As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Here’s the summary of the approach to lessee accounting: “IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term…
As part of its multi-faceted disclosure initiative, the IASB has finalized its amendments to Statement of Cash Flows, effective for annual periods beginning on or after January 1, 2017. The amendment adds the following requirement: “An entity shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities,…
Some European observations on compliance with IFRS 13 We’ve already covered some of the material in the ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014, issued a while ago by the European Securities and Markets Authority. Here’s another extract: “Considering the date of the first application of IFRS 13 Fair Value Measurement,…
The Canadian Securities Administrators have recently issued a revised version of CSA Staff Notice 52-306 Non-GAAP Financial Measures. The biggest surprise to readers might be that the revision actually results in a shorter document – it’s only about two thirds as long as its predecessor. The previous version was titled “Non-GAAP Financial Measures and Additional…
The IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Here’s an extract from the news release: (IFRS 16) replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major revision of the way in which…
Observations on a speech given by IASB Chair Hans Hoogervorst in Washington on December 10, titled IFRS: 2015 and beyond. Here’s an extract: “One of the challenges for the coming years will be to ensure that IFRS further strengthens its relevance in an ever-changing world. The world of financial statements needs to be the anchor…
The Alberta Securities Commission has recently issued its 25th Annual Corporate Finance Disclosure Report The report contains observations on MD&A, prospectuses and other matters, but I’ll just focus here on what it has to say about financial statements. It highlights four IFRS-related areas in particular, and digs into some of these in somewhat greater detail…
The wonderful possibilities for advancement in and around the IASB When the burdens of life get me down, I like to fantasize about escaping to a brighter existence, of the kind you might have if you worked for the IASB. Just consider the possibilities of this real-life opportunity: “We are looking for an experienced and knowledgeable hedge…
The wonderful multiple identities of the world’s favourite acronym Of course, acronyms are terrific time-savers, but sometimes, inevitably, they cause a little confusion too. For instance, as someone who worked for a few years in securities regulation, I spent time immersed in the detailed grindings of the CSA, that is the Canadian Securities Administrators, so…
Reports suggest that Twitter is struggling with its strategic direction. Based on my IFRS-related research on there, as I previously summarized here, that’s no surprise: it’s almost invariably a waste of time. I’m not saying you don’t learn anything. For example, I wouldn’t have known that IFRS (or more precisely “IFRs”) is also used as the acronym…
John Hughes IFRS Blog 