International Financial Reporting Standards (IFRSs)

WHAT'S NEW

FYI Article – IASB Investor Initiatives
July 23, 2014. This article provides an overview of the outreach activities and email alerts the IASB makes available for investors.

FYI Article – The Importance of Financial Statement User Input
July 23, 2014. This article discusses the AcSB’s need for more feedback from financial statement users to ensure standards reflect this community’s requirements.

FYI Article – Leases: IASB Makes Proposals More Cost Effective
July 16, 2014. This article discusses the IASB’s recent decisions to make the proposals on leases more cost effective.

FYI Article – Disclosure: Too Much of a Good Thing?
July 9, 2014. This article discusses the IASB’s proposals to clarify aspects of IAS 1, which is the first step in its Disclosure Initiative. The related Exposure Draft clarifies applying materiality, aggregation and disaggregation, and the structure of the notes. Responses to the Exposure Draft are due by July 23, 2014.  

Event – IFRS Foundation Conference: Mexico City 2014
July 9, 2014. Attend this conference on October 6-7, 2014 to get updated on the reasoning behind particular IASB projects and interact with those setting IFRSs. Receive 15% off by using code FKW52738FRAS when registering!

Final Amendments – Agriculture: Bearer Plants
July 8, 2014. The IASB has issued narrow-scope amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture to address the accounting for bearer plants. The amendments are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted. 

Call for Applications – IFRS Transition Resource Group for Impairment of Financial Instruments
July 4, 2014. The IASB is seeking applications for membership of this Group. Candidates should be financial statement preparers, auditors or representatives of related groups with expertise or practical knowledge of the expected credit loss model for impairment of financial assets. Financial instruments knowledge under IFRSs is also required. Applications should be submitted by July 14, 2014.

AcSB Exposure Draft – Investment Entities: Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28)
June 27, 2014. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by September 15, 2014.

IASB Exposure Draft – Investment Entities: Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28)
June 16, 2014. The IASB has issued an Exposure Draft proposing amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures to clarify three issues about the application of the requirement for investment entities to measure subsidiaries at fair value. Canadian stakeholders are encouraged to submit their comments to the IASB by September 15, 2014.

AcSB Response – Post-implementation Review of IFRS 3 Business Combinations
June 6, 2014. The AcSB has submitted a comment letter responding to the IASB’s Request for Information issued in January 2014.

Final Standard – Revenue from Contracts with Customers (with Correction)
June 5, 2014.  The IASB and the FASB have jointly issued a converged standard to improve the requirements for revenue recognition.  IFRS 15 is effective for annual periods beginning on or after January 1, 2017, with earlier application permitted (not “prohibited” as previously reported).  (The FASB standard does not permit early application.)

CPA Magazine Standards Speak – One Size Doesn’t Fit All: The AcSB’s Strategy Holds True
June 5, 2014. In this month’s column, Linda F. Mezon, AcSB Chair, discusses the Board’s comprehensive review of the strategy it put in place to adopt separate accounting frameworks for various entities. Up next: the 2016-2021 strategic plan, which will soon require Canadians’ feedback.

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