IFRS® Standards

Overview

Active Projects

2019 Comprehensive Review of the IFRS for SMEs Standard

The IASB is developing a Request for Information which is expected to be issued in the first quarter of 2020

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)

IASB and AcSB are deliberating comments on their Exposure Drafts

The IASB is expected to issue the final amendments in January 2020

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 is expected to issue a Discussion Paper in the first quarter of 2020

IBOR Reform and its Effects on Financial Reporting – Phase 2
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

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

Stay tuned for opportunities to share your views by participating in the AcSB’s outreach on the proposals – coming soon!

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 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


January 21, 2020 News
Withdrawal of Part V from the CPA Canada Handbook – Accounting

As of March 1, 2020, Part V, also known as pre-changeover accounting standards, will be removed from the Handbook. Read more for additional information, and to find out what this means for stakeholders and preparers.

January 7, 2020 News
2019 Comprehensive Review of the IFRS for SMEs Standard – IASB® Request for Information

The AcSB is monitoring the IASB’s 2019 comprehensive review of the IFRS for SMEs Standard. As part of the review, the IASB is developing a Request for Information, expected to be issued in the first quarter of 2020.

January 7, 2020 Meeting Summary
AcSB Decision Summary – December 11, 2019

The Board discussed topics such as IFRS® Standards, Insurance, Combinations, and Related Party Combinations, among others.