Annual Improvements 2010 – 2012
The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’ s(IASB) project to amend 11 International Financial Reporting Standards (IFRSs) as part of its 2010—2012 Annual Improvements project.
This cyclical project is an efficient method to deal with a collection of narrow‑scope IFRS amendments, specifically relating to the following:
- IFRS 2: definition of “vesting conditions”;
- IFRS 3: accounting for contingent consideration in a business combination;
- IFRS 8: aggregation of operating segments and reconciliation of the total of the reportable segments’ assets to the entity’s assets;
- IAS 1: current/non-current liabilities classification ;
- IAS 7: interest paid that is capitalized;
- IAS 12: recognition of deferred tax assets for unrealized losses;
- IAS 16 and IAS 38: requirements for revaluation model;
- IAS 24: key management personnel services provided by management entity;
- IAS 36: disclosures harmonization for value in use and fair value less costs of disposal; and
- Basis for Conclusions IFRS 13: short-term receivables and payables measurement.
The AcSB participates in the consultations and activities on the project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The amendment will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRSs for publicly accountable enterprises.
Final Amendments – Annual Improvements to IFRSs 2010 – 2012 Cycle
December 17, 2013. The IASB has issued final amendments to six IFRSs as part of its annual improvements project. The amendments are effective for annual periods beginning on or after July 1, 2014.
AcSB Response – Annual Improvements to IFRSs 2010—2012 Cycle
October 9, 2012. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft.
AcSB Decision Summary – August 20, 2012
The AcSB approved its response to the IASB’s Exposure Draft, “Annual Improvements to IFRSs 2010—2012 Cycle.” The AcSB also considered the IFRS Discussion Group's suggestion from its July 19, 2012 meeting to raise the issue “IAS 1: Classification of Long-term Debt to Be Repaid from an Offering” in the AcSB’s response to the IASB’s Exposure Draft. The AcSB agreed that the amendment to IAS 1 Presentation of Financial Statements proposed by the IASB does not relate to the same issue that the IFRS Discussion Group had identified. The AcSB will consider the Group’s recommendation to refer its issue to the IFRS Interpretations Committee at a future meeting.
The AcSB encourages Canadian stakeholders to submit their views on the Exposure Draft directly to the IASB by September 5, 2012.
AcSB Decision Summary – July 11, 2012
The AcSB discussed the key points to be included in its response to the IASB’s Exposure Draft, “Annual Improvements to IFRSs 2010—2012 Cycle,” and will recommend that some aspects of the proposals be clarified. The AcSB encourages Canadian stakeholders to submit their views on the Exposure Draft to the IASB by September 5, 2012.
Exposure Draft – Annual Improvements to IFRSs 2010—2012 Cycle
June 19, 2012. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by September 5, 2012.
AcSB Decision Summary – June 13, 2012
The AcSB approved the issuance of an exposure draft in respect of the IASB’s Exposure Draft, “Annual Improvements to IFRSs 2010—2012 Cycle.”
Exposure Draft – Annual Improvements to IFRSs 2010-2012 Cycle
May 7, 2012. The IASB has issued an Exposure Draft proposing amendments to 11 IFRSs resulting from its annual improvements project. The comment deadline is September 5, 2012.
AcSB Decision Summary – November 8, 2011
The AcSB approved the issuance of an exposure draft reflecting the IASB's forthcoming Exposure Draft, "Annual Improvements to IFRSs 2010-2012 Cycle." The AcSB directed staff to develop a response to the IASB’s Exposure Draft and to consult with stakeholders when appropriate.
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.