IFRS® Standards

WHAT'S NEW

Canadian Appointments – IASB® Management Commentary Consultative Group
July 23, 2018. We are pleased to announce that Lisa French, CTO, International Integrated Reporting Council; Benjamin Yeoh, Sr. Portfolio Manager, RBC, Global Asset Management; and Trent W. Klein, Director — Finance, TELUS Corp, were appointed to IASB’s Management Commentary Consultative Group. The Group was established to advise the IASB as it develops proposals for updating its guidance on management commentary in financial reports.

Stakeholder Survey – Draft Framework for Reporting Performance Measures
July 19, 2018. Join the discussion and help improve financial and non-financial performance measures reported outside of financial statements. The AcSB's new survey captures your feedback on the Draft Framework for Reporting Performance Measures! Get your feedback in by October 1, 2018.

IFRS® Discussion Group – Request for Issues
July 12, 2018. The IFRS Discussion Group wants to hear about the challenges you face when applying IFRS Standards. Submit your issue by August 10, 2018, for consideration as a potential topic for discussion at our October 16, 2018, meeting in Winnipeg.

Change to Part I for IFRS 17 Insurance Contracts – AcSB Due Process – Endorsement Activities
July 12, 2018. Get an overview of endorsement activities we carried out before incorporating IFRS 17 into Part I of the Handbook. Given the complexity of IFRS 17 and the change it represents for Canadians, we performed extensive additional outreach activities. The Appendix to the summary lists these activities, all of which were influential in the development of the final standard.

IASB Discussion Paper – Financial Instruments with Characteristics of Equity
July 4, 2018.  The IASB has issued a Discussion Paper that explores improvements to IAS 32 Financial Instruments: Presentation for financial instruments that have characteristics of both a liability and equity. Canadian stakeholders are encouraged to provide feedback directly to the IASB by January 7, 2019.

Canadian Appointment – IFRS® Interpretations Committee
July 3, 2018. We are pleased to share that Guy Jones, partner in the Toronto office of EY’s professional practice group and Vice-Chair of the AcSB’s IFRS Discussion Group, was appointed to the IFRS Interpretations Committee for a three-year term starting July 1, 2018. The IFRS Interpretations Committee responds to questions from stakeholders about the application of IFRS Standards.

IFRS® Discussion Group Audio Webcast – June 21, 2018
June 28, 2018. Hear the Group’s insights on topics, including cannabis accounting, cryptocurrencies, and implementation matters related to IFRS 9 and IFRS 15. Tune into opening remarks for updates on topics such as lease incentives and variable lease payments.

Keeping pace with progress – AcSB 2017-2018 Annual Report
June 27, 2018. Supporting IFRS® Standards implementation to advancing Part II and Part III projects, and continuing research on new types of pension obligations – we kept pace with progress and met our goals. Read about our 2017-2018 activities and accomplishments in our Annual Report, including new work helping to enhance the relevance of financial reporting.

Work with us! Seeking a new accounting standards principal
June 26, 2018. We are looking for a highly-skilled, enthusiastic, and committed accounting standards team member to advise and carry out the plans of the AcSB. Apply today!

Draft Framework for Reporting Performance Measures – Enhancing the relevance of financial reporting
June 14, 2018. The AcSB is stepping up to enhance the relevance of financial information for all entities – from public and private companies, to not-for-profit organizations and pensions plans. We need you to join the discussion and help improve financial and non-financial performance measures reported outside of financial statements. Read and comment by September 17, 2018.

Non-authoritative Material – Insurance Contracts
June 1, 2018. The Basis for Conclusions and Illustrative Examples issued by the IASB that accompany, but are not part of, IFRS 17 Insurance Contracts have been added to Part I of the CPA Canada Handbook – Accounting.

Reporting Performance Measures – Enhancing the Relevance of Financial Reporting
June 1, 2018. It’s time for leadership. The AcSB is stepping up to enhance the relevance of financial information for all entities by issuing a Draft Framework for Reporting Performance Measures. The Framework will be issued June 14, 2018 and needs your feedback! Read more about this important initiative and stay up to date.

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