News Listings

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by October 11, 2024, for consideration as a discussion topic at our December 3, 2024, meeting.

The AcSB discussed Relief from Recognition of Intangible Assets, and Amortization of Goodwill, Contributions, Agriculture, Related Party Combinations, Detailed Review of ASPE, Climate-related and Other Uncertainties in the Financial Statements, Reporting Controlled and Related Entities, Part IV priorities, and more. Read the Decision Summary for full details.

The Group discussed Distinguishing between a Lease Modification and an Extinguishment of a Lease Liability, IFRS 18 Implementation Issues, Derecognition of Financial Liabilities Settled Using Electronic Payment Systems, Disclosure of Revenue and Expenses for Reportable Segments and more. Read the meeting report for full details!

The IASB has published an Exposure Draft, “Translation to a Hyperinflationary Presentation Currency,” which proposes amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. Respond directly to the IASB with your feedback by November 22, 2024. In addition, stay tuned for the AcSB's wraparound exposure draft. The AcSB is not planning to respond to the IASB’s Exposure Draft, as this issue is not widespread for Canadian entities. If you think the AcSB should respond to this Exposure Draft, please send us your comment letter by October 31, 2024.

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.  

The IASB has published its Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements.” It proposes eight examples to illustrate how companies apply IFRS® Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements. Respond directly to the IASB with your feedback by November 28, 2024. Stay tuned for an opportunity to participate in an English-language roundtable to learn more about the proposals and help inform our response to the IASB.

The IASB recently issued a package of narrow-scope amendments to IFRS Accounting Standards as part of its Annual Improvements process. The package includes amendments to five standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows. The amendments are effective January 1, 2026, with earlier application permitted. The AcSB will review and complete its endorsement process in Q4 2024.

On July 15, 2024, the AcSB responded to the IASB’s Exposure Draft, “Business Combinations – Disclosures, Goodwill and Impairment,” issued in March 2024. While the AcSB supports the project’s objectives, we disagree with the IASB's approach to addressing users’ information needs in the IFRS 3 Business Combinations disclosure proposals. Our response includes several recommendations to ensure that the information in an entity’s financial statements aligns with the intent of the Conceptual Framework for Financial Reporting. Read our letter to learn more. This letter is posted on an external website; for an accessible version, please email us at [email protected].

The IASB issued narrow-scope amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments clarify the classification of financial assets with environmental, social, corporate governance and similar features, and address concerns raised regarding the settlement of liabilities through electronic payment systems. They are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. 

The AcSB will ballot the amendments and complete its endorsement process in Q3 2024. Find out more.