IFRS® Standards

AcSB Exposure Draft – Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2)


The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, amendments to IAS 1 Presentation of Financial Statements.

Staff Contact(s)

Kelly Khalilieh, CPA, CA

Director, Accounting Standards Board

How to reply

Respond to AcSB’s Exposure Draft “Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2) by submitting a comment letter (in a Word file). Stakeholders are encouraged to respond by November 29, 2019.


The Accounting Standards Board (AcSB) has issued its Exposure Draft that corresponds to the International Accounting Board’s (IASB) Exposure Draft on this topic.

The proposed amendments:

  • require entities to disclose material accounting policies;
  • help entities apply the concept of materiality in making decisions about accounting policy disclosures; and
  • help entities provide accounting policy disclosures that are more useful to financial statement users.

The AcSB’s due process includes ensuring that Canadian entities’ financial reporting needs are considered by the IASB, and issuing the AcSB’s own exposure draft on each IASB proposal. Subject to the responses to the AcSB’s Exposure Draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRS Standards for publicly accountable enterprises.