International Financial Reporting Standards (IFRSs)

WHAT'S NEW

AcSB Response – IFRS Foundation Trustees’ Review of Structure and Effectiveness: Issues for the Review
January 29, 2016.  The AcSB has submitted a comment letter responding to the IFRS Foundation’s Request for Views issued in July 2015.

AcSB Response – Uncertainty over Income Tax Treatments
January 29, 2016. The AcSB has submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation issued in October 2015.

Final Amendments – Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)
January 22, 2016.  The IASB has issued narrow-scope amendments to IAS 12 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value. The amendments are effective for annual periods beginning on or after January 1, 2017 with earlier application permitted.

AcSB Response – 2015 Agenda Consultation
January 20, 2016.  The AcSB has submitted a comment letter responding to the IASB’s Request for Views issued in August 2015.

Final Standard – Leases
January 19, 2016.  The IASB has issued IFRS 16 Leases, which requires lessees to recognize all leases on the balance sheet.  IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with earlier application permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers.

FYI Article – Mind the (New) GAAP: Remember These Effective Dates
January 14, 2016. Has a new annual reporting period begun for your organization? Make sure you know the effective dates of accounting standards issued recently.

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.

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