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Monthly Archives: December 2009
IFRS impairment disclosures and possibilities for summarized financial information
by John Hughes It’s a common complaint that financial statements get longer and longer, so that even sophisticated users don’t really engage with them in any sort of depth. Disclosure overload and financial illiteracy are real problems I believe, and … Continue reading
Posted in Financial literacy, IFRS, Impairment
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The CSA’s IFRS filing extension: it’s a gift, but only once!
by John Hughes The deadline has now passed for commenting on the CSA’s proposed IFRS-related rule changes. Based on a quick scan of the comment letters posted so far on the OSC website (not very many), the main issue is the … Continue reading
Lease Wars!
by John Hughes Verse Consulting has an interesting blog, under the heading “When it comes to cross-border transactions…Substance Matters.” It recently tackled the topic of leases, a hot topic addressed by the IASB in a discussion paper earlier this year, to … Continue reading
Posted in IFRS, Leasing
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Deferred taxes: all about principles?
by John Hughes Deferred tax is a relative blind spot of mine, as I suspect it is for many people. I should emphasize “relative” though. I was looking at the PWC IFRS blog, where a posting on the subject generates … Continue reading
Posted in IFRS, Income taxes
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Componentization: pain for gain?
by John Hughes If we rank the IFRS standards in terms of their conversion cost for Canadian companies, then the clear winner seems to be IAS 16 Property, plant and equipment, in particular for the dreaded topic of “componentization.” It’s … Continue reading
Posted in IFRS, Property plant and equipment
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Interim Financial Statements…and the kitchen sink too?
by John Hughes The staff of the Accounting Standards Board has issued a commentary: Interim Financial Statements in the Year of Adoption of IFRSs (this isn’t an official primary source of GAAP, but it’s the best we’ve got on the … Continue reading
Posted in IFRS, Interim Financial Statements
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Fair Value: notes from a calculative pragmatist
by John Hughes I came across a fascinating recent speech by Michael Power of the Department of Accounting, London School of Economics and Political Science, called Fair value: the influence of financial economics on accounting. Among much else, the speech … Continue reading
Posted in Fair Value, IFRS
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My IFRS Adventures on Twitter: Where You Gonna Get The Uranium From?
by John Hughes For the last few months, in addition to writing this blog, I’ve also been maintaining an account on Twitter, the social media service which restricts posts (or “tweets”) to 140 characters at a time (I scooped up … Continue reading
Posted in IFRS, Social media
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Changing IAS 37: tied up in knots
by John Hughes The IASB has been tying itself up in knots recently, not unentertainingly (or uninstructively), about revised measurement guidance for IAS 37. Some extracts from the meeting summaries: (July 2009) The objective is to facilitate the use of … Continue reading
Posted in IFRS, Provisions
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