International Financial Reporting Standards (IFRSs)

WHAT'S NEW

Non-authoritative Material – Revenue from Contracts with Customers
June 9, 2017. The Basis for Conclusions and Illustrative Examples issued by the IASB that accompany, but are not part of, IFRS 15 have been added to Part I of the CPA Canada Handbook – Accounting (in both cases excluding amendments made subsequently by the IASB for Clarifications to IFRS 15 Revenue from Contracts with Customers). The AcSB is taking a phased approach to adding non-authoritative material issued by the IASB to the Handbook.

Final IFRIC Interpretation – Uncertainty over Income Tax Treatments
June 9, 2017. The IASB has issued an Interpretation to specify how to reflect uncertainty in accounting for income taxes. The Interpretation is effective for annual reporting periods beginning on or after January 1, 2019 with earlier application permitted.

Audio Webcast – IFRS Discussion Group May 30, 2017 Meeting
June 7, 2017. Listen to the audio recordings to hear the Group’s discussion about implementation challenges relating to the new standards and other topical matters.

Volunteer Opportunity – IFRS Transition Resource Group for IFRS 17 Insurance Contracts
May 31, 2017. The IASB is seeking applications for membership of this Group. Candidates should be financial statement preparers or auditors with practical and direct knowledge of the ongoing implementation of IFRS 17, and expertise in product types across a broad spread of geographical areas. Applications should be submitted by July 31, 2017.

Final Standard – Insurance Contracts
May 23, 2017. The IASB has issued IFRS 17 Insurance Contracts, which replaces interim standard IFRS 4 and applies to all types of insurance contracts. IFRS 17 is effective for annual periods beginning on or after January 1, 2021 with earlier application permitted for companies that also apply IFRS 9 and IFRS 15.

Roundtable – Stakeholders’ Views Sought on How to Improve Disclosures in IFRS Financial Statements
May 10, 2017. Register to attend the AcSB’s roundtable discussions to share your views on the IASB’s Discussion Paper on the Principles of Disclosure.

FYI Article – AcSB Advisory Committees: A Glance at What’s Happening
May 10, 2017. Find out what the IFRS Discussion Group, Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee are up to recently. Learn how they assist the Board in developing and maintaining accounting standards in Canada.

AcSB Response – Annual Improvements to IFRS Standards 2015-2017 Cycle
May 3, 2017. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in January 2017.

AcSB Exposure Draft – Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34)
April 28, 2017. The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by July 31, 2017

IFRS Discussion Group Meeting Agenda – May 30, 2017
April 28, 2017. 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

Webinar – AcSB Spring 2017 Update – IFRS
April 28, 2017. Tune in to this webinar on May 18, 2017 (English) and May 23, 2017 (French) to get an update on recent IFRS developments, including on-going projects and implementation resources supporting new standards.

AcSB Exposure Draft – Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9).
April 21, 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 May 24, 2017.

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