Accounting Standards Board

WHAT'S NEW

AcSB Response – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)
August 2, 2018. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in March 2018.

Deadline Extension – Draft Framework for Reporting Performance Measures
August 1, 2018. The AcSB decided to extend the comment deadline from September 17, 2018 to October 1, 2018! This will help ensure you have more time to provide your feedback, whether through our survey, feedback sessions or by email. We look forward to hearing from you!

AcSB Decision Summary – July 17, 2018
July 27, 2018. The Board discussed topics, such as the Draft Framework for Reporting Performance Measures, Application of IFRS® Standards in the European Union, activities of IDG and Not-for-Profit Advisory Committee, among others. Decisions made on Financial Instruments – Narrow-scope Amendments, and more.

The ONE National Conference – October 1-2, 2018
July 26, 2018. Attend this year’s The ONE national conference in Halifax! AcSB Chair Linda Mezon and AcSB member Armand Capisciolto will be giving an accounting standards update through an interactive interview format session. You’ll hear about the Board’s key focus areas, priorities and objectives – and get up to date on technical matters of interest to you.

Stakeholder Feedback Sessions – AcSB Draft Framework for Reporting Performance Measures
July 25, 2018. On June 14, 2018, the AcSB issued the Draft Framework for Reporting Performance Measures. And now we need you to guide our next steps! We are offering feedback sessions both in person across Canada and virtually this August and September. Register today!

New Narrow Scope Amendment Project Approved – Income Taxes
July 23, 2018. The AcSB agreed to revise and update Section 3465, Income Taxes, to remove an outdated example and require future income tax assets and liabilities to be presented as non-current. Watch for an exposure draft with the proposed changes later this year.

New Narrow Scope Amendment Project Approved –Investments
July 23, 2018. The AcSB agreed to clarify the applicability of the cost-method guidance in Section 3051, Investments. Watch for an exposure draft with the proposed changes later this year.

Canadian Appointments – IASB® Management Commentary Consultative Group
July 23, 2018. We are pleased to announce that Lisa French, CTO, International Integrated Reporting Council; Benjamin Yeoh, Sr. Portfolio Manager, RBC, Global Asset Management; and Trent W. Klein, Director — Finance, TELUS Corp, were appointed to IASB’s Management Commentary Consultative Group. The Group was established to advise the IASB as it develops proposals for updating its guidance on management commentary in financial reports.

Stakeholder Survey – Draft Framework for Reporting Performance Measures
July 19, 2018. Join the discussion and help improve financial and non-financial performance measures reported outside of financial statements. The AcSB's new survey captures your feedback on the Draft Framework for Reporting Performance Measures! Get your feedback in by October 1, 2018.

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 – including not-for-profit organizations (NFPOs) that are agricultural producers – are encouraged to submit their comments by October 31, 2018.

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