The IASB has issued Sale or Contribution of Asset between an Investor and its Associate or Joint Venture, amendments to IFRS 10 and IAS 28, driven by questions about the appropriate accounting by an investor for a business it contributes to an equity-accounted investee. The guidance in IFRS 10 suggests that when it loses control of…
How to make the transition to the IASB’s new accounting requirements 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). An entity for which the standard causes a…
by John Hughes The IASB has issued Recognition of Deferred Tax Assets for Unrealized Losses, an exposure draft of proposed changes to IAS 12 Income Taxes, with comments to be received by December 18, 2014. The press release accompanying the exposure draft was unusually plain and stark, as if reflecting that even the IASB’s publicity…
Some issues around the fifth step in the IASB’s new framework for recognizing revenue 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 standard is built…
by John Hughes The speeches by the IASB’s leaders often evoke some tedious game of strategy where every rhetorical point in favour of IFRS is considered to be worth making over and over, even if it accomplishes little more than moving a single piece back and forth between the same two squares. As in some Cold War espionage…
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 standard is built around a five-step framework, and we discussed the first three of these steps here,…
by John Hughes I often look on Twitter for interesting IFRS-related material, but it’s nearly always a barren exercise. How could it be otherwise, you might ask. But I recently came across the following provocative outburst from one user (if you’re not familiar with the format, it reads from the bottom up): Although the train of…
Some issues around the third step in the IASB’s new framework for recognizing revenue 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 standard is built…
by John Hughes The July issue of IFRIC update set out the Committee’s discussion on a rather strange issue. I’ll paste it here in its entirety: “The submitter observed that there are divergent views on the presentation and content of the condensed statement of cash flows (in interim financial statements). One view is that an entity…
Some issues around the second step in the IASB’s new framework for recognizing revenue 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 standard is built…
John Hughes IFRS Blog 