IFRS® Standards

Accounting Policies and Accounting Estimates (Amend IAS 8)

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Staff Contact(s)

Davina Tam, CPA, CA

Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to April 2016

  • Approving project

    The IASB approved the project in April 2016

  • Consulting stakeholders

    IASB Exposure Draft issued in September 2017

    AcSB Exposure Draft, which corresponds to the IASB Exposure Draft, issued in October 2017

    Public outreach on Exposure Draft took place between October 2017–January 2018

    The AcSB consulted with its IFRS Discussion Group in October 2017

  • Deliberating feedback
  • Final pronouncement

Meeting & event summaries


December 14, 2017

AcSB Decision Summary – December 14, 2017

The Board discussed and approved its response letter to the International Accounting Standards Board’s (IASB) Exposure Draft, “Accounting Policies and Accounting Estimates (Amendments to IAS 8),” subject to drafting changes.

News


January 11, 2018

News

AcSB Response – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)

On January 11, 2018, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in September 2017. The letter agrees with some parts of the proposals but expresses concerns with the way the relationship between accounting estimates and accounting policies is described. The AcSB suggests broadening the definition of accounting estimates, and defining that term independently from accounting policies to reduce unintended circularity. To improve application in practice, the AcSB strongly encourages the IASB to develop illustrative examples that cover a spectrum of complex situations. Read the AcSB letter posted by the IASB.

October 3, 2017

News

AcSB Exposure Draft – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)

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 January 15, 2018.

September 18, 2017

News

IASB® Exposure Draft – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)

The IASB has issued an Exposure Draft proposing amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit their comments to the IASB by January 15, 2018.

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.