News Listings

The IASB has issued an Exposure Draft proposing amendments to IFRS Standards as part of its Annual Improvements process. Canadian stakeholders are encouraged to submit their comments to the IASB by August 20, 2019.

The IFRS Foundation recently issued its Exposure Draft “Proposed amendments to the IFRS Foundation Due Process Handbook,” the procedural requirements followed by the IASB and the IFRS Interpretations Committee. Read now to understand the proposed changes.

Canadian stakeholders are encouraged to submit their comments to the IFRS Foundation by July 29, 2019.

The Board discussed topics such as IFRS® Standards, Agriculture, Employee Future Benefits, Combinations and Contributions, among others.

The IASB has issued an Exposure Draft proposing amendments to IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement. Canadian stakeholders are encouraged to submit their comments to the IASB by June 17, 2019.

Supporting IFRS® Standards implementation to advance Part II and Part III projects, and to enhance the relevance of financial information for all entities – we played a leadership role to help achieve our goals. Read about the AcSB’s 2018-2019 activities and accomplishments in this year’s Annual Report.

The AcSB approved a new project to clarify its intent regarding the use of the funding valuation in measuring the defined benefit obligation in relation to Quebec’s Stabilization Provision. The AcSB plans to issue an exposure draft no later than the third quarter of 2019 in response to stakeholder feedback about diversity arising in practice on accounting for changes in pension legislation. 

The AcSB considered an issue at its December 2018 meeting that stakeholders raised about the use of the funding valuation in measuring the defined benefit obligation in relation to Ontario’s Provision for Adverse Deviations. The AcSB decided not to undertake any standard-setting action, but rather communicate its intent. In February 2019, the AcSB wrote a letter to the Canadian Institute of Actuaries to communicate its intent to reduce diversity arising in practice. Read this article for key points noted in this letter.

On April 15, 2019, the AcSB responded to the IASB’s Exposure Draft, Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37). This exposure draft seeks to specify the costs an entity should include in determining the “cost of fulfilling” a contract for the purpose of assessing whether a contract is onerous. Read our letter to understand the matters we raised to the IASB for further consideration.

The Board discussed topics such as IFRS® Standards and its 2018-2019 performance report, among others.

The IASB has issued its Project Summary on the Disclosure Initiative–Principles of Disclosure project. Overall, the IASB decided that improving the way disclosure requirements are developed and drafted in IFRS Standards is the most effective way to help address the disclosure problem. Consequently, the IASB has decided to prioritise its Targeted Standards-level Review of Disclosure project.