iQSTEL Inc (IQST)

[Knux]

JB, do you have any concerns about the new rules going into effect next year as they apply to IQST's financials? They always mention the impending rule change, and understand they will be effected, but never update it with any guidance...


"In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital."

Do you think the accounting models our CFO uses will have to be overhauled going into next year? I know he's orchestrated a complex web of these instruments over the past year to keep the company above water, and I can't seem to even get a clue on how we're going to be impacted by these accounting differences going forward.