IFRS® Standards

WHAT'S NEW

AcSB Response – IFRS Foundation Trustees’ Review of Structure and Effectiveness: Issues for the Review
January 29, 2016.  The AcSB has submitted a comment letter responding to the IFRS Foundation’s Request for Views issued in July 2015.

AcSB Response – Uncertainty over Income Tax Treatments
January 29, 2016. The AcSB has submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation issued in October 2015.

Final Amendments – Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)
January 22, 2016.  The IASB has issued narrow-scope amendments to IAS 12 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value. The amendments are effective for annual periods beginning on or after January 1, 2017 with earlier application permitted.

AcSB Response – 2015 Agenda Consultation
January 20, 2016.  The AcSB has submitted a comment letter responding to the IASB’s Request for Views issued in August 2015.

Final Standard – Leases
January 19, 2016.  The IASB has issued IFRS 16 Leases, which requires lessees to recognize all leases on the balance sheet.  IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with earlier application permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers.

IASB Feedback Statement – Post-implementation Review: IFRS 3 Business Combinations
June 29, 2015. The IASB has issued a Feedback Statement on the post-implementation review of IFRS 3. The review shows general support for the accounting requirements in the standard but identifies some areas where further research will be undertaken, including accounting for goodwill.

Invitation to Comment – AcSB 2016-2021 Draft Strategic Plan
May 20, 2015. The AcSB has issued an Invitation to Comment on its next strategic plan, which outlines the AcSB’s vision, how it will operate and the broad policy objectives that will guide its standard-setting activities.  Stakeholders are encouraged to submit their comments, on the form provided, by September 17, 2015.

Request for Issues – IFRS Discussion Group
February 3, 2015. The next meeting of the IFRS Discussion Group will be held in Toronto on May 14, 2015. Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by March 9, 2015.

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