Financial Reporting Alert

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Financial Reporting Alerts cover significant news, regulatory developments and changes that affect Canadian publicly accountable entities. They act as technical summaries to keep you on top of the latest issues.

IDG February 2014 discussion of IFRIC 21, Levies
No. 2014-4, March 2014

The IFRS Discussion Group (IDG) met on 26 February 2014 to discuss on the potential accounting implications of IFRIC 21, Levies. Learn more in our latest Financial Reporting Alert.

 

Key points from the December 2013 IFRS Discussion Group
No. 2014-03, March 2014

On 2 December 2013, the IFRS Discussion Group of the Accounting Standards Board gathered to discuss the following significant issues:

  • Accounting for the effects of rising interest rates
  • IFRS 6 and IAS 36: Impairment testing of exploration and evaluation assets in scope of IFRS 6
  • IFRS 5: Changes to plan of sale
  • IFRIC 21, Levies
  • Adoption of IFRS by investment funds
  • IFRS 9: Early adoption of IFRSs with prospective application

 

OSC issues report on Staff’s review of non-GAAP and additional GAAP measures
OSC Staff Notice 52-722
No. 01, 28 January 2014

On 11 December 2013, the Ontario Securities Commission (OSC) published Staff Notice 52-722, Report on Staff’s Review of Non-GAAP Financial Measures and Additional GAAP Measures. The staff notice presents the results of the OSC’s review of 50 issuers across a broad spectrum of industries covering both the TSX and TSXV issuers. The review covered the use of additional GAAP measures in the financial statements and non-GAAP measures included in management discussion and analysis (MD&A), press releases, investor presentations, websites and other materials.
 

Key points from the September 2013 IFRS Discussion Group
No. 2013-05, November 2013

On 5 September 2013, theIFRS Discussion Group of the Accounting Standards Board gathered to discuss the following significant issues:

  • IAS 36: Impairment and reversal indicators for commodity-based companies
  • IAS 36: Reversal of impairment
  • IAS 39: Measurement of a unit comprised of common shares and warrants
  • IFRS 3/IFRS 13: Restricted share consideration in a business combination
  • IFRS 13: Fair value measurement unit of account
  • IAS 7: Classification of interest in the statement of cash flows
  • Accounting for flow-through shares from a holder’s perspective
  • IFRS 11: Application issues
     

OSC issues proposed disclosure requirements regarding women on boards and in senior management
OSC Consultation Paper 58-401
No. 2013-04, 22 August 2013

On 30 July 2013, the Ontario Securities Commission (OSC) published consultation paper 58-401, Disclosure Requirements Regarding Women on Boards and in Senior Management, which cites the results of various public reports on gender diversity in Canada. The OSC is considering amending existing corporate governance disclosure requirements to mandate that non-venture issuers other than investment funds provide specific disclosures regarding women on boards and in senior management.
 


Also available for download:

Proposed new regulatory regime for venture issuers will not be implemented
No. 2013-03, 30 July 2013

Key points from the June 2013 IFRS Discussion Group
No. 2013-02, 23 July 2013

Key points from the January 2013 IFRS Discussion Group
No. 2013-01, 23 January 2013

Key points from the October 2012 IFRS Discussion Group
No. 2012-07, 3 December 2012