International Financial Reporting Standards (IFRSs)
FYI Article – Changes to Published Exchange Rates
February 21, 2017. This article provides the IFRS Discussion Group’s perspectives on how the changes to the Bank of Canada’s published exchange rates could affect IFRS reporters.
IFRS Discussion Group – Report on November 29, 2016 Meeting
February 21, 2017. Read the report for details about the Group’s discussions. Listen to the audio recordings to hear the Group’s full discussion.
FYI Article – Get Ready. The Insurance Contracts Standard Is Coming!
February 21, 2017. The AcSB takes an active role in influencing the development of IFRSs and in endorsing a standard before incorporating it into Canadian GAAP. Read this article to learn about extensive due process steps undertaken to date by the AcSB on the complex Insurance Contract standard.
AcSB Response – FASB Exposure Draft – Financial Services — Insurance
February 10, 2017. The AcSB has submitted a comment letter responding to the FASB’s Exposure Draft issued in September 2016.
AcSB Exposure Draft – Annual Improvements to IFRS Standards 2015 – 2017 Cycle
February 9, 2017. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by April 12, 2017.
FYI Article – Take Stock of These Effective Dates
January 20, 2017. Be mindful of the effective dates of recently issued accounting standards and amendments affecting you.
IASB Exposure Draft – Annual Improvements to IFRS Standards 2015–2017 Cycle
January 17, 2017. The IASB has issued an Exposure Draft proposing amendments to three IFRSs as part of its annual improvements project. Canadian stakeholders are encouraged to submit their comments to the IASB by April 12, 2017.
Canadian Member Appointed – International Accounting Standards Board
January 13, 2017. Professor Tom Scott has been appointed as a member of the IASB with an initial five-year term commencing in April 2017. He most recently acted as Director and a Professor of Accounting at the School of Accounting and Finance, University of Waterloo. Tom was an AcSB member from 2003 to 2011.
Final IFRIC Interpretation – Foreign Currency Transactions and Advance Consideration
December 15, 2016. The IASB has issued an Interpretation that addresses the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency. The Interpretation is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.
Final Amendments – Annual Improvements to IFRS Standards 2014 – 2016 Cycle
December 15, 2016. The IASB has issued final amendments to three IFRSs as part of its Annual Improvements project. The amendments have varying effective dates.
Video – International Collaboration in Standard Setting
December 13, 2016. Watch the video exploring the role of national standard setters and regional groups in the IASB’s work to develop IFRSs as a worldwide financial reporting language and the importance of collaboration. AcSB Chair, Linda Mezon, participates in this video filmed during the annual World Standard-setters Meeting in London in September 2016.
Final Amendments – Transfers of Investment Property (Amendments to IAS 40)
December 13, 2016. The IASB has issued narrow-scope amendments to IAS 40 Investment Property clarifying the requirements on transfers to, or from, investment property. The amendments are effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.