Accounting Standards Board

WHAT'S NEW

IFRS Discussion Group – Report on June 12, 2014 Meeting
September 11, 2014. Read the report for details about the Group’s discussions. Listen to the audio recordings to hear the Group’s full discussion.

Final Standard – Joint Arrangements
September 5, 2014. The AcSB has issued new Section 3056, Interests in Joint Arrangements and amendments to Section 3051, Investments. Section 3056 replaces Section 3055, Interests in Joint Ventures, and eliminates the free choice in accounting for joint arrangements. The new and amended Sections are effective for fiscal years beginning on or after January 1, 2016 with earlier application permitted.

Final Standard – Consolidations
September 5, 2014. The AcSB issued the new Section 1591, Subsidiaries, which replaces Section 1590, Subsidiaries, and AcG-15, Consolidation of Variable Interest Entities. Section 1591 includes additional guidance to judge when control is obtained through means other than equity interests. This standard is effective for fiscal years beginning on or after January 1, 2016 with earlier application permitted.

Canadian Member Appointed – IFRS Transition Resource Group for Impairment of Financial Instruments
August 28, 2014. Helen Killoch, Vice-President and Chief Accountant of the Bank of Montreal, has been appointed as a member.  This new IASB Group will support stakeholders on implementation issues that may arise as a result of the new impairment requirements. Any stakeholder can submit a potential issue for discussion at the Group meetings.

IFRS Discussion Group Meeting Agenda – September 11, 2014
August 28, 2014. An agenda covering the topics for discussion is now available. Get more information about the meeting to be held in Vancouver, including how to attend in person.

IASB Exposure Draft – Recognition of Deferred Tax Assets for Unrealised Losses (Proposed amendments to IAS 12)
August 21, 2014. The IASB has issued an Exposure Draft proposing amendments to IAS 12 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value. Canadian stakeholders are encouraged to submit their comments to the IASB by December 18, 2014.

Final Amendments – Equity Method in Separate Financial Statements
August 21, 2014. The IASB has issued narrow-scope amendments to IAS 27 Separate Financial Statements to allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. The amendments are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted.

Call for Applications – Capital Markets Advisory Committee
August 14, 2014.  The IASB is seeking applications for membership of this Committee beginning in January 2015.  Candidates should be analysts or investors with extensive practical experience in analyzing financial information.  Applications should be submitted by September 30, 2014.

CPA Magazine Standards Feature – Reflections on Canada’s Changeover to IFRS
August 11, 2014. Read this month’s CPA Magazine feature article by Paul Cherry, OC, FCPA, FCA, former IFRS Advisory Council Chair, who reflects on Canada’s changeover to IFRSs. Canada’s experience was positive, but important challenges still lie ahead. 

AcSB Meeting Agenda – September 3-4, 2014
August 6, 2014. A summary of topics for discussion.

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.

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