International Financial Reporting Standards (IFRSs)

WHAT'S NEW

Canadian Member Appointed – IFRS Transition Resource Group for Impairment of Financial Instruments
August 28, 2014. Helen Killoch, Vice-President and Chief Accountant of the Bank of Montreal, has been appointed as a member.  This new IASB Group will support stakeholders on implementation issues that may arise as a result of the new impairment requirements. Any stakeholder can submit a potential issue for discussion at the Group meetings.

IFRS Discussion Group Meeting Agenda – September 11, 2014
August 28, 2014. An agenda covering the topics for discussion is now available. Get more information about the meeting to be held in Vancouver, including how to attend in person.

IASB Exposure Draft – Recognition of Deferred Tax Assets for Unrealised Losses (Proposed amendments to IAS 12)
August 21, 2014. The IASB has issued an Exposure Draft proposing amendments to IAS 12 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value. Canadian stakeholders are encouraged to submit their comments to the IASB by December 18, 2014.

Final Amendments – Equity Method in Separate Financial Statements
August 21, 2014. The IASB has issued narrow-scope amendments to IAS 27 Separate Financial Statements to allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. The amendments are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted.

Call for Applications – Capital Markets Advisory Committee
August 14, 2014.  The IASB is seeking applications for membership of this Committee beginning in January 2015.  Candidates should be analysts or investors with extensive practical experience in analyzing financial information.  Applications should be submitted by September 30, 2014.

CPA Magazine Standards Feature – Reflections on Canada’s Changeover to IFRS
August 11, 2014. Read this month’s CPA Magazine feature article by Paul Cherry, OC, FCPA, FCA, former IFRS Advisory Council Chair, who reflects on Canada’s changeover to IFRSs. Canada’s experience was positive, but important challenges still lie ahead. 

AcSB Response – Disclosure Initiative (Proposed amendments to IAS 1)
July 28, 2014. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in March 2014.

Final Standard – Financial Instruments
July 28, 2014. The IASB has issued a complete and revised IFRS 9.The improvements introduced by IFRS 9 include a logical model for classification and measurement, a single, forward-looking expected loss impairment model and a reformed approach to hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.

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.  

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