by John Hughes 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 15th edition: “The issuer is in the retail industry and has a significant network of branches of merchants and retailers.…
Two aspects of IFRS 15 where the SEC has already expressed particular interest By now we’ve spent no less than sixteen (!) previous articles discussing aspects of the new revenue recognition standard, IFRS 15, effective for financial years beginning on or after January 1, 2017. In general, it’s not really plausible to highlight some aspects of the…
How IFRS 15 might affect the accounting for a specialized area of practice As we summarized here, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017 (NB this was subsequently amended to January 1, 2018). The standard is much longer than…
The IASB has issued Classification of Liabilities, an exposure draft of proposed amendments to IAS 1, with comments to be received by June 10, 2015. The proposals are intended to clarify “that classification of liabilities as either current or non-current is based on the rights that are in existence at the end of the reporting…
Thoughts on recent remarks by IASB Chair Hans Hoogervorst In the famous film The Third Man, Orson Welles’ character Harry Lime delivers the following meditation: “You know what the fellow said – in Italy, for thirty years under the Borgias, they had warfare, terror, murder and bloodshed, but they produced Michelangelo, Leonardo da Vinci and…
The OSC has issued OSC Staff Notice 51-723 Report on Staff’s Review of Related Party Transaction Disclosure and Guidance on Best Practices. Here’s the high-level summary from the news release: “A Related Party Transaction (RPT) is a normal feature of business, and occurs between an issuer and a related party of the issuer at the…
Here’s an issue recently considered by the Canadian IFRS Discussion Group: “Current Canadian tax legislation permits entities in mining or oil and gas exploration, and entities in certain emerging technologies, to issue securities to investors whereby the deductions for tax purposes related to expenditures made previously, or in the future, may be claimed by the…
The OSC has issued OSC Staff Notice 51-724 Report on Staff’s Review of REIT Distributions Disclosure. Here’s the summary from the news release: Real estate investment trusts (REITs) provide investors with cash flow in the form of distributions. However, REITs are subject to a number of factors that may negatively affect their cash available for…
An example of how the new IFRS 15 may require re-examining existing practices in a common area As we summarized here, the IASB has issued IFRS 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2017 (NB this was subsequently amended to January 1, 2018). The new…
Here’s an extract from a recent speech delivered at the 2014 AICPA National Conference on Current SEC and PCAOB Developments by T. Kirk Crews, Professional Accounting Fellow in the Office of the Chief Accountant: “From time to time, the staff reviews restatement data to understand current trends and potential practice issues. One observation that we…
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