News Listings

Section 3856, Financial Instruments was amended on February 1, 2022, to provide relief to debt modification accounting and hedge accounting during the benchmark interest rate reform. These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue. Find out more.

On January 31, 2022, the AcSB responded to the IASB’s Exposure Draft issued in July 2021. The AcSB’s letter focuses on the proposed scope of the draft Standard, with suggestions on widening the scope to benefit a broader group of stakeholders. Read our letter to find out more!

On January 27, 2022, the AcSB responded to the IASB’s Request for Information – Post-implementation Review of IFRS 9 Financial Instruments – Classification and Measurement issued in September 2021. The AcSB’s letter expressed that overall the classification and measurement requirements in IFRS 9 are working as intended. However, the AcSB questioned whether the principles of IFRS 9 are sufficiently flexible such that they may be applied to increasingly complex financial instruments and still provide relevant and meaningful information to users of financial statements. Read our letter to find out more!

The Board discussed Contributions, Subsidiaries without Public Accountability, PIR of IFRS 9, Cloud Computing, the Draft Strategic Plan, the Annual Plan, the Performance Report, the Communications Strategy, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The AcSB has issued a revised version of its Due Process Manual. The changes were made to clarify certain processes and better support the Board in responding to stakeholder needs on a timely basis.

Just in time for year-end reporting, the IFRS^® Discussion Group is out with its December 2021 meeting report! The Group discussed financial reporting hot topics such as the IFRS^® Interpretations Committee’s tentative agenda decision on accounting for cash received via electronic transfer as settlement for a financial asset and accounting for a renewable energy power purchase agreement. Read the full report for details.

On January 25, 2022, representatives of the Accounting Standards Board (AcSB) of Canada and the Accounting Standards Board of Japan (ASBJ) held their third bilateral meeting. At this virtual meeting, the Boards discussed topics of mutual interest, such as financial instruments, disclosure initiatives and responding to changes in the market environment, including the interest of stakeholders. Read the press release, available in English.

On January 12, 2022, the AcSB responded to the IASB’s Exposure Draft issued in March 2021. The AcSB’s letter included several comments, most notably that stimulating changes to current behaviour towards disclosure requirements may prove to be the most significant barrier to achieving effective application of the IASB’s proposed amendments. Read our letter to find out more!

Help the AcSB inform the development of IFRS^® Standards by submitting academic papers for the IASB Research Forum being held in conjunction with Accounting In Europe and European Accounting Review. Topics of interest include recognition, measurement and disclosure of internally generated assets and new types of intangibles, sustainability reporting, pollutant pricing mechanisms, and cryptocurrencies. Submit papers through the online submission system by March 31, 2023.

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure stakeholders have adequate time to weigh in on this Consultation Paper, the IRCSS has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.