News Listings

AcSB Exposure Draft – Interest Rate Benchmark Reform – Phase 2

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by May 25, 2020.

Canada’s standard-setting boards are monitoring the COVID-19 pandemic closely. We are committed to providing information to help our stakeholders stay informed and address the challenges that may come during this time. Bookmark this webpage to stay up to date on our news and resources. 

What are the accounting implications when a IBOR-based benchmark is replaced? The IASB has issued an Exposure Draft relating to Phase 2 of the Interest Rate Benchmark Reform project focused on replacement issues. Canadian stakeholders are encouraged to submit their comments to the IASB by May 25, 2020.

On April 3, 2020, IOSCO released a Statement on Application of Accounting Standards during the COVID-19 Outbreak. IOSCO welcomed the IASB’s document on the application of IFRS 9. It further highlighted the need for issuers to apply professional judgment and to provide transparent disclosures to financial statements users.

Given the unprecedented global challenges related to COVID-19, PSAB has made the decision to postpone its March 2020 Board meeting to a later date. As a result, AcSOC made the decision to extend the terms of members originally set to retire on March 31, 2020. Read the updated appointments page for full details.

Like you, we are monitoring the COVID-19 pandemic closely and evaluating daily how to respond to, and operate in, this environment. Read this statement from the Chairs of the AASB, AcSB and PSAB to learn how we are continuing our standard-setting operations during this unprecedented time.

The amendments, which clarify how to classify liabilities as current or non-current, are now in Part I of the CPA Canada Handbook – Accounting, and are effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.

This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

How can companies provide a financial statement user with better information about business combinations? The IASB’s Discussion Paper: Business Combinations—Disclosures, Goodwill and Impairment investigates this through possible improvements to IFRS 3 Business Combinations and IAS 36 Impairment of Assets. Don’t have time to read the Discussion Paper? The IASB’s Snapshot provides an easy-to-understand overview of this paper that can help support you as you form your views on the proposals. Read it today!

The IASB voted to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 1, 2023. It also voted to extend the temporary exemption of applying IFRS 9 by two years to keep the effective dates aligned. The AcSB welcomes these decisions as they support achieving a common global adoption date. The AcSB encourages Canadian stakeholders to continue with their implementation efforts to ensure a high-quality implementation of IFRS 17.