Accounting Standards Board

WHAT'S NEW

AcSB Response – Disclosure Initiative (Proposed amendments to IAS 1)
July 28, 2014. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in March 2014.

Final Standard – Financial Instruments
July 28, 2014. The IASB has issued a complete and revised IFRS 9.The improvements introduced by IFRS 9 include a logical model for classification and measurement, a single, forward-looking expected loss impairment model and a reformed approach to hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.

AcSB Decision Summary – July 16, 2014
July 25, 2014. An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

FYI Article – IASB Investor Initiatives
July 23, 2014. This article provides an overview of the outreach activities and email alerts the IASB makes available for investors.

FYI Article – The Importance of Financial Statement User Input
July 23, 2014. This article discusses the AcSB’s need for more feedback from financial statement users to ensure standards reflect this community’s requirements.

FYI Article – Leases: IASB Makes Proposals More Cost Effective
July 16, 2014. This article discusses the IASB’s recent decisions to make the proposals on leases more cost effective.

Private Enterprise Advisory Committee Notes – June 16, 2014
July 15, 2014. These meeting notes are a summary of discussions held.

FYI Article – Disclosure: Too Much of a Good Thing?
July 9, 2014. This article discusses the IASB’s proposals to clarify aspects of IAS 1, which is the first step in its Disclosure Initiative. The related Exposure Draft clarifies applying materiality, aggregation and disaggregation, and the structure of the notes. Responses to the Exposure Draft are due by July 23, 2014.  

Event – IFRS Foundation Conference: Mexico City 2014
July 9, 2014. Attend this conference on October 6-7, 2014 to get updated on the reasoning behind particular IASB projects and interact with those setting IFRSs. Receive 15% off by using code FKW52738FRAS when registering!

Final Amendments – Agriculture: Bearer Plants
July 8, 2014. The IASB has issued narrow-scope amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture to address the accounting for bearer plants. The amendments are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted. 

Call for Applications – IFRS Transition Resource Group for Impairment of Financial Instruments
July 4, 2014. The IASB is seeking applications for membership of this Group. Candidates should be financial statement preparers, auditors or representatives of related groups with expertise or practical knowledge of the expected credit loss model for impairment of financial assets. Financial instruments knowledge under IFRSs is also required. Applications should be submitted by July 14, 2014.

AcSB Meeting Agenda – July 16, 2014
July 3, 2014. A summary of topics for discussion

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