IFRS® Standards

WHAT'S NEW

IFRS Discussion Group Meeting Agenda – December 3, 2015
November 6, 2015. An agenda covering the topics for discussion is now available. Get more information about the meeting to be held in Toronto, including how to attend in person.

AcSB Response – Clarifications to IFRS 15
November 4, 2015. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in July 2015.

IASB Draft Practice Statement – Application of Materiality to Financial Statements
November 3, 2015. The IASB has issued a Draft Practice Statement that provides guidance to help company management determine whether information is material. Canadian stakeholders are encouraged to submit their comments to the IASB by February 26, 2016.

AcSB Initiative – IFRSs: Striving for Uniform Adoption Dates
November 2, 2015. Not having uniform adoption for IFRSs undermines the goal – consistent standards in different jurisdictions. This can also put countries at different vantage points. Read about what the AcSB is doing to achieve uniform adoption dates.

Canadian Organizations Participate – IASB's Investors in Financial Reporting Program
October 30, 2015. Two Canadian organizations, Caisse de dépôt et placement du Québec and Ontario Teachers’ Pension Plan, are amongst the four new investors that have joined the IASB’s Investors in Financial Reporting program. This program is designed to foster greater investor participation in the development of IFRSs.

IASB Draft IFRIC Interpretation – Uncertainty over Income Tax Treatments
October 26, 2015. The IASB’s IFRS Interpretations Committee has issued a Draft Interpretation to provide guidance when there is uncertainty in the application of the tax law. Canadian stakeholders are encouraged to submit their comments to the IFRS Interpretations Committee by January 19, 2016.

IASB Draft IFRIC Interpretation – Foreign Currency Transactions and Advance Consideration
October 26, 2015. The IASB’s IFRS Interpretations Committee has issued a Draft Interpretation to provide guidance about which exchange rate should be used to report foreign currency transactions when payment is made or received in advance. Canadian stakeholders are encouraged to submit their comments to the IFRS Interpretations Committee by January 19, 2016.

FYI Article – Improving Disclosures: The First Step
October 22, 2015. This article highlights the IFRS Discussion Group’s perspectives on narrow-scope amendments to IAS 1 Presentation of Financial Statements that take effect January 1, 2016.

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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