The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) annual improvements 2023 cycle, to produce a collection of unrelated minor amendments to IFRS® Accounting Standards.
There is currently an inconsistency between paragraphs B73 and B74 of IFRS 10 Consolidated Financial Statements related to how an investor determines whether another party is acting on that investor's behalf. The objective of this project is to amend the requirements of paragraph B74 of IFRS 10 to remove this inconsistency.
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.