Responses to IASB Documents for Comment

Annual Improvements to IFRSs

Exposure Draft – Annual Improvements to IFRS Standards 2015-2017 Cycle – January 2017

On April 12, 2017, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in January 2017. Overall, the letter supports most of the proposed amendments. However, the letter expresses concern that the proposed amendments to IAS 28 Investments in Associates and Joint Ventures will not be effective at clarifying the interaction between IAS 28 and IFRS 9 Financial Instruments for long‐term interests. As well, the letter highlights concern over the timing of issuing these amendments because Canadian stakeholders need the amendments endorsed and incorporated into Canadian GAAP by November 1, 2017, when large Canadian banks will first apply IFRS 9. Furthermore, the letter recommends clarifications to the drafting of the amendments to IAS 12 Income Taxes and IAS 23 Borrowing Costs. Read the AcSB letter posted by the IASB.

Exposure Draft – Annual Improvements to IFRSs 2014 – 2016 Cycle – November 2015

On February 17, 2016, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in November 2015. The letter supports the proposed amendments. However, it suggests clarifying that an entity that has previously interpreted IAS 28 Investments in Associates and Joint Ventures as requiring a consistent accounting policy choice between fair value and equity method can reclassify individual investments on initial adoption of the amendment. Read the AcSB letter posted by the IASB.

Exposure Draft – Annual Improvements to IFRSs 2012-2014 Cycle – December 2013

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.

Exposure Draft – Annual Improvements to IFRSs 2011-2013 Cycle – November 2012

On February 15, 2013, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in November 2012. The letter supports most of the proposed amendments. However, the letter does not support the amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards as the AcSB thinks that the current guidance is clear and provides sufficient direction. The letter also recommends that an entity should be allowed to apply the amendments to IAS 40 Investment Property retrospectively. As well, the letter expresses concern about providing guidance in the Basis for Conclusions and not revising the related authoritative material. Read the AcSB letter posted by the IASB.

Exposure Draft – Annual Improvements to IFRSs 2010-2012 Cycle – May 2012

On August 29, 2012, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in May 2012. The letter supports the proposed amendments. However, it expresses disagreement with presenting any portion of the change in fair value of contingent consideration classified as a liability in other comprehensive income. The letter also expresses concern about providing guidance in the Basis for Conclusions to IFRS 13 Fair Value Measurement and recommends that IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement should be clarified with respect to the measurement of short-term receivables and payables. Read the AcSB letter posted by the IASB.

Exposure Draft – Improvements to IFRSs – June 2011

On October 21, 2011, the AcSB submitted a comment letter responding to the IASB's Exposure Draft issued in June 2011. The letter supports the amendments proposed. However, the letter suggests some revisions be made to clarify the proposals and address the issues raised in the Exposure Draft. The AcSB letter posted by the IASB is available here.

Consultation Document – The Annual Improvements Process: Proposals to Amend the Due Process Handbook for the IASB – August 2010

On November 30, 2010, the AcSB submitted a comment letter responding to the IFRS Foundation’s Consultation Document. Overall, the letter supports the Foundation’s efforts to amend the Due Process Handbook and supports the proposed enhanced criteria for determining whether a matter should be addressed through the IASB’s Annual Improvements Process. However, the letter does not support the proposed third criterion that requires an assessment of the likelihood that the IASB will reach a conclusion on an issue during the planning stage. The AcSB letter posted by the IASB is available here.

Exposure Draft – Improvements to IFRSs – August 2009

On November 12, 2009, AcSB staff submitted a comment letter responding to the IASB’s Exposure Draft. The letter supports the amendments proposed, except that the letter requests clarification on when a first-time adopter is required to explain any changes or update required reconciliations if the entity changes its accounting policies or its use of the exemptions in IFRS 1 First-time Adoption of International Financial Reporting Standards after it has published an interim financial report. The AcSB staff letter posted by the IASB is available here.