International Financial Reporting Standards (IFRSs)

WHAT'S NEW

CPA Magazine Standards Speak – Punching Above Our Weight
October 9, 2014. In this month’s column, Rebecca Villmann, AcSB Director, talks about Canada’s reputation for playing a big part in the global standard-setting arena – despite our small size at just over 3% of the world’s capital markets. Also read Q&As with several Canadians involved in global standard setting.

AcSB Exposure Draft – Recognition of Deferred Tax Assets for Unrealized Losses (Proposed amendments to IAS 12)
October 3, 2014. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft. Canadian stakeholders are encouraged to submit their comments, on the form provided, by December 18, 2014.

Request for Issues – IFRS Discussion Group
October 2, 2014. The next meeting of the IFRS Discussion Group will be held in Toronto on December 9, 2014. Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by October 21, 2014.

Final Amendments – Annual Improvements to IFRSs 2012 – 2014 Cycle
October 1, 2014. The IASB has issued final amendments to four IFRSs as part of its annual improvements project. The amendments are effective for annual periods beginning on or after January 1, 2016.

IASB Exposure Draft – Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value (Proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36)
September 24, 2014. The IASB has issued an Exposure Draft proposing amendments regarding the measurement of investments in subsidiaries, joint ventures and associates at fair value when those investments are quoted in an active market. Canadian stakeholders are encouraged to submit their comments to the IASB by January 16, 2015.

AcSB Response – Investment Entities: Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28)
September 23, 2014. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in June 2014.

IASB Discussion Paper – Reporting the Financial Effects of Rate Regulation
September 22, 2014. The IASB has issued a Discussion Paper exploring what information about rate-regulated activities is most useful to users of financial statements and the possible approaches to reporting the financial effects of rate regulation. Canadian stakeholders are encouraged to submit their comments to the IASB by January 15, 2015.

Final Amendments – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
September 15, 2014. The IASB has issued narrow-scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures to address an inconsistency between requirements in IFRS 10 and IAS 28. The amendments are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted.

IFRS Discussion Group – Report on June 12, 2014 Meeting
September 11, 2014. Read the report for details about the Group’s discussions. Listen to the audio recordings to hear the Group’s full discussion.

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.

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