The topics covered include:

• Key financial metrics
• Debt covenants
• Cost of borrowing
• Reporting systems
• Other implications

Review the publication on the Board's website.

In the publication, they state that in their opinion there is a lack of clear guidance in IFRSs and, as a consequence, digital currencies could be accounted for under IAS 2 Inventory or IAS 38 Intangible Assets depending on certain facts and circumstances. They do not think that the measurement guidance in IAS 2 and IAS 38 provides relevant information to users of financial statements in the context of digital currencies. They think that digital currencies should be measured at fair value with changes in fair value recognised in profit or loss. Furthermore, they think that the accounting for digital currencies highlights a broader issue with IFRSs in that there is no accounting standard that deals with investments in intangible assets or other commodity type assets that are not financial instruments or inventory. Consequently, they recommend that the International Accounting Standards Board (IASB) develop a standard that would address the accounting for investments in intangible assets and commodities.

Review the publication on the IASB's website.

As companies process the implications of tax reform, they may be discovering that there is not much that’s simple about it. In the process, the importance of the tax function—and, in particular, the chief tax officer’s role—has taken on new meaning.

In fact, in the Q1 2018 CFO Signals™ survey, some 33 percent of CFOs noted that the fallout from tax reform is leading them to strengthen or restructure their tax functions (see "Transforming tax in an age of reform," CFO Insights, May 2018). Moreover, given the complexity of implementing the law (60 percent) and the difficulty in communicating its implications (30 percent), CFOs are expecting more from their chief tax officers than ever before.

Review the publication on our US firm's website.

The topics covered include:

• What are the biggest challenges facing the preparer community?
• When it comes to revenue recognition, what lessons can be learned from year-end public companies?
• How significant is the impact of adoption?
• Do you think the new standard is actually better than what we had in place?
• Moving to the leases standard, where should calendar year-end pubic companies be in the process of their adoption?
• What about private companies?
• How impactful was this change on ICFR (internal control over financial reporting)?
• What about tax reform? How have companies handled the guidance put out by both the SEC and the FASB?
• What advice do you have as they continue to assess the impact throughout the year?
• What do you tell companies you work with about the PCAOB's auditor's reporting standard?

Review the Q&A on FEI's website.

At Compliance Week's 2018 conference, partners at Deloitte said certain changes in accounting rules for leases and revenue recognition are driving discussions about whether companies should change the way they manage contracts and compensate certain employees.

The discussions seem a little more advanced in the context of new revenue recognition rules, but lease implications are causing some reflection. Even new rules for recognizing loan losses are driving new conversations at financial institutions.

Review the full article on Compliance Week's website.

In addition, the webcast answers certain questions presented to the Board during the exposure draft period, as well as next steps in the project.

Review the press release on the Board’s website.

A pending disclosure rule that would require companies to reveal their full costs of moving to cloud platforms would be difficult to apply, and would offer little benefit to investors, some of the biggest global software companies told the Financial Accounting Standards Board in May.

The rules would require companies to capitalize the costs—to record an asset and then subsequently recognize the amount over the term of the cloud service arrangement. The accompanying disclosures would give investors a fuller picture of what those costs are in any given quarter.

Review the full article on Bloomberg BNA's website.

According to Carney, CPA Canada, its members and others worldwide have an opportunity to help shape good practice.

Governor Carney also is chair of the Financial Stability Board (FSB), which, at the request of the G20, created a task force to develop a set of voluntary disclosures to help establish greater reporting consistency on climate change issues. The disclosures are for use by companies in providing information to investors, lenders, insurers and other stakeholders.

There are three keys to achieving success, explains Carney: Establishing recommendations, getting buy-in from the users, and putting the elements into practice.

Review the summary and video on CPA Canada's website.

To ensure that all Canadians pay their fair share of taxes, and to safeguard the Government's ability to invest in the programs and services that help the middle class and people working hard to join it, the Government of Canada is taking the next step in the fight against aggressive international tax avoidance.

Review the press release on the Department of Finance Canada's website.

Below is an analysis of all changes made to the work plan since our last analysis on April 30, 2018.

Maintenance project

• Classification of Liabilities (Proposed Amendments to IAS 1) [ED] – The IASB now expects to decide the project direction in Q3/2018. Previously the final amendments to IAS 1 were to have been issued in the second half of 2018.
• Definition of a Business, proposed amendments to IFRS 3 [ED] – The IASB now expects to issue the final amendments to IFRS 3 in the second half of 2018. Previously they were to have been issued in June 2018.
• Lease in­cen­tives (amend­ments to IFRS 16 Il­lus­tra­tive Ex­am­ples) — Added pro­ject to work plan as part of the Annual Improvements to IFRSs 2017-2019 Cycle [Research]; previously no mile­stone or ex­pected date was listed.

Research project

• Discount Rates [Research] – The IASB now expects to issue the research summary in Q3/2018. Previously it was to have been issued in June 2018.
• Goodwill and Impairment [Research]  - The IASB has removed the expected date of issuing a discussion paper or exposure draft. Previously the date was shown as the second half of 2018.
• Management Commentary (Wider corporate reporting) [Research] – The IASB now expects to issue an exposure draft in 2020. Previously no expected date was listed.
• Share-based payments, potential amendments to IFRS 2 [Completed] – The IASN now expects to issue a research summary in Q3/2018. Previously it was to have been issued in June 2018.

Other pro­jects

• IFRS Taxonomy Update – Common Practice (IFRS 13) – The IASB now expects to issue the proposed update in Q3/2018. Previously, it was to have been issued in June 2018.

The re­vised IASB work plan is avail­able on the Board's web­site.