Accounting Standards Board

WHAT'S NEW

Volunteer Opportunity – Accounting Standards Oversight Council
November 21, 2017. AcSOC is looking for new members! We need prominent members of the Canadian business and professional community to protect the public interest by overseeing the activities of the private and public sector accounting standard-setting processes.

Overview of the 2017 IFRS® Conference: Americas – November 1-2, 2017
November 20, 2017. The 2017 IFRS Conference: Americas took place on November 1-2, 2017 in Toronto. Read this overview for information on what was discussed, including key themes that came through many of the conference’s presentations and panel discussions, and check out a picture gallery from the event.

IFRS® Discussion Group Meeting Report – October 5, 2017
November 20, 2017. The Group discussed topics such as disclosing the effects of adopting IFRS 9 and IFRS 15 in interim financial statements, determining lease terms and classifying financial assets. Read about the views expressed on these topics for helpful tips.

Investor Survey – Presentation of Changes in Discounted Amounts in IFRS® Performance Statements
November 10, 2017. Are you a Canadian investor interested in influencing the development of IFRS Standards? If so, take a few minutes to complete this short survey by the UK Financial Reporting Council by the end of November.

AcSB Response – Property, Plant and Equipment— Proceeds before Intended Use (Proposed amendments to IAS 16)
November 6, 2017. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in June 2017.

AcSB Exposure Draft – Accounting for Related Party Financial Instruments and Significant Risk Disclosures – Proposed Amendments to Section 3856, Financial Instruments.
October 31, 2017. The AcSB has issued an Exposure Draft proposing amendments to Section 3856, related to the accounting for financial instruments between related parties and significant risk disclosures. Stakeholders are encouraged to submit their comments by January 29, 2018.

AcSB Decision Summary – October 19, 2017
October 30, 2017. The Board received an update on the initiatives underway to improve its stakeholder communications. In response to feedback from AcSB stakeholders, these initiatives include improvements in writing clear and simple document and web content, growing the use of social media, and redesigning the Board’s website.

Outreach Activities – Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement
October 26, 2017. Since the release of the 2014 Exposure Draft, the Board has heard from stakeholders through a number of outreach activities. See the detailed timeline of this project and learn who the Board consulted to develop its latest proposals.  

AcSB Exposure Draft – Definition of Material
October 23, 2017. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by January 15, 2018.

Final Amendments – Prepayment Features with Negative Compensation (Amendments to IFRS 9)
October 19, 2017. The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 9 Financial Instruments clarifying the accounting for financial assets with prepayment features that may result in negative compensation. The amendments are effective for annual periods beginning on or after January 1, 2019 with earlier application permitted. The IASB has also amended the Basis for Conclusions for IFRS 9 to confirm the accounting for modifications or exchanges of financial liabilities measured at amortized cost that do not result in derecognition.

IFRS® Discussion Group – Request for Issues
October 19, 2017. The IFRS Discussion Group wants to hear about the challenges you are facing with implementing new standards. Submit your issue to the Group by November 3, 2017. The Group’s next meeting will be held in Toronto on January 10, 2018.

Webinar – Exposure Drafts: Redeemable Shares and Financial Instruments
October 18, 2017. Are you a Canadian private enterprise, an advisor to one, or a user of private enterprises’ financial reports? If so, learn about proposed amendments to the accounting for Retractable or Mandatorily Redeemable Shares, Financial Instruments and the AcSB’s Priorities for Part II.

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