Accounting Policy Changes (Amend IAS 8)

Current Status Next Steps

IASB and AcSB are seeking comments on their Exposure Drafts by July 27, 2018.

Third quarter of 2018 – IASB and AcSB to deliberate comments each received.

BACKGROUND

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

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The objective of this project is to lower the impracticability threshold for retrospective application of voluntary changes in accounting policy that result from agenda decisions published by the IFRS® Interpretations Committee. The proposed threshold would include a consideration of the benefits to users and costs to the entity of applying such changes retrospectively.

The AcSB’s due process includes ensuring that Canadian entities’ financial reporting needs are considered by the IASB and issuing the AcSB’s own exposure draft on each IASB proposal. Subject to the responses to the AcSB’s exposure draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRS® Standards for publicly accountable enterprises.

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PROJECT NEWS & DECISION SUMMARIES

AcSB Exposure Draft – Accounting Policy Changes (Proposed amendments to IAS 8)
April 17,  2018. 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 27, 2018.

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.

 

Disclaimer: This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.