IFRS® Standards

WHAT'S NEW

Final Concepts – IASB® issues revised Conceptual Framework for Financial Reporting
April 9, 2018.  The IASB has issued a revised Conceptual Framework for Financial Reporting to replace the Conceptual Framework issued in 2010.  The revised Conceptual Framework is effective immediately for the IASB, and from January 1, 2020 for entities, with early application permitted.

Livestreaming – AcSOC June 7-8, 2018 Meeting
April 6, 2018. Attend AcSOC meetings in person or virtually! Observers will be able to see and hear the AcSOC meeting discussion in real-time via a livestream feed. Register as an observer now; spaces are limited!

We’re hiring! Director, Accounting Standards
April 5, 2018. The Director, Accounting Standards leads a team of highly skilled, energetic and committed professionals to advise and carry out the plans of the AcSB. We are looking for an innovative leader with strong people management skills. Apply today!

IASB® Exposure Draft – Accounting Policy Changes (Proposed Amendments to IAS 8)
April 4, 2018. The IASB issued an Exposure Draft proposing amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit comments to the IASB by July 27, 2018.

IFRS® Discussion Group – Request for Issues
April 3, 2018. The IFRS Discussion Group wants to hear about the challenges you are facing with implementing new standards. Submit your issue to the Group by April 20, 2018. Attend the Group’s upcoming meeting on June 21, 2018 in person or virtually!

AcSB Annual Plan – 2018-2019
April 2, 2018. What’s in store for 2018-2019? The AcSB will be working on activities that forward our Strategic Plan’s vision, mission, and objectives. This includes: enhancing the relevance of financial information, support IFRS® Standards implementation, forwarding private enterprise and NFPO projects, and much more.

2017 Changes to Part I – AcSB Due Process – Endorsement Activities
March 29, 2018. How do new or amended IFRS® Standards make their way into the CPA Canada Handbook – Accounting? Find out via this summary – an overview of the due process activities we carried out in support of changes made to Part I of the Handbook last year.

NEW! Livestreaming – IFRS® Discussion Group June 21, 2018 Meeting
March 22, 2018. Now attend the upcoming IFRS Discussion Group meeting in person or virtually! Observers will be able to see and hear the discussion in real-time via a livestream feed if not able to attend in person. Register as an observer now; spaces are limited!

AcSB Insurance Transition Resource Group Meeting Notes – February 1, 2018
March 2, 2018. Before the IASB Transition Resource Group for IFRS 17 meeting on February 6, our Group met and discussed the same topics, including the boundary of reinsurance contracts held, separation of insurance components in a single contract, insurance acquisition cash flows paid on an initially written contract, and the quantity of benefits for identifying coverage units.

Final Standard – IFRS 17 Insurance Contracts
March 1, 2018. The AcSB has endorsed IFRS 17 Insurance Contracts and it is now in Part I of the CPA Canada Handbook – Accounting. The standard is effective for annual periods beginning on or after January 1, 2021. Earlier application permitted for companies that also apply IFRS 9 and IFRS 15.

Volunteer Opportunity – User Advisory Council
February 28, 2018. The AcSB is looking for new members for its User Advisory Council! Council members advise us and help us understand how users employ financial information. Get more details on who we’re looking for, what volunteering entails, and be sure to apply by March 30, 2018.

IFRS® Discussion Group Meeting Report – January 10, 2018
February 21, 2018. The Group discussed topics such as cryptocurrency, cloud computing, leases, and when to apply the clarifications for modifications or exchanges of financial liabilities. Read about the views expressed on these topics for helpful tips.

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