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Category Archives: Provisions
How to select discount rates (uh…no one knows…)
by John Hughes Quadra FNX Mining Ltd. provides a very clear summary of a significant difference between IFRS and Canadian GAAP: IFRS is distinctly less helpful in some areas than in others, and this is an example of that. There’s … Continue reading
Posted in IFRS, Provisions
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Decommissioning liabilities and first-time adoption – an offer you can’t refuse
by John Hughes Intertape Polymer Group provides a typical example of disclosure on one of the elections available to entities adopting IFRS for the first time: It’s common to say IFRS doesn’t allow any first-time adoption exemptions from the IAS 37 … Continue reading
Posted in First-time adoption, IFRS, Provisions
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The (potentially onerous) challenges of onerous contracts
by John Hughes I’m not sure how often the IAS 37 concept of onerous contracts is a material issue for Canadian entities – it doesn’t seem to be coming up particularly often in their MD&A discussions of differences. Examples do … Continue reading
Posted in IFRS, Provisions
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It’s discretionary!
by John Hughes For most entities, moving to IFRS is likely to create more rather than fewer liabilities, or at least to require reconsidering aspects of the ones they already have (for example, to measure provisions more actively at their … Continue reading
Posted in Customer Loyalty Programmes, IFRS, Provisions, Revenue
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Knocking our socks off? – the unappreciated possibilities of IFRS disclosures
by John Hughes Tom Selling, in his consistently intriguing and educational Accounting Onion blog, recently published some thoughts about the FASB and IASB’s “preliminary views” exposure draft on their joint financial statement presentation project, and in particular on the FASB … Continue reading
Proposed changes to IAS 37 – my unbiased comments
by John Hughes The IASB has published an exposure draft of proposed changes to the measurement aspects of IAS 37 Measurement of Liabilities in IAS 37, addressing various perceived weaknesses in the current standard. The exposure draft proposes an entity … Continue reading
Posted in IFRS, Provisions
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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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Into the Cookie Jar
by John Hughes Returning once again to Al Rosen’s list of IFRS-related problems (see my November 3 and 10 postings), which he laid out as follows: More specifically, some of the most common issues that will pose problems for investors … Continue reading
Posted in IFRS, Provisions
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