Annual Improvements 2011 – 2013

BACKGROUND

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend four International Financial Reporting Standards (IFRSs) as part of its 2011 – 2013 Annual Improvements project.  

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This cyclical project is an efficient method to deal with a collection of narrow‑scope IFRS amendments, specifically relating to the following:

  • IFRS 3: scope exception for joint arrangements;
  • IFRS 13: portfolio exception;
  • IAS 40: interrelationship of IFRS 3 and IAS 40 when classifying property; and
  • Basis for Conclusions IFRS 1: meaning of effective IFRSs.

The AcSB is participating in the activities on the project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRSs for publicly accountable enterprises.

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PROJECT NEWS

Final Amendments – Annual Improvements to IFRSs 2011 – 2013 Cycle
December 17, 2013. The IASB has issued final amendments to three 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 2011 – 2013 Cycle
February 28, 2013. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft on this topic.

Exposure Draft – Annual Improvements to IFRSs 2011 – 2013 Cycle
December 12, 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 February 18, 2013.

Exposure Draft – Annual Improvements to IFRS 2011 – 2013 Cycle
November 22, 2012. The IASB has issued an Exposure Draft proposing amendments to four IFRSs resulting from its annual improvements project. Canadian stakeholders are encouraged to submit their comments to the IASB by February 18, 2013.

 

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.