Here’s the background to an issue recently discussed by Canada’s IFRS Discussion Group: “The marketplace has evolved such that there are new types of entities emerging that have non-traditional structures in terms of raising capital (for example, crowd funding) or being structured as an investment (for example, closed-end funds). Crowd funding is the raising of…
The IASB recently posted on its website a summary report on an investor outreach event on profit or loss and the role of other comprehensive income, held on July 1, 2015 in cooperation with the European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), and the Association Belge des Analystes…
As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. We’ve looked at the proposed changes in four previous posts. However, the FASB is proposing changes to its corresponding revenue standard in other areas as well. Here they are, along…
To no one’s surprise, the IASB has issued an amendment to the revenue standard, IFRS 15 Revenue from Contracts with Customers, formalizing the deferral of its effective date by one year to 2018. Here’s how the news release summarizes this action: “The publication of the amendment, Effective Date of IFRS 15, follows from the IASB’s…
As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. The standard is built around a five-step framework, including the key step of identifying the performance obligations contained in a contract with a customer: that is, the separate promises contained…
A European example of interpreting one of the key concepts in measuring fair values under IFRS 13 Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 16th edition: “The issuer is a…
As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. The standard is built around a five-step framework, including the key step of identifying the performance obligations in a contract. You’ll recall the definition of a performance obligation: A promise…
A European example of non-disclosure in an often important area Here’s another of the issues arising from extracts of enforcement decisions issued in the past by the European Securities and Markets Authority (ESMA) (for more background see here); this is from their 11th edition: “The issuer is an offshore services company which operates on a…
As we discussed here, the IASB has issued its exposure draft of clarifications to IFRS 15, with comments to be received by October 28, 2015. The standard is built around a five-step framework, including the key step of identifying the performance obligations in a contract – that is, all the promises in a contract to…
As we discussed here, the IASB has published for public consultation proposals to improve the Conceptual Framework for Financial Reporting, with comments to be received by October 26, 2015. Among much else, the IASB proposes adding the following new language to the existing discussion of what makes financial information relevant: “One factor affecting the relevance…
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