The next steps, in priority order, include:

1. Publishing Earnings Releases as human-and-machine readable Inline XBRL, with the information that is "the start of the food chain" being available in structured form.
2. Publishing Management Discussion and Analysis  ("MD&A", often called "management commentary" in Europe and Asia) numeric data in structured form.
3. Publishing MD&A textual data in block-tagged form.

Review the full article on XBRL's website.

On January 4, 2018, the U.S. Attorney General rescinded all previous guidance specific to federal law enforcement relating to marijuana, including the prior approach under the Cole Memorandum.

Issuers with no U.S. marijuana-related activities and that otherwise operate in compliance with applicable Canadian laws are not the focus.

The CSA will communicate more details about their position shortly.

Review the press release on the CSA's website.

This Taxonomy update includes elements to reflect the new presentation and disclosure requirements introduced by the recently-issued standard IFRS 17, Insurance Contracts.

Review the press release and Taxonomy update on the IASB’s website.

The AcSB suggests broadening the definition of accounting estimates, and defining that term independently from accounting policies to reduce unintended circularity. To improve application in practice, the AcSB strongly encourages the IASB to develop illustrative examples that cover a spectrum of complex situations.

Read the AcSB letter posted by the IASB.

The letter covers the following:

• Effectiveness of Rule to Shorten the Settlement Cycle, which took effect on August 28, 2017;
• Issuance of Material News in the Period Immediately After the Official Closing Time for the Exchange’s Trading Session, which took effect on December 4, 2017;
• Advance Notice of Dividend or Stock Distribution Announcements to the Exchange, which will take effect February 1, 2018;
• Annual Report Website Posting Requirement;
• Corporate Governance Requirements; and
• Important reminders for all issuers.

The letter is applicable to all listed issuers, with any rule or policy differences for Domestic vs. Foreign Private Issuers (“FPIs”) identified within.

Review the letter on the NYSE's website.

The working draft addresses selling and distribution fee revenue. Comments on the working draft are due by March 1, 2018.

For more information, see the revenue recognition resource page on the AICPA’s Web site.

The IPSASB also notes that the deadline for comments on the consultation paper is January 15, 2018.

View the video (approx. 30 minutes) on the IPSASB's website.

Part of this year’s cryptocurrency story has to include the SEC’s increasingly active approach to policing digital currency trading, as well as the rising numbers of lawsuits filed against cryptocurrency sponsors. In recent weeks claimants have filed a number of cryptocurrency-related securities lawsuits.

Taken collectively, the lawsuits give the definite impression the skyrocketing prices of Bitcoin and other cryptocurrencies have attracted a lot of questionable activity. The questionable activity has in turn in many cases led to litigation. Even the downturn on Friday in the price of Bitcoin and other cryptocurrencies could generate further litigation, as investors who lose money on their investment may be motivated to pursue their litigation alternatives.

Signs are that cryptocurrency related litigation will be one of the early litigation filing trends and the sudden surge at year end of these kinds of lawsuits in all likelihood will continue.

Review the full article on the D&O Diary's website.

The SEC issued SAB No. 118 laying out the views of the SEC staff about applying U.S. GAAP when preparing an initial accounting of the income tax effects of the Act. It also issued Compliance and Disclosure Interpretation 110.02, which gives the views of the SEC staff about the applicability of  Item 2.06 of Form 8-K in terms of reporting the impact of a change in tax rate or tax laws in terms of the new Tax Cuts and Jobs Act.

Review the full article on Accounting Today's website.

According to the report, Canada needs to quickly implement planned measures to reduce the carbon intensity of its energy industry, particularly in oil sands, and green its transport sector in order to progress towards its 2030 emissions goals.

The report states that although Canada has reached a stage where it can grow its economy without driving up energy use, air pollution and emissions, it remains the second most carbon-intensive OECD country (after Estonia) and the fourth-biggest emitter of greenhouse gases. Rising emissions from transport and oil production mean that overall, Canada’s emissions have declined by just 1.5% since 2000 compared with an average decrease of 4.7% across the OECD area.

Key recommendations in the Review include:

• Ensure effective and timely implementation of the Pan-Canadian Framework and establish a mechanism for policy evaluation and adjustment.
• Improve consultation with Indigenous communities on environmental issues and build their capacity to meaningfully participate in decision making.
• Co-ordinate sub-national climate policy and foster links between provincial carbon pricing systems. Exemptions aimed at smoothing the transition should be temporary and limited.
• Review and adjust tax, royalty and subsidy regimes that encourage fossil fuel production to meet a pledge to phase out by 2025 inefficient subsidies that encourage wasteful consumption.
• Review the taxation of energy use. In particular, reduce the petrol-diesel gap and revise taxes on fuel-inefficient vehicles to encourage the purchase of lower-emission vehicles.
• Press ahead with the Canada-US commitment to reduce methane emissions from the oil and gas sector, regardless of a US decision not to implement the commitment.
• Increase tariffs for wastewater services to secure funding for system upgrades.

Review the press release and the report on the OECD's website.