Accounting Standards Board

WHAT'S NEW

AcSB Decision Summary – January 12, 2016
January 21, 2016. An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

AcSB Meeting Agenda – February 9, 2016
January 21, 2016. A summary of topics for discussion.

AcSB Response – 2015 Agenda Consultation
January 20, 2016.  The AcSB has submitted a comment letter responding to the IASB’s Request for Views issued in August 2015.

Final Standard – Leases
January 19, 2016.  The IASB has issued IFRS 16 Leases, which requires lessees to recognize all leases on the balance sheet.  IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with earlier application permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers.

FYI Article – Mind the (New) GAAP: Remember These Effective Dates
January 14, 2016. Has a new annual reporting period begun for your organization? Make sure you know the effective dates of accounting standards issued recently.

AcSB Exposure Draft – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts, (Proposed amendments to IFRS 4)
January 12, 2016. 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, on the form provided, by February 8, 2016.

Canadian Member Reappointed – IFRS Interpretations Committee
January 11, 2016.  Reinhard Dotzlaw, National Managing Partner, Audit Professional Practice, KPMG Canada, has been reappointed as a member of the IASB’s IFRS Interpretations Committee.  Mr. Dotzlaw will serve a second three-year term commencing July 1, 2016.

FYI Article – IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!
January 7, 2016. Spring into action now! Read why you should get started implementing the new revenue standard given the extent of time needed for this significant undertaking.

AcSB Decision Summary – December 15, 2015
January 4, 2016. An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

Final Amendment – Effective Date of Amendments to IFRS 10 and IAS 28
December 22, 2015. The IASB has issued an amendment deferring indefinitely the effective date of the narrow-scope amendment, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. Earlier application of the amendments is still permitted.

AcSB Meeting Agenda – January 12, 2016
December 21, 2015. A summary of topics for discussion.

Discussion Paper – Agriculture
December 18, 2015. The AcSB has issued a Discussion Paper that considers issues in accounting for biological assets and agricultural produce.  Stakeholders are encouraged to submit their comments, on the form provided, by May 19, 2016.

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