Category Archives: IFRS

Relevance: The third Principle of International Financial Reporting Standards (Part 3 of 4)

ifrs_relevance

Accountants certainly have a challenge to meet when it comes to applying the IFRS principle of relevance. IFRS says that an item is relevant if the information about that item has the potential to influence significantly the decisions of lenders, investors, and other users of the financial statements. The IFRS principle of relevance corresponds to the GAAP principle of materiality.

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Reliability: The Second Principle of International Financial Reporting Standards (Part 2 of 4)

In the first part of the series, we talked about clarity, the first of the four IFRS principles.  In this article we’ll examine the second principle, reliability. True and fair Reliable information means that the financial statements are a reflection of the company’s economic reality. In other words, are they a true and fair presentation of the company’s operating results

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Clarity: The First Principle of International Financial Reporting Standards (Part 1 of 4)

In conversations with individual accountants, I am discovering an initial reluctance to accept the change to IFRS, which relies more on the accountant’s judgment. IFRS requires that financial statements be prepared using four basic principles: clarity, relevance, reliability, and comparability. The principle of clarity requires that financial statements be easy to read and easy to understand. IFRS guidelines allow substantial

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Webinar – IFRS Update with the AcSB and IASB

IFRS update

Sign up now!Tune in to this webinar on October 12, 2016 to hear from the AcSB Chair, Linda Mezon, and IASB Board member, Stephen Cooper. Stephen will provide an update on IFRSs, giving Canadians a rare opportunity to discuss IFRS-related topics directly with a member of the IASB. As reported by The Standard. Event Details Location and date: Online (English)

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DON’T FORGET! IFRS Discussion Group Meeting Agenda – September 13, 2016

IFRS update

An agenda covering the topics for discussion is now available. Get more information about the meeting to be held in Saskatoon, including how to attend in person. Date: September 13, 2016 – 9:00 am to 3:00 pm Location: Delta Bessborough Salon Batoche 601 Spadina Crescent East Saskatoon SK  S7K 3G8 Public Observation: Complete the Observer Registration Form Read the Guidelines for

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IFRS Discussion Group – Report on May 31, 2016 Meeting

IFRS update

Read the report for details about the Group’s discussions. As reported by The Standard. IFRS Discussion Group Archived Audio Webcast May 31, 2016 The IFRS Discussion Group is a discussion forum only. The Group’s purpose is to assist the Accounting Standards Board (AcSB) regarding the identification of issues arising on the application of International Financial Reporting Standards (IFRSs) in Canada.

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What CPA accounting topic would you like TheGAAP.net to present in one of our upcoming workshops?

Speaker at Business Conference and Presentation. Audience at the conference hall.

If we haven’t had that CPA accounting topic before, and we choose your idea; we will award you two tickets to attend and an exclusive meet and greet with the founder of TheGAAP.net (Paul J. Calleri) shortly following the workshop. TheGAAP.net has just presented: Time Management Solutions for Increased Productivity in February and is back by popular demand on April

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International Financial Reporting Standards (IFRS)

IFRS Update as reported by The Standard. IFRS Foundation Exposure Draft – Trustees’ Review of Structure and Effectiveness: Proposed Amendments to the IFRS Foundation Constitution   IFRS Foundation Feedback Statement – Trustees’ Review of Structure and Effectiveness Visit TheGAAP.net daily to be kept up to date on accounting information, trends and changes. For years, TheGAAP.net has provided Accounting; articles, surveys,

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International Accounting Standards Board issues narrow-scope amendments to IFRS 2 Share-based Payment

The International Accounting Standards Board (the Board) today issued amendments to IFRS 2 Share-based Payment, clarifying how to account for certain types of share-based payment transactions. The amendments, which were developed through the IFRS Interpretations Committee, provide requirements on the accounting for: the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; share-based payment transactions with

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AcSB Response – Financial Instruments and Disclosure

The AcSB has submitted a comment letter responding to the Office of the Superintendent of Financial Institutions’ Draft Guideline on IFRS 9 Financial Instruments and Disclosure. Responses to Other Documents for Comment The Accounting Standards Board (AcSB) may respond to a document issued for comment by other bodies when it relates to matters effecting financial reporting by Canadian entities. AcSB

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