A European example of the difficulty of recognizing a deferred tax asset for unused tax losses Here’s another of the issues from some extracts of enforcement decisions recently issued by the European Securities and Markets Authority (ESMA) (for more background see here): “The issuer is a commercial bank. In the consolidated IFRS financial statements for…
The OSC has issued Staff Notice 52-722 Report on Staff’s Review of Non-GAAP Financial Measures and Additional GAAP Measures. In the OSC’s terminology, “non-GAAP financial measures are often found in public documents, such as Management Discussion & Analysis (MD&A), press releases, prospectus filings, websites and marketing materials. Additional GAAP measures presented in the financial statements…
In its recent Annual Improvements to IFRSs: 2010-2012 cycle, the IASB has returned to the IAS 24 requirement to disclose compensation paid to key management personnel. I’ve written in the past that this seems to me one of the least useful disclosures in all of IFRS – it’s very difficult to see how anything coming…
Looking at one of the most perplexing aspects of accounting for financial instruments under IFRS. For this post visit http://mnp.ca/en/media-centre/blog/2013/12/20/cash-settlement-options-for-equity-linked-conversion-features-in-convertible-debt
How much emphasis does IFRS place on the distinction between public and private entities? For this post, visit http://mnp.ca/en/media-centre/blog/2013/12/10/public-versus-private-what-does-ifrs-say
The IFRS Foundation recently issued a news release announcing its gathering of “solid evidence that IFRS has already become the de facto global language for financial reporting.” This is based on research of how IFRS used in 122 companies, yielding the following key findings: “Nearly all of the jurisdictions have made a public commitment to…
The United Kingdom regulator issues a series of calls to action on the topic of improving disclosures The director of the UK’s Financial Reporting Council recently issued “a series of calls to action for preparers and auditors to consider improving the quality of disclosures in annual reports.” This chimes with the IASB’s current focus on…
The CSA recently published amendments to its rules so that investment funds will start reporting under IFRS in 2014 The Canadian Securities Administrators recently published amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, effective for financial years beginning on or after January 1, 2014. This ends a process that ended up stretching over four…
A European example of how disagreements might arise in classifying financial instruments As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators. ESMA…
The IASB has issued a package of amendments to the forthcoming financial instruments accounting standard IFRS 9, including delaying the effective date On November 19, 2013, the IASB issued a package of amendments to the much-delayed new financial instruments accounting standard, IFRS 9. Here’s the very high-level summary: “The amendments: bring into effect a substantial…
John Hughes IFRS Blog 