though to cover the other side of the transaction, the implications for lessors.…
John Hughes IFRS Blog 