IFRS® Standards

Overview

Active Projects

2019 Comprehensive Review of the IFRS for SMEs Standard

The IASB published a Request for Information in January 2020

Stakeholders are encouraged to respond by July 27, 2020

Accounting Policies and Accounting Estimates (Amendments to IAS 8)

The IASB and AcSB are deliberating comments on their Exposure Drafts

The IASB is expected to issue final amendments in H1 2020

Accounting Policy Changes (Amendments to IAS 8)

The IASB and AcSB are deliberating comments on their Exposure Drafts

Amendments to IFRS 17 Insurance Contracts

The IASB and AcSB are deliberating comments on their Exposure Drafts

The IASB is expected to issue final amendments mid 2020

Availability of a Refund (Amendments to IFRIC 14)

The IASB and AcSB are deliberating comments on their Exposure Drafts

Business Combinations under Common Control
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)

The IASB is deliberating comments on its Exposure Draft

Disclosure Initiative—Accounting Policies

AcSB Exposure Draft issued in August 2019

IASB Exposure Draft issued in August 2019

Disclosure Initiative—Targeted Standards-level Review of Disclosures
Dynamic Risk Management
Extractive Activities

In 2018, the IASB started gathering evidence to help it decide the scope and direction of a research project.

AcSB staff prepared a Research Update to assist the IASB in identifying topics it should consider in its research.

Fees in the "10 per cent" Test for Derecognition (Amendments to IFRS 9)

The IASB is expected to issue the final amendment in the second quarter of 2020

Financial Instruments with Characteristics of Equity

The AcSB submitted its response letter to the IASB in January 2019

The IASB is currently deliberating comments on their Discussion paper.

Goodwill and Impairment

The IASB issued a Discussion Paper, Business Combinations—Disclosures, Goodwill and Impairment in March 2020

The AcSB is planning to host roundtables between May and July 2020

IBOR Reform and its Effects on Financial Reporting – Phase 2
Lack of Exchangeability (Amendments to IAS 21)
Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)

The IASB is expected to issue the final amendment in the second quarter of 2020

Management Commentary
Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37)

The IASB and the AcSB are deliberating comments on their Exposure Drafts

Pension Benefits that Depend on Asset Returns
Post-implementation Review of IFRS 10, IFRS 11, and IFRS 12
Primary Financial Statements

Roundtable discussions taking place in March and April 2020

Stakeholders are encouraged to respond with their comments by June 30, 2020

Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)

The IASB and AcSB are deliberating comments on their Exposure Drafts

The IASB is expected to issue final amendments in May 2020

Provisions – Targeted Improvements
Rate-regulated Activities

The IASB deliberated comments received on its Discussion Paper from September 2014–May 2015

The IASB is developing proposals and is expected to issue an exposure draft in the second half of 2020

The AcSB published its research paper in November 2018

Subsidiaries that are SMEs
Subsidiary as a First-time Adopter (Amendments to IFRS 1)

The IASB is expected to issue the final amendment in the second quarter of 2020

Taxation in Fair Value Measurements (Amendments to IAS 41)

The IASB is expected to issue the final amendment in the second quarter of 2020

Updating a Reference to the Conceptual Framework (Amendments to IFRS 3)

The IASB and the AcSB are deliberating comments on their Exposure Drafts

The IASB is expected to issue the final amendments in the second quarter of 2020

CPA Canada Handbook

CPA Canada Handbook – Accounting, Part I contains all the IFRS Standards, set by the International Accounting Standards Board and endorsed by the AcSB. Its available in print and online.

News


April 3, 2020 News
2020 IASB Research Forum – Call for academic research papers – Extended

Support the AcSB in influencing the development of IFRS Standards by submitting academic papers for the IASB Research Forum. Topics of interest include performance measures, wider financial reporting, better disclosure, goodwill and impairment, and effects analysis on recently applied new IFRS Standards. The deadline for submitting papers to the Accounting and Business Research editorial office is extended to May 28, 2020.

April 2, 2020 News
AcSB endorses Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

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.

April 1, 2020 News
AcSB 2020–2021 Annual Plan

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.