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IFRS® Accounting Standards

Annual Improvements to IFRS® Accounting Standards — Introduction and Credit Risk Disclosures (Amendments to Guidance on implementing IFRS 7)


The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) Annual Improvements to IFRS® Accounting Standards – Volume 11 project, to produce a collection of unrelated minor amendments to IFRS® Accounting Standards.

There is currently potential confusion in the application guidance accompanying IFRS 7 Financial Instruments: Disclosures because paragraph IG20C fails to state that the example does not illustrate all the requirements in paragraph 35M of IFRS 7. The objective of this project is to clarify that the implementation guidance accompanying IFRS 7 does not illustrate all the requirements in IFRS 7 and to simplify the wording of paragraph IG20B.

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 Accounting Standards for publicly accountable enterprises.

Staff Contact(s)

Dominique Hamel, MSc, CPA Principal, Accounting Standards

Eric English, CPA, CA Principal, Accounting Standards

Project Status

  • Information gathering

    Ongoing as part of the AcSB’s support during various international consultative activities

  • Approving project

    The IASB discussed several proposed amendments that will be included in the next Annual Improvements to IFRS Accounting Standards cycle at its February and May 2023 meetings

  • Engaging Communities

    The IASB issued its Exposure Draft, Annual Improvements to IFRS Accounting Standards – Volume 11, in September 2023

    The AcSB issued its Exposure Draft, which corresponds to the IASB Exposure Draft, in October 2023

  • Deliberating feedback

    The AcSB submitted its response letter to the IASB in December 2023

    The IASB is currently deliberating comments on their Exposure Draft

  • Final pronouncement


December 18, 2023

International Activity, News

AcSB Response – Annual Improvements to IFRS® Accounting Standards – Volume 11

On December 5, 2023, the AcSB responded to the IASB’s Exposure Draft, “Annual Improvements to IFRS Accounting Standards—Volume 11,” issued in September 2023. The AcSB’s letter expressed that overall, the proposed amendments will help address application challenges and improve the consistency of the application of the respective IFRS Accounting Standards. Read our letter to find out more!

Please note: this letter is posted on an external website; if you need an accessible version, please email us at [email protected].

October 6, 2023

Document for Comment

AcSB Exposure Draft – Annual Improvements to IFRS® Accounting Standards – Volume 11

The AcSB issued its Exposure Draft which corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond by November 27, 2023.

September 18, 2023

Document for Comment, International Activity, News

IASB Exposure Draft – Annual Improvements to IFRS® Accounting Standards – Volume 11

The IASB has published an Exposure Draft proposing amendments to IFRS Accounting Standards as part of its annual improvements process. Respond with your feedback by December 11, 2023.


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 voting process.