IFRS® Standards

Overview

Active Projects

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

The IASB and AcSB are deliberating comments on their Exposure Drafts

Accounting Policy Changes (Amend IAS 8)

The IASB and AcSB are deliberating comments on their Exposure Drafts

Amendments to IFRS 17 Insurance Contracts

The IASB approved the project in November 2018

The IASB is expected to issue an Exposure Draft in Q2 2019

Availability of a Refund (Amend IFRIC 14)

The IASB and AcSB are deliberating comments on their Exposure Drafts

Business Combinations under Common Control
Classification of Liabilities (Amend 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)
Disclosure Initiative—Accounting Policies

The IASB added the project to its agenda in July 2018.

The IASB is expected to issue an Exposure Draft in the second half of 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 (Amend IFRS 9)

In April 2017, the IASB tentatively decided to propose the amendment to IFRS 9 as part of the next Annual Improvements Cycle.

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 the Effects on Financial Reporting
Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)

IASB Exposure Draft issued in May 2019

AcSB Exposure Draft issued in May 2019

Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)

In May 2018, the IASB tentatively decided to propose the amendment to IFRS 16 as part of the next Annual Improvements Cycle.

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

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

Pension Benefits that Depend on Asset Returns
Primary Financial Statements

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

The IASB is expected to issue a Discussion Paper or an Exposure Draft in the second half of 2019.

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

IASB and AcSB are deliberating comments on their Exposure Drafts

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 a second discussion paper or an exposure draft in the second half of 2019

The AcSB published its research paper in November 2018

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

In December 2017, the IASB tentatively decided to propose the amendment to IFRS 1 as part of the next Annual Improvements Cycle.

Taxation in Fair Value Measurements (Amendments to IAS 41)

In January 2018, the IASB tentatively decided to propose the amendment to IAS 41 as part of the next Annual Improvements Cycle.

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

The IASB added the project to its agenda in November 2018.

The IASB is expected to issue an Exposure Draft in the first half of 2019.

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


May 15, 2019 News
IFRS® Discussion Group Meeting Agenda – June 20, 2019

The Group’s agenda covers a range of topics, which includes leases, revenue, financial instruments, as well as the timing of applying agenda decisions, uncertain tax positions and more. Register today to attend as an in-person or virtual observer!

May 13, 2019 News
IASB Exposure Draft – Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)

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 June 17, 2019.

May 1, 2019 News
Playing a Leadership Role – AcSB 2018-2019 Annual Report

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.