Transfers of Investment Property (Amend IAS 40)

BACKGROUND

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend International Accounting Standard (IAS) 40 Investment Property.

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The objective of this narrow-scope amendment project is to clarify the guidance on transfers to, or from, investment properties.

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 IFRSs for publicly accountable enterprises.

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PROJECT NEWS

Final Amendments – Transfers of Investment Property (Amendments to IAS 40)
December 13, 2016. The IASB has issued narrow-scope amendments to IAS 40 Investment Property clarifying the requirements on transfers to, or from, investment property. The amendments are effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.

AcSB Response – Transfers of Investment Property (Proposed amendment to IAS 40)
On March 16, 2016, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in November 2015. The letter supports the proposed narrow-scope amendment and transition provisions. The letter suggests that the description of the IASB’s rationale for the requirement to apply the amendment retrospectively be revised slightly in order to avoid possible confusion. Read the AcSB letter posted by the IASB.

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.

IASB Exposure Draft – Transfers of Investment Property (Proposed amendment to IAS 40)
November 23, 2015. The IASB has issued an Exposure Draft proposing an amendment to IAS 40 Investment Property. Canadian stakeholders are encouraged to submit their comments to the IASB by March 18, 2016.

 

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.