IFRS 3 – more reasons not to be so cheerful!

Some European observations on the quality of compliance with aspects of IFRS 3 As we discussed here, the IASB recently completed its post-implementation review of IFRS 3 Business Combinations. If that’s not enough insight into the state of things with this standard, you can also look to the ESMA Report on Enforcement and Regulatory Activities…

Improving the conceptual framework – except for the bits about stewardship?

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. Here’s one of the proposed new passages: “Information about how efficiently and effectively the entity’s management has discharged its responsibilities to use the entity’s resources helps…

Improving the conceptual framework – except for the bits about measurement?

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. As you’d expect, a large chunk of the proposals deals with measurement, noting: “consideration of the objective of financial reporting, the qualitative characteristics of useful financial…

Post-implementation review of IFRS 3 – it’s almost perfect!

The IASB recently completed its Post-implementation Review of IFRS 3 Business Combinations. This is how the news release summed up the exercise: “It shows general support for the accounting requirements in the Standard but identifies some areas where further research will be undertaken, including accounting for goodwill. The IASB conducts Post-implementation Reviews (PIR) of its…

Improving the conceptual framework – with appropriate prudence?

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. As at present, the proposal sets out faithful representation as a fundamental qualitative characteristic of financial information – that is: “Financial reports represent economic phenomena in…

Let’s get rid of quarterly reports! At least for some!

A recent article in the National Post sets out a case “for ditching the quarterly financial report,” summed up by the headline: Quarterly earnings are mostly noise. Written by Drew Hasselback, the article kicks off like this: Corporate governance experts have a simple suggestion for those worried about the adverse effect of “short-term” stock performance on…

Improving the conceptual framework…except for the bits about equity?

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. The proposals retain the current definition of equity, as “the residual interest in the assets of the entity after deducting all its liabilities,” adding a few…

Changes to the conceptual framework – because foundation matters!

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. Here’s how the news release summarized this step: The Conceptual Framework underpins International Financial Reporting Standards (IFRS) and helps the IASB to develop Standards that bring transparency, accountability and efficiency…