IFRS® Standards

Overview

Active Projects

2019 Comprehensive Review of the IFRS for SMEs Standard
Accounting Policies and Accounting Estimates (Amendments to IAS 8)

The IASB and AcSB are deliberating comments on their Exposure Drafts

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
Classification of Liabilities (Amendments to IAS 1)

The IASB resumed discussions on the proposed amendments to classification requirements in paragraphs 69–76 of IAS 1 Presentation of Financial Statements in September 2018

Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)

IASB Exposure Draft issued in July 2019

AcSB Exposure Draft issued in July 2019

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 and the AcSB are deliberating comments on their Exposure Drafts

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
IBOR Reform and its Effects on Financial Reporting – Phase 2
Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)

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

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

The IASB added the project to its research agenda in July 2014

The IASB is expected to issue an Exposure Draft in December 2019

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

IASB and AcSB are deliberating comments on their Exposure Drafts

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

Provisions
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 quarter 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 and the AcSB are deliberating comments on their Exposure Drafts

Taxation in Fair Value Measurements (Amendments to IAS 41)

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

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

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

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


November 6, 2019 News
IFRS® Discussion Group Meeting Agenda – December 12, 2019

The Group’s agenda will cover a range of topics, including leases, employee benefits, impairment of assets, deferred tax on goodwill, and more. The Group will also provide initial feedback on possible topics for the IASB’s 2020 Agenda Consultation. Register today to attend as an in-person or virtual observer!

October 10, 2019 Meeting Summary
AcSB Decision Summary – October 10, 2019

The Board discussed a number of topics, including IFRS® Standards, Combinations, and due process, among others.

October 9, 2019 Meeting Summary
IFRS® Discussion Group Archived Audio Webcast – September 25, 2019

Listen to the Group’s insights on interesting topics, such as accounting for sale-lease back transactions with variable payments, share-based payments for an asset acquisition, financial instruments, and IBOR Reform. Tune into opening remarks for updates on topics discussed in previous meetings, including cannabis accounting and uncertain tax position acquired in a business combination.