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Category Archives: Interim Financial Statements
More fun with deferred taxes
by John Hughes A Canadian company recently reported the following difference on converting to IFRS: In bouncing off real-life examples, it’s always necessary of course to acknowledge that all the relevant facts aren’t evident on the surface of the disclosure; … Continue reading
Posted in IFRS, Income taxes
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Interim period statements of cash flows – gimme more columns!
by John Hughes It’s rare to find any aspect of financial statements where companies consistently provide more information than they have to, but the transition to IFRS may have generated one of these, relating to the statement of cash flows. … Continue reading
Investment tax credits – not aware of problems!
by John Hughes The CICA’s IFRS Discussion Group recently addressed the issue of investment tax credits, summarizing the discussion as follows: Under existing Canadian GAAP, specific guidance is provided for accounting for investment tax credits (i.e., a government incentive). IFRSs … Continue reading
Posted in IFRS, Income taxes, Investment tax credits
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Income taxes in the cash flow statement…an acceptable variation?
by John Hughes As I write, the first quarter IFRS financial statements are flooding in, and at least superficially, things are looking good, with lots of seemingly clear, systematic, comprehensive disclosure. Of course, I’m not so naive as to think … Continue reading
Posted in Cash flow statements, IFRS, Income taxes
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Interim financial statements and inventory – no more special treatment…
by John Hughes Cinram International Limited highlights an issue that might occasionally be significant to the interim reporting of some entities: Both IFRS and Canadian GAAP generally see little reason for differences between annual and interim statements in how items … Continue reading
Some examples of IFRS disclosure in 2010 year-end MD&A – Part 2
by John Hughes Another batch of these disclosures (the first installment was here), again focusing on year-end filings containing information about the impact of IFRS both on equity/the balance sheet and on the income statement. First, here’s an extract from … Continue reading
Posted in Borrowing costs, IFRS, Income taxes, MD&A
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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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How IFRS changes securities rules – it’s finally here!
by John Hughes Last week the Canadian securities regulators finally issued the various rule changes resulting from the pending changeover to IFRS. Most of these are merely procedural or technical in nature, such as amending terms and definitions that otherwise … Continue reading
Replacing the accounting camels
by John Hughes Indigo Books & Music Inc. highlights an interesting difference between IFRS and Canadian GAAP: The issue itself may not be too widely applicable – this is the only place I’ve seen it highlighted as material – … Continue reading
Posted in IFRS, Income taxes
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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