International Financial Reporting Standards (IFRSs)

WHAT'S NEW

AcSB Exposure Draft – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts, (Proposed amendments to IFRS 4)
January 12, 2016. 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, on the form provided, by February 8, 2016.

Canadian Member Reappointed – IFRS Interpretations Committee
January 11, 2016.  Reinhard Dotzlaw, National Managing Partner, Audit Professional Practice, KPMG Canada, has been reappointed as a member of the IASB’s IFRS Interpretations Committee.  Mr. Dotzlaw will serve a second three-year term commencing July 1, 2016.

FYI Article – IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!
January 7, 2016. Spring into action now! Read why you should get started implementing the new revenue standard given the extent of time needed for this significant undertaking.

Final Amendment – Effective Date of Amendments to IFRS 10 and IAS 28
December 22, 2015. The IASB has issued an amendment deferring indefinitely the effective date of the narrow-scope amendment, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. Earlier application of the amendments is still permitted.

AcSB Exposure Draft – Annual Improvements to IFRSs 2014 – 2016 Cycle
December 15, 2015. 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, on the form provided, by February 17, 2016.

AcSB Exposure Draft – Transfers of Investment Property (Proposed amendment to IAS 40)
December 15, 2015. 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, on the form provided, by March 18, 2016.

IASB Exposure Draft – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed Amendments to IFRS 4)
December 11, 2015. The IASB has issued an Exposure Draft proposing amendments to IFRS 4 Insurance Contracts. Canadian stakeholders are encouraged to submit their comments to the IASB by February 8, 2016.

AcSB Response – Conceptual Framework for Financial Reporting
December 8, 2015. The AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in May 2015.

AcSB Response – Updating References to the Conceptual Framework
December 8, 2015. The AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in May 2015.

IFRS Discussion Group – Report on September 10, 2015 Meeting
December 1, 2015. Read the report for details about the Group’s discussions. Listen to the audio recordings to hear the Group’s full discussion.

LinkedIn – Follow us!
November 27, 2015. The boards and oversight councils are already on Twitter – @frascanada.ca. Now you can follow us on LinkedIn! Stay in the know, share our news, and engage with us! We can’t wait to hear from you.

FYI Article – Amendments to IFRS 10 and IAS 28: Effective Date Is Being Postponed!
November 26, 2015. Amendments are expected to be issued by the IASB by the end of the year that defer indefinitely the effective date of the amendments to IFRS 10 and IAS 28.  This means that entities can wait to apply the amendments to IFRS 10 and IAS 28.

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