International Financial Reporting Standards (IFRSs)

WHAT'S NEW

Final Amendments – Clarifications to IFRS 15 Revenue from Contracts with Customers
April 15, 2016. The IASB has issued narrow-scope amendments to the revenue standard to clarify some requirements and provide additional transitional relief for companies implementing the new standard. The amendments are effective for annual reporting periods beginning on or after January 1, 2018 with earlier application permitted.

Job Opportunity – Principal, Accounting Standards
April 12, 2016. CPA Canada is seeking an individual to join the accounting standards team to develop accounting and financial reporting standards for public companies, private enterprises, not-for-profit organizations and pension plans in Canada.

CPA Magazine – Standards Digest – April 2016
April 5, 2016. CPA Magazine’s Standards Digest is a monthly snapshot into some of the latest standard-setting news and issues. This month, read about the AcSB’s 2016-2021 Strategic Plan and a Q&A with PSAB’s Director about the newly formed Public Private Partnerships Task Force.

AcSB 2016-2021 Strategic Plan – Accounting Standards in Canada: At the Leading Edge of Financial Reporting
March 30, 2016. Read our new five-year Strategic Plan, which takes effect on April 1, 2016. The Plan continues the overall strategies already adopted for the different categories of private sector reporting entities, and improves how they are being implemented.

AcSB Due Process Activities – 2015 Changes to Part I
March 24, 2016. This document summarizes the due process activities the AcSB undertook in support of the changes made to Part I of the Handbook during 2015.

AcSB Response – Transfers of Investment Property (Proposed amendment to IAS 40)
March 22, 2016. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in November 2015.

AcSB Response – Application of Materiality to Financial Statements
March 3, 2016. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in October 2015.

Request for Issues – IFRS Discussion Group
March 3, 2016. The next meeting of the IFRS Discussion Group will be held in Toronto on May 31, 2016. Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by April 15, 2016.

AcSB Response – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
March 1, 2016. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in December 2015.

AcSB Response – Annual Improvements to IFRSs 2014 – 2016 Cycle
February 26, 2016. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in November 2015.

IFRS Discussion Group – Report on December 3, 2015 Meeting
February 23, 2016. Read the report for details about the Group’s discussions. Listen to the audio recordings to hear the Group’s full discussion.

Volunteer Opportunity – User Advisory Council
February 4, 2016.  The Council acts in an advisory role to assist the AcSB in understanding how users use financial information. If you are interested, please submit a resumé by February 25, 2016.

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