IFRS® Accounting Standards

Overview

Active Projects

Addendum to the Exposure Draft Third edition of the IFRS for SMEs® Accounting Standard	The IASB issued an Exposure Draft in March 2024
Annual Improvements to IFRS® Accounting Standards — Cost Method (Amendments to IAS 7)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Derecognition of Lease Liabilities (Amendments to IFRS 9)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Disclosure of Deferred Difference between Fair Value and Transaction Price (Amendments to Guidance on implementing IFRS 7)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Gain or Loss on Derecognition (Amendments to IFRS 7)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Hedge Accounting by a First-time Adopter (Amendments to IFRS 1)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Introduction and Credit Risk Disclosures (Amendments to Guidance on implementing IFRS 7)	The IASB is currently deliberating comments on their Exposure Draft
Annual Improvements to IFRS® Accounting Standards — Transaction Price (Amendments to IFRS 9)	The IASB is currently deliberating comments on their Exposure Draft
Business Combinations – Disclosures, Goodwill and Impairment		Exposure Draft
Business Combinations under Common Control	IASB deliberated feedback on its Discussion Paper The IASB decided to discontinue the project in November 2023
Classification and Measurement of Financial Instruments	The IASB and the AcSB are deliberating comments on their Exposure Drafts
Climate-related and Other Uncertainties in the Financial Statements	The IASB decided to commence work on this project and moved the project to its work plan in March 2023
Crypto-asset Activities	The AcSB is conducting research to help it further develop its understanding of crypto-asset activities in Canada and around the world
Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures	The IASB is currently deliberating comments on their Exposure Draft The IASB expects to publish the new Standard in Q2 2024
Dynamic Risk Management	IASB added this project to its standard-setting program in May 2022
Equity Method	The IASB plans to publish an exposure draft of proposed amendments in the second half of 2024
Evaluating the Preface	AcSB is researching issues with the current Preface of the CPA Canada Handbook – Accounting to identify potential solutions
Financial Instruments with Characteristics of Equity	The IASB is currently deliberating comments on their Exposure Draft
Intangible Assets	The AcSB is undertaking research to get a better understanding on the types of intangibles that are gaining prevalence in the Canadian market and the information required by financial statement users	Survey
Management Commentary	The IASB is currently deliberating comments on their Exposure Draft
Post-implementation Review of IFRS 15	The IASB is deliberating comments on its Request for Information
Post-implementation Review of IFRS 9 – Impairment	The IASB is deliberating comments on its Request for Information
Power Purchase Arrangements	The IASB added the Power Purchase Arrangements project to its work plan in July 2023
Primary Financial Statements
Provisions – Targeted Improvements	The IASB added the project to its agenda in January 2020
Rate-regulated Activities	The IASB and AcSB are deliberating comments on their Exposure Drafts
Second Comprehensive Review of the IFRS for SMEs Accounting Standard	The IASB is currently deliberating comments on their Exposure Draft
Statement of Cash Flows and Related Matters	The AcSB is performing research to understand the usefulness of the Statement of Cash Flows and whether there are other cash flow measures more relevant to financial statement users
Updating the Subsidiaries Without Public Accountability: Disclosures Standard	The IASB expects to publish an Exposure Draft in Q3 2024

CPA Canada Handbook

CPA Canada Handbook – Accounting, Part I contains all the IFRS^® Accounting Standards, set by the International Accounting Standards Board and endorsed by the AcSB. It's available in print and online.

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News

April 23, 2024 Document for Comment, International Activity, News

AcSB Exposure Draft – Business Combinations – Disclosures, Goodwill and Impairment

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond by June 14, 2024.

April 18, 2024 News

Addendum to the Exposure Draft Third edition of the IFRS for SMEs® Accounting Standard

The IASB’s recently released Exposure Draft, “Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard,” supplements the Exposure Draft published in September 2022. We encourage you to respond directly to the IASB by July 31, 2024, to help shape accounting standards for SMEs.

April 17, 2024 International Activity, News

IASB issues new IFRS® Accounting Standard – IFRS 18 Presentation and Disclosure in Financial Statements

The IASB’s newly issued IFRS Accounting Standard, IFRS 18 Presentation and Disclosure in Financial Statements, aims to improve the usefulness of information presented and disclosed in financial statements. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

The AcSB will ballot IFRS 18 and complete its endorsement process in Q2 2024. Find out more.