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Author Archives: admin
Impairment of available-for-sale securities: what d’you mean it’s temporary?
by John Hughes Reitmans (Canada) Limited illustrates another of the many differences between IFRS and Canadian GAAP in the area of financial instruments: Has there ever been a more arbitrary accounting creation than the cookbook of rules for instruments classified … Continue reading
Posted in Financial Instruments, IFRS, Impairment
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Other comprehensive income – of the utmost importance?
by John Hughes I’ve written before about the IASB’s request for comment about its future work plan. Summarizing the response in a recent Investor Perspectives article, IASB member Patrick Finnegan says: “There is one project…that respondents to the agenda consultation … Continue reading
Posted in Comprehensive Income, IFRS, Investor education
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Good news for the IFRS-inclined dummies, whoever they are
by John Hughes When I was writing my book IFRS Literacy: Understanding the New Financial Statements, I was often asked if this was a kind of “IFRS for Dummies” (often with a self-deprecating comment that the questioner could use exactly … Continue reading
Posted in IFRS, Investor education
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Debit balances on non-controlling interests – what does it all mean?
by John Hughes I’ve written in the past about one aspect of accounting for non-controlling interests. Neptune Technologies & Bioresources Inc. provides an excuse to cover off some other aspects of the issue: The second issue mentioned by Neptune – … Continue reading
Posted in Consolidation, Disclosure, IFRS
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Let’s dump IFRS, before it kills someone!
by John Hughes Al and Mark Rosen, long-time scourges of IFRS, have written a rather gloating article called Turning against IFRS, pouncing happily on the “expanding list of executives and companies that are addressing—through actions or words—the shortcomings of IFRS.” … Continue reading
Posted in IFRS, United States
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Definition of a business: the sum of the parts…
by John Hughes As part of its accounting policy disclosure for business combinations, Kinross Gold Corporation provides a strikingly lengthy description of a certain aspect of things: Of course, if all the company’s policies were as detailed as this, then … Continue reading
Posted in Business combinations, IFRS
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More IFRS twitter adventures – almost time for cupcakes!
by John Hughes Once again, as an Easter treat and important public service, I’m presenting for your education and enlightenment a selection of real-life tweets mentioning IFRS, presented here in unedited and unexpurgated form (the last edition was here – you … Continue reading
Posted in IFRS, Social media
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Cash and cash equivalents – more complex than we knew!
by John Hughes Today’s issue isn’t very important in the great scheme of things (even the IFRS-defined great scheme of things) but it seems to say something about the exhausting weight of the financial reporting structure we’ve built for ourselves. … Continue reading
Posted in Cash and cash equivalents, Financial Instruments, IFRS
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Classification of liabilities, or goodbye to a beloved Canadian accommodation
by John Hughes Looking back a few years at the initial communications about the anticipated impact of IFRS in Canada, it’s clear some issues were disproportionately highlighted, others unduly overlooked. The most obvious example is componentization of property, plant and equipment, … Continue reading