Upcoming IFRS® Discussion Group Meeting

Meetings are open to the public and recorded, but portions may be held in camera at the discretion of the Chair.

Date: June 21, 2018 – 10:00 am to 4:00 pm
Location: Chartered Professional Accountants of Canada
Ontario and Quebec Room (9th Floor)
277 Wellington Street West
Toronto, ON  M5V 3H2
Public Observation: Read the Guidelines for In-person Observers and complete the In-person Observer Registration Form
Read the Guidelines for Livestream Observers and complete the Livestream Observer Registration Form



The topics the IFRS® Discussion Group plans to consider, in addition to routine updates, are outlined below. Although current at the date prepared (May 24, 2018), this agenda is subject to change. The topics presented below may be discussed by the Group in a different order.

If the topics are relevant to your professional work, attending the public meeting – either in person or via livestream – would qualify as Continuing Professional Development (CPD). Contact your CPA provincial body for any questions about CPD hours.

Cryptocurrencies – Mining Activities

  • Discuss the accounting for transaction fees and the reward of newly created cryptocurrencies earned from cryptocurrency mining activities. Also, discuss the factors to consider in assessing whether there is an active market for a particular cryptocurrency. 

IFRS 10 and IFRS 15: Sale of Non-Financial Assets Involving Royalty Interest

  • Consider the scope and accounting for the sale of non-financial assets that involves the granting of a royalty interest.

IFRS 15 and IAS 23: Capitalization of Financing Costs

  • Consider the effect of the amendments to IAS 23 Borrowing Costs on the calculation of the capitalization rate on general borrowings, and the related implications for the exemption elections in IFRS 1 First-time Adoption of International Financial Reporting Standards.

IFRS 13 and IAS 41: Cannabis Accounting – Recognition and Determining Fair Value

  • Consider whether uncertainty and restrictions in the legal environment that affect future sales of an agricultural produce (for example, legalization of cannabis in Canada) affects the ability for the agricultural produce to meet the definition of an asset. Also, discuss possible methods to determine a reliable fair value for an agricultural produce that does not have a commodity market. 

IAS 41: Cannabis Accounting – Costs Incurred related to Biological Transformation

  • Discuss the accounting for costs incurred related to the biological transformation of biological assets (for example, growing cannabis) that are measured using a fair value model.  

IAS 2 and IAS 41: Cannabis Accounting – Presentation

  • Consider the presentation of the following items in the Statement of Comprehensive Income:
    • For biological assets, discuss the presentation of gains and losses arising from changes in fair value less costs to sell.
    • For agricultural produce, discuss the presentation of amounts realized upon the sale of the item of inventory.

IFRS 9: Modifications or Exchanges of Fixed-Rate and Floating-Rate Financial Instruments

  • Discuss the accounting for the renegotiation of fixed-rate and floating-rate debt with prepayment features, and fees and costs incurred related to the modification.

IFRS 9: Lifetime Expected Credit Losses for Trade Receivables

  • Discuss how to measure the lifetime expected credit losses for trade receivables, including considering what are appropriate forward-looking factors. 

IFRS 16: Guidance on “Low Value” Leases

  • Consider the guidance in paragraphs B3-B8 of IFRS 16 Leases and discuss possible methods for identifying leases for which the underlying asset is of low value.


Davina Tam, CPA, CA
Principal, Accounting Standards Board
Phone: +1 (416) 204-3514
Email: dtam@acsbcanada.ca