Annual Improvements 2012 – 2014

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 2012 – 2014 Annual Improvements project.

(Read more)

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

  • IFRS 5: changes in methods of disposals;
  • IFRS 7: servicing contracts;
  • IFRS 7: applicability of the amendments to IFRS 7 to condensed interim financial statements;
  • IAS 19: discount rate: regional market issue; and
  • IAS 34: disclosure of information ‘elsewhere in the interim financial report’.

The AcSB is participating in the activities of 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.

(Hide)


PROJECT NEWS

Final Amendments – Annual Improvements to IFRSs 2012 – 2014 Cycle
October 1, 2014. The IASB has issued final amendments to four IFRSs as part of its annual improvements project. The amendments are effective for annual periods beginning on or after January 1, 2016.

AcSB Response – Annual Improvements to IFRSs 2012 – 2014 Cycle
On March 13, 2014, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in December 2013. The letter supports most of the amendments. However, the letter questions if a fee earned from servicing a transferred financial asset constitutes continuing involvement and, thus, if the disclosure requirement is needed. Read the AcSB letter posted by the IASB.

AcSB Exposure Draft – Annual Improvements to IFRSs 2012 – 2014 Cycle
January 22, 2014. 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 13, 2014.

IASB Exposure Draft – Annual Improvements to IFRSs 2012 – 2014 Cycle
December 17, 2013. The IASB has issued an Exposure Draft proposing amendments to four IFRSs as part of its annual improvements project. Canadian stakeholders are encouraged to submit their comments to the IASB by March 13, 2014.

 

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.