Accounting Standards Board

WHAT'S NEW

IFRS® Discussion Group – Request for Issues
July 12, 2018. The IFRS Discussion Group wants to hear about the challenges you face when applying IFRS Standards. Submit your issue by August 10, 2018, for consideration as a potential topic for discussion at our October 16, 2018 meeting in Winnipeg.

Change to Part I for IFRS 17 Insurance Contracts – AcSB Due Process – Endorsement Activities
July 12, 2018. Get an overview of endorsement activities we carried out before incorporating IFRS 17 into Part I of the Handbook. Given the complexity of IFRS 17 and the change it represents for Canadians, we performed extensive additional outreach activities. The Appendix to the summary lists these activities, all of which were influential in the development of the final standard.

AcSB Exposure Draft – Agriculture
July 9, 2018. The AcSB has issued an Exposure Draft examining the accounting for agricultural inventories and productive biological assets under Part II of the CPA Canada Handbook – Accounting. Stakeholders are encouraged to submit their comments by October 31, 2018.

IASB Discussion Paper – Financial Instruments with Characteristics of Equity
July 4, 2018.  The IASB has issued a Discussion Paper that explores improvements to IAS 32 Financial Instruments: Presentation for financial instruments that have characteristics of both a liability and equity. Canadian stakeholders are encouraged to provide feedback directly to the IASB by January 7, 2019.

AcSB Meeting Agenda – July 17, 2018
July 4, 2018. At its upcoming meeting the Board will decide on matters regarding IFRS® Standards, standards for private enterprises and not-for-profit organizations, as well as enhancing the relevance of financial reporting and due process.

AcSB Decision Summary – June 19, 2018
July 4, 2018. The Board discussed topics, such as Rate-regulated Activities, activities of Academic Advisory Council, among others. Also discussed was the Draft Framework for Reporting Performance Measures. Decisions made on Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement, Section 3056, and more.

Canadian Appointment – IFRS® Interpretations Committee
July 3, 2018. We are pleased to share that Guy Jones, partner in the Toronto office of EY’s professional practice group and Vice-Chair of the AcSB’s IFRS Discussion Group, was appointed to the IFRS Interpretations Committee for a three-year term starting July 1, 2018. The IFRS Interpretations Committee responds to questions from stakeholders about the application of IFRS Standards.

News Release – Representatives of the Accounting Standards Board and the Organismo Italiano di Contabilità met in Toronto
July 3, 2018. The AcSB met with the Organismo Italiano di Contabilità on June 20, 2018 in Toronto. Both standard-setting bodies provided updates on their activities and discussed a number of technical topics and  projects, including Relevance of Performance Measures and Business Combinations under Common Control.

IFRS® Discussion Group Audio Webcast – June 21, 2018
June 28, 2018. Hear the Group’s insights on topics, including cannabis accounting, cryptocurrencies, and implementation matters related to IFRS 9 and IFRS 15. Tune into opening remarks for updates on topics such as lease incentives and variable lease payments.

Keeping pace with progress – AcSB 2017-2018 Annual Report
June 27, 2018. Supporting IFRS® Standards implementation to advancing Part II and Part III projects, and continuing research on new types of pension obligations – we kept pace with progress and met our goals. Read about our 2017-2018 activities and accomplishments in our Annual Report, including new work helping to enhance the relevance of financial reporting.

Serving the public interest: More efficient standard-setting oversight – AcSOC 2017-2018 Annual Report
June 27, 2018. Reviewing our approach to oversight, listening carefully to our stakeholders, and overseeing and supporting the work of the AcSB and PSAB – we served the public interest through more efficient standard-setting oversight. Read more about our 2017-2018 activities in our Annual Report.

Work with us! Seeking a new accounting standards principal
June 26, 2018. We are looking for a highly-skilled, enthusiastic, and committed accounting standards team member to advise and carry out the plans of the AcSB. Apply today!

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