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Category Archives: Foreign currency
More thoughts on functional currency under IFRS – development-stage entities
by John Hughes In my last post on some of the issues relating to functional currency under IFRS, I skipped over a question that’s come up a few times in practice. Many Canadian entities, particularly in the resource industries (and let’s assume … Continue reading
Posted in Foreign currency, IFRS
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Changing functional currency under IFRS – some implications…
by John Hughes The IFRS conversion effort is forcing quite a few companies to reconsider their functional (measurement) currency, or that of their subsidiaries. IFRS defines the concept much more specifically than Canadian GAAP, as the currency of the “primary economic environment … Continue reading
Posted in Foreign currency, IFRS
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Future income taxes and non-monetary assets – in for a penny…
by John Hughes Pan American Silver Corp highlights one of the more commonly-cited differences between IFRS and Canadian GAAP in the area of income taxes: (On this occasion I’ll leave you in suspense about what that second item might be!) … Continue reading
Posted in Foreign currency, IFRS, Income taxes
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What’s in the net investment?
by John Hughes Sherritt International Corporation and Northland Power Income Fund provide examples of an issue that’s come up from time to time in the IFRS changeover disclosures: The significance of the foreign currency ”net investment” in a self-sustaining foreign operation, as … Continue reading
Posted in Foreign currency, IFRS
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Foreign currency warrants – focusing on concepts
by John Hughes I’ve written here in the past about how some of the differences between IFRS and Canadian GAAP initially sound just like technicalities, but on deeper reflection, the IFRS position usually turns out to have a little more acuity. … Continue reading
Posted in Financial Instruments, Foreign currency, IFRS
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