<p>The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend three International Financial Reporting Standards (IFRSs) as part of its 2015 – 2017 Annual Improvements project.</p>
This cyclical project is an efficient method to deal with a collection of narrow-scope IFRS amendments, specifically relating to the following:
- IAS 12: income tax consequences of payments on financial instruments classified as equity;
- IAS 23: borrowing costs eligible for capitalization; and
- IAS 28: long-term interests in an associate or joint venture.
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 IFRSs for publicly accountable enterprises.