IFRS® Standards

Annual Improvements 2015 – 2017 — Long-term Interests in Associates and Joint Ventures (Amend IAS 28)

Summary

<p>The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board&rsquo;s (IASB) project to amend three International Financial Reporting Standards (IFRSs) as part of its 2015 &ndash; 2017 Annual Improvements project.</p>

Staff Contact(s)

Katherine Knowlton, CPA, CA

Principal, Accounting Standards Board

Meeting & event summaries


March 21, 2017

AcSB Decision Summary – March 21-22, 2017

The AcSB discussed and approved its response letter to the IASB’s Exposure Draft, “Annual Improvements to IFRS Standards 2015-2017 Cycle,” subject to drafting changes.

News


October 18, 2017

News

Final Amendments – Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)

October 18, 2017. The International Accounting Standards Board has issued narrow-scope amendments to IAS 28 Investments in Associates and Joint Ventures, clarifying that an entity applies IFRS 9 Financial Instruments (including its impairment requirements) to long-term interests in an associate or joint venture to which the equity method is not applied.

April 12, 2017

News

AcSB Response – Annual Improvements to IFRS Standards 2015-2017 Cycle

On April 12, 2017, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in January 2017. Overall, the letter supports most of the proposed amendments. However, the letter expresses concern that the proposed amendments to IAS 28 Investments in Associates and Joint Ventures will not be effective at clarifying the interaction between IAS 28 and IFRS 9 Financial Instruments for long‐term interests. As well, the letter highlights concern over the timing of issuing these amendments because Canadian stakeholders need the amendments endorsed and incorporated into Canadian GAAP by November 1, 2017, when large Canadian banks will first apply IFRS 9. Furthermore, the letter recommends clarifications to the drafting of the amendments to IAS 12 Income Taxes and IAS 23 Borrowing Costs. Read the AcSB letter posted by the IASB.

February 9, 2017

News

AcSB Exposure Draft – Annual Improvements to IFRS Standards 2015 – 2017 Cycle

February 9, 2017. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by April 12, 2017.

January 17, 2017

News

IASB Exposure Draft – Annual Improvements to IFRS Standards 2015–2017 Cycle

January 17, 2017. The IASB has issued an Exposure Draft proposing amendments to three IFRSs as part of its annual improvements project. Canadian stakeholders are encouraged to submit their comments to the IASB by April 12, 2017.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.